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d96f3575eb43f3b79b6f9b6605f61b8f | OK. And then I know you can't report it because you've changed your accounting on your pharma programs. But are you seeing any change in like consumer behavior there and how the cards are being used or how much people are leaving on the cards, etc.? Has the historical norms changed on you? | No, not at all. It's the same. We're seeing the same patterns that cause us to change the estimate in the third quarter, even today. | direct | [
"direct",
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] | A |
b1cab8de04293e4bb4008ee0f6cb3a60 | OK. And then -- so just to clarify one comment I think you made in the question-and-answer period. So you said that your pipeline for new plasma centers is roughly equal to what we signed last year, like 30 to 40 centers you expect to add this year? Is that what you were trying to communicate? | Yes. I believe we'll beat that. | direct | [
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] | A |
3e89f4f29566528a538259cb82633df6 | Just following up, given we've only got about one week left in the first quarter, can you give us some qualitative comments there, maybe your relative level of comfort with the first quarter consensus numbers? | I think -- again, we're not giving guidance out. I gave in my prepared comments, just some of the things that you guys need to be aware of, which is, seasonally, fourth quarter -- or excuse me, first quarter is usually lower due to tax season, people getting their rebates. And then, of course, then you had the big stim... | intermediate | [
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aa55d98a3615526438c48839c032c7a2 | David, first to start with the dividend payout. Looking at the model here, there is of course a few moving parts. But it looks like the way things will settle that on next quarter's equity base that the -- hurdle will no longer support the payout threshold. So you'd have to go through the dividend and that could change... | So I think you're right there, there are number of moving parts and when we set the dividend policy at $0.29, we knew there were a bunch of moving parts. I think we've made progress in fiscal Q3 in moving NAV per share up to a level that makes the $0.29 sustainable. We thought that would be the case and we're cautiousl... | intermediate | [
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c892c4c3e195af91ccd7c17b1a0f79e2 | And can you give your -- in terms of going on offense -- I appreciate [Phonetic] all the color you provided on your COVID-exposed book and you're handling of that. Obviously, you're in a pretty favorable position, originations were understandable like this quarter. But assuming that right now and going forward you're o... | So, short answer is, yes, we're seeing green shoots in the M&A market, and that is leading us to be somewhat more optimistic about the prospects for increased originations in coming months. As we discussed last quarter, the early reaction to COVID-based uncertainty was a near shutdown of the M&A market and it's not sur... | direct | [
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512fc5e76fc575a65a37a6af083a3c9a | You have Slide 15 that shows a good indication of how leverage levels went, coming out of the last recession. I'm just wondering if you think that this 150 [Phonetic] potentially different just given that, there is so little deal activity going on today, potentially because of this sudden stop, economic shutdown. And t... | So, great question, Ryan and it's $64,000 [Phonetic] question. I don't think anybody really knows the answer with confidence to that. Let me give you a couple of observations. One is, it's a very rare downturn or dislocation that doesn't lead to a period of improved lending opportunities. So I think it's highly likely ... | intermediate | [
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88d7647bd4c03fee2b3ced838da505dd | GBDC has primarily been known as a first lien, top of the capital structure type of lender. But when you are running private credit funds, coming out of the previous downturn, you guys out of recovery phase of the prior downturn. We're willing to do more junior capital as that market became more attractive. I would ass... | Well, you said two things there. So let me see if I can parse it a little bit. Do I think that in the near term that Golub Capital BDC is going to change its core strategy away from senior debt, first lien debt toward junior debt? The answer to that is no. I think it's highly likely that we're going to sustain our focu... | direct | [
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4b9d0d0d728be3c8a3beb22f285e81b7 | Post the equity raise, your balance sheet seems to be in really good shape. You guys have a lot of dry powder. That said, are you guys considering, are you guys evaluating changing your liability structure at all, principally pursuing a portion of that in unsecured debt going forward? | Sure. So, I'll give an answer similar to the answer I think I gave last quarter on this. We've said on a number of prior earnings calls that we're big believers in the benefits of unsecured debt. And we think that it makes sense to add a layer of unsecured debt into GBDC's liability structure over time. As you pointed ... | direct | [
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207a154904f81799cd33e30262666893 | Hi guys. Yes. Ryan, just partly asked out of mind, I'll [Phonetic] expand it a little bit, I mean to that point, I mean portfolio looks to be in a good shape, given the environment we're in. So looking at the liability side, and I appreciate the answer you just gave David. But when I look to -- you've got two of your b... | The answer Robert is, we have great relationships with our bank partners. I have enormous confidence that if we thought the right answer was to extend those facilities, we would have no problem being able to do so, as we recently extended one of those facilities, the Morgan Stanley facility. The question is not can we,... | intermediate | [
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d805d057cbdea6f4c3c8bd05989c3456 | That's completely fair. And yes, the CLO price does look quite attractive. I mean, the other part, obviously, it ties into it, is having underutilized. If you do add unsecured and then you have four credit facility revolvers that end up underutilized those become a little expensive, to your point that you just terminat... | Yes, I mean, I think if you flash forward to a period when we -- when we have a capital stack that includes unsecured, it probably has fewer bank revolving credit facilities, and a smaller total amount of bank revolving credit facilities. | intermediate | [
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325d97ddbb40fed29d9f9cbe9208f518 | Can you give us any -- mostly looking at add-on acquisitions, potentially platform acquisitions, I mean, because obviously, an add-on maybe the due diligence is easier in a environment, where I certainly haven't gone on a plane since March. And we know versus an add-on where the due diligence may need to be more expens... | Yes, it's a very good question. So let's just broaden your question and talk about what's the deal environment of the future going to look like? And first, let's contextualize, if we look at the past for Golub Capital BDC, and I don't think we're terribly different from Ares or some of the other very large platforms. A... | intermediate | [
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72e88e980b50aba8f034d20467d1618d | Hi, I just had one more question. I know historically, you guys have never really used unsecured debt on your balance sheet. But David, you mentioned you were never against, you're always going to utilize that at the right time. I'm just curious why was there never even the desire or the ability to get an investment gr... | I don't want to spend a lot of time going into the past other than to tell you that, we did book into unsecured offerings in great depth, including being in discussions with rating agencies. So I don't think your premise is correct, that it's something that we didn't or couldn't do. But I think, the key point is, we ar... | intermediate | [
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] | B |
3fc51aee73f2d9031d38eec1c0220fa7 | What is the biggest concern currently in achieving mass production for any of the Arcimoto products? | So I would say, again, the biggest challenge that I've seen on this face is one of leadership, and that gets challenge that gets bigger, the bigger the team gets, the bigger the problem we're trying to solve gets. But when it comes to the specific development challenges, it is -- and again, I would -- leadership is kin... | direct | [
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4155b569bcae0acf35cbbea595b2b6d8 | Is Arcimoto currently running one, two or three manufacturing shifts to meet demand? If not, how do you expect to hit 7,000 production? | And again, the 7,000 target is next year's production target. The target for this year 2022 is 1,000 units produced, which again is like triple what we did last year. And Terry, to that point, I believe we are on one shift now and moving to two shifts over the summer? Yes. We're one shift now. We'll be to two shifts to... | direct | [
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f83ede639a7404b60c66b10ad74c99cd | There's a question here about battery technology related to recent repackaging, does it have any improvements associated with it? And can you speculate on new improvements coming down the pipe? | So we've actually got multiple battery initiatives underway. The first is the present -- essentially the present module design that we use required certain tweaks for a form factor change in the pouch cell that we used, as well as some changes to the interconnects. That first set of modules are now through testing and ... | direct | [
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587c8180286d196a2a20ab1b17640082 | What progress is made in scaling partnerships with market leaders in food and goods delivery? | So I might have seen the pilot announcement this morning beyond that, and this is stuff that we have alluded to now over a couple of calls is conversations that we are having with some major players in the delivery space, and particularly what we're aiming to get in place in the near term is fleet management for Arcimo... | intermediate | [
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95c0f669433ecb04b3a09eb8b9428885 | When can we expect further expansion in the U.S. specifically states like Texas, which should be a huge market for the SUV? | Texas is a special state for me, too. I'm very excited once we are ready to go into Texas. Our plan is to ensure that when we do launch in a state that it's very strategic in our approach to our engagement as well as what our logistics and delivery experience looks like for our customers, ensuring also that we have a m... | intermediate | [
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3e195d7a724fb2786954911217639975 | There are a few product update questions asking about full closure, update on MLM. Can you give any updates on those fronts? | Sure. So full enclosure will be a part of both our first shot of the wind program in terms of our delivery fleet solution that is a requirement we intend to deliver first in that form. And then likewise, the funding for the advanced technology manufacturing loan program that actually requires the production of vehicles... | intermediate | [
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be4ad138cf6a116498bbc9a47b6dd7f7 | From the chat with the current recession or slowdown, would it make sense to pursue the ATVM loan early instead of equity dilution? | So it really is all about a comprehensive solution. A piece of that will be equity. A piece of that will be conventional debt, we think. And then the ATVM is really rounds it out for the larger scale push to 50,000-units approach. We see a much nearer-term opportunity to go for toward a much lower scale requirement in ... | intermediate | [
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92374e0147a9c99a2b0924dcef584dc7 | Any perspective or comments on gross margin as production ramps up? | So ultimately, as we project out, the target for gross margins, and it's been true for a long time is right around 20% gross margins for the products at scale. If you look at what we're doing today, obviously, we're nowhere close to that because all of our manufacturing overhead gets baked into a relatively small numbe... | direct | [
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d35d1bf00d188638e75e9f67b7824606 | Question and chat about the app update. Any update on the app? | We have no updates for you on the app today, but it is something that is very present and that we are chewing away at getting specified and implemented. I think there are -- ultimately, the first version of the app is going to be pretty simple in terms of just the basic functionality that you need for checking in on se... | intermediate | [
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814b3cb4e07aa5decd046e84face7bf3 | Can you scale up beyond the 1,000 units that demand is there? Maybe you can talk about what goes into that number and how we came to that production number? | Yes. And I'll let Terry and Jesse handle this one. We have the machine and team in place to scale to 1,000 with minor additional augmentations that are coming on board, and then we have a few more pieces of significant machinery that will be necessary to get to 7,500. But this also goes back to sort of the timing and p... | intermediate | [
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9f1c6e6ba08ca20d15068852be898132 | Question right here about the rental revenue model. Can you talk a little bit about how that works and how that's set up? | Sure. Happy to jump in on that. So we have owned and operated rental setup as well as partner rev share rental. And so right now, we have eight partners that we're working with as we just launched those over the last few months. So most important is that they are set up to be successful in the markets that they're in t... | direct | [
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705ed5700c921f164b2fd1e15d0d8811 | Are you concerned about the level of short selling on the stock right now? | I would refer back to the commentary near the top of the hour related to the third-party SaaS service that we've engaged that is tracking the substantial and persistent imbalances in the reporting on Arcimoto stock, something that we're very -- we are aware of and we have formulated a strategy to address. This is over ... | intermediate | [
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72aca7a9c75deb6e48cefcc1c075a35a | I have a question on reserves, and it has to do with the '17 accident year where there was still a good amount of growth. Can you outline why there is the level of confidence there versus the 2016 accident year that's had considerable amount of reserve development? | Yeah, Randy, this is Bob. I think it's the same things that we've talked to -- talked about in the past. A lot of the development in 2016 came from UM and UIM related exposures and a lot of it came from a particular state. And in terms of the '17 renewal, we took rate and underwriting actions both -- and underwriting a... | direct | [
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131e3f81d410853b1785c98151b3aa71 | And then just one related question to the commercial auto account. In your opening remarks, you said, you -- post the renewal of the contract going forward, you expect a similar amount of premium. But did you say specifically that they bill like less miles driven, and did you quantify that? | Yeah, I said that the milage driven will be approximately -- the number of miles will be approximately 82% of what we had in the -- have in the expiring contract, which is ending this month. | direct | [
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750451eedb6ef535dff68fed88675879 | But that's offset by expanded coverage of the liability limit higher? What would offset that? Or just price increase? | Well, I'll just go back to it's -- what I said in the prepared remarks. It's really geographic mix as well as the amount of net line, I guess you would say, that we take, and that's bounced around through the years in terms of the share of the risk that we have. And so, it's really from those two things. | direct | [
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fad2dcaa5ef19b1deebf762e44bffe22 | When we think about the accident year loss pick for 2019, presumably you've seen good growth in your core business. You're getting better pricing. It seems like your mix is going to shift more in favor of that core E&S in 2019. When we put all that together, should we think current accident year may improve a little bi... | I think the way that I think about that, Mark, is, we've said consistently through 2018 that we are trying to put a pretty conservative accident year picks, and that's the way that we'll continue to go into 2019 in core. I think we've got a great growth opportunity and strong pricing there, but we want to book high ver... | direct | [
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306fc123db3e9eb4a9c9afb9d90ad662 | At least the logic of those moving parts that sounds reasonable? | The other pieces of what you are saying is reasonable based on mix, et cetera, but I'm just kind of addressing the accident year loss pick in particular. | intermediate | [
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d04215284522b7f219ead1d7ad586b1a | For reinsurance, your -- I think your outlook perhaps from here for written premium is steady. When we think about profitability within that line, have you called that to retain the more profitable business, and so you may see some improvement? Or should we sort of stick with the kind of high 90s combined ratio? | Yes. So, Mark, this is Bob. The team here -- I'll leave it with this, the team here has done a really good job of calling the book and reducing it pretty significantly. And one of the focuses there, of course, was to focus on the most profitable accounts since we've been doing this business since 2008. And so, I think ... | direct | [
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767ffd4c5effe349a28d92b0a855b2c4 | The -- in the Specialty Admitted, your current accident year number popped up into the high 70s, had been running kind of mid-upper 60s. It's a pretty good loss environment, I think, as you describe it. Any comment there on why you saw that move up? Does it mean anything for 2019? | I would say, it really doesn't, Mark. It's a bit of an artificial impact of how we book loss and loss adjustment expenses, in the comp business in particular, and that's something we're working on addressing through our somewhat formulaic approach there. But we expect to see continued good experience out of that book a... | direct | [
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fa5c5e37d8a37d7baa83cd164fa52737 | Just want to understand that uber (ph) account a little bit better in terms of the kind of coverages that you guys are providing starting March 1st as compared to last year. In particular, is -- your miles driven is down by 18%. Does it mean that you're getting 18% rate increase in order to have a flat premium volume g... | No, just to be clear, I don't make the assumption that's because of rate changes, Bijan. Again, I would go back to what I said in the prepared remarks, it's really driven by geographic mix changes as well as the coverage that we're providing, right? So whether that's different limits or the share of the limits that we'... | direct | [
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6a929f0ef891622c144c65bfebddf3b0 | Just to understand better, does that mean that you're getting less miles in a low-rate state and more miles in a higher-rate state? | Well it could be as a result of that, as well as what -- we haven't disclosed it before in terms of the share of the risks that we actually take. But through the years, there have been changes in that share of the risks that we actually assume from a liability perspective. And so -- but let me get back to, I think, a h... | intermediate | [
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4e6c3f2f0da8e77f824a012021ae8135 | Also on the Specialty Admitted business, how big the fronting business can become? And also how is the kind of fees that you can charge this year as compared to last year? And finally, how much capital the fronting takes? | Yeah, that's a great question. So the first thing that I would say, which is similar to what we've said in the past, is, we've gone from zero to about $350 million plus or minus of fronted premium here in the last six years. However, as Sarah likes to point out, this is lumpy. The deals can -- you can get no new deals ... | intermediate | [
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6ad0ad2593560ee8996e1a5a6e67d75e | One last item. Are you guys expanding your admitted licenses to be able to do more fee business or fronting business? | Yeah, I would say that we are always looking to expand licensure and filings and having perhaps multiple filings on multiple companies and also are continuing to work on E&S licensure as well in this respect. But we do have 50 states. We have broad licensure across the United States. It's more of a by exception situati... | direct | [
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70b23a50731896e1688c591ce4699cfd | Bob, I'm just -- I apologize for pounding on the same issue, but should we expect fees within the Excess and Surplus Lines segment to come down if you are going to retaining some of the physical damage exposure? | I don't think we said that we were necessarily there, Meyer, on that point, but I would not -- I would expect the fees to continue to decrease, just given the same dynamic that we talked about at the beginning of last year that we are not accounting for the business from a fee perspective as we were in, say, 2016 and e... | direct | [
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227ebb4b5334efa5ce1e98d8ed614b5e | I think there's some seasonality in the core E&S rate increases. They were really strong last fourth quarter. This fourth quarter, a little lagger in between. Were this quarter's rate increases a function of the lines of business that are renewing now? | Yeah. So it definitely can be, Meyer. And I think that -- let me leave it with this. We continue to actively seek rate increases on the book of business overall on renewals, and obviously, we feel very good about pricing of new as well. I would say that in terms of where we did get rate increases, it was pretty broad, ... | direct | [
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f320aabc7bfa3f1cecae8163f4ab7c38 | And then final question, again, within Excess and Surplus, outside of the commercial auto, was there any favorable or unfavorable reserves element within core? | No, there was not. We just have the $5.8 million of adverse development from the 2016 accident year in commercial auto. | direct | [
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e8511b097082fdb39afaf56e7bfa4975 | So back to Randy's question on the '16 versus '17 commercial auto, Bob, I think you said certainly pricing went up in the state as the year renewed, but you also mentioned underwriting. I'm just trying to understand behaviorally why these two years might act different. Were there changes maybe in the terms or policy la... | Well, I think what we -- just to repeat what we've said in the past, there was an overall rate increase for that entire renewal, and then there was -- we started to do state-specific pricing and then some of the shares were varied by state as well in terms of that year. And Florida being the state that has been the mos... | intermediate | [
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ef32c79cc04cf6441e7b3c3d74607ef4 | And then maybe broader picture on commercial auto, a number of companies that had adverse development this quarter, you hear some talk in the marketplace that maybe it's impacting more the trucking and heavy equipment-type vehicle because there's more attorney involvement, attorneys going after where they see higher li... | Yeah. I wouldn't say that we necessarily do. I think this book is reasonably different than more traditional taxi cab or trucking-related commercial auto accounts. I don't really think that it's necessarily being driven by the same things that you're hearing from other people. I think it's really just where the contrac... | direct | [
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c9b7445ec23f84a9c2b55144a9b6c472 | Okay, great. Thanks. And one last one shifting gears, so no special dividend. I know you guys have previously spoken about sort of the deploy versus return strategy. Am I thinking about it the right way that sort of the 12% ROTE that you're targeting this year, that's sort of the right threshold to think about in terms... | I think -- sorry, this is Sarah Doran. I think what we're -- our guidance is 12% or better return on tangible equity, just to highlight that for a second. And we pay an above-average, as we've kind of commented on in the call, ordinary common dividend at that 3% level. We feel like that is a very effective capital mana... | direct | [
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5316964c64ef78224df0eaf1c53a0a44 | Mindy, I wanted to talk to you about the shift toward digital a little bit more. Could you maybe talk a little bit about the changing demographics of your customer and the impact that it may be having on retention rates? In your prepared remarks, you talked a little bit about this in Digital 360. But maybe if you could... | So if you look at the core of our business, so every member has our Digital assets of myWW+. And right now, about 50% of our members still want the benefit of community, whether it's virtual or physical. But as you could see, the Digital Plus Digital 360 growth is obviously at a much greater percentage. Now the benefit... | direct | [
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1d08dfd513237b876e8d1bf8e89f333b | Nick, I think you said double-digit revenue growth in 2021, but you think that accelerates into 2022. And it wasn't clear to me as to why you expect that inflection next year given that we're still in the first half of 2021. So if you could just elaborate on that a little bit, that would be helpful and all. | And I think part of it with the post-pandemic economy, people needing WW more than ever. That applies to corporate and healthcare partners, too. Part of it is that some of our strategies and health solutions have a longer sales ramp up, if you will, particularly in the aggregators and physician referral. It takes a lit... | direct | [
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31e428854dac4c80af30f97957a46583 | First one is you mentioned workshop subscriber growth reflected in early Q2. I was wondering if you could talk a little bit more of your expectations for the full year? Should we expect end-of-period subscribers by the end of '21 to be higher than that at the end of 2020? | Just to clarify, we said that workshop recruitment year-over-year has turned positive in Q2 as we've started to anniversary COVID. Based on those positive not recruitment trends, Amy mentioned that the other financial metrics for workshop, including revenue, will get better throughout -- throughout the year.
Yes the o... | intermediate | [
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da35231c47d2413cef68a5ae2e684756 | We've been trending at over 10 months for a couple of years now, but can you help me understand what you're going to take for that to jump to 11 months or more? And how close are we to that level? | Yes. Look, I think the fact that we've gotten through COVID, where you can imagine the workshop retention, you've seen it in our numbers was under pressure. The fact that we're over 10 months shows the strength of retention in the Digital business and the power of the engagement strategy. And as you've heard say many t... | intermediate | [
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6d1d823dabe3e3aabfeffbc2b52c374a | I wanted to ask about the online marketplace. It seems like a very new area for WW. And it seems like there's still a lot of room for that platform to be expanded. So I would love it if you could tell us a little bit more about how you think about adding partners to the marketplace, both in terms of the brands that you... | Sure. Hi, Alex. As you know, I feel strongly that we have an opportunity both with our product, our WW products, our co-branded products and in building out a wellness marketplace presents an opportunity and a member and even non member benefit. So if you look at the progression, Phase I was launched 100% new products ... | intermediate | [
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44c67b7984eef0fcb56419a35479bbb9 | I think you guys mentioned that membership trends are now trending positively versus last year for the workshop. But could you talk about how they're trending versus 2019? And then how are pure Digital subscriber growth trending quarter-to-date? | So let's kind of give a perspective on that. So as we said, membership trends, Digital membership trends have been consistently in the double digits, and it continues to build momentum. On the studio side, what we're saying is we're seeing certainly lapping Q1, more engagement and more sign up. But we're not kind of in... | intermediate | [
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30a3468b369505b50f77298ec4c3dc67 | On marketing spend, you mentioned $55 million in 2Q, but how should we think about the level of marketing spend in the back half to support the unseasonal bump in membership? And then just any update on the competitive environment and what you guys are seeing from -- out there would be helpful? | Yes. From a marketing perspective, I mentioned in my remarks that starting in Q2, the aggressive cost savings initiatives really kicked in, and the team really stepped on marketing expenses. So we expect marketing and that impact compared to the original plan in Q2 was $10 million. In addition, Mindy's mentioned that w... | intermediate | [
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88655e3c92738dc0ce2b9e260b022356 | So I wanted to ask a couple of questions with regard to subscribers. The first one, I guess, I think, Amy, you would probably talk about this, but you're just -- would you expect to be a different trajectory here in 2021 subscribers. You outlined the reasons behind that. The question I have is -- and I recognize you ha... | Brian, hi. So let me just say that we had an objective prior to COVID to even out the slope. And we had actually been seeing improvements. If you look at 2019 even into 2020, obviously, COVID had an impact. So if you look at the curve this year, obviously, it's going to look very different but our goal is to even out t... | intermediate | [
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80166118a6887134f6959c6cd9e20f9b | If we go look at closer at those numbers, I mean, have you seen a trend through this the COVID period with the studios close that some of your, say, non-Digital members have become Digital members, or is there a dynamic where the non-Digital members are simply potentially waiting for the studios to reopen and almost li... | Okay. So let me talk to that. One of the things that has obviously retained our digital members significantly. If you remember, when COVID hit, we were able to shift all our workshop members to virtual workshops. So our existing members have certainly taken advantage of that. It's obviously had more of an impact in new... | direct | [
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4dd8d8cdc26dc864351c92eafdd78a4c | A question on D360. Obviously, there's a lot more interactivity, lots of options to coaching. Any metrics you can provide when a member is really engaging with the platform, maybe how their retention, customer satisfaction kind of improves? And kind of any initial tweaks that you're thinking of making to the platform t... | Sure. The whole Genesis of D360 obviously was to really appeal to a new audience, younger audience, millennial audience. We say, "Built by millennials, for millennials." And a big part of that was the integration of coaching content and community. So the content team that actually -- our team that built the original ph... | intermediate | [
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bbb4d45b4c70e2b52d3591d8e73aff72 | So Mindy, I want you to -- can you clarify some of your comments previously about -- so every Studio subscriber is a Digital subscriber. But how many of those who would've signed up for the Digital business are now simply signing up for the -- who would've signed up for the Studio business are now simply signing up for... | So, let me just say that again. There has obviously, right? The fact that studios are closed or very limited capacity for quite some time. That has affected new studio signups. And that makes sense. So clearly, we do have -- customers who come in. And yet some of them have signed up to Digital in the interim. But a big... | intermediate | [
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2dc9b2aa0bb1cbd114149cdaebbfb6e5 | Our little question is on growth dollars per subscriber, which is still down despite very strong Digital growth or maybe because of very strong Digital growth. So when do you think you're gonna see that inflection in growth dollar per subscriber number? | So, I growth subscriber -- or growth dollars per subscriber in revenue per paid week. And you're right, the mix of just like the impact on our revenue shifting from workshop to Digital has a significant impact on revenue per paid week. Candidly, I've been very pleased with the revenue per paid week on a sequential basi... | intermediate | [
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1aa6927c3a186deb03b4d2a0e6a515a8 | Do you have a sense of what the 300 subscribers as a percentage of total Digital subscribers could eventually be? | Yes. It's interesting. Clearly, we just launched in January, we're real pleased. We think it could be certainly a greater percentage of the business that we're seeing now, even in the markets that we launched in January. We have not done significant marketing. We're refining, we're launching. But our goal is to have it... | intermediate | [
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6343a526de32b39a522bfee12788624c | I guess first maybe just on the mortgages that you're retaining, what's the -- those 30-year fixed, what's the duration and I don't know if those can be the yield? | It's -- go ahead, Marcy. So, it's a mix. We're retaining some 10 and 15, but we're also retaining some 30. And the duration -- I mean, the yield on the 30-year loans is about 3.26%. | intermediate | [
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3599995279ee66c6db65211e8d5e2d61 | Okay. And then should that growth -- should we expect that growth sort of in the mix what we saw this quarter, or is that actually should not accelerate as an opportunity for the portfolio? | Yeah. So we'll continue this at about the same pace. As long as we have the excess liquidity that we have, we expect to continue that at the same pace in the next quarter or two. | direct | [
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3af02e9941e8bc3141b55599fd0dbbe4 | Okay. And then just looking at the allowance, I mean your credit is really strong. You did -- you obviously built up a strong reserve. What's going to be the main drivers for you as to look to get back toward that maybe CECL day one level? Is it just going to be the strength of the broader economy as we go through '21 ... | Well, Jared, we're going to look at how is the vaccine rollout happening, is this virus get really contained? I think some people might be a little aggressive in the early stages. We don't know how this is all going to play out. So we're just being cautious. If the vaccine works and the virus kind of dissipates, then w... | intermediate | [
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729414f060c18c2601f31cfbee8fb262 | Okay. And then I guess just finally for me, looking at the commercial lending what would have to happen to maybe potentially see upside to that growth target? Is it just customers have a lot of liquidity themselves and there's just not a lot of demand or is it again more of the broader economic backdrop? What could dri... | Well, Jared, we're seeing a lot of economic growth. I think we will know more as the weather kind of clears, but we're already seeing signs. We have a lot of people moving into our markets and we have a lot of companies relocate. So I think it's going to pick up if that continues. So it could be better if there's more ... | intermediate | [
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c0b47716dbd48d5b13f12a0eeaaa4cc1 | Just curious about your thoughts on the next round of stimulus, you're obviously having fantastic deposit growth. From preliminary demands that you might be getting from your customers, how does it seem like their appetite is for PPP? And then as a bit of a layout to that, what could that mean for additional deposit gr... | Yeah, that's a good question, Jackie. I think that that is going to bring us more deposit growth. I would say that we're -- it's interesting because we're monitoring the number of people that are applying for the second round of PPP. And I would say on the numbers of loans we're running at right around 15%, but I think... | intermediate | [
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b0cc3df4b1425ccd8b7b481cd2eaa71c | Okay. And I mean I would guess other factors from 2020 just given the economic comments you have carried into '21 with retail and business remaining strong and continuing to drive deposit growth from that too. Is that your assumption? | Yes. And I'll go out on a limb here a little bit and say I think that we had a pretty strong tourist season last summer, and a lot of our companies did a lot of record sales in number of the industries because of pent-up demand. I think the tourist season is going to set a record this summer that will won't be met agai... | direct | [
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75ec4ef71582289701b46efb2e1f1161 | Okay. Okay, that's good color. Thank you. And then just one last one, I know that loan purchases are not in your wheelhouse [Phonetic] and you actually spent a long time divesting acquired loan purchases from Cascade. Just want to double check that that still remains the case, and you're going to use securities, purcha... | Yeah. Jackie, we really don't look at purchasing loans as kind of part of our core business. I mean we would look at something if it came across our desk, we're never going to not look at anything. But I don't see us doing that. We'll just continue to retain mortgages and put the money to work in the investment portfol... | direct | [
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ee2834bf642b0291b8a842cabfa19444 | I was wondering if you guys had quantified the basis point impact to margin of the PPP forgiveness in the quarter? | So the basis point impact to margin of the accelerated fees was about 19 basis points. | intermediate | [
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59515b674081e214a5fe6d2b7960c6fb | Okay, thank you. And then could you also speak to your loan pipelines now versus a quarter ago and within your loan growth outlook, maybe the segments that are driving that? Thanks. | Yeah. We see the pipeline similar to what we saw in the fourth quarter. It's about the same rate. And I think some of the growth also -- in the fourth quarter, our ag borrowers paid down their lines [Indecipherable] harvest their crops. So that's going to come back, they will start utilizing those lines as they plant t... | direct | [
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b9816280af365ef9344f3bb406431ca2 | Hey, good morning. Can you just remind us how much in shares you have remaining under the current repurchase authorization? And then maybe just any update to kind of the appetite of how you're looking to do repurchases going forward, I guess, particularly given the growth outlook? | Okay. He can hear both of us. So it's about 540,000 shares remaining under the existing plan and so -- not much. And so again we look at our five-year payback period and we repurchase shares accordingly so. | intermediate | [
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e1b08ee8533f419c8b82b9a8608e1b17 | Okay. One last housekeeping one. Can you remind us how many or how much left [Phonetic] you have in remaining PPP round one fees left to agreed [Phonetic] to interest income? | It's about $15 million. | direct | [
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8197251dd021f37dde414b31ab1c7494 | Hey, good morning. Marcy, can you confirm the -- on your fee income related guidance, what the base is that you're using for 2020? I think you said flat to up, but I have $169 million that would suggest a nice step-up from this latest quarter. | Yeah. So, Matt, we believe our mortgage banking revenue will be down, but that the other areas, wealth management, payment services will be up and kind of mitigate the decline in mortgage banking revenues. And so we really do think it will be closer to flat quarter-over-quarter, I mean year-over-year. | intermediate | [
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ac8aac444d35082289c1d3a67198c386 | Okay. Okay, got it. And then could you give us the weighted average rate on new loans? I know you gave us the new securities 1.1%, but just wanted to get the rate on new production as well. | So, here, this was encouraging because it was actually up from last quarter and it was 4.04%. So, it was up about 8 basis points from the fourth quarter -- I mean from third quarter. | direct | [
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78467fba4525519e170de2e5d40d90c1 | Okay. And then can you just confirm the remaining net revenues you expect to realize from PPP? | The remaining fees on the book are about $15 million. | direct | [
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e4e8f3f60c8c917f37e6b771358433ca | Okay. And then lastly, just on M&A, I mean, you've seen -- are you seeing any opportunities, or are you looking to consider maybe acquiring a bank that has a much higher loan to deposit ratio kind of blend the two and help your excess liquidity position? | We will look at banks that are loaned up. The question is, what would they loaned up with to asset quality good. So I mean, we'll look at all opportunities to see what they have, but if we have a bank that has a bigger growth market that could put these funds to work a lot better and we can in some of our markets will ... | direct | [
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2c96e5b679c58fc44d5d98849212ad6d | Okay. And then do you have a limit on how large you would like your single family resi mortgage portfolio to get? I think it's around 15% today. Is 20% the max or you don't feel like you will even get that close? | Yeah. You know, we are looking at up to another $300 million, but kind of based on where our liquidity lands that's kind of up to $300 million additional, but not over that. | intermediate | [
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cf9ee6ee53248bebf6518446332ac20e | So in terms of medical cannabis sales data, Paul, I know you made the comment on it being mixed. We've obviously seen it strong in some of the limited license states, but kind of more challenged in California, Colorado and Nevada, where there's more issue with local regulations, dispensary closures and black market com... | So Tom, this is Alan. Look, there's there are multiple reasons for each of our tenants having or each of those tenants, the three tenants having some sort of an issue. We gone from California tenant to a Michigan tenant to Colorado tenant Pennsylvania tenant. And so yes, we could go through each one of the tenants and ... | direct | [
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3f8d1604813f3e8b86c8d6ac37775d71 | Got it. Appreciate that color, Alan and Ben. So I guess taking it from another perspective then, many of the other REITs that have reported seem to be in the early stages of engaging with their tenants and evaluating deferral requests. From your statements here, it sounds like you've already engaged with all your tenan... | So we as I said, we've talked with all 21 of our tenants, and we're and I think we're fairly confident that we are have dealt with the issues that the our tenants might have, keeping in mind that the majority of our tenants over I think we generate over 80 70% to 80% of our tenants are EBITDA-positive as reported in th... | intermediate | [
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9cdd8446401825332a7b99fec8ac79ca | Got you. So on that last point, the idea being that, that three months is enough of a window to allow some reopening, allow dispensaries to reopen and kind of carry those tenants through and construction to complete? | That's how we evaluated it, yes. | direct | [
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fc153b4c96f52878f0414a224c2bf22f | Got it. And then regarding acquisitions, you've already put, including the deals with Grassroots and Trulieve from 2019. It looks like you've put roughly $246 million to work year-to-date. How is your pipeline shaping up currently? And has your investment focus or interest shifted at all since the onset of COVID? | So I think our I think we perhaps we're a little slowed things down just a little bit in our acquisitions. When we said when we raised that capital, we indicated that we'd be able to place that capital in a three- to six-month or six around six-month time period. Although I think we're going to achieve them, but more t... | intermediate | [
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f74d490addfc4d886ad94a7a1ebf9f64 | Real quick just kind of following up on update on the fund, you funded about $720 million. You have unfunded commitments, about $144 million, not counting that $35 million tenant options. Of around $380 million in cash. So that gets us about $200 million going forward to be developed into the pipeline. Can you confirm ... | Yes. Thanks, Alan. Scott, the way that we look at our uncommitted capital is we really have about $113 million of uncommitted capital today. We raised a little over $1 billion in capital to date and placed almost a little under $900 million. So I think your numbers may not be including the additional about $35 million ... | intermediate | [
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55c3b826544b16b3c66a9af442a4734d | Great. Can I follow-up on that, Ben? Going forward, you said your pipeline would come about 50% or 75% from existing clients. Is that kind of moving up at a higher rate? Or are you still seeing there's a lot of number in covering the space, there's a lot of good up and coming private companies that are positive EBITDA,... | Yes. We're continuing to see both. We're continuing to see a lot of organic growth within our current portfolio as our tenants expand into other states or expand their facilities or their footprints in their existing states. And a big part of our business plan has always been to support our existing growers as they exp... | direct | [
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73636649a5837ddb1474c23693f61bd7 | Okay. And then one last question. Just any additional color on DionyMed, an outlook for that property kind of dovetailing that with looking at some of these tenants, three tenants that you're helping get across the finish line here for next. We will this assume COVID kind of continues to put a lot of pressure on this a... | All right. So before I turn it over to Paul to talk about DionyMed, the let's be clear that these tenants could and should could make their rent payments. What we felt was is that by working with the tenants, we can make these tenants put these tenants in better financial position for the long run. Now this was the acc... | intermediate | [
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5c5cf42e7fd4407443c87d439305fc3e | Great, thanks for taking my question, guys. A bit of a follow-up on your pipeline. In terms of minimizing tenant risk, can you help us understand how you guys think about diversifying your tenant base versus increasing your exposure to higher-quality tenants, like GTI? | Well, I mean, first, I think one thing that we haven't talked about is when we talked about our pipeline is the fact that yields have remained very high and very strong. And I think that that's an important point. And we're still seeing transaction opportunities in our pipeline with yields north of a 12% and certainly ... | direct | [
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999ecfefbece198156994420ad47478d | Okay. That makes sense. That's very helpful. And then just a bit of a follow-up to that. Are you guys looking at different markets on a geographic basis in terms of looking to increase your exposure to more limited-license states? Or is it really kind of following your high-quality tenants growth plans at this point? | Sure. Thanks, Eric. So it might be a little bit of both. I mean we continue to follow are highly ranked MSOs in the portfolio, and they're going to the states we like. And we do continue to like the limited-license states, Florida, New Jersey. We continue to avoid the Oregon and Washington. So nothing's changed in our ... | direct | [
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7e95ae60cd0a214625e41d18a38bf89e | Good morning. So maybe just touching a little bit as kind of a broader follow-up to the DionyMed question. And I know it's a little hard to formulate without kind of a lot of historical data points. And and obviously, there's ongoing discussions at the DionyMed property the former DionyMed property. But broadly speakin... | So from the very beginning, we have focused on a specific asset class, and that being the cannabis-related real estate. These facilities are special-purpose facilities. They have they're high-quality, mission-critical facilities. And they have very unique improvements within them that allow them to be allow them to ope... | intermediate | [
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389709e891082dc732cb8349e3ffbb04 | Understood. And then I know it's maybe a little bit I mean we're still in a period of kind of dislocation in the broader capital markets and just economically generally. But given maybe the resilience of your kind of cost of capital and the fact that people kind of competitors of yours that don't have that same access ... | So I think the question is, would we be open to acquiring one of our competitors or working with joining with one. We have a very strong pipeline. We have a very strong group of growers that are looking to grow. And we're very proud of our portfolio and our tenants. And we believe that supporting the existing growers a... | intermediate | [
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c2ac91d9c307079a06954da195eff6e8 | Understood. And then one last quick one, and sorry, if maybe I missed it in the prepared remarks. You guys gave some color on Massachusetts, but for your portfolio specifically, are all of your assets kind of open or essentially have access to kind of retail distribution for the cultivation assets? | So we do have 1.3 million square feet of facilities under development. So obviously, those aren't open, OK? Of the assets that are completed and operating, they are operating in some state some functional ability if they can be if the specific state allows them. But Ben, I think there might be one tenant that has close... | direct | [
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0a1f9b4155069558891685fcafd2f5bb | I was wondering if you could just help us understand what the impact of -- to what was organic growth in the year-on-year that you guys delivered for the current quarter? And how we should think about the impact of acquisitions? I know some of them are still to be closed, UHP, etc, but how should we think about how acq... | Well, certainly for the quarter year-over-year, I mean, Solacom is a very small acquisition. So you know you could think about it being a few million dollars of revenue in the quarter, with the rest being entirely organic. I think that that trend will continue throughout the year. Our guidance does include the UHP acqu... | direct | [
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096532b50c08ef62372cdecad02ba727 | In terms of the deal with the Marines, how should we think about that? Will you kind of get the deal signed this quarter and then it shows up in booking this quarter? How should we think about bookings growing from that potential that would be helpful? | I think we expect to sign the contract with our partner this quarter. | intermediate | [
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eb3c7a9d96e341713e1f48ac10c52ffc | Any kind of way to frame the opportunity for you within the broader contractor? | Yeah, I think as everyone knows, the contract for both our partner and ourselves is $325 million over 10 years. And we believe that's just the start for 172 terminals. I think if I were to give approximately the amount that the partner will have and we will have, I think it's somewhere probably -- it will turn out to b... | direct | [
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0a2b4dd1486b1a5fff317efbb4bc2834 | And then in terms of the -- just kind of the mix commercial versus government this year or maybe just longer-term view, what -- how should we think about kind of that mix overtime? | Right now, igo back to last year where we did about 53% on the commercial side, just with pure expectations of growth, we think that that will start to neck up from 53% maybe I guess to 55% or so for the year. And that is again without the impact of the UHP acquisition, maybe 55%, 56%. But I think on a trajectory path,... | direct | [
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5387a57b2495d7438c693de5e186fd80 | I guess I want to circle back to the comments you made about organic growth ex-acquisitions. Is there -- so the GDIT acquisition, is there revenue from that in this quarter and if so how much would that be and should we be thinking about that in the overall math exercise around organic growth? | Well, I mean, that's just organic growth. I mean, if you're right. Remember Comtech announced that it won $100 million contract from the Commonwealth of Massachusetts for five years. And in connection with that win, we bought the employee base of General Dynamics. I mean so -- we won that contract. So again I think fro... | intermediate | [
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d335f770129fd50cb14e8959ebf2f26a | Okay. So there was GDIT revenue in the year ago October quarter, if we look at the top line results? | Yeah, it was revenue in this quarter, yeah, absolutely. | direct | [
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9cc1092ea3dcebf0ce22d14c0da100e5 | So commercial was a lot stronger this quarter than you'd expected, do you expect the mix to flip back the other direction, considering there wasn't a big change in the total top line guidance for 2020? | No, I think our Q2 and Mike gave out the numbers, I think our Q2 for the moment is going to be almost exactly what we did our Q1 at the numbers that he gave us. | direct | [
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e79c8c1bf532b0b3befb34d4a1bb5b05 | Okay. So should we expect the Government Solutions mix to remain a bit lower than I guess we had been expecting kind of around the level of it's been in Q1 and into Q2? | Yeah, I mean, again, I would say look at it from a year perspective. I mean, our business still changes quarter-to-quarter. We can have changes just between quarter based on fielding schedules and deliveries. But I think for the year, we're expecting the government business to be somewhere around 44%, 45% or so of reve... | intermediate | [
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4c369f33f26ba3ea97eee549035c35fe | Okay. Thanks. And then thinking about gross margin, can you give us a sense for the rest of 2020 on a segment level and whether there's any change there? I know you had been talking about flat to slightly down, mostly in the commercial segment due to kind of the Heights' ramp and some of the AT&T revenue coming out, an... | It's fairly consistent with how we were thinking about it last quarter as well. | direct | [
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b4a20f41c825ee0d248650b9d6304b0d | Okay, great. And then one last one, book to bill trend seem like they've -- I mean you made the comment about lumpiness, but it seems like they're a bit slower year-over-year. Have you seen them pick back up since the close this past quarter? What's driving the bit of the slowness? Do we need to kind of see some of the... | Well, no, I wouldn't describe our bookings as slow at all. In fact like I said, our bookings this quarter have two large contracts that we're aware of that just from a timing perspective aren't in the quarter. So there are a number of large opportunities that are out there. Two of them we've actually announced since th... | intermediate | [
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edbfa9b692464674c56e31f18446bc0d | Okay, great. One last thing, the troposcatter program, being a 10 year program, do you have any expectation for whether that's front end loaded or flat throughout the 10 year program period? Anything you can give us about when it starts or what the trajectory might be? I would expect that it could have the chance to be... | Well, we think from the initial hardware that Fred was talking about, we're expecting some of that to kind of be in our Q4 of this year from a timing perspective. And then yeah, it's just something that we have to work through with our partner and the government on the rest of the deliveries, but it would be too pretty... | intermediate | [
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f5502d19753d1abb37006106f322c9ff | When you talk to your customers, do you hear any commentary from them on how they might be evolving their approach to spending on discovery and clinical stage development these days, given what has happened in the pandemic? | Not really, actually. We certainly are hearing on the discovery side that because of reduced chemistry resources, wet chemistry resources, that they are relying more heavily on computation and pleased to see that the platform is resulting in fewer compounds being synthesized. But that's the extent of it. And we're not ... | direct | [
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5a1edd426950ba85c4b03cee1dc093d5 | And also given that you said you had three compounds entering, I guess, GLP tox in preparation for entering the clinic in 2021, from that point, how long does it actually take -- do you expect until an IND would be filed and you do enter humans? | So, yes. The -- one can think about a span of nine to 12 months. We've been in regular contact with the vendors, who will be working with us on the studies. We're not hearing anything about delays or extended timelines for GLP tox studies. So again, you can think about nine to 12 months between the start of those IND-e... | direct | [
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e1b17d219e857227b8e8ae21e7d32b70 | It feels like the consensus for Q4 is modeling a potential deal. Would you be able to commentary -- comment on that? It seems like there is a bit of a spike in Q4. And second question is, is there any progress or any development on a potential partnership for any of the two to three key assets that are wholly owned? | So as we've discussed in the past, we are pursuing discussions both around internal programs, but also just in terms of how one can apply the platform to early stage drug discovery. So we continue to have actually very good conversations with potential partners, and it's a very active space for us. So I think, one is l... | intermediate | [
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653ce7fb10708dbf3a53fabf934cc831 | When you're thinking about how the lead internal program, those three drug fit into the cancer treatment landscape, are they more valuable as a combination therapy so a pharma partner that would have a synergistic program already in place or a partner just looking to get competitive in cancer? | So if I understood your question correctly, there are a couple of different opportunities. One is to partner these with companies that already have existing assets in the pathway. The other is potentially to take these for ourselves [Phonetic]. I think that's what you're asking. So on the partnering these assets with f... | direct | [
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"fully_evasive"
] | A |
144a3a463d981fa1d006d92f8b75eab5 | And a question on the software business, when you look at the proportion of on-premise versus hosted software, where do you see that distribution going? And is that a potential driver of revenues? | So actually in the quarter, we saw healthy growth from both on-premise and hosted software, 29% and 21% respectively. And on-premise still represents a majority of our revenue base, So 53% this quarter. Hosted was 11%. And I'll just remind everybody that we under our hosting solutions really provide -- we host only acc... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
829babcdfab8038f9ae4ffc9e0d12606 | And last question on the Relay equity, is there a ongoing relationship with that company? Are you involved in their platform or drug discovery? And are there any economics in that pipeline? | There are economics. Do, this is Ramy. And -- but with regard to the ongoing relationship, that's actually not something that we can comment on, given confidentiality between the companies. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
269302a642d765fbbe277925c392da3a | I want to ask sort of a bigger picture question first on the software utilization and some of your conversations with customers. You flagged, potentially, some budgetary constraints for a couple quarters now as a result of COVID. But I'm wondering, longer term -- do you think you've seen any indication of a longer-term... | Yeah. So I think the trends that we're seeing now of broader and broader adoption, and this idea that you really can, by deploying the technology on a large scale, really reduce the number of compounds that are made which significantly, of course, reduces the cost associated with getting to a development candidate, of ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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