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ba77362951aad65a5cdbaad8b88f9810 | I guess I'll start with the obvious one, the first quarter based second quarter guidance is ahead of consensus and there is no guidance range raised for the full year. Is this just conservative, we've only done one quarter or do you see any headwinds in the back half of the year? Just any commentary you've got around t... | Sure. So let me start off by saying, we really feel good about the year, how we started the year. The Q1 performance going into Q2, we even have more confidence with the increased backlog, the pricing actions we took so far. Having said that, as you stated, right, we're only one quarter in the year, being conservative ... | direct | [
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6720f0a70ba02fb3b80a9ae07a54893b | Then on price cost, I wanted to just particularly look at USA. So I know you guys had signaled that you were going to have some margin pressure there in the first quarter as it takes time for some of these contracts to reset. And I was maybe a little bit surprised to see that price mix line there actually negative. Can... | Right. So really where that's coming from is going into the year is the pricing we had in the backlog. So that's why you see the negative pricing, because you raised the pricing, but you won't see the impact, as we said, until the second half. That's why you're seeing the kind of the negative pricing, if you will, but ... | direct | [
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16a74214db1ac082d54930a82cfe5a8a | So we should think about the second quarter margin for utility kind of in a similar range to where it was in the first quarter and then we'll see the step-up from the increased pricing running out of the backlog as we get into the second half? | Yeah. And actually toward the end of second quarter we'll already start seeing the improvement there in the margins. Yeah. | direct | [
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2c260c331d0e37a2234c1a02f62cb49f | I'm just wondering are you at least willing to concede that you're trending toward the high-end of the guidance range that you stuck with, because I'm just looking at that you did over $2.50 in the first quarter. You'd have to do like $2.10 in the next three quarters, when you just clearly told us that things are getti... | Yeah, I mean, coming out of the gate with the number that we did. That's where we're trending. As Avner pointed out some of the hesitation was just around the fact that's raw materials have not really stabilized, and as you can see in the Utility segment, depending how quickly they rise, we don't always get it back in ... | direct | [
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1114922d5916e3a6435ae9f42e010a37 | As you look at the the year, where could the upside come from to if we end up looking back at 2021, and say we did over -- this is my number I'm throwing out there. Let's say we end up over $10 in EPS, where do you think that upside would come? | There is a couple of areas, obviously, continued strong performance in irrigation, has a very large effect on us. The telecom area is as we said is trending upwards 15% to 20% growth. If that accelerates, that's very margin accretive for us. And even in the rest of ESS, if the delays that we've seen around construction... | direct | [
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c26f790ef7f3b965c159b12be132a8fc | So, on the ESS side, when we're talking about short-term market softness in transportation. As you sit now is that over the next couple of quarters or we're not sure if it's going to be till mid-fiscal '21 and until there is some improvement there? | Now we had expected -- so seasonally, Q2 is usually stronger than Q1. Just because that's when a lot of projects do get started. But even the market softness, we kind of anticipated from the first part of the year here, the first half, and we expect that to improve in the second half of the year. The timing that we saw... | direct | [
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1da20e9687e2258120aab88fa65e8cff | Talk about solar in North America, on the utility side. So, obviously, you kind of talked about it, it takes a while to get these approvals in place with utilities, for the most part, it looks like you're in good shape there. Just trying to understand kind of the sales cycle at this stage on the utility side. | Yeah, the projects have a long gestation. They take some time to develop as developers get their own approval, they get bids, they go back, it kind of goes back and forth. There is some supply chain disruptions overall around microchips and the PV panels and how that fits in. And then you had the whole change in the ta... | direct | [
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2dc8372308eb4b00def905285d0ab640 | The two new orders in utility, do you start to execute on those immediately and even kind of wondering where you sit from a capacity perspective and also how we think about the burn rate at this is large utility backlog? | Yeah. Those orders are actually out, they're into 2022 and 2023. So those were given just as confidence in our performance today and our ability to hit their shipping schedules. Our backlog right now is already set from what we had received earlier. So this doesn't impinge or impact our capacity at this point. | intermediate | [
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3459e0f163f360d5956096b0996d5a4a | Okay. I mean, considering that as seen some other activities that are going on behind the scene in terms of new work coming. I mean, do you look at this business over the next two to three years as a $1 billion plus sales business? I mean, is there that much visibility out there right now that you can achieve that? | Yeah, absolutely. We are very confident it will be north of $1 billion over the next few years. | direct | [
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3edf4c24e97de23e30d31df1d54e2774 | So, I mean obviously, it seems like you're pretty clearly telegraphing a bit of an upside there and I think if you look historically, I mean the way people will look at guidance, is that, let's say, at least the midpoint is a fair reflection of risks being balanced up and downside in their quant models that kind of pri... | Ryan, I would say that the midpoint is still a good proxy an indication of our balance of looking at on the downside of the raw materials and the inflation because it's so uncertain and it tends to have an outsized effect on our various businesses. And you take India and France and potentially Brazil, and that's why we... | direct | [
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2b4ad8d1482665935902a47af33fd281 | First on, you talked a lot about precision ag and precision irrigation and obviously a lot of big value proposition there. But we've been following this issue of this, quote-unquote right to repair legislation that there's more and more farmers and others saying and there's too much tech embedded in products and they'r... | Yeah, I mean, first off, we're very open platform. So everything that we do is built with the service ability. The fact that it's off the shelf kind of technology and easy to maintain and upgrade is kind of a driving R&D principle for us. So we believe we're on the right path with the grower in that sense. That if it n... | direct | [
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9da2bb79b7ff976a9880a636bae06e0b | And then my last one was just a real big picture, and I know you don't have a crystal ball anymore than anyone else Steve, but I mean in terms of the cycle, the duration of this ag cycle as we shape this up, we've obviously been through a pretty lengthy hangover after things got maybe too good for a while, and that was... | Well our perspective is that the government payments last year, and frankly in the year before really help shore up the balance sheets of the growers, and now that they're getting of a real quote-unquote net farm income and it's coming from the fact that the supply demand ratios are where they're at. If you look at pro... | direct | [
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f7b1112d18796ad0c7b7d2579d37c630 | I just wanted to ask one on cash flow, just given the inflation to likely increase in inventory. Can you just talk about what you're expecting from a conversion standpoint this year or an investment in working capital standpoint? | Yeah, so and over the last couple of years we actually had really strong conversion 1.3%, 1.4%. This year it's possible we'll go a little bit below 1%, just due to the inflationary pressures that you combine the three years definitely will be over that 1. So as always with inflation, it will put pressure on inventory r... | direct | [
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5dbd7d964c2dfbb1c6eaa4e8824d0815 | Darrin, my first question, I like that slide eight, you all have, it really shows the deep inventory, so my question is around that deep inventory. I know kind of the next 80 or so wells you have planned certainly seems like there's high confidence there. Could you talk -- again, without obviously going in too much det... | Yes. The -- We do have a great inventory, and I appreciate you acknowledging that. The -- when you think about where these wells will be drilled, they're really all across our acreage. The longer laterals generate better returns. And so we can have longer laterals. Where they show up on our acreage, generally, they ris... | intermediate | [
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b3467fee2fb5d7eaf307a3e646b2dd68 | Okay. Okay. And then just lastly, just looking at cost, maybe for you or Rusty, it looks like for us that the costs had gone down a little bit. I'm just wondering, based on sort of assumptions, not only OFS, but just again, just ops cost in general. I'm wondering if you could talk a little bit about that, kind of what ... | Yes. So relative to well costs, we're working to drill our wells from existing pads to utilize existing facilities where we can to put as many wells onto one pad as we can and to drill the longest laterals that we can. So those are all things that we're tweaking to improve and lower the cost of the total wells relative... | direct | [
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2c705d6a079cc8078df6615d466f50ab | On the new pricing actions that rolled in a little bit late, what do you see there typically in terms of attrition or other impacts kind of downstream when you go about rolling those in? Is that a risk factor for later? | We have seen zero attrition that I can think of. It is not a matter of risk of implementation, but it is very much a matter of timing. The process is more complicated than simply notifying someone because many merchants utilize our offerings for buying down rates. The conversation involves how programs will change and ... | direct | [
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3334026aa5826fece7563437ff5e5a01 | I also noted that more of your GMV was coming from interest-bearing loans, and as you called out, the highest ratio in the corporate history. Can you just kind of comment on how we should expect that to trend going forward? | It's generally reasonable to expect as the Fed rate continues to go up or remains elevated relative to last year to see more interest-bearing loans versus zeroes. However, subsidies to reduce rates or eliminate them entirely come from both merchants and platforms as well as manufacturers. Overall, the trend should be e... | direct | [
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f66f1403a2b195727d1b191736a4e506 | The new guidance, especially in the second half of '23, points to lower volume and revenue growth and RLTC that's actually going to be down year over year. I know you stuck to the profitability target, but how are you thinking about the longer-term margin and profitability of the business? | We continue to believe that the long-term range of the revenue less transaction cost as a percentage of GMV should be in the 3% to 4% range. Q2 has some timing factors distorting it. The business is a mix of split pay and longer-term monthly installments that mix to reliably predict the 3-4% range. We feel good about t... | direct | [
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544490236d07cb0cc7224cd2dfe8fb70 | I wanted to explore the long-term profitability question again. But from the viewpoint, I feel like I've heard you say at conferences like one of the biggest toggle points is really kind of the human capital aspect of your business. You just obviously just did a very large reduction in force here. So my question is -- ... | The reduction in force rolled back six months of engineering hiring. This is not about everything being replaced by robots. We've shifted geographic hiring focus to Poland where we can attract exceptional talent at lower cost. We're reducing the scope of engineering projects we're investing in currently. We're not buil... | direct | [
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66dc497b999b4bb8cc9b7e273b086614 | As you increase APRs up to 36% is the cap, and then you're also, I guess, toying with the idea of increasing MDRs on the 0% APRs, which kind of puts a burden on merchants, I'm just wondering, do you kind of foresee any, I guess, diminishing returns associated with that? From a merchant perspective, I know you have to g... | Everyone, merchants and Affirm alike, are keen on more volume. We are fundamentally governed by yield and risk management. If we can increase compensation for taking risk, there are many situations where merchants are willing to pick up increased cost to pass savings to consumers. This works well for direct-to-consumer... | direct | [
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61c24ae1b720eeb351f031289edc766e | I just wanted to start on GMV. I'm just looking at the new outlook there. You talked in the shareholder letter about some slowdown in discretionary consumer spending. But just wanted to take your temperature on how much of the lower outlook on the volume is that versus other factors, whether it be competition or just s... | Discretionary spend is down. We saw electronics down about 11%, homewares and sports equipment down in the high 30s around the holidays. People are digesting pandemic purchases. We expect this to remain muted for at least a few quarters. On credit, we set the loss rate we're willing to live with and manage everything t... | intermediate | [
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532a6f221094a146da71b760ab8e0795 | Just looking at your FY '23 guidance, you're calling for cut at the midpoint on revenue of 8% and transaction costs to be cut by 2% at the midpoint. Just wondering what that -- why there's that big differential. Any call-outs there? | The guidance for the back half of the year on transaction costs reflects continued volatile macroeconomic conditions, especially in capital markets where we expect pressure on yields for capital partners. The pricing initiatives we discussed should help, but are not fully reflected in the mix yet. We expect this to be ... | intermediate | [
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9f4b4c21417729ff694f6d1481744c48 | Can you just provide us an update on how the Shopify partnership is ramping and how that runway for growth looks like from here. | We're very happy with the Shopify relationship. These partnerships typically take 2-3 years to get to full deployment. We're still at a stage where meaningful improvements in GMV or profitability come from new projects and rollouts. We have a significant percentage of effort dedicated to our 'Powered by Affirm' compone... | intermediate | [
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2318b2b242393f7b4ddda8be834a05e6 | Michael, by all accounts, it would appear that capital markets are maybe healing a little bit, and equity as a percent of the total funding platform is up pretty substantially quarter on quarter. So I guess a couple of questions. One, how do you sort of assess the state of the capital markets from a funding standpoint?... | The capital markets are healing. The new year did a lot for debt capital markets broadly. We're seeing the ABS market open up and more constructive conversations with forward flow partners. The tone is markedly better as volatility appears to be reducing. We feel much better today but remain cautious given ongoing unce... | direct | [
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0cd82cbbdddd3199ea4d22ba34d898e1 | On the loan loss reserve, I know it's -- you've been admonish as not to necessarily consider that as we would a more traditional financial, but can you just discuss sort of the 5% reserve and where you think that goes in the current environment should it fall given the slowdown in growth? | The 5% reserve is linked to delinquencies. We have a target loss rate, and our delinquency trends are pointing down unlike other players. Our asset turns over very fast, so we're not building allowances for loans we don't own yet. The 5% reflects the quality of recently originated loans given the velocity of our book. ... | intermediate | [
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2c6ce43852ae4cbe5e666dcac74001c6 | I guess just thinking big picture here, Michael, what surprised you versus the guidance you just laid out last quarter? Was it the pullback in consumer spend? Was it that you thought the pricing would get all pushed through? Was it the mix of loans? I'm just trying to get a handle on the reduction in the guidance going... | The main surprise was overall consumer demand, which impacts both aggregate GMV and the mix. There was some progress, like Peloton performing ahead of expectations. But there was legitimate slowdown in broad line merchants and durable goods categories. We also continue to manage credit very tightly, which creates some ... | direct | [
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6516f833226297c143b29d021071a450 | Can you update us on Debit+ and the prospects of profitability there? | We spent the last 6-7 months studying Debit+ usage and optimizing profitability. Initially we encountered some unprofitable transaction types, but after significant machine learning work, every class of Debit+ transaction is now profitable. We've also improved the onboarding process. Soon Debit+ will be integrated dire... | intermediate | [
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15dc304563946fb4808f33b6bf186a6e | I wanted to ask about the merchant accounts actually. So see the data on the slight decrease in total merchant counts, and I understand that's driven by smaller merchants as you're showing a very helpful disclosure on what's happening with the larger merchants. So even with the larger merchants, there's a pretty notice... | Merchant count is a bit of a vanity metric at our scale. We're well-penetrated with huge merchants. Mid-sized merchants are important for incremental volume growth. Small merchants can become inactive over a quarter. The true count of installed/activated merchants is larger than what we publish. We're focused on GMV gr... | intermediate | [
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4e365aae218a569261f710bae223c7af | Wanted to ask about the Affirm app and kind of the transactions that are initiated through your app, through your website. I think of kind of looking at these numbers correctly, the proportion of that has declined a little bit sequentially. But my question is really broader, sort of what are the -- what are your initia... | The app is extremely important to us. We're investing heavily in the app, especially as a companion to our card product. We have many experiments and new features in progress to improve engagement. While the proportion initiated through our app may be slightly down, we're impressed we've held it constant given rapid gr... | intermediate | [
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9edc4b1e3fde69bf37aa30e2ad7c3161 | I wanted to start kind of high-level question. You've done a fantastic job on the balance sheet, on the expenses, taking out expenses and on the new product development. But obviously, for many reasons, the pandemic being one of the biggest, there's been no traction so far on the top line. And I guess, it's pretty easy... | Yes, sure. I think we had a lot of lessons coming into the end of 2019, which probably for everybody seems like forever ago. But with the new products at that time, we learned a lot about what we needed to do with the commercial team and marketing programs, engagement with customers. And we saw that growth in the most ... | direct | [
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4b2070a08b8c05c0b777f64bada0fede | Okay. Got it. That's great. And then just kind of following up on that. The other portion that's important for the thesis is the improvement in gross margins. And I think, obviously, in North America in this quarter, quite a nice job of maintaining margins despite the down revenues. So maybe talk about how much room th... | Yes. Those are all the ingredients, Bob. I think all of our new products are designed with more value for our customers, which should afford a better value exchange for us, and they're all designed to go more smoothly through our supply chain at higher efficiencies and lower cost. We've got some temporary inefficiencie... | intermediate | [
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3723f0de6b551d320794c7e022eceaef | This is Brett Fishbin on today for Matt. I wanted to start on the broader trends. Just wanted to start on the broader trends in Europe. I think you mentioned some improvement already. So maybe a little bit more color on what you're seeing just given what we've heard about the ongoing pandemic impact in the region and u... | Yes. I think probably the most relevant countries to talk about in terms of prolonged quarantines are Germany, France and the U.K., which are probably our top three markets in the European Union that we serve. While our customers are still open, and that's different than in the second quarter last year, so those would ... | direct | [
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c93a70551681f91635f2d11a23578713 | All right. Great. And then just wanted to follow up on some of the supply chain commentary. Have some of the investments that you guys have made over the last few years around manufacturing optimization help alleviate some of the headwinds that you're currently seeing? And do you think that they could, going forward, p... | Well, our team has certainly been well exercised since late 2018 when we were forced to mitigate some short-term tariffs that we fully offset in the meantime. And they did that by looking at alternative sources and figuring out ways to devise our supply chain to be affected despite those increased costs. Those same kin... | direct | [
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15f69b61bcaa0395f761925440a733f8 | Can you talk about where you're at globally in your ERP implementation across the business? And what gives you confidence that you'll get continuity of operations going forward? | The Alpha acquisition has give us an opportunity to evaluate where we go next with our strategy. And we're taking a little bit of time right now we're coming off of a tough implementation down at the Richmond plant. So it is the right time for us to take a breath and evaluate the next phases and it's really a question ... | intermediate | [
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019b2721e9f076a60e22230b1a273d49 | You highlighted the increased CapEx to build out the TPPL capacity and I guess a related question to this idea of continuity stability (ph). How do we think about the future flexibility of those factories to serve different end markets? We can see that many different -- different verticals and other different skews you... | It's a solid question and it was a driving influence to the specification of our new high-speed automated line actually. So, to your point, we have to have an envelop on these machines that can carry the full spectrum of products. You bring up a good point, the history of this technology started way back in aircraft ba... | direct | [
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be7f734a649e4c9f839c6118917a6e53 | I think in your remarks you mentioned the customers you're serving with the Alpha EnerSys integrated offerings are having problem with other suppliers. Can you maybe speak to that a little bit more in terms of what challenges are being encountered and how do you think you're differentiating? | So, Drew gave me a call last night, was after still laid on the West Coast, but he gave me a call last night before the call and here just left a meeting with one of the large wireless customers. And that's Drew Zogby is the President of the Energy Systems business. He came over with the Alpha transaction. And so, and ... | direct | [
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f0af2b417cf0b110d18bbf6196054e9b | Dave, I just want to continue on that last point you made from what I recall cross-sell had some sizable customer concentration and that became something of an issue. This Alpha has similar customer concentration or not? | I think, John, the issue is the industry has customer concentration, so whether it's wireless or whether it's broadband there's just dominant in these industries and so you can't avoid it. So Verizon and AT&T and Sprint T-Mo that's it, is really three customers. And I apologize, I'm getting a little echo here. And then... | intermediate | [
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ac77607b09886ea95df9b4bff690df91 | So, last quarter you kind of thought that the Telco spending would recover in the second half of this fiscal year. Is that still the case or not? | It's dealing more -- getting more confident every day. That phone call last night was helpful in that regard. And as we alluded to in the prepared remarks the -- we just think that there's certain of these types of investments, especially on the maintenance and operations, the operating budgets of these company that --... | intermediate | [
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2f969a278fed737bd4a94fb8c819badc | Regarding first quarter guidance. I just want to make sure, I understand some things regarding Richmond and the motor side of the business. How much revenue was deferred from Q4 into Q1 in that business or was that revenue actually a loss. And how much you said some of the cost are going to be incurred in Q1 and is tha... | Our guidance includes that knock-on impact from Richmond in incurred in Q4 as it rolls out into our Q1. The total number on the revenue is a big number 25 type million of which we would anticipate some -- we have the ability to probably pickup $10 million to $15 million of it in the upcoming quarter, now. How much, if ... | direct | [
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c64a36216f069401afdf3cd0742c849d | First question is -- it looks like you've given us an estimate on the content per small cell site for Alpha. And I just wanted to drill down on that a little bit is the estimate roughly $1,000 per small cell site for Alpha content? | Yeah, yeah, that's a good, that's a good rough out of the number. And you can see it's -- it's two ways that is there and that's why we tried to depict there, one of the gate -- the Gateway solution is really tied to HFC Hybrid Fiber Coaxial networks and then the line powering solution, which is the other picture we sh... | direct | [
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66c2d42cff80d97fd3caa9749d1f7604 | Then I was under the impression that maybe there would be more components required in some cases than what you're depicting in those pictures like the downconverters, the power supplies the... | Okay. So you're right, that's a -- Brian it's a good point that the downconverter is at the small cell site, but there is an upconverter in an enclosure with DC rectifiers and battery somewhere at a node, somewhere else, that's not depicted, but yeah you're right, there is more to that line powering then you see in ter... | direct | [
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4431195c8b2e52d0dd985697176c407e | You mentioned that the $25 million in cost synergies is on track. Can you comment more specifically on, what has been realized or what are we seeing in the numbers so far and what do you think you'll, that we'll see in the numbers in fiscal 2020 versus fiscal 2021 of that total realized gain? | Well, the -- total target within the $25 million to $26 million range, Brian. And our estimates for this year range from $10 million to $16 million depending on whether you're talking calendar or fiscal period. You can see or I will inform you that the sequential step up from our Q4 period ended March 31, to our Q1 per... | direct | [
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49efbfd604db1818c6850d28f827e757 | Okay, Mike. And then just to really clarify at this point. So if you say $10 million to $16 million. First of all, so $16 million sounds like that's how we should think about it, if it's a fiscal year that we're thinking about and then, is this a run rate that you would exit, the year having achieved or is that actual ... | So, certainly that should be the exit rate that we achieve, and it would be. So I would expect, as I said we are somewhere between $10 million to $16 million in fiscal 2020.
And exit by the time we exit next year we're at $25 million to $26 million. Now, the timing of it for exactly when we hit that full stride is a l... | direct | [
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91774f0c2e0ba0f20615f45e2df168f1 | I was wondering if you might be able to provide a little more clarity on your 2021 guidance. It looks like revenue guidance was roughly flat year-over-year, while you expect LINZESS U.S. net sales to grow 3% to 5%. Is that discrepancy due to higher AbbVie-Ironwood commercial costs or is there something else we need to ... | So if I understood it correctly, I think you're asking about the decline in revenue despite the fact that -- decline of Ironwood revenue despite the fact that we are guiding to increased LINZESS revenue. So maybe just a quick reminder that the Ironwood revenue includes a bit more than the collaboration revenue that we'... | direct | [
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e7a2f79e136501e633b1f8f86eb47dcf | I believe generic amenities entered the market the other month. I'm just curious if you could kind of speak to what impact you have seen since they entered the market? And has it resulted in any pressure on LINZESS pricing? And if so, how does that impact on pricing compared to your expectations coming into the year? | So yeah, you're absolutely right, generic entities or the single source generic is now available. I think as far as its impact, it's been -- its market share has been eroding over time. Keep in mind, it was the market leader when we entered the market. And obviously, really within the first 18 months, we were able to a... | intermediate | [
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752a13dafdfc583d9648d67d4675d170 | Just wondering if there is any further color on potential transactions that you're thinking about in the organic GI space, particularly around size of the deal and speed of developments in a target asset? And whether the change in leadership might have any impact on timing? | Yes, as Mark -- as both Mark and Gina mentioned, we're really focusing on these serious organic diseases. We've identified a number of assets, as Mike mentioned. And mostly, these are held by fairly small companies with limited development expertise and essentially no commercial expertise. So obviously, we're really fo... | intermediate | [
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97e0075b3ca88d38b2f24b9dd39a0392 | Can you talk about the trend in gross to net discounting and the outlook for that over the next several years? | Yes, I'm happy to. Especially since 2020 was certainly a great year and one we were quite pleased with. Tom mentioned, we originally guided to net sales price for the year. We actually did recognize price. If you think about the year-over-year growth in net sales, it wasn't just due to the strong demand, it was also pr... | direct | [
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8670bcd5f796e455790ec324f528b7cb | I think not so long ago, we're talking about our previous prescription option becoming over the counter and how that was contributing to your price growth. Can you kind of -- is that still out there? Is that still helping prescription growth? And maybe can you provide any update on that altogether? | Yeah. I think, specifically, you're talking about removal of Generic PEG from the prescription market. Is that...
Yeah. So there is no question at the end of last year we saw -- not last year, the year before '19, we saw this removal and we saw a bolus, an influx of prescriptions. But I think the big thing that we saw... | direct | [
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093cb0f230dbd95adf66039b4af1f594 | I just have a follow-up question on your guidance. If I just -- on your revenue guidance, if I just take kind of the midpoint of your revenue guidance and take out the $10 million that you mentioned for other, it kind of implies collaboration revenues flattish or up modestly year-over-year. And I was just wondering, is... | Sure. Of course. We do expect LINZESS revenues to continue to grow over time. We also expect margin to continue to expand over time. Just through growing revenue, thoughtful investments. The investments have been -- we've been investing fully behind the brands. If you see -- if you take a look at the numbers this year,... | intermediate | [
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c65c91dd5d4225dc5a8e9aa2afc8f549 | First off, wanted to just ask about the buyback, the $300 million you guys authorized, it looks like it expires in a little bit over a year. Is the intention to kind of use that is like $75 million bucks a quarter or would you consider doing something like an accelerated share repurchase program? | As we mentioned, Alex, all the alternatives are on the table. As we continue to move on and disclosures are required, we will move on. Obviously, market conditions are the driver to determine the exact amount on timing. So, as soon as we -- something comes up that we have to disclose, you will know about it immediately... | intermediate | [
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847f01fea8199310d2ea68195dbfb5a8 | Okay. And when can you actually start being in the market repurchasing shares? | We expect by May 1 to be in the market, we expect. | direct | [
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761371230d1545b3ed14a097121a161f | Okay, great. And then, I wanted to drill in a little bit more on some of your commentary on the potential rebound for loan growth in the second half. I think you alluded to some reconstruction projects, may be helping to drive that and obviously the economy reopening. Maybe it would be helpful if you could elaborate a ... | Well, first of all, it's -- market conditions on execution is a combination of both. If you look at it by business, we expect the mortgage business to continue its trend of hybrid refinancing and actually we have seen an increase in purchases. There is actually new construction in Puerto Rico for the first time in many... | intermediate | [
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37d831db98d66ab1cbc4d5bdd7c139d5 | Yeah, I'm doing well. Congratulations on the buyback. It's been a long time coming. And this is a recognition of all the work that you guys have done at the bank over the last 10 years. Some of your competitors have said that long-term capital ratio, specifically CET1 on the Island, could be entering kind of a new infl... | Well, again, look at the economy cycles, as always has been. As a point in time, Puerto Rico had very beneficial economy for banks to be in a different position. Obviously we've been in many tough times for the last 15 years. And it's about time to do the recovery, it continues to show and we probably have the better o... | direct | [
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096b3f6ae3241037972efe37f6352bd4 | Okay. As we kind of look through and assess credit and we've been moving our banks down to that kind of CECL day one level, how would you compare the assumptions in your current level of reserving versus what you were assuming at CECL day one back in January 2020? | Still we -- we have to look at components. The CRE index, it's still worse than what we were seeing before when we did CECL day one. HPI, it's moving in the direction and the new projections are moving in the same direction, we're going to get there. And on employment, the unemployment levels, we feel, are going to be ... | intermediate | [
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f2766ab4376a1e2afe129215d5063126 | Okay. And then, just two quick cleanup questions. It looks like you've recognized about $36 million in pre-tax merger charges. $48 million was the original projection. Is that still a good projection? And then, on the premium amortization, how much premium am could be left in the securities book? | What we had announced was about $76 million of expenses associated with the transaction. The $48 million was more broadly you were calculating synergies based on what we had mentioned, the synergies based on Santander and ongoing running expenses. So, it was $76 million in expenses what we were expecting.
Which starte... | intermediate | [
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dc264be0ce9b575f676b7da936f20ed0 | Hi, gents. There's a lot going on in Washington, D.C. with the new administration. And it seems like PR has a good partner in the White House and Congressional leadership, whether it's efforts to increase pharmaceutical manufacturing or infrastructure spending. But what are the key areas, I guess, that you folks are wa... | Well, definitely, the -- obviously every time they talk about tax reform, we open our eyes. This has been a long-term matter. The corporations that -- the tax benefit that applies to corporations that specifically manufacturing more than anything else. So, it's always been -- it's been a risk for some time. It's been m... | direct | [
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83e3d8c0c7cd9f28c0f50eb8c123765c | I was just trying to think about the CDCO proceeds. Now that you have approval or you expect to receive about $142 million in the third quarter, do you have any goals related to the deployment of that capital? Would you deploy it for loss mitigation or potentially buy -- to buy down some of your outstanding debt? | Hi good morning Giuliano, that's a question. It's something we're still evaluating from a capital allocation perspective, but we have a couple of different uses that we're evaluating and expect to make a decision in the near term. But unfortunately, I don't have an answer for you this morning. | fully_evasive | [
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e579238b440d1ee1dbbc7b9339d66c24 | Now that you also have the Ballantyne transaction done, are there any opportunities for either new business or capital releases from Ambac U.K.? | Yes. Giuliano, so we're getting closer on the Solvency II capital position as we disclosed that that hole in Solvency II standpoint is down to about GBP 133 million. It's about a GBP 130 million improvement over first quarter. So we expect that, that will continue to improve over the next few quarters and hope to reach... | intermediate | [
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b56aed432869e89962976b614b4517db | Are there any onetime costs associated with completing those cost savings initiatives? | There is and will be some severance expenses, and we did have additional severance expenses at the margin in the second quarter. There will be potentially additional marginal severance expenses in future periods, but nothing too material. | direct | [
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fc3ed143d5a75dc4eaa3e9a431349eba | Just had a question on the gross margins, obviously, very strong at the 27% level. Just wondering on the sustainability of that going forward, just expectations on raw material costs and everything else baked in there as far as just modeling that margin out? | Sure. Jason, as we pointed out in the back part of my commentary, we expect in the second quarter for commodities to be essentially flat and then to turn modestly inflationary in the back half of the year. We do think we're going to be able to offset the commodity inflation through a combination of our Lean Six Sigma p... | direct | [
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c1f4978064ade24d456ccd83db726b69 | And could you quantify what that benefit was as far as the lower raw material costs? | So it was approximately $2 million in commodity favorability. We also had some procurement savings that increased that number, but it was roughly around $2 million. | direct | [
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2e83e3bb37ccbfcf1f17c248323c84b4 | And then just as far as the costs that you're incurring to automate processes at Omni and Bantam and expanding distribution at Bantam, I wonder if you could kind of give us an idea of what those were in the quarter? And how we should be thinking about those going forward? | Sure. I'll describe them for you a little bit on the front end. First of all, with Bantam, essentially where we're spending there is, two areas, one of which is in slotting to help continue to expand the distribution of the product in Retail. The second area in Bantam where we're investing is, in essence, we're buildin... | direct | [
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1f46b7e299ea20d0f8bffa27d1acfe40 | OK. That's helpful. And just finally, obviously, Bantam is doing well with the expanded distribution Starbucks, how much of a contribution can that make to the top line in fiscal '20? | I think it could be material. I don't know, have we disclosed -- I am looking around here in the room? Have we disclosed how big the business is?
Yeah. At this point -- yeah, I don't -- I think the -- I think, at this point, we're very optimistic about the growth potential of the business. But given that we're in kind... | fully_evasive | [
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8d26a3d5d23cb2ce1448d8ad74be228f | Hey, I was wondering if you could talk about the benefit in the quarter. I don't know if you quantify this at all, either from a margin or not just the benefit, but maybe the head -- how it impacted the quarter from revenue from eliminating some SKUs that last year wasn't very profitable. So obviously, that had a bit o... | Right. And I think I would probably point to two cases in point, where we have -- several cases in point where we focused here. One is Sister Schubert, where if you remember, we announced a restructuring project. We closed our Saraland facility.
We discontinued some items there. If you're looking at the IRI data, you ... | direct | [
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05f1036bedab7a7665eeb48a77f2841a | OK. That's helpful. And then my other question is just sort of on the food service side, the strength that you're seeing there, particularly, you mentioned the national accounts. Can you just give us a little more color on that as far as -- are you seeing it from, obviously, the underlying accounts must be doing good, ... | Sure. Well, the single largest component of the growth is an increase in same-store sales growth from some of our key customers. Another contributor to that would be some store openings, but the lion share of it has been from our biggest customers in increase in same-store sales growth. And then in other cases, we are ... | direct | [
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771645518c7af75d8730ae895070ab7e | Yeah, maybe just start with the operating margin. Adjusted margin -- operating margin in Q2 was 9.5%. Midpoint for Q3 is 8.5%. Maybe you could just talk a bit about where the margins are likely to be lower in Q3. | Yeah. Chris, this is Steve. Just to kind of put some color to that, when we looked at the models, this is historically a low point in the year for irrigation. And as such, that is our number one profit driver. So, that was one of the factors that we took into consideration. The other is the fact that the coatings marke... | direct | [
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b34560fd77a8eb2531a5c06cf31ce4dc | Got it. Very helpful. And just maybe switch gears, the $17 million lattice structure order with Locweld, can you talk a little bit more about that partnership moving forward? Does it have any impact on margins when you partner with them or kind of how you see that moving forward? | Yeah. So, Locweld is based in the Quebec province of Canada, which tends to be one of the largest lattice structure markets in the world. And so, it's a real good combination for us to work with them. We can bring a lower cost alternative out of India, and that helps them to service their customer base. And they have t... | direct | [
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330ea16023654794245f38c5144a40a3 | Hey, Steve. Really kind of more of a broader question, if you could just talk about actions by competitors maybe that you're seeing around the globe of your operations just around pricing and discipline around it. Anything that causes you concern there? | It varies segment to segment. But what I would tell you is, just from our own commitment, is we will be the price leader. And we have seen at times some competitors that back off of that. They want to give back steel, let's say, some of the decrease in steel and zinc even though the markets are robust. And so, we are g... | direct | [
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c4625a49ce52ca86eea8f3bfdecb5bfe | Okay. Okay, thanks for that. And then, I guess, maybe if you could just talk about the outlook or prospects or any visibility you have around the kind of the larger international irrigation projects and what that sort of looks like to you over the next 12 months. | Yeah. We have a very good pipeline of potential international orders. The strong US dollar, as we've mentioned before, can impact the timing because they have to raise capital in some of these markets in order to open up LCs with us, but the food security issue has really been a strong driver in project activity intern... | direct | [
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93bcc129f9bffc693dec155e387b090c | First, I was just wondering, on the lattice structures order, you touched on the Locweld partnership. I was wondering if you could just talk a little bit more broadly about that business and the traction in that business and kind of what your strategy is there. | Yeah. The lattice business being the predominant structure type globally has been an emphasis for us over the last couple of years. We have purchased a facility in Holol, India little over two years ago. And it takes time to build a portfolio in the lattice area. So, one of the things that Locweld does for us is give u... | direct | [
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95a7cf7e0f264ad686c2d5535beee942 | Thanks. That's really helpful. And then, just switching gears, on the large European transmission order, did that order begin to ship at all this quarter? Can you update us on what the timing for that is? And is there any potential for further work with that customer going forward? | Yeah. So, there was no shipments in the second quarter. We will be shipping on the back half of this year and into the first half of next year. It is a large customer. These are big projects for interconnections of alternative energy across Europe, and so there are some follow-on potentials thereafter. So, we feel, wit... | direct | [
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4b0a342a475e3884c2d614ddb8ad99df | Steve, in the face of this COVID-19, a lot of companies really slashed their budgets and laid off people, furloughed people and so on. That really wasn't the case at Valmont, was it? And there weren't a lot of necessarily cost reductions because of COVID-19? Is that the case? | That's correct. We kind of tried to quantify it there with the $2.5 million impact in the quarter. That was our additional costs. Some of that was retention bonuses for our frontline personnel. We'll probably have about $0.5 million of drag per quarter as we look forward just for distancing, PP&E, some people being qua... | direct | [
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b52c416a8de94964092a34fd873c5896 | Okay. Okay. And then, secondly, as we approach the end of the year, the states -- you mentioned it, state and local budgets probably are going to get tighter and tighter. When do you think you might get a sense as to the impact that these tighter budgets might have on infrastructure spending, highway spending and so on... | Well, from a federal level, I would say that after the election would really be the time that we would think about, is there going to be an infrastructure spend, how are they specifically going to allocate money to the states as a result of the effects of COVID. At the state level, it's still going to be kind of a patc... | direct | [
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b47c0be59ef3743aab53c470a12c39f6 | Maybe following up on that $0.5 million drag from social distancing. Is there anything in addition to that that maybe impacted productivity in your manufacturing facilities? And then, on the flip side, are you guys learning any ways to drive productivity? Are you getting any gains from, like, work from home, anything l... | Yeah. We definitely are seeing some productivity gains. It just comes from having to travel less, less time for people to have to spend in meetings, just some real things that are probably broad and macro across many different organizations. We've seen that. The $0.5 million that we call out is really more around addit... | direct | [
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242d6cfd17a8f58f99c547a113d26abf | Okay. And then, switching over to the 5G commentary, sounded pretty positive. I think you mentioned work from home might be accelerating some spend, more people on cellular networks. Is there anything you can quantify? Going forward, any investment there or any other color on 5G? | Yeah, I wouldn't say that it's pulling forward any investment. These are mostly planned investments. What it has done is the carriers have had to re kind of allocate their coverage as people are not going into downtown areas. They are sticking more to the suburban areas, the work from home, the school at home has done ... | intermediate | [
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98713c2d452930e376a783facc5a364c | Nikhil, I wanted to just focus in on maybe two comments you said during your prepared remarks and opportunities that you're getting ready for, and two of them were accelerating the -- your ANDA pipeline, bringing those products to market. I was wondering if you could comment on how big of an opportunity for you that is... | Yeah. Thank you, Dana. So I'll take, I think, the three parts to your question. The first one is on accelerating the ANDA. So we have a large library of about 19-plus ANDAs and a pipeline of ANDAs through various acquisitions and BD deals. And several of these products have limited competition and potentially higher va... | intermediate | [
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5a97902a00a944a81a4bd939770185ea | I wanted to ask a couple of financial questions just real quickly of Steve. Specifically, could you just maybe walk through some of the components of operating cash flow trends in the quarter? Looks like, cash flow from operations was negative $40 million and not sure I can see all the elements that necessarily led to ... | Sure. So, good morning, Elliot, and thanks for the insightful question. So, on the cash flow and just, I think you misquoted, I think you said, it looked like the quarter was negative $40 million. I think it's more like $400,000. So, yeah, our year-to-date cash flow generation at -- you added a zero or two there.
But ... | direct | [
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bbccde160005099cad3698e0aacf9dd1 | Just want to get a sense of your perspective of sort of the relative opportunity set the Company has in front of it in terms of being able to reintroduce various pipeline assets, ANDAs have been acquired over the years and whether or not that in and of itself would be sufficient to drive growth in the short-term? I mea... | Yeah. Thank you, Elliot. So, look, I think in terms of growth drivers, Cortrophin Gel is a crucial opportunity for the Company. We are preparing what we expect will be a robust package ready for refiling in Q1 of 2021 and a subsequent launch. So, I think that would be growth driver number one.
I think, the other areas... | intermediate | [
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b5ad107c923c311d0ef2a12a8e1856c9 | Maybe Nikhil, if I could just follow-up and ask you a question with respect to kind of where you see sort of the best relative opportunities in terms of discretionary capital deployment, whether it be pure generic assets, branded assets, 505(b)2s, obviously, or all of the above? And, I guess, the question is, the Compa... | Yeah. So that's a good question, Elliot. I think couple of responses. One is, look, these are good questions that I'm evaluating. As I mentioned previously, I will share our ambition, long-term strategy, and operational plan along with the full-year 2020 results in February. So, I will do that. And then, as I mentioned... | fully_evasive | [
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7ee0c51fb34625feb58df370dea8e75e | You talked about manufacturing footprint. Can you just give some color in terms of your capacity utilization in those facilities? Is it a fair capacity or should we think about you replacing current clients with maybe higher value line there?
And then, secondly, I know Steve talked about the undrawn revolver. But Nikh... | Yeah. Thank you, Brandon. I think there was two questions you asked, I think. The first one was on the manufacturing capacity. I'm happy to share with you that there is capacity available across all three sites, both the sites at Baudette, as well as the site in Oakville, Canada. So when we talk about leveraging the ma... | intermediate | [
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d4ad87d7346ddbc2179046f0b98b0b92 | Steve, one follow-up, if I may. That $8 million you referenced in terms of inventory, is that across the portfolio or was that Cortrophin? | That's Cortrophin-specific, right? So, if 2020, it's kind of building pre-launch inventory, so I'm not saying there will be zero of that in 2021, but I would expect that to moderate as we start to pivot toward SG&A-type activities. | direct | [
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8c0fe57dae95fd0d4536c561f7cd6f54 | And then maybe just following up on that. What is the shelf life of your Cortrophin product? So, I think Atacand [Phonetic] is 18 months. So just any color on your shelf life would be great. | Sure. Right. I didn't want to say exactly the same thing. But as you're aware, as you will appreciate that, from a competitive standpoint, it is best for us not to share specifics of this information right now. We are confident of the quality of our filing and the quality of our product. And also, this is with the FDA ... | fully_evasive | [
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9173c9e57dab20a67b8f75f85c351755 | Vic, I wanted to start on A&D, sounds like you exceeded your internal expectations this quarter on the top and bottom lines. So any context you could give us there about what came in better than expected? And then a related follow on, as you look ahead. It sounds like there's -- there may be some structural benefit to ... | Sure. So on your first question, as far as what we saw in the A&D, we see a couple things, the non-commercial aerospace part of our business to space, the Navy, and the small amount of commercial aviation -- I'm sorry, our defense aviation, all we're a little better than what we anticipated. In addition to that, while ... | intermediate | [
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494433e1220c5ddead63f481d83059bb | Just as a follow up, I want to talk about balance sheet and M&A? It sounds like optimizing your capital structure and acquisitions are two sides of the same coin. So we fast forward to a natural comfort zone or an optimized balance sheet in your mind. What were the brackets around where you're comfortable with leverage... | Sure. So obviously, we can handle a good a bit of debt now we're not going to go out and do it too quickly or too large of acquisitions. I mean, typically, where we've been successful is, you know, larger acquisitions, somewhere between $20 million and $100 million, $150 million, something like that purchase price. And... | direct | [
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cfdd1026ca2d3a223012a61db06527d2 | You answered a lot of the questions previously, just wondered if you could kind of talk about how you look at potential infrastructure bill. All seems like would be positive for you. But just wondering -- wondering any specifics in there that you guys are focused on? | Yeah, I mean, we've used that question a lot. It's so well defined right now. It's hard to say, I don't think there's a downside to those, that's for sure. I do think that some of the things will be going into renewable energy some of the things will be going into the grid. Those kinds of things, I think should -- shou... | intermediate | [
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721e1fb83532a955e3cbecaf280569a7 | As far as the test business, competitor of yours was recently sold, just wondering if that's changed the competitive environment at all or anything special you're seeing there. | No, the reality is we didn't compete with them a lot because they're really very focused on aerospace and defense. We do some of that. But I'd say that's a business -- it's a bit different than ours. We do some work with them. In fact, we're doing some work with them down and they will continue. They work more on the s... | direct | [
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4b5ca6e21cb5349b828a2288673d88e8 | Just a follow-up on the test segment, you talked about it returned to more normalized level. Are we talking about normalized level pre-COVID or normalized level not what you do in the second half of fiscal 2020? | The test business has been pretty solid. I mean I think year-over-year we're within a couple million dollars -- I think we're up a couple million dollars thus far this year over last year. So, that -- is higher -- and the margins are higher for sure. So, I mean, if you look at the three segments, the test businesses be... | intermediate | [
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801a63c94890fa5bd6bd4399a842f6f1 | And what's driving the margin improvement in test? | Big day is project execution. We have some in mix. I mean we've been getting more EMP filters and more components. But I'd say the biggest -- and those carry higher margin than the underlying chamber business, but I'd say -- it's that and it's just project execution, just the overall process that they go through and ex... | direct | [
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31776c5cb6843b83f31c94bf89723bcc | And in the USG, you said that the opening up post-COVID restrictions will be beneficial to the business. Are you starting to see any kind of pickup in order activity, be it spring-related turnaround easing or any kind of activity that backs up that thesis? | Yes, at the activity level certainly has picked up, I think, for a couple of reasons. There's kind of entering the test season, if you will and that's when they typically start buying things. Then the people getting back to work, I mean, the issue is -- I'd say most utility that historically -- they've been doing more ... | direct | [
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d0c065cf5a89ac86613db8b979aaf785 | You kind of alluded to it, I think, in a response to another question about costs coming back. How much staffing do you think you still need to add this year? And in which segments do you think the most definitely you'll be bringing back? | So, I would say, the areas where we'll probably be adding some folks and we're not talking large numbers, I can say. I think, the people have done a good job of managing this. But as some of the programs ramp up, particularly in the Navy side, there're some specific people we need to add there.
We're always looking to... | intermediate | [
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a2d6f0d7c744cbe42320af7771bbb462 | First, what are you seeing as far as underlying trends for IMVEXXY net price that led you to increase the top end of guidance? I believe it was previously $70. Is it more attributed to the relative customer mix, meaning cash pay versus non-cash pay and I guess more favorable profitability across this mix? | No. It's still $65 to $70. We have not changed that. But to your point, so we did see -- so we raised the cash pay price of $75. We had a really -- we expected two months of downward trend. We had about a month in the turnaround in February, and now we're seeing meaningful growth at much higher nets. So we expect the b... | direct | [
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"fully_evasive"
] | A |
452fa6869014a17931ff8d6daa703235 | ANNOVERA, what percent of total covered lives does ESI represent for ANNOVERA? And then additionally, as far as the patents go, are they composition of minor patents method of use? Just trying to get a sense of what's contained and what claims are in the patents. | Yeah. So I'll take the patent one, and then I will turn it over to Dawn for the ESI portion, which, by the way, they're approximately 15%. So the IP growth that we've had is significant, and it's strategic, and its durability are really where we would hope to get them and are really, really proud of our team that's got... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a74c63660f6f38e6fc608694b3833976 | Could you just remind me, have you given guidance on where you expect the net price for BIJUVA and for the year going forward? | No, we haven't. In this -- I think this quarter, it got a little bit of an anomaly. It could a excel a little ahead of itself. I think it's comfortable to say to be in the 60s somewhere, could be low 60s, could be high. We're not -- it's not a focus, so we haven't been putting a lot of color there. But it's a trend som... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
fc38b47d816f8e40e4c694f526d925bf | I have two questions here. I guess just to start, for the low-dose BIJUVA, can you go more into detail on what you're looking to get out of the May meeting and maybe what's the base case time line for next steps? And then my next question is, I know during your remarks, you mentioned that the highest spending due to in... | Sure. I'll take the BIJUVA expectations and what we plan to get. Maybe, Dawn, you might want to add something. You're closer to it than I am. So we thought BIJUVA low dose should have been approved when we originally submitted it, and it wasn't. So we filed an appeal, and that appeal was granted by the FDA very recentl... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
184364927a662a798de6acda664bbe85 | I think previously, you've mentioned that for ANNOVERA, your goal was to increase annual TRx per writer to 15%. I'm just wondering, is that still the case? | For a certain type of writer, yes, absolutely. So we have loyalists, influenced dabblers, different types. So if you go back to our strategic operating plan for 2021 that we shared at JPM, this quarter was exactly in line but lower -- a little bit lower on the spend than what we've put out there or a good bit lower on ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
fef6f539eb54389b3ce9d23036b82d61 | Just really quickly in terms of the ESI change, and I know it's been fairly recent. But just curious how long is it taking to get the Letters of Medical Necessity approved? And sort of should we think of this for at least -- for just that group of patients you're sort of pushing out the curve and do you have a sense of... | So the pull-through rate constant to what it was before, if anything, it's better for us actually, Doug. So it's -- so far it's been excellent. I don't know if you've seen that we've been growing since this has happened and the pull-through rate or the approval percentage that we have has been identical to what it was ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
36708cdf1d264b617be1df8f256c9f11 | And are you -- sort of have you implemented any operational changes to support physicians, just to ensure that that continues, just sort of to, it sounds like -- | Yeah, we have. Sorry, Doug, I cut you off there. Yes, we have. We obviously are driving some education around this whole process related to LMNs, and it's pretty well understood out there already. And Doug, what I was mentioning with vitaCare, how we are supporting an initiative to support patients to make sure expecta... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3a096e087cbcafd6d5fea07af8c3c771 | Hi. I had a couple of questions. First, just if you could quantify what your property losses were in 1Q and what they were the year-ago period, so people get a better sense of your loss ratio, ex sort of catastrophe or other events. And then relatedly, if you could give us the -- or if you could quantify any impact you... | Jimmy, this is Andy O'Brien. Thank you for your questions, and thanks for your participation. The property losses, we had some property losses coming out of the Texas ice storm. And then we had a couple of large building losses in Michigan. All of these losses were heavily reinsured and together do not have a terribly ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
73413e12746a3387babe82f1c462395e | Any positive development because you've had that consistency over time? Or was there no development period? | We did not recognize any development [Inaudible] in the quarter. Yes. It's very minor, like $26,000 of [Inaudible]. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a23cff8090b41a5406757acfb05e237a | Got it. And then if you could just talk about pricing in workers' comp, and I think, obviously, you're more of a player in a specific niche of the market. But a lot of companies have been hopeful that prices would start stabilizing and potentially improving at some point. But are you seeing that in the market overall? | I think that the market has stabilized. It certainly varies by geographic area. I would say in the Southeast and in parts of the West that the market has stabilized. We have, the last two or three months, had some success in getting some positive rate movement in California. So we're happy about that. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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