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81c14f4d674f923fd0cca9bdf78303f0 | Maybe just around commercial ingredients, obviously, a nice rebound. Can you maybe just discuss where your volumes are versus prior to the pandemic level, and how much more room in it for growth there? | Yeah. So, the team -- throughout the pandemic, as restaurants started to close, our food service team was working so hard to maintain relationships with our food service account, making sure that we gain new distribution so that when the states did open up, we had our products ready and available for our food service c... | intermediate | [
"direct",
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] | B |
77fdd0e6cd46f1a05435de3b47d1a31a | And then just one on the capex. I think it's $18 million expected for '22. Anything specific there in terms of growth versus maintenance to call out? | Yeah. Chris, this is Jasper. I would say, a good portion of it really is toward automation. There is a quite a bit of maintenance as we have every year. I would not say it's anything more than unusual. There is some upgrades to make lines go quicker, so I guess you could argue that would be going toward growth. But qui... | direct | [
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d48714ba59a01c947fd201e0002bfde6 | Congratulations on another strong quarter and year. It's good to see Mike hand of this role from such strength, that shows a lot. And I was wondering with interest expense falling by 40%, do you think in the fourth quarter of -- in two or three years that you might actually have net interest income, not net interest ex... | I don't think so. I mean, this year is a little bit unique in respect to lower commodity costs. As we return to normal, I think you can expect to see normal borrowing levels through Company there [Phonetic]. | direct | [
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39639ae6b4e29661768699f192c64b9f | And when you sell the Garysburg facility, should that sale be completed in this fiscal year? | Yeah, we expect that to be completed in this current first quarter. | direct | [
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dc80985fbe1e0c17ec74212f3081a4b2 | And with new product launches, do you expect new brand names? Do you expect to use current manufacturing facilities in idle capacity? And you mentioned the launch of the chips, will there be other launches this fiscal year, or do you expect a new product once a year? | Hey, Tim, good question. So, we've invested a lot in innovation and research and development. We've got really good brands. The challenge is we don't have very good distribution in ACV. And so we feel like we've got good brands today that we can focus on the health and wellness with Orchard Valley Harvest. We have our ... | intermediate | [
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6190b037081a434ced661567fda29491 | I just wanted to maybe just ask about the competitive landscape and how it's shaping up. It seemed like maybe in Fisher recipe it was a little bit more than maybe historically I guess. You just maybe -- just talk about what's happening in the marketplace? | Sure. So, on the snack side, obviously, Hormel with its acquisition of Planters makes them extremely strong competitor. The transition is still taking place now. We expect to see more investments in the Planters brand in the snack category. So, time will tell. But we're, like I said, trying to build our position for Fi... | direct | [
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"fully_evasive"
] | A |
f798dcea083bba91153f96be8b91f175 | And then just with the strength of the balance sheet, can you maybe just discuss any outlook for possible M&A versus, I guess, enhancement innovation [Phonetic]? | Yeah. So, M&A, I always talked about M&A, we always look at it. We've looked at a couple of companies even this last quarter. Nothing that really made sense for us to pursue. But as we build our path to $2 billion, which is a long-range plan that we're working on now, M&A is going to definitely be part of that. So you'... | intermediate | [
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b1e33462f368ca106e2c5c3ee3a21cf1 | Thanks. Good morning. Two quick ones for me. Thanks for the monthly color on advertising. Related to the comments on sales [Phonetic] was down in the low 30s for the quarter, was that -- was July at that level as well? And then shifting to digital advertising, when you think about longer-term planning, are the incremen... | Yeah. So our actual July results were down about 32%. So we did see improvement. And then in August, we continue to have more orders in the books and we're constructive in the quarter. But as Mary talked about, there's a lot of uncertainty. On the digital side, I'll pass it back over to Mary.
That's a good question. I... | direct | [
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] | A |
384eb4cc7339ae179973758740f0b72d | Okay. Great. Thanks for taking the question. Actually three for me. On the Westwood One news closure this quarter, if you could just talk through the decision on that and what impact that may have to the P&L going forward? The second one is just around which specific fall -- sports exposure you have in the fall? And th... | Okay. So I'll take one and three, and Frank, you can take two. So with regard to Westwood One news, the radio news business has always been one that's expensive from both a production and a rights fee standpoint, and it's somewhat difficult to monetize. And it's the reason why in the past we got out of representing ABC... | intermediate | [
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] | B |
ff9b92048847cb7e7d0a4fd4dab3d0bd | Lawrence, your tone today is probably, at least to us, is the most optimistic in at least a year. And your comments about your expectations for increased visitation in your term and more recovery in the mid to late part of March has caught our attention. Can you talk about what's rooting this increased optimism relativ... | Sure. Joe, why don't I give like a high level, and I'll pass it on to David to give more of the details? Well, I think our optimism really comes from seeing what happened with the tail end of Chinese New Year and seeing how strongly that pent-up demand was coming back even last week and also as there are no more cities... | intermediate | [
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8dd0a11ee2a0dcd6f35aa980f562acbc | I know the situation is still quite fluid, but Lawrence, would you mind to give us some -- your personal thoughts about, like, the following border normalization, timing of the following order of normalization, including the E-channel that you mentioned, Hong Kong, Macau reconnection and also, like, other type of users... | Again, Billy, I think we were very -- we've been the most realistic, and for the last year, we probably feel like the most pessimistic and Debby Downer. But I honestly believe seeing how the vaccine roll out in China, Hong Kong, and at the end of the day, if you look at Macau, Greater China, Hong Kong, Macau, Taiwan an... | direct | [
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b78b6d6f13f4e3b09a3e6e81b0bd6c90 | Can you tell us a bit more -- have you seen like the recent traffic and compared to the Golden week, do you see to spend a lot more? Or is the same type of customers, but they just spend -- the behavior change a bit? Or it's a different type of customers? Any color that you can share will be appreciated. | I think -- look, I'll let David go into the details. But I think we compare very favorably to Golden week, surprisingly, especially the last week. But...
Yes, we definitely exceeded the goal of the Golden week in October of 2020. I think maybe a couple of things to take away. Obviously, this is being led right now bec... | direct | [
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db99e1296a3ca56ab59764ffb7bd2fbd | On Hong Kong opening, in December, we were trying to open up with Singapore, and there were some comments made that Hong Kong needs to show zero number of local cases for a consecutive seven days before either Macau or China opens up. Could you just update us if that's changed or things are looking a lot better because... | He, Praveen, I didn't hear the question perfectly, but so let me try to guess what. So I think what has changed between Hong Kong and Macau is from Macau's angle, and in my prepared remarks, Macau is nearing the first anniversary of zero locally transmitted cases. So for Macau government, and I am 150% agreed with them... | intermediate | [
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ba7297dcd73317b639b0230c4524161a | Could you tell us about the cash flow from Manila? I would assume that even though it's EBITDA positive, maybe the cash flow is negative. The second question was opex number for fourth quarter versus third quarter. Is it -- does it have to go up as volume goes up? And the third question is, not every company reports ba... | Sure. So for the last one first, on our bad debt, as you know, we provide that every quarter just to provide some transparency to you and our investors. And yes, it's definitely elevated from what you can call maybe normal levels. And that's just a reflection of the operating conditions we have on the ground in Macau o... | direct | [
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dadce186ef46a75508605c7d8b158376 | Lawrence, you sound quite optimistic. And given all the travel -- potential travel restriction relief, obviously, normalization is one thing. But I wanted to get a sense how you think about the pent-up, if you were to put a number reassessment of the pent-up demand? Will we see maybe some of the lots gaming demand woul... | Simon, let me answer your second question first. So for Studio City Phase two, we haven't slowed down at all because we do think that around the end of 2022, beginning of 2023, the market would have been fully recovered and then some. And so we think that's a great timing to open a new property. And so we haven't slowe... | intermediate | [
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9ca44e43d816e5a90ca02af8a269b026 | Just to follow up on your previous comments about more optimism heading into this year. Could you kind of give us a sense of how you're looking at historical GGRs and annual visitations exiting this year, please? | Sure. Evan is here, if you have anything to add. We definitely anticipate -- without a specific number, sort of a run rate or even for a full year, we definitely expect over the course of this year both visitation and GGR to ramp up meaningfully from where we are today as part of a continuation of the ramp-up that we s... | intermediate | [
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7f768bedef943614ba35fbf2441f1f85 | Hi. Good afternoon. I guess my first question. As we think about your EBITDA margin with the headwinds in auto going in, is your 1Q guide kind of where we should expect margins to be as long as that's the environment? Or is there some seasonality in there? Thanks. | Yeah. And thank you for the question. I'm happy to kick it off on it. You know, the thing I would say on the margin for Q1, you know, that there are a number of forces at play in the business. And I would say that, you know, we're in the midst of the P&C downturn right now that I think we have elaborated on quite a bit... | intermediate | [
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32f3a260d7b75d74de03477707aaf9eb | Thanks. That's helpful. And then I guess, can you just expand a little bit more on the healthcare acquisition, how it fits into your ecosystem, and how that deal came about? | Yeah, you know, I'll start with that. Well, I think the acquisition, you know, for us was super attractive, one, for -- because of our outlook on the Medicare vertical. We're big believers in the overall secular trends in that space with larger numbers of seniors aging in every year, these newer cohorts, you know, opti... | direct | [
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8ad2928b1b69dcf97a4c922e16f97c7c | Great. Thanks. I want to start, if I can, on the health insurance side. In other words, a ton of churn in the quarter. And for a lot of the public brokers, it was a pretty difficult quarter. I was hoping you could talk through how that impacts lifetime value estimation, and your expectations for whether that level of c... | Listen, I mean, let's take a step back. You know, when we think about Medicare, I mean, first and foremost, we think about those secular trends, you know, that I talked about in the last question, we still are big believers in them. And it was a really strong performer for us this year. With respect to some of the chur... | intermediate | [
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405d4ca493de3478f55e5b4f561b07d8 | No, I think it does. I want to think through what you said, but I think it's helpful. A follow-up, if I can, just switching to P&C. Last quarter, you talked about how there was still like a bunch of companies in the top 20 that were increasing their spend. I was hoping you could update that or give us some sort of upda... | Sure. I mean why don't we step back and just give you our outlook on just generally how that market is doing, right? You know, not much has changed, you know, since the outlook that we shared with everyone last quarter. It's still a super dynamic underwriting environment, you know, particularly with respect to severity... | intermediate | [
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90b4d42b78e53f2cd260b2b9f36d001d | Hi, guys. Thanks for taking the question. I'd like to go back to the health segment and the challenges in the e-broker channel specifically. I know you mentioned you can't really break out your exposure to the e-brokers. But I guess I'm more concerned around 2022 AEP given if you look at what the publicly traded folks ... | No, thanks, Dan. Well, I mean, what I can tell you is that we're not expecting a slowdown of our Medicare business this year. You know, it's early, but we're off to a strong start in 2022 with our Medicare segment with spend being up year over year from both carriers as well as the Medicare brokers. So, you know, with ... | intermediate | [
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02523d547fdb057ee133883bae226bb8 | OK. That's helpful. And then on CHT, are you able to break out what percent of their business has done with the carriers directly versus the third-party brokers? | Yeah. And I'm happy to take this one, Dan. That is not something we're disclosing at this time. | fully_evasive | [
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1a732fa5514d31cce32865b22307c8af | Got you. OK. OK. And then last one for me. On the other revenue, can you break out how much of that is due to travel? And any expectations for travel to pick up in 2022 as the pandemic wanes? | Yeah. And I can also take that one, Dan. We don't break out how much of it is travel versus education versus financial services, but it's a, you know, chunk of all three, and none are the vast majority of the overall. And, you know, the thing I would say on travel is COVID really hit that business hard for the market b... | intermediate | [
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143aea5f42edd9b1eb76285be7861067 | It's Bryan Smilek on for Cory. Thanks for taking my question. You know, you mentioned that '22 is shaping up to be an investment year. Can you just parse out, you know, what your key growth priorities are into the new year? And then specifically, what are the next steps in scaling the agents business? And just thinking... | Yeah. Thanks. So we're -- so your first question about where we're investing. You know, I'll say, first and foremost, we're always investing in our people and technology, right? We have from day one. We continue to do that now. I know you're hearing a lot of, you know, uncertainty from us about, you know, what the near... | intermediate | [
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8d3bbc62cc222226e62e8490a99ab74b | Just wanted to -- starting off with the -- Glen, I think you mentioned that the increase in non-performers was related to ag. I was wondering if you could give any color around what drove the increase in 30-89 days past due here this quarter? | Yeah. Just a couple of larger relationships just trip past those dates. We continue to have both in the legacy community banking portfolio and commercial finance and the collateralized ones that we typically see will move in and out of various buckets. | intermediate | [
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ab9d0e768b7eb0e5ba72652247353a88 | Okay. And then with regard to, call it, about 6% of loans were deferred here given COVID-19, just kind of wondering if you could tell us, give us color on the borrowers and types of industries? | Yeah. This is Brett. One of the things that we did was stratified the portfolio based on various economic scenarios and we identified areas that were of concerned, we've got those listed in the investor package, and you can see what those were. We focused on those primarily and looked at those to see are they getting t... | intermediate | [
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c7b69584bc1b3e84ca978f6e17905c46 | Okay. Is there any -- so I guess, in particular, it's the industries that are listed in the deck, I saw a couple of them, like whether it's energy or retail I believe? | Yeah. That's right. And of course we have hotels in there as well. In the energy sector, half of it is self-liquidating, so you don't worry about those as much, but the term you pay close attention to. | direct | [
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103a50b2dffbd5a9a152e57bb90b409c | Okay. That's helpful. And then just kind of wondering here, pretty healthy reserve build for the pandemic. Just kind of wondering, just kind of how we think about the provisioning going forward? Maybe any color that you gave with regard to inputs, obviously, you're still on the card method. And just any color you could... | Sure. You know what, we took -- basically it's $16 million for solely due to the pandemic as an allowance build based on what we knew at March 31 and tried to get out in front of that, strong earnings quarter for us. Certainly we'd not be surprised if we do take additional provision over our normal run rate in the next... | intermediate | [
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f888de1ead6b77ac1d25105492e3fa9f | I wanted to start and follow-up on the credit topics Steve brought up previously. The commercial real estate portfolio from the community bank, that is being serviced by Central Bank, but it's on your balance sheet. Is it correct to assume that you guys are still kind of leading and controlling the underwriting nature ... | Yeah. The -- yes, we're controlling underwriting. We're working very closely with Central. The folks that are servicing our legacy run-off portfolio were our employees a month ago. They're building their operations team really off of our team. And so we continue to manage that very closely. I'll defer to Brett on the c... | intermediate | [
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057ee58253b19ee006557f07c80e4519 | Okay. And then maybe on that topic, can you talk about what the customer outreach look like on maybe some of the more granular portfolios, obviously in terms of the community bank commercial real estate portfolio. I'm sure there are some bigger customers in there, but when you think about kind of the Crestmark portfoli... | In the commercial finance portfolio, we have literally talked to every customer. Now in some cases that might be, I'm fine, don't worry about me, move on. Others, we found out, if they applied for PPP through us or through some other source. And then where appropriate, we obviously had conversations about modifications... | direct | [
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] | A |
a88b752af369e14ab0900587bb25ebfa | Yeah. I think you guys in the past have disclosed like kind of where the loss rates would need to get in that book for you guys really to not be made whole. Is that something you could maybe pre-visit or remind us what that looks like today? | Yeah. I think if you look in the deck on Pages 15 and 16, the waterfall in the warehouse would give you a rough feel for the protections there and the over-collateralization that we have. And then again, we've pointed out to consumer credit if -- where we're with a partner if it's a stated interest rate of 36% and our ... | intermediate | [
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755d46505e4da330fe11f7dd36b90a53 | Okay. And then just lastly, can you tell us a little bit more about the non-strategic partners that you guys exited with in the tax business? And as a follow-up, is this new kind of -- is the 2020 tax season [Phonetic] now kind of the better way to think about what the production will be with the exit of those partners... | Yeah, I'll take that. I think this year is more indicative of future years. And for us to build off of, it was a much more effective and efficient year for us as we shed some relationships that were not a strategic or as valuable to our operation. We were able to manage overhead much better and have much smoother opera... | intermediate | [
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30558b990b05517b99adb69879bf7bbe | Got it. So going forward, while the volume and revenue might be lower than 2019, the expenses and the credit and all of those aspects will be more efficient as well and you guys feel good about that dynamic moving forward with the exit of those partnerships? | Yeah. You noticed we had about a -- those represented about a 20% of the volume and we had a 10% increase -- decrease. So you can see that our core business did pretty well overall even though our business as a whole was down a bit. | intermediate | [
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a74ebc996701ac563ef463cda378c548 | And was the majority of the business seasonally as normal, I know there were some expansion of deadlines and I don't think that would typically impact the customer base that you guys are targeting there. But is there any reason to believe that there might be a little bit more drag in the other quarters. Not drag, but r... | No. Now really where we saw the kind of the quarter flip [Phonetic] this year as some of the activity was pulled forward actually into our first fiscal quarter. A year ago it might have been in January, this year it got pulled forward to December. But through the six months now, our customers are materially done. They ... | direct | [
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] | A |
ef594325d259c4e2310e5b028604c958 | I wanted to ask on the deferrals that came in through the -- after the end of the quarter. In terms of -- I think Brett you mentioned that you've talked to everybody in the portfolio at this point. I'm just wondering the trend in deferrals following the end of the quarter. Is that -- would you say accelerating, deceler... | It's really too soon to tell, Frank. Now that the PPP loans are going out and a lot of our customers are drawing on those, and while our volume clearly isn't -- match our entire portfolio, but a lot of our commercial finance customers may have their primary bank, their operating lines with the community bank. And so we... | intermediate | [
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a2e253efa4c0112d267636f565d8db1e | I guess in terms of provisioning, I would assume that basically what you know March 31 is sort of drives the provision so that the significant deferrals that came in after the end of the quarter would be more of sort of a 2Q concern as far as additional provisioning would be concerned? | It may or may not, Frank. I mean, well yeah, we're certainly tracking that one of many metrics and dimensions we're looking at. But our provision build wasn't based on -- while it was done at March 31, it wasn't based solely on the amount of deferrals or loan mods we had at March 31. We fully expected we would be seein... | direct | [
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0aeefaa50b86f691d62f899c64df78da | Got you. And just wanted -- just a quick one on credit. Wondered if -- on the hotel portfolio in the community bank, in the CRE book. Do you guys have available an average LTV of that book? | We have not disclosed that. Brett, do you have that handy?
I don't have handy. We followed standard underwriting criteria. But I don't have a number handy. | fully_evasive | [
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56ce1f1ae3e9624e0fc1e37a2a2675bb | Okay. And then on the non-performing increase in the quarter, you mentioned the two ag loans and then the term lending. It look to me like the term lending increase reflected, fell into the past due, but still accruing bucket. And I was just kind of curious, I would think that differ -- that, something like that might ... | Yeah. This is Brett. That transaction was not COVID-related. And as you know, these things are heavily collateralized as well. | direct | [
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d861cf12ee1df32f1209dc701c29a5fa | Okay. So I guess can you -- is it fair to say, at least on that term lending increase in non-performing that you don't anticipate significant loss there? | That's correct. | direct | [
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d2383b41a4c8fc85f09b68ec0f31ccbc | Okay. And then just shifting gears to loan growth or just given the tighter underwriting standards. Brad, you mentioned transportation, which is a decent sized piece of the commercial finance book. What are your thoughts here? And given the short-term nature of some of these loans, should we anticipate contraction in t... | So what we may see, we would not be surprised to see some contraction. Just you know if you're not selling stuff, you don't have receivables that needed to get -- be factored. And so that very well could. That said, as we come through this, there's also, we've talked in the past about -- and Crestmark's experiences in ... | intermediate | [
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ab9ddc5da99a7e3fab45df23bb6d8eea | Okay. And sorry, just one last one if I could, just in terms of the stimulus program and the direct checks to U.S. citizens. My thought or stuff I had read suggested that some of that could come through from the IRS to prepaid cards that would -- it would have been attached to these consumers' tax refunds. Can you talk... | Well, there are some additional deposit balances on some prepaid programs that our reloadable and receive those benefits. But in other portfolios, there are less volume. So it's offset by depending on the type of portfolio. Also there is different forms of payments going on some of those in the form of maybe more on in... | intermediate | [
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9b5f7a0aee2bc8605c2671781fc33a2f | Okay. So you haven't seen any clear I guess trend up or down in terms of just given some of these offsetting factors in card usage or in deposit flows versus what you might expect otherwise? | No significant trends at this point. Some ups and some downs, and we have a very diverse portfolio of prepaid products and some offset other. So I wouldn't say -- we've seen movement, but not dramatic and nothing I would necessarily call a trend at this point. | direct | [
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d22fa55276dd15ff4656ef9c2feb60af | Hey, guys, it's actually Dan on for Andrew today. Thanks for taking the questions. You know, you put it -- you put out that release last week talking about your growth plans and the Southern and Southwestern markets, and the growth will be coming from company-operated locations. Some is coming from franchisees, I know ... | Yeah, sure, there's a lot to unpack there, Dan. But, you know, I would talk -- we are extremely excited about the franchise opportunity. We have got the brand and a great place, people in a great place, the economics in a great place that we feel accelerating growth there on so many markets, where we do not have Noodle... | intermediate | [
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31c16189cf34ca5a857623f1da6a0ce0 | Got it. No, I appreciate that color. And then just maybe shifting gears a little bit, you know, you guys have, obviously, laid out a pretty robust growth plan here which is exciting. I appreciate the commentary you gave on G&A for this year. We're just kind of -- and thinking about that that line longer-term, is there ... | I think we feel very comfortable, Dan, with the current structure of the organization. We feel about the final elements of a leadership team with Carl's hiring, as well as, John Ramsay, our head of franchise sales, who came -- came on board late last year, as well as, two real estate directors that are already having s... | intermediate | [
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9499e4a668da3a63e1c36c61a9a58e41 | Great. Thanks for taking the question. Excited to hear about the unit growth in fiscal '21 and then in '22 and beyond. To a certain extent, a nice continuation and building from conversations we've been having over the prior quarters. But just curious, if you could talk about the real estate pipeline. How that's set up... | Yeah. We have always thought that there's three triggers, Josh, that have to be in place for you to accelerate unit growth. First, is certainly the concept and the brand itself and how well it resonates with guests to which we feel the resiliency of the brand. You know, really has been proven and evidenced through the ... | direct | [
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f222339e455bb004a0d2ebd81b017125 | Great. Thank you for that. And then thinking about the longer-term targets that you offered, specifically, that $1,450,000 million AUV. Excited to hear about that and curious, what you can share. I imagine there's still a lot to be debuted and work through there, but if you think about kind of the composition of your s... | Sure. I mean, we talked about 65% of our sales year-to-date is currently coming from digital. And as a reminder, we already had a very strong off-premise, very strong digital program even entering the pandemic. What we are seeing and we as we talked about on the call, is that for those trade areas, those markets where ... | direct | [
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a24da1f8b06ab062fdd3fceac57e0f71 | Hey, guys, a couple. Just following up on, excuse me, on Josh there. The CAGR to get from current AUVs to $1,450 million is about 6% annually. We know -- we know the unit growth is going to ramp up, but is that primarily same-store sales and a little bit of high -- higher new unit average volumes? Or how should we kind... | Yeah. I think mathematically, Andy, it will be more from the comparable restaurant sales growth and AUV growth of our existing fleet. The new restaurants are performing extremely well, so they will be -- we certainly will be accretive to that overall unit volume. But until you start reaching that 10% type annual unit g... | direct | [
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d5d9bcd95435367ce3bdb0856e91a8f8 | OK. And for the new stores just, I know it's early in the ramp, but the recent success, historically, new stores opened at a -- you know, a fairly noticeable discount to the system average. Do you expect that to narrow or actually slip and potentially see some classes that are at or above the system average? | We expect that it will continue to be above the system average like we're seeing in this most recent class. And one of the main reasons outside of that is the order ahead drive through window. It has been such a hit with our guests, such an easy execution for our teams. It gives -- it gives our guests just a new way to... | direct | [
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14823a786b84915dcf7145e4fabce51d | OK. And then just kind of tracking again on the longer-term margin outlook. You know, sort of north about 100 to 150 a year of restaurant level improvement. As you list a couple of items in the release, supply chain, you know, ops and back of the house equipment. Obviously, sales leverage is going to help a lot, but is... | Yeah. I want Carl to give a bit of texture on this one as well, but I'll start off by saying, I think we feel the progress we've made on our prime cost. When we look at our cost of goods sold, as well as, a lot of the efficiencies we gain in labor which we still think there's room to go there. And really give us a lot ... | intermediate | [
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fb997b961c9911dbb783e9e5cd99d597 | Hey good afternoon guys. A couple of questions for you. One, and thanks for the for the long-term kind of framework for what you think the company is going to become. If I remember correctly, there's a fairly big spread in performance within the Noodle store base. Could you maybe comment on, is there -- is there a perc... | The answer to both is yes and that there's a significant percentage of restaurants that are above the main 450 and the margin structure certainly North of 20%. One thing we've disclosed in the past is that, top 10% of restaurants pre-COVID average about $1,670,000 million in average in the [Inaudible]. So we know that ... | direct | [
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7db2eb6c4e9bc8aa1ccec87733f29d68 | That's great. Very helpful. Thanks, Dave. And then just one of a block and tackling type question. When you look at the the corporate unit growth for this year, give a sense, I know it can change with COVID and such, but with the five closures in Q1. Do you have a rough idea of how the new openings are going to flow ca... | Sure. We have a couple that are already under construction or pretty far along in construction that will open up here in Q2. We expect a couple more in Q3 and then the balance of the company restaurants will be in that fourth quarter of the year. | direct | [
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840aa0ec384e016d18ab9b9584c789c1 | Can you provide some color on what happened there underneath the entity or -- or at least the unsecured claim composition? And -- and also is it still added in there, is it still paying cash? | Hi, Fin. This is Nik. Thank you for your question. So as we had mentioned last quarter, GBFC, so all of its investment portfolio to Teledyne in November of last year post that transaction.
It was left with a basket of residual assets which were namely they're entitled to up to $40 million recovery, works for the first ... | direct | [
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a02302069b21c7beb46ef0f1f188a80f | So -- so the -- the non-accrual was more a result of -- of moving stuff around than anything that happened underneath fundamentally? | Correct. Correct. So, all of the income-producing portfolio of loans were sold as part of their transactions and none of these sort of residual assets actually are income-generating. And at this point, clearly, that's the only GBFC unsecured debt is the only non-accrual position in the portfolio.
There are -- there are... | direct | [
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a6739a27446e5ea7f12b61f7303dfd18 | OK, thanks. That's helpful. And another question on the dividend. How -- how is the -- how is there such a high return of capital component given that you over-earned a dividend on NII and I figured there'd be even more taxable income with non-accruals.
It's a pretty big surprise, if you could give some color on that. | Hi, Fin. This is Abby. Thank you for the question. As you pointed out, that our total year NII was $34 million and total distribution declared was $31 million.
The main ROG that you mentioned was due to tax characteristics of our distribution. So, with anything tax, there is more complication. The tax code allows the f... | direct | [
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26d3e5b5cef17d3b0ca8d19673aaa9b6 | OK. That's helpful. Thank you. And just last one for me.
Can -- can you provide an update on the -- on the BCIC efforts to -- to exit that or liquidate any progress post-quarter what you're thinking there now? | Yes, Fin, this is Nik. So, I just -- I'll -- I'll ask, is your question specific to just the remaining non-core positions and other equity capital? | fully_evasive | [
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0c07a3933b32ee72b6d42bb2562b6127 | Good morning, everyone. Thanks for taking my questions today. I want to make sure I'm thinking about the activity in the portfolio the right way. I -- I appreciate the additional disclosure provided on some statistics through most of February.
If we're looking at that right, does that sort of translate into or imply, y... | Thanks, Melissa, this is Jimmy here. You know, I appreciate it. I think there are -- are a couple of things, you know, with regard to the base of the deployment. Obviously, last year was a fairly volatile year and we saw our activities slowdown in the market.
And obviously, we slowed down with regards to our own book i... | intermediate | [
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3268251215b67417628dc2fb8a85482b | OK. Understood. And I have a couple of follow-up questions on the dividends. Sort of just the thinking of returning to an all-cash dividend at the current level while expecting some compressed NII over the near term.
Can you just talk about the process of -- of thinking through that and then, you know, whether or not t... | Thanks, Melissa. Yeah, that's exactly -- that's exactly it. Obviously, it's, you know, we went through the 2020 environment, you know, the -- the unknown, and also the uncertainty of the volatility risk with regards to our junior capital and equity positions. We were in a different place and obviously we -- we -- we di... | direct | [
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56a072f241be9cb59ff98ad1e84af825 | So first one I guess, the decision to pre-treat FX201 with the steroids, is that simultaneous with the administration of FX201 or is there a gap? And then also, is there potential to maybe use like ZILRETTA versus the IR steroid? | In terms of timing of the steroid injection, it's done immediately prior to the FX201 injection. And what we're trying to accomplish here is to address a short-term phenomenon in terms of adverse events. So we don't think that that requires ZILRETTA and as a result we're going with a steroid that has been used in the c... | direct | [
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63bb28886928496af47f635be8825766 | Gross to net where you guys were last quarter and then trend in near term with like let's say, up until 2022. | Yeah, gross to net I think as we said in the -- in our script was 18.5% for the quarter. I think what -- Melissa, 'll turn it to you to just to give some updates as to where you think where we go from here. | intermediate | [
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0263233d2ff6c937fb1ef17261d0772f | So first one kind of following up on the earlier question about FX 201, kind of stepping back and bigger picture. What do you need to see in terms of a tolerability profile for the gene therapy to kind of give you confidence to move forward into larger scale randomized trials, and then kind of paralleling that what do ... | Yeah. Fair questions, Madhu. And bottom line, what we need to see in terms of safety is a substantial mitigation of the adverse events. What that looks like exactly, we've not reduced to some formulaic set of observations. We have data now on all three dosing cohorts. And what we believe is that this approach will make... | direct | [
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d1b3f5ba4e1661145c8eada45191dfad | As we think about kind of where you think cost savings could occur, how much of that could potentially be on the product pipeline from the clinical development front as compared to kind of improve the efficiency of selling of ZILRETTA. How are you guys thinking for that right now. | Yeah, Madhu. I think we really need to see, as Mike just said, we need to see over the course of the remainder of the year where the clinical data sets come out on 201 and 301 as we guide toward and think about how research and development expenses move into next year. But as I said, we are really conducting an extensi... | intermediate | [
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0b8b00d92de377ebd2a4c1783ad21d08 | So first, can you talk a little bit more about your current assumptions for patient flows in the second half of 2021 relative to the 90% level you referenced for the second quarter? And second, can you provide any qualitative color on the expected cadence of ZILRETTA sales in the third and fourth quarters? Is it reason... | Sure, Daniel. I'm going to take those in reverse order. So I think with regard to the second half, historically we do see our strongest sales in Q3 and Q4. We're continuing to guide to full year net sales in the range of $120 million to $130 million. We're not providing quarterly guidance at this point, but you can go ... | intermediate | [
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defb5172f16bfb8c80dbec6778403f5c | So for ZILRETTA, are there a lot more new accounts you are able to tap into? And what will be the focus going forward once they are tapped? | So I think I would say that there's not a lot more new accounts for us to tap into. We're four years in the market. We do continue to bring on new accounts to the tune of I'll say 100 to 120 quarter-over-quarter, but that number is declining over time because there are fewer new accounts to come on as we start to penet... | direct | [
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592a10929336bc00906d5b7d8ef76980 | Do you believe there is still kind of pent-up demand in the market either from patients who have had their knee replacement surgeries postponed or patients who have stayed away from seeing their positions [Phonetic] over the last year and can that pent-up demand add to the ZILRETTA volumes in the second half? | Hey Serge, it's a good question. I think it's a little bit of a complicated answer. If we had stopped at the response from our survey that that patient flows to practices were back to 90%, I think my answer to that would have been there may still be a little bit of pent-up demand out there that has yet to be realized b... | direct | [
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82bcdf7f11dabce846c2b6561e2210a8 | And my second question again from Melissa or maybe for Fred related to the recent 5% price increase. It doesn't sound like you will be able to realize it in 2021. But when you do, what amount of that price increase do you think will impact the net price? | Well, I think, I think there's -- that's a bit of a complex answer as well because as you heard in the prepared remarks, not only do we rolled out a price increase, but we also rolled out off invoice discounting. And in the near term, i.e. sort of 2021, we anticipate that the material impact from the combination of tho... | intermediate | [
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4a9bda0d10482c12331db78fa101c824 | Just a follow-up regarding FX301. I'm wondering if you can remind us the advantages in terms of the formulation of FX301 versus prior attempts at this pathway. And secondly, should we expect to have a better understanding of those advantages after Part 1 or Part 2 of the Phase 1 trial or would we need additional data f... | Okay, Pat. Thanks. Thanks for those questions. Let me just start out by saying FX301 is unique in two dimensions. First it is formulated in the thermo-sensitive gel that is liquid at room temperature and gels at body temperature so that when the formulation with the active is injected around the nerve of interest, it g... | direct | [
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81d6f2a72a0f81b0f08be16aee78e29e | So would we have some of the data from Part Two by the end of this year or would that be more next year? | No, no, we will have the -- we fully expect bunionectomy trials in general enroll rapidly and we have guided and continue to guide to the expectation that we will have the full dataset by the end of the year. | direct | [
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429136d7dc67eea30b37f02637e57178 | Two questions, one is, any developments on hyaluronic acid products getting reimbursement pressure. And the second question, can you remind us once again of the convertible note when it's due and the terms there? | So I can take the first one and hand the second one to Fred. As you may be aware, may be the impetus for the question that the proposed rules -- CMS proposed rules came out in July, and there was a piece of that proposal that called for all products, all drugs reimbursable under Medicare Part B to begin reporting their... | direct | [
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151fc1e6aa9929828777efea4857cecd | Thanks for taking my questions. Hi, doing excellent. Thanks. So first of all, congrats on a good quarter. As we're looking toward the shifting interest rate environment, I know you've done a few swaps and hedges in the past on some of your debt profiles. I know you also have a new debt profile coming up with the new bu... | Uh, so we do have entered into quite a lot of the interest rate hedges now recently. So I guess, at the moment, we have no further plans for entering into even further interest rate interest. But also we had on -- we have $550 million of hedges now at the moment. And also as short as an additional portion of about $100... | direct | [
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d074d2a56cbbc34643be3b2017cc3806 | I want to start on the NIM. Ravi, what do you see as the starting point for the third-quarter NIM? Should we see this premium adjustment again? | So I think what I'd say is that we typically don't forecast that number. But maybe what I'll do is I'll talk a little bit about the NIM outlook here. And if the Fed cuts rates by 25% at the end of July, we anticipate that the third quarter NIM will be -- will decline by about four basis points from the second-quarter a... | intermediate | [
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ecdbceb880c3cbf07ca83b36ba0520e9 | OK. That's helpful. And then Ravi, assuming that the Fed continues on a path to cutting, we see four to five basis points per cut, do you think you could maintain the 48% efficiency ratio target? | I mean, we're -- I think it's something we're definitely striving for.
We're looking for two rate cuts in this year. So that's something we're very focused on, Steve. As you saw, we're very careful about managing our expenses. But it's hard to look that far ahead on the revenue side, as well as the expense side that d... | intermediate | [
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466cdd90eb1ed47fec9a31095f316950 | Right. OK. And then just finally, the decline in comp expense was more than at least I was looking for. Could you give some color on what drove that so much quarter over quarter? Thanks. | Yeah. That had to do with sort of higher deferred loan origination fees. And Steve, that was driven by higher levels of loan production. We saw higher mortgage production in the quarter.
If you look at the numbers, you saw about a $74 million increase in mortgages for the quarter, and so that's what's really driving t... | direct | [
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b1ae65e4fb892647f51aa9e0ceb9f5e2 | Hi. How's it going guys? Just wanted to kind of talk about the growth forecast. I know you guys said the mid-single-digit growth for loans. And the deposits kind of coming in a little bit softer this quarter -- or flat this quarter, but then for the rest of the year, you're still seeing the 2% to 3% increases -- for fu... | Yeah. This is Bob. And what we're looking at for that deposit growth, as we've talked about in the past, is our core growth for our consumer book is that 2% to 3%. We do see some volatility on occasion in the commercial side, and we saw that at year end.
And a lot of that's kind of flowed back out. So absent to anythi... | direct | [
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9c986e961227ea5c4799aaf0c78a140b | OK. That's helpful. And then Ravi, you touched on it briefly. Just kind of on deposit costs this quarter, you saw that the pricing was kind of mitigating. Do you see that continuing going forward? Is pricing still kind of being more rational? | Yeah. I mean, I'd say, we saw the upward pressure on high deposit beta accounts such as public time and commercial and money market accounts sort of taper in Q2. The cost of deposits quarter-over-quarter went up one basis point from 56 to 57, and we're very happy with that. | intermediate | [
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b8d4d2c5ab8d6e8ed5ce955fea47ae8d | OK. That's helpful. And then what percentage of the total time deposits was public time at the end of the quarter? | As we see -- look on Slide 4, our public time was right about $99 million. Is that -- $990 million. Sorry. | intermediate | [
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68664e0557c60c2093324321a156c59e | Just following up on Steve's margin question. You're expecting two 25 basis points cuts. Is the second cut the same magnitude impact to margin, do you think? Or would that start to maybe accelerate from the variable rate side of the loan portfolio? | It's hard to say. I think even though there's quite a few moving parts, obviously, that will depend on what we see from a loan growth perspective going into the end of the year and what our funding needs would be. I think what we've seen this quarter is a very nice tapering of costs. But I think going out to the second... | intermediate | [
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9a2d801cfdb9152dff03de8b0f8805b5 | OK. And then on the securities portfolio, what are you -- what's the new purchase yield right now? And are you buying with premium here? | You know, this quarter, we really didn't do any major purchases. We might have, I think, swapped out of some very small CUSIPs and rolled ups. So for the future, I don't -- there isn't really too much material information there to give you. It's kind of where it is. | intermediate | [
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79a672cdf379b7721e09573e747efc2f | OK. And then finally from me, just looking at the trends with the Shared National Credit portfolio, should we expect to see that continue to become less of a part of the overall growth rate? Or was that really more just opportunistic moves this quarter? | The quarter -- this is Bob. The quarter just ended. We saw we're down about $100 million, really was just the kind of the normal ebb and flow of that business. We have, over on the Mainland, messaged many times in the past that about 20% of our loan book is in Mainland. And this quarter, we ended up, I think, just abou... | intermediate | [
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9d8012135af85698b1cdb164341e6553 | Hi. Good morning. Just wondered if we could go back to the public funds. Can you talk a little bit about directionally why you've decided to grow the public time? And what your thought is there, where that line is going? | Yeah. I would just say this is -- it's probably a combination of things. We look to manage sort of flows in and out. I think what you look -- what you see in the quarter was, Bob mentioned this a little bit in one of his earlier comments, was that we had some outflows from some commercial accounts, and that included so... | direct | [
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b332e90bbacb84f96a7b7a76429c1870 | OK. Great. And then just, I mean, your core deposits stripping out all your CDs. Linked quarter, your cost was down a basis point, you're at 34 basis point. I mean, you've got an unusual trend that seemingly nobody else has at the moment. Can you just talk a little bit about what you're doing directionally? Your money ... | Laurie, this is Bob. As we've talked about in the past, we have a fairly rational deposit market, and we're really just reacting to the market forces. I think what we've seen is the rate expectations in the general market have gone down, and now everyone is expecting rate cuts coming up as soon as next week when the Fe... | intermediate | [
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a09d0716dc1321023a4695ff7c6af3ba | OK. That's great. Just quickly on the income statement, just two quick questions. The BOLI looked outsized again this quarter. Was there anything else in that number, the 3.39%? | Yeah. Laurie, this is Ravi. It was down about $400,000 quarter over quarter, and it was just really due to rates moving around and nothing specific. | direct | [
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fa5a3963b2583030cf910d0a1330c8fa | OK. OK. Because I know there was a debt benefit last quarter, but then it was also elevated. I just didn't know if there was anything. And then you mentioned in the press release, and I apologize if I'd somehow missed this, but there was round number $700,000 of nonrecurring items in the noninterest expense line. Can y... | Yeah. It came from sort of a lot of different areas. Maybe I'll touch on a few of them, small items. You know, in Q1, we had some airline excise tax settlements that came in that we had in Q1 that didn't show up in Q2. And you know, a little bit of lower ForEx piece, a little bit of lower recoveries, just a lot of litt... | intermediate | [
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0255f65e81699766d2361517c7383533 | And so it looks like a lot of that came into your contract service and professional fees line. Is that the majority of the -- | Yeah. So in the contracted piece, yes, we had a maybe a couple of consulting projects that came in, in the quarter. | intermediate | [
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9a9e28d8d4311471bb2dc2b477ec7a8b | OK. OK. And then tax rate, how should we be thinking about that? | I would continue to use 25.5% as our effective tax rate. | direct | [
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4e1e62d41f8549e1ad2950cf04c46948 | OK. Great. And then just the last question. Your buyback. You were super active this quarter, which was great, but you just did in one full swoop 40% of your buyback. Can you just refresh us on how you're thinking about buybacks and a potential buyback reload? Thank you. | Yeah. Laurie, this is Bob. As we talked about earlier, we have the $100 million approval from the Board for this year, and we got started a little late, we got started after Q1. And so we're just trying to kind of get on track for the year, so we don't have to rush it. Pricing has been good, we feel, for our stock give... | intermediate | [
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314f1ea16a954db1f9ec07653670095b | Wonder if you could just compare or contrast the cold weather we had last week, and operationally or financially, what you've seen relative to even last year or going back to the polar vortex couple of years ago? | Hey, Travis. This is Steve. I think the big difference is that the weather that we had, even if you compare it back to the previous coldest weather we experienced is the immediate warming that has taken place right afterwards and essentially that's taken a little bit of pressure off the market, reduced volatility and c... | intermediate | [
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50d97b0ac358317f68415a8a5e76ee31 | Okay. Okay, great. And then switching to the solar, I just wondered if you could kind of give a sense for what you are seeing on the SREC, like you talked about in the pricing there, and more competition, are you seeing more competition as being reflected in SRECs or you're not seeing any more competition and that's wh... | So Travis, I think it's still the same, it's still the same market, you have a lot of the same participants, but there are certain situations that occur every year in the market and I will let Pat to take you through that.
Yeah, Travis, remember that the fundamentals of the SREC market are driven by the supply and dem... | intermediate | [
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5ec51b0aadbc94692c830747e005a783 | Good morning, everyone, thanks. Just a couple from me. I guess, one is a little bit of logistics. And SRL, seems like maybe that in-service has been moved back a little bit and I -- just I'm wondering how that fits with the rate case. I thought the plan was to try and get it done to include in the rate case. So, maybe ... | No, Dennis, that's still the plan. So remember that we are required to file November of 2019, but we will sync up the filing of the rate case with the completion of SRL. Recall that within the New Jersey regulation, we're permitted to include rate base additions up to six months after the end of a test year. And so tha... | direct | [
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9f3a13fc23008b8879595352092f1c7c | Perfect, thanks, and I had forgotten that. Then I guess also on Adelphia, you've got the environmental permit, but still some work to do at the FERC, and then once you get that final FERC approval, then you proceed to closing? | That's right. We received our environmental assessment from FERC on January 4th and we expect to receive our final FERC certificate second quarter this spring time frame. And then once we receive that, then we will be able to transfer ownership from Talen in the IEC Pipeline over to Adelphia Gateway, and at that point ... | direct | [
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a2f8b5561f300eaec0f16eb9ce6cf8d9 | Got it, Steve, thanks. And just to make sure I understand, you said second quarter, you are talking fiscal second quarter? | Yes.
I'd say, Dennis, it's actually about -- yes, it's -- it will be this spring. Usually, it's like 90 days after you receive your environmental assessment, but FERC schedules are very hard to predict, but rule of thumb 90 days, so sometime in and around there, three, four months after the environmental assessment wa... | direct | [
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7fe1cd584490adc20907a6acc042fe97 | Okay. That's helpful. And then I guess if I could just tie this out to the $1 billion, that would then be in that $1 billion spend that you talked about for CapEx? | Dennis, that's correct. So we expect that the construction on the southern portion will occur in our fiscal year '19 and have always stated that we expect the project to materially contribute to earnings in our fiscal '20. | direct | [
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90ba2e87a9d925c6df8dff1b7272a9d7 | Hey, guys, how are you? Thanks for taking my question. Just had a quick one. I guess when I look at first quarter earnings for NFE for CEV, it looks basically flat with first quarter 2018, adjusted for the Tax Cuts Jobs Act impact. And I guess I was pretty surprised by that given the midpoint of guidance for the year i... | Yeah. So, Stephen, remember that we are required to forecast an annual effective tax rate for NJR. And in doing so, then we record only a certain amount of ITCs throughout the year, consistent with how we recognize the income. So, it is strictly timing for us. So you would expect in the second and third quarter that yo... | direct | [
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3da53c2533325125d3376d7a1995e148 | Can you talk a little bit about your current sales pipeline within plasma, if there's any other centers that are scheduled to convert or ones that you're working on? And then just a little bit about -- there's a fairly significant ownership change to one of your competitors. Just talk about if you've seen any change in... | I would say that for our pipeline, we're pretty much looking at on par with last year or beating last year for 2021. I won't go into too much more detail than that at this point. Regarding the competitive landscape, yes, there have been some changes. There have been additional people that are out looking and talking. S... | intermediate | [
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"fully_evasive"
] | B |
8b70509680a34804e984cec1f21358d4 | OK. OK. And then just in terms of how we're thinking now about the pharma revenue. Correct me if I'm wrong, but I guess the $900,000 in this quarter, did that include any campaigns that were ending that would have had a kind of a onetime true-up? Or how should we think about those onetime true-ups as we go over the nex... | Yes, Pete. So with the change in the accounting, it does make some lumpiness come in. It's -- we did have a small program in that benefited a little bit. It wasn't huge. I mean, right now, you see pharma still, from an overall contribution of the business, is quite low. There will be, as we go forward in 2021, we'll ha... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
986f5badfc87d65f0070c5255b65a67b | On the five new pharma programs in 2020, can you refresh us a bit in terms of what kind of services, what kinds of programs they were for? And also just quickly, just want to clarify how many programs began and ended in Q4. | Yeah. In regards to the mix of products in the patient -- it's really patient affordability space. So we have co-pay, we have combined bill, different products of those nature. I mean to get you -- I'd have to get -- probably go back to some notes to get out some of the information that you're looking for, and we can c... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
bb4e40f589155c3b62abdd62c67fc4f2 | In pharma, would you be able to give that program number for the quarter, programs that ended and that were launched in the quarter? | We only had one end. And then as far as new ones launched, do you know? I know that two -- they landed two big one to the hopper for 2021. And I believe there was an additional -- and again, I'm not real comfortable with saying a number, I'm not 100% sure about it. So let me defer and we'll get back to you on that. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
789fbcf5e0c6dfc888b5595bc2474500 | As it pertains to just the pharma segment, would you be able to speak to the growth you saw in the quarter for pharma-loaded funds? | Yes. I mean, for the quarter, the gross dollar loads for pharma fell. Let me look at my chart here. I'll do some calculation, but about -- was around $24 million was the total number of loads during the quarter. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
f6755479610468b22f28a0a9e806bfad | Can you just kind of give a little color on what's contributing or which of those other business line programs are contributing to revenue? And what the expectation is for 2021 other revenue contribution? | We're not going to give any guidance on 2021 as it relates to revenue specifics. What I can tell you is the other programs was $33,000 this quarter, and that was down from -- roughly $300,000 in the fourth quarter of 2019. So I think it's been bouncing around the $33,000-ish range. It's certainly a focus on us and the ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
d8d4d0e7975544bfe790c85c4bf752af | A large company in the plasma space reported recently and believes that attitudinal changes among those who have donated plasma historically could continue to be a headwind as a result of the pandemic. What gives you confidence that we're going to see a rebound in plasma donation volumes, the willingness of those who w... | Yeah. I think as we see some easing in the restrictions, I think you're going to see people return to normalcy and start arriving back at the donation centers. You got to understand, a lot of these people, they're not doing this for altruistic reasons. They're not doing this to be a good citizen and donate. A lot of th... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6aebc394c18070643ca3a51b44c12ded | First of all, in the operating expense line this quarter, were there any -- was there onetime expenses for the accounting to get you guys fully compliant, get rid of that, what do you call it, material weaknesses that you're finished with now? | There were not any onetime -- the material weaknesses we worked on all throughout 2020 and exited the year in compliance. But from an SG&A perspective, there weren't any onetime items in this quarter. You would have seen part of that starting back earlier in the year when we brought in the outside firm, and they did th... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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