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c1f8af4f2816a579aa401c3738f7592f | Got it. And then maybe the next thing just on FX. Can you give us a rough sense of what that incremental headwind looks like on revenue and EBITDA compared to what you guys had modeled for currency rate last quarter? | We're not going to tight book-ends around that, Ken. But I think we certainly saw $7 million-ish of constant currency negative impact in the first six months of this year versus last year. Trying to really project out where FX will land across all the currencies that we navigate across is -- could it be a similar amoun... | intermediate | [
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cbac2c884dc70108dc307ca930523cf0 | Hi, this is actually Francois on for Gal. We just had a question about the lowered guidance. Is there any way you could quantify or roughly speak about how much of the decrease is coming from each of the factors, the lowered currency, subscription transition and conservative views on manufacturing? | We're -- the short answer is, we're more comfortable with kind of a collective view rather than pegging a dollar amount to each of those particular factors, but clearly, there is a significant element of each that we bake into the guidance, but I think it's important to note that notwithstanding the contributing factor... | fully_evasive | [
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e696d638322bd8147c0938f565777350 | Great, thank you for that. And just one more follow-up on SimSolid. Could you give us a little bit more color about how that adoption is going, you did mention that it was one of the fastest growing segments. Is it a material contributor to growth right now? And just a little bit more color on that would be appreciated... | It's -- thank you. That's actually making that shift. I think now, what we do is we actually measure usage and the usage over the last five months, has grown about 10 times, which is pretty amazing, actually, INSPIRE actually is growing really fast too, it's about a 2 times growth over last year. But when we look at Si... | direct | [
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cc00aca379d79c87132875e3212441b8 | Hi, good afternoon. This is (Indecipherable) on for Rich. Thanks for taking my question. So you've touched on sales force a bit already, but I do have a question for you, Jim. On last quarter's call, you had mentioned that sales force had been historically more adhoc, be it recently begun use integrating some sales dat... | Yeah, that's continuing. We're implementing a new system across the board, we've been training, I think we probably trained almost 100% of the sales force in how we're qualifying prospects and all of that and how we bring them in, so there's just a lot more process to what we're doing. So we're feeling really great abo... | direct | [
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324a21f337e1b3f2fa73c389018f19db | Yeah, that's helpful. And then is it possible at all to quantify the success rate or efficacy of any of the initiatives that you have gone on the sales force? | I think it's a little bit early, probably next year, we're going to start to see much more we hope certainly much more effect from this, but perhaps also later in the year. | fully_evasive | [
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d40e7cd40e807c79e1391471d938cade | Okay, thank you. And then just switching gears back to Datawatch. So there was -- there has been a number of comments already made, but I just did want to revisit some of the challenges noted on the Q1 call, namely expanding footprint and the cultural differences. And I was wondering if you could expand on how any of t... | I think we're pretty much over most of that to be honest. And I think the teams are pretty assimilated, it's certainly not 100%, but we are feeling really positive about the teams and I think we're understanding each other significantly better and we're basically in growth mode now, I think most of these guys are feeli... | direct | [
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8aa1f7746911b12e14c3dd34a5961d4b | Okay, guys. Thanks. Jim, I wanted to just circle back one more time on the macro, because obviously you incorporated into the reduction in guidance. But to me, it seems like it's more of a precautionary tone. And I just wanted to confirm you're not really even seeing any change in buying behavior, yet, it's more precau... | Actually that's true. We're still seeing a lot of strength in the market. We do sense though that the auto industry is beginning to slow down and there's just no doubt about it. And we could stick our heads in the sand and ignore that, but that isn't how we run our business. So one other thing is that during these peri... | direct | [
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a9c69b83dba8f1e10c7b8d2ddf995672 | Okay and you mentioned auto, which is obviously your biggest end market. I'm curious about like aerospace and others. I mean is there -- are those still. I know we talked about a little bit on the last call, but maybe just touch on some of the other, the other key kind of well, I guess that one in particular? | I mean, I think with with all the trade stuff going on. I think manufacturing in general, has some turbulence to it, I'll say, the tariffs and and currencies and all of that. Aerospace, in particular, no, it's really pretty stable. Again, I'm talking about their industries, not -- as they may relate to us in the future... | direct | [
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9477bfef4b1e70abd9c541c9b7e93dbb | And if I could just one more just on Datawatch for Howard. If I recall, I believe when you acquired Datawatch I believe about 60% of their revenue was recurring I'm wondering if you could kind of give us a sense for what that mix looks like today. And I mean, is it 100% that's sort of the end game? | Well, obviously we'd love for 100% to be the end game because that's certainly the goal, even within the non-Datawatch business at Altair, we're not quite 100% recurring. We have a little bit of perpetual. But the intent -- and the objective through taking them to recurring revenue model and getting them now plugged in... | intermediate | [
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8894e5ff0526a208c6be616bc464d1fe | Hey. Good morning. Really just one question for me, Mark, and it's -- I guess it's digging a little bit back into Fort Hills. So what I'm wondering is whether you've moved from -- on a sustained basis from a sort of a just-in-time inventory methodology, right, in terms of ore versus a sustained buffer. And then kind of... | Yes. Thanks, Greg. Yes. It's an interesting way you characterize that. I guess that's a fair way of talking about it. Part of the issue with it is when you slowly ramp up, we literally are constantly changing the operation of the two trains and in some cases, running trains for periods of time, shutting them down to av... | intermediate | [
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c949f6ff0da29d8b714af360bddf2d54 | OK. Terrific. And then the last piece of that -- that's helpful. The last piece of that is just on the autonomous haul trucks, I think you've deployed all of them. How is that working? And are you seeing cost savings flipping into that as -- when it smooth? | Yes. As we stated before, Greg, we structurally were driving down the costs at Fort Hills. Part of that is autonomous haul trucks, but there's also lots of changes around staffing and support of the operation and such. So yes, they're up and operating, they're going well, and they're delivering on cost reductions. | direct | [
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3e0625fd8f5e714808ffb16552c2eb04 | Yes. Thank you. So the first set of questions just around capital returns, good deleveraging in the first quarter. It looks like you picked up the pace of buybacks here in April. So just can you talk about how you're thinking about approaching the buyback in 2021? And are you pulling forward some of the share repurchas... | Yes, Neil. We -- in April, it was pretty consistent with the numbers that we were buying back in March. I would say that as we're generating and realizing free cash flow, we're deploying it in the two-thirds to one-third that we said. So it's pretty consistent. With that, I wouldn't say we're currently pulling anything... | direct | [
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e227a3075a8f7242388022f44b304f61 | And then the follow-up is just around the COVID cases in the Fort McMurray area. Can you give us a sense of the conditions on the ground at this point? What are you doing to manage risks around that? And I know you talked a little bit about managing your turnaround schedule if you could flesh that out. | Yes. Thanks, Neil. As we've stated before, there's a massive amount of things that we've changed to be able to operate in a COVID world. Everything from bussing, working protocols, masks, sanitization, all sorts of different things, this has been augmented recently with rapid testing. We were part of the Canadian CDL r... | direct | [
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0d0f9ba8a90e6e32cc3116274e8a56fb | Yes. Hi. Good morning. First question is just on the operating costs. As you've talked about, as you show in your slides, you're expecting those to be pretty flattish for the full year. The first quarter, obviously, was down year-over-year, but we do lap some extraordinarily low OPEX in 2Q and 3Q. So maybe you could ju... | Yes, Phil. Thanks for the question. Clearly, our focus in generating the $2 billion of incremental free cash flow, a lot of this is around restructuring the cost structure of the company. That applies on the ground with things like autonomous haul trucks. But it also affects things like our supply chain. So we're tryin... | intermediate | [
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39f5cb3ed4b152dce2bc359f1e0f13ce | OK. Got it. And then just on the E&P business, we had oil prices return back -- close to 2019 levels in the quarter, but the cash flows in E&P were still kind of more consistent with what we were seeing last year. So I was just curious, how would you describe the puts and takes of the performance in E&P? I recognize th... | I think we lost half of your question, Phil, but let me give it a try, and you can follow up if I don't address your point. I think part of it, we view that we're kind of a pure E&P player associated with it because we really don't care whether production goes up or down. We really don't care what the resource base loo... | intermediate | [
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a3e7b6311a15c4312f5245dfbf53c6c6 | Yes. I mean, it seemed like the cash flow was not quite as consistent with a $60 oil period. But I guess, as you said, there are some inventory factors and other things. And I figure currency is also a factor as well nowadays, but I was just curious if there's anything else missing. That was it. | Phil, maybe I'll just jump in there. The impact of the sales and production and the inventory build is about $75 million in cash flow, just to give you some quantum there. | direct | [
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42d84ff211e642e026111603889bf00a | I just wanted to quickly focus a little bit on downstream. What we saw all of last year was Canada managing COVID with a lot better than U.S. And it's kind of start of this year, it's flipped a little. U.S. is managing stuff slightly better than Canada. Now you have refining operations in both regions. I'm trying to un... | Yes, Manav. I actually think you've described that quite well is when you look at it, I think what you're seeing is a strengthening of U.S. demand as everyone's coming out of lockdowns. And in Canada, our demand is off. I don't know, in gasoline, it's probably off something like 6% in Western Canada and 17% in Eastern ... | direct | [
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c5776b9c937a8f4d33b0dfcaf911097f | OK. A quick follow-up, if you could update us on the progress on egress front. We saw TMX getting slightly delayed, and then there's always this issue of line five, which keeps coming up. How are you seeing line three? So if you could give us a broader -- your view on the egress situation in Canada, and I'll leave it t... | Great. Thanks, Manav. On the pipeline situation, line three, we expect to come on around this time -- or sorry, by the end of this year around that period of time. Execution time lines are always moving around a bit as it's a bit dynamic. But the confidence and certainty of that line coming on has never been higher. An... | direct | [
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0f9b7d039c4425affe343ecf0d26d973 | Hey, guys. Good morning. First, quickly for me. Can you just clarify the numbers you gave again earlier in terms of the buyback figures from April? | Yes. So, Chris, in April, we bought $250 million worth of stock back, about 8.2 million shares. So year to date, it's just over 20 million shares and about $530 million in dollar terms. | direct | [
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c09baa31a92236e1afbc32d68a26475d | Got it. OK. And then, I guess, in terms of your approach there, would you describe it as being more systematic throughout the year and just sort of occurs as the cash flow comes in the door? Or have you kind of front-loaded that? Or just, I guess, generally speaking, where your head is at on that? | Chris, it's more systematic. You're just kind of following it. We're not trying to opportunistically time the market. We said we would allocate our cash flow, two-thirds to the repayment and one-third to the buyback. And we've taken more of an annual view of that, and we're just systematically going into the market buy... | direct | [
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78792ebb318cda023eefb0375c73a392 | OK. That's helpful. Makes sense. And then last for me, I guess, just the figures you highlighted in the presentation about the remaining Oil Sands spend for 2021. I'm assuming a good chunk of that is related to some of the asset maintenance and turnarounds you guys are doing, but can you give us any indication as to ho... | Yes. I actually think it's fair to say that if you go back and look at it historically, we spend the vast majority of our money in the second and third quarter every year because we try and do all our maintenance essentially between April and October and do as little as possible through the winter period of time. So yo... | direct | [
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74664026e710f4939e6667619819c151 | Kyle, I wanted to get your thoughts just on cap. I mean it looks like you're picking up a lot of work, but obviously working through the ORP. Do you think it sort of holds at these levels as we move through the remainder of the year as you continue to burn off that old work? | Yes, great question, Brent. And so we have seen, as you saw, a decrease in cap and probably the Heavy Civil group's cap in terms of transportation, and that was something that we were doing really intentionally as we kind of changed what we were pursuing from a risk profile perspective within the Heavy Civil group. So ... | direct | [
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ebaad37d88eeb7e3b9d9410c0893854f | Okay. That's helpful. And I apologize if you mentioned this, Lisa, but the $470 million that's still in there for the ORP, can you say how much you expect to burn off this year? And what you'd expect for 2022? | Yes, definitely. So for the remainder of the year, what we've talked about, that we've kept our burn rate thus far that we talked about at the beginning of the year. So we've burned a little over $200 million year-to-date through June. So for the remainder of the year and into -- a little bit into 2023, we'll have $225... | direct | [
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5ec9888d39a81db812c9456054764d29 | Okay. Great. And then I'd love to just get your expectations for the Water business as we move into the second half of the year. It seems like you've been challenged to kind of get back to the levels of profitability that I know you're expecting from it. But it sounds like you're picking up some new good work there. So... | Yes, it is. And I think certainly with the pandemic last year, our Water segment was hit hard. There was a pullback in terms of spending for municipalities as well as on our well drilling business. So we saw the Water business take a little bit of an pandemic-related hit in 2020. It's since recovered. I think certainly... | direct | [
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7889315f0fa3a0cb8f490926cccf2384 | Okay. And then just the last one is on the Materials profit margin. Headwind attached to commodity prices, I assume that's sort of baked into the guidance for the second half of the year as far as you guys can see today, that should continue in the short term? | Yes, we feel really good. If you look at Q2, our performance in Materials business was strong. It might be down just slightly from where we were at in Q2 last year. But we feel really good about kind of the 18% margins in that business. We had nice volumes in Q2. And so we did have really nice weather in Q1 and again i... | intermediate | [
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1ce782802154b8d7fb259f9868a843f7 | So maybe a couple on the Material side. Any observations on pricing? And also, is there a concern like as things pick up over the next 12, 18, 24 months and more projects and larger projects, we're seeing a lot of tightness in certainly different markets for a lot of materials. How you can see that? Do you get a sense ... | So if I get back to really the Materials margin and the Materials business question. So from a -- I guess from a supply side standpoint, we've been able to really pass on the cost of the oil increases, diesel increases on to our customers. That's been something that we've been able to do. If you kind of go back into 20... | intermediate | [
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e3dee9736812786b3c4641a57e140c77 | Turning to your specialty business. Some of the -- interesting, there has been an uptick activity certainly in the mining side on exploration, given where oil prices are in capital, especially in Nevada, Utah and Arizona. Are you -- any other areas on the private sector side that you might see some improved maybe poten... | I think in the Specialty segment, you can see our cap increase. I think that just really kind of tells you the strength of what we think is predominantly private type of work. So we see really nice strong market opportunities in the private market. The Heavy Civil group doesn't necessarily participate a whole lot today... | intermediate | [
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84eb21b91a58ba9d29378a5ed78e075d | Maybe to start with -- maybe to start with on the residential side, clearly, extending times between start of a home and finish due to labor and supply constraints. Is that happening in your project set either currently or in the cap, where you're seeing extended times? | I would say no, we're not seeing anything out of the ordinary. Typically, when a project comes out to bid, it's a bid process, will take somewhere between, say, four, five to eight weeks. We've actually provided a price or a proposal. Typically there is 60, 90 days to award to when we start that work. And that's pretty... | direct | [
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683006b1dc7bf76a443f76742790d420 | Okay. Okay. Great. Great. And then I wanted to ask about vertically integrated cap up $200 million, excluding specialty, so further strength there. Can you maybe describe the magnitude of this kind of increase relative to total vertically integrated cap? And then is that broad-based? I'm just trying to put it in the co... | Well, I don't think it's necessarily outside the norm. I think it's kind of in line with what we anticipated. But I will say that the pipeline of projects that we're bidding they're smaller, say, under what we would call a large project or $150 million, is up significantly year-over-year. Now that's coming off of a pan... | intermediate | [
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bbe9aa07cb2d7dcc14e93c90517e4aee | Yes. Hi. Good morning, everyone. I'm wondering if you can talk about the SG&A outlook from here? Lisa, it looks like you're on track to be, I think, well below the low end of your target range for the year considering how back half weighted revenue is expected to be this year. So can you just talk about the drivers of ... | Well, there's definitely an element of wanting to deliver on the commitment this year. So as you mentioned, we start off the year, the percentage of SG&A to revenue is typically a little higher and trends downward as the year progresses. So for the quarter, we're at about 7.7%. And we continue to look at our SG&A spend... | direct | [
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b6e564c697658c3522cf272e16723a36 | That's nice to see. And then in terms of the overall bid environment, I'm wondering, can you just talk about the way the pipeline looks and any differences by region, Kyle, anything that jumps out at you in terms of the types of work that you're bidding on and one part of the footprint versus another? And if you could ... | Sure. And we are seeing, as I mentioned before, a really nice pipeline of projects both on the larger projects side as well as those that aren't large projects within our VI footprint. So we're seeing just across the board, really all parts of our business more just a better bid environment for sure, especially since w... | direct | [
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1924ad3b037a587a079ff3a3c4dfa388 | Dan, if I could just a couple of quick questions on the overall business trends in the enterprise. You mentioned some of the initial sales that you saw here in Q1. How do we think about that as we start to move through the year contributing to that second half strength? I mean, obviously, big focus on 5G products, obvi... | Hi, John, great question. Great question. Well, as you know, we've just recently launched our enterprise 5G portfolio. So it is any traction in the market, terrific that T-Mobile for business certified three of our products, indoor and outdoor fixed wireless products. We're starting to work with them on market opportun... | direct | [
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e9f59330d1220e0522191f27ec42fdf6 | And again, just as a follow-up to that is, is there a better margin profile with those enterprise products relative to maybe the mobile hotspot products? And obviously, the software pieces are very different margin profile, but how do those solutions stack up? I guess margin wise, relative even to the 5G mobile hotspot... | Yes. As we all well know, the enterprise market in general has a different gross margin profile. There is the benefits of the distribution, but I will say this, yes, it is higher than if you will, the kind of the carrier gross margin profile as far as this fixed wireless access products. I would expect somewhere in the... | direct | [
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6053ffa3ae855dcad1f7b73f0adcf1e9 | And then, maybe just the last question for me, and I'll jump back in the queue. From a software perspective, obviously, a lot of that you mentioned some of the carriers that are now offering alongside, but as you go-to-market in that enterprise market as well, is there a different attach rate there for software? Is it ... | Yes, a great question in addition, John, thank you for that. Well, we're seeing strong attach rates across the board. As you know and as we announced T-Mobile is adopted our Inseego managed solution as part of the -- their initial 5G hotspot deployment, AT&T is now adopting Inseego Connect to offer to their enterprise ... | intermediate | [
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df4ffa7438227b4bc2291d555b528431 | Great, thanks for taking my question. I guess first place to start is just good to learn that 4G levels are above pre-COVID areas, but just trying to get a cadence of, with the work-from-home and school from anywhere type of surge in demand. How should we think about the cadence for that business and the overall maybe ... | Yes. Hey, Mike. Thanks very much. And also a great question. Well, as we've said and mentioned on the earnings call previously, we are seeing our 4G demand levels for our newest generation hotspots, selling at higher levels than pre-COVID. So that is what we're seeing and we see no evidence of that trailing off. Now, I... | intermediate | [
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1233ef3c4c2f315465c42cdc124f2d3d | Thank you. And then, just as we think about gross margin trends may be on a short-term, is there any component constraints are tightening, inventory creating maybe some gross margin headwinds as you maybe expedite shipments or try to track down components? But then, it sounds like over time with software and with the m... | Yes, I've heard an expression called chip are getting, I don't know if that one's caught on yet. But now, again, great question, Mike. And thanks for the question, it's obviously topical. So I think, as we said, we're doing a good job. And we did get out in front with the semiconductor dynamic going on with our key par... | direct | [
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a8a42cf5355d77bfaa025fa9d2da715d | Last question remain, I'll pass the line just good to see Sunrise Switzerland is a new 5G customer. Just any commentary on a pipeline for adding new carrier customers for either fixed wireless or overall hotspots for 5G in 2021? | Well, yes, in North America, I think we've talked about that we're super excited about fixed wireless opportunities in North America, throughout US and Canada. Great start having T-Mobile certified three of our fixed wireless products. It is Fantastic. All the conversations we're having around the world involve both ho... | intermediate | [
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b90857bbc604c3d9e561b6bd71133f3a | Thanks, guys for taking the questions. I guess I have two; the first is you've got the company on sound footing, but revenue came in a good bit softer than we were looking for. It sounds like though you were neither surprised nor disappointed with the revenue performance in the quarter. And if that's correct, it just l... | Yes. Hi, Lance. Thanks for the question. Well, as we were coming off and we indicated priorities call, that we were going to see a lower level of demand for our 4G. A couple of things I mentioned that Q1 of last year and early in the Q2 had a number of our older generation, 4G USB prior generation hotspots that had com... | direct | [
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812b123222fc420c2abe8aab523b3cd3 | Fair enough. Okay, so the other question I had and Bob, I think you'd mentioned on your prepared remarks that the 5G sell through in particular remain strong in that you expect, I think, if I get it right, you expect orders to harmonize going forward. So what I took from that is that the carriers were working off inven... | Good question and thanks. This kind of dovetails a bit to what Dan just said, we do see those trends continuing and -- almost in perpetuity and specifically that's a Q2 trend. But we're also looking forward to building that momentum, and then that'll shape, more color around forward look. And we'll also shape maybe ret... | intermediate | [
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2fbd9364062f1b6577d13463bd41b06e | Hi, this is Aditya on behalf of Mike Latimore. Could you tell me how much did international revenue contribute in terms of percentage? | Yes. Hi. Good question. Well, I guess just the long story short, we don't break out the composition of revenue that way. So we are growing our international business. As you know, through none of the carrier win announcements, we talked about Western Europe, Japan, Australia other places. So international revenue is gr... | fully_evasive | [
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92a10d075d6ee5f73919fee0bb9838a4 | All right, fine. Any idea as to when you might actually expect the 5G sales to exceed the 4G sales? | I would expect to see that in the back half of this year. I think we commented, we had a question like this previously on a prior call. So that was a comment, I made then. Yes. Same view, no change. | direct | [
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73795700d8eee3eb327e0b9b8ef9063a | Hey, good afternoon. Thank for taking my questions. Dan, Bob, I hope you guys are doing well. I apologize. I got on the call a little bit late. So I apologize if this is redundant, but did you give any mix or breakdown between 4G and 5G? And I just heard that the prior come in now T-Mobile is your largest 5G customers.... | Hey, Scott. Great questions. While we did say on the call that 5G was 20% of total revenue. And if you combine 5G and SaaS that reached in the neighborhood of 44% of total revenue. So that's just showing the differential in mix. T-Mobile isn't yet our largest customer. There's a large run rate of 4G, LTE sales continui... | direct | [
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eb586816580f524fe17bda854665d62b | Good. And maybe to follow-up on the Verizon account. There were some issues with Franklin Wireless recall this quarter. I'm wondering if you've seen any pickup related to that? Do you get any of that opportunity? Or is your product more high-end than them using, for example, a lower end or big solution? | Yes, so great question. They really don't cross over, because it fundamentally is exactly as you said, our product is a higher end product geared for enterprise. Some of these other products you mentioned Franklin are so called lower end products. So they really actually don't overlap in the target markets. So, I guess... | direct | [
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99e455876417d3a30513efd4ee9a94e0 | Hi, I just wanted to get back to this question of inflation and maybe you could talk a little bit more about the timing and cadence on inflation recovery. I know your price increases are going to contribute quite a bit in Q4, but when do you think you're going to be able to fully recover all the inflation? With that be... | So, I would say, we're guiding toward $6 million of improvement in prices and I'm talking about Composite Fibers here, right. So, I think we obviously are expecting a big pickup on the inflation recovery in Q4. As for sort of full recovery rates, it's a little bit difficult to predict exactly what's going to continue t... | intermediate | [
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10a3978bbfae4fc3e31bfe497e089b33 | Great. Okay and -- but conversely, we are starting to see fiber look like it's rolling over a little bit. Do you expect any benefit from that in Q4 and what was the net impact in Q3 from fiber costs? | I don't have a Q3 net impact on fiber, but yes, we have started to see abatement there and -- but again the energy price was a larger hit in Q3. | intermediate | [
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734fa9dfe9573d136d2c63a2e305808e | Right, OK. Switching over to Airlaid, I think you mentioned in your outlook for Q4 an unfavorable mix shift. Can you give a little more detail on that, like what --which end markets you're seeing declining and which are growing to cause that mix shift? | So we're expecting shipments to be about 3% lower and you're right, there is a bit of a mix negatively impacting the profit by $1 million. Some of the decline that's expected is in Q4 seasonality. A lot of that relates to tabletop and traditional white tabletop is not at the top of the heap when it comes to the margin ... | direct | [
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a8898f6f2ff345b9dbbb383ac4b1dfda | That's very helpful. Thank you. And then I think just ask about, you talked about strong inclined wire production in Composite Fibers. What is that exactly and is there a favorable mix component there and also what are you expecting for Q4? | So the inclined wire production is largely our food and beverage papers as well as our Composite Laminates. It basically excludes the wallcover and certain electrical papers, as well as metallized. | intermediate | [
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dd41c892ee3dd4076d6cc3f393950e41 | And for Q4, you expect that to recur? | Yes. I mean we're expecting overall volumes to be in line. As you know, we don't guide for specific product categories, but we expect the shipments to be in line and operations to be in line with the third quarter as well. | direct | [
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a02915184cbdd797fb119d393a5a2632 | Okay and last one for me is I don't know if you could give any preliminary sense on the inventory step up for Jacob Holm. I know it's excluded from your guidance probably because you're still in process with that, but just any sense of what kind of impact we can expect from that. | It's a little premature on that. We're still working through with our advisors on the purchase accounting. I wouldn't feel comfortable putting a number out there yet. | fully_evasive | [
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9dd2f6bc174d1e8e7a2da0f27cacc9c7 | So on the order declines in Energy and outlook for the first quarter, how much was due to the tough year-over-year comparison and how much is a function of current end market conditions or oil price volatility? And then just generally, should we expect this business to be down in the first quarter? | So thanks for your question. Good morning. With respect to the Energy year-over-year -- the year-over-year decline is almost exclusively in our Distributed Valves business, or the impact on Energy is with Distributed Valves. We had an extraordinary quarter in orders in Q1 -- in Q4 '17 versus Q4 '18. You might remember,... | intermediate | [
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25c3ce0d3dd61d2cc4d0328aea00d329 | Okay, great. And so, has your fundamental outlook on the Energy market changed at all? Do you still see room for recovery from here? | Sure. So what I would say is that as we look forward for Energy, I will just start with Distributed Valves. We expect orders more or less in line with what we saw in Q4 as we progress here through Q1. Same situation with EV. As I mentioned in the prepared remarks, we're seeing orders -- while we did see organic growth ... | direct | [
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e90e3d7b271b083c6461ddff5316f4fa | Okay, great. Thanks, that's helpful. And then just one last quick one. Maybe looking at the full year, any goals for debt leverage by the end of the year or interest expense? | Sure. A couple of comments on that. So we -- I'll answer in two pieces. So if you think about the leverage that we have today and you exclude any potential asset sales or divestitures, we expect to reduce our leverage by 1 turn between end of 2018 and end of 2019. Having said that, as I mentioned in the prepared remark... | intermediate | [
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31274039bd00e31f3760efc4cde3494b | I just wanted to talk about the margin progression in Energy with the facility move and Monterrey sort of continuing to ramp. Just to position that with kind of where the DV business looks at least in the first half, give us a sense maybe how that margin progression and kind of what the step-up would be once you're exi... | Sure. A couple of things on that. So I'll start with specifically answering your question. So if you look at Q4 margins, we are estimating roughly $3 million of expense associated with inefficiencies in OKC. We anticipate closing Oklahoma City, stopping all production in April of this year. I don't anticipate these ine... | intermediate | [
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8e3843cb074bd5d761cd50bd6f5ea0ac | Great. Okay. That's really helpful. Thanks. And just on Aerospace Defense, can you just talk about potential additional contracts awarded as Airbus -- particularly on Airbus, as you look into kind of 2020, maybe are there potential contracts you can increase your content further on the airframes you're on now or new ai... | Yeah. In fact, we just did -- in fact, we just won several new products with one of the tier 1 suppliers to Airbus for production out of our Morocco facility. So we're obviously taking product from a competitor and they are being replaced with us. And so that's essentially how it works. So we just signed a contract wit... | direct | [
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] | A |
025470fe743bc47663788caa472fff7e | Thanks. It's helpful. One more for me, then. Can you talk about your expectation for CapEx in 2019? | Sure. We spent about $23 million in 2018, which is more or less in line with our depreciation. You should not expect a material change in 2019. We'll spend roughly in line with depreciation, so in that $25 million range. You'll probably see a shift in the way we spend it. We're continuing to change the way we spend cap... | direct | [
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0de0fefd1b5c4483fa1ed0351f4ea59b | Scott, maybe you can dig in a little bit more on the commentary on Europe and China. You saw good growth in Industrial this quarter but you're signaling some early signs of softness, which isn't all that surprising given a lot of other commentary we've heard across the industrial space. So how much of the weakness do y... | So yeah, we are -- maybe I'd say it a little bit differently. We -- when I say early signs of weakness, we started the year weaker than we expected. So in Q4, we saw broad-based strength in Europe across most end markets that we call general industrial. We -- so as we start the year, the run rate is a little bit lower ... | intermediate | [
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77e5fa90b74e4275362cdea2d2b5730b | Okay, helpful. Let me switch to the Engineered Valves business because we are starting to see some large FIDs on projects in the LNG space as an example. So how is your teem thinking about that? Are those FIDs generally in line or maybe slightly ahead of what the expectations have been? And when would you expect to see... | So we -- right now when we look at -- we have pretty good visibility in the first half. And we mentioned we did see some organic growth in Q4 and we're expecting orders more or less in line with that run rate as we look at Q1. We have decent visibility through Q2, and I wouldn't expect any kind of inflection point befo... | direct | [
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186e98734eac8c65358c341017e3b485 | Okay. And maybe one for Chadi. Working capital did come down into that 20% to 25% range, which had been the long-term goal for the business. Chadi, when you -- you're starting to dig in here, but do you think this is a new sustainable level of working capital for CIRCOR, given the progress that's been made with relativ... | Sure, Alan. Thank you for the question. So as I said in my prepared remarks, we reduced working capital from 32% to 24%. This is in line with what we guided as our goal. However, we continue to see opportunities to further reduce our inventory levels and increase its velocity, as well as focusing further on receivable ... | direct | [
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78c6f6cb12c5510ac1f343d66dd057fa | It's great to see some of the new products you launched gaining traction. Just wondering to the extent you can discuss any launches you're excited about for this year or particular segments where those new product launches are focused on? | Sure. We have -- I'd say the areas that are generating the most interest here are in the Aerospace & Defense group and in our Refinery Valves group. So I mentioned the isolation valves that we've recently launched in Refinery Valves. Both of those products are very innovative, very different and solve big problems in t... | direct | [
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f9f1a31a25dc10abd90c8a7aab7cbed8 | Yeah. Just a quick one on the tax rate. You just commented 18% for Q1. Is that kind of long-term rate we ought to be assuming going forward? | Yes, Charley. Thanks for the question. It's Dave. 18% is what we see for the foreseeable future.
Scott A. Buckhout -- President and Chief Executive Officer
For 2019.
David Mullen -- Senior Vice President, Finance and Corporate Controller
2019, yeah. | direct | [
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81ce6419c77a12c0c30899812d381427 | And I guess another one real quick on the depreciation. With the sale of Reliability Services, does that impact the D&A number in '19 at all meaningfully? | Slightly. Probably about $1 million. | direct | [
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577ec30496dd6469bf5075662e8fee96 | Just a follow-up on the Fluid Handling integration, any updated expectations on incremental savings in 2019 and kind of cadence of that? | Sure. So we have finalized the results for 2018 and we came in at $8 million of savings on the integration. The outlook for 2019 is $7 million of incremental savings related to the integration. The nature of the savings has changed a bit. A lot of the savings in the first year came from overhead and SG&A reductions, an... | direct | [
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d2e08d55e0587c1e47e261d3fb267dc4 | Okay, great. And then just back on Energy. Given the orders and some of the year-over-year comparisons (ph), can we expect growth out of that business in general within your first quarter guidance? Or just on the revenue side, what should we expect? | So in Energy overall, for the VPY (ph) for Energy and in Q1, we do expect to be positive on revenue, but we expect -- I just want to caution, the orders will be more or less in line with what you saw in Q4, but revenue should grow year-over-year in Q1. | direct | [
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133d310a6e06915c5e657acd0fab9113 | Scott, maybe just help calibrate expectations here. Do you think that you can exit another sale of non-core assets in 2019? I know you kind of mentioned it and what your organic deleveraging target is. But what is the -- what should the expectation be here for continuing to simplify the portfolio in 2019? | So it's hard to get out ahead of this kind of thing. As you know we can't talk in too much detail of what would -- what we might be considering here. But let me frame it for you a little bit and give you some context. When we look at CIRCOR overall and we think about what might be non-core revenues that could be consid... | intermediate | [
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0e2c51aca756da920bd339339d2a1437 | Firstly, has the deal been activated? That's the first question, has the deal been activated? | First of all, thank you for your questions. The first question regarding the progress of our corporation. The agreement indeed is in place and then we are working with them orderly. And then the application is already basically approved and then is in public pronouncement stage right now in the China government agency ... | direct | [
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f4caa97fa8779e1f1081bf34615babea | Did I misinterpret the appearance of the Kandi brand in China will not be used even in the Kandi founded ride heading program question? | OK. Let's put it this way. Even though we are working together with Hengrun and the brand name of vehicles that we work together is under the name of Henghe. Although Kandi will take a major role of the whole corporation and the process in the manufacturing. | intermediate | [
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113f790392c611701fbb592f2c64e2a0 | Now, about the 300,000 ride heading program and the quick battery exchange also talked about in the aforementioned PR, what exactly does Hengrun contribute to the Kandi's practice in quick battery exchange? | So what we're working with Hengrun is we make the major part in the manufacturing process, including producing all the major part components of those battery swap electric vehicles. And then both parts will be assembled by Hengrun when we delivered the part to them. And then because they have the license to sell in Chi... | direct | [
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6a6d78f7bfec8454f833100611455406 | What does each partner primarily contribute? And what percentage goes to Hengrun and what specific products and services, the PR seems enticing but left a lot of questions. Hopefully, management can clear this up? | So in our cooperation Hengrun because there's no -- the definition of the shares proportion. So we don't really have the issue of the percentage of the contribution or the sharing of the profit Instead, we are taking different parts. As you may know, we are producing all the parts and components, and we'll make the mar... | intermediate | [
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c9bf71106e1a672c93845f96b5204f2f | But why did you -- why is it -- we find out now you have some $70 million in contracts you just signed just over the new electric golf carts, and we haven't seen any press releases on that. That's that question first to Mr. Hu, please. | So, I guess, in the past, maybe we have a different kind of the press release about the news and development. An ongoing our strategies, we try to strengthen our fundamental businesses and operations. And once we have some achievement, then we'll circulate the press release to all the investors. OK, so basically, in or... | intermediate | [
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a5aa7297b6a18af9f92ce6ba170f33ef | Also, we didn't see anything in the press release on share buyback. Have we -- did we buy any shares back over the past quarter? Do we continue with the program? | Yes, we did. We actually -- as a matter of fact, we have disclosed such that our share buyback in the subsequent event, note in our 10-Q. There's a release on the SEC website. The shares we repurchased from April 1 to May 5 is a total of 603,000 shares of the company's stock. | direct | [
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626407f98b114b2a073712cba08f4cd4 | What happened is that time because Kandi to lose the momentum after it's incredible nationwide government endorsement. And today's Kandi QBX still use the side by -- slide in between the tires exchange model, which allows for the mobile change on the road side as well as mechanical station. | OK. To answer your questions, our smart battery swap technology did have its advanced nature and practicality. So it was recognized by the relevant government agency at a time. However, prior to 2020, those relevant government departments in principle focus their support and promotion of the rechargeable EVs instead of... | intermediate | [
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] | B |
46a60f4c0fd90c9e8d8ec4a764591ff3 | OK, so it can be still controls this pattern what that mean is third-party automakers who use the technology would have to pay royalties to Kandi to use this side slide mode. And you've already said this is the same one the China Battery Exchange is using, so I'll skip that part of my question. And by saying, can the C... | So our company does own currently the pattern for all the sites like battery swap technology. Although in China market, there are not many products or vehicles adopting the size like technology at the moment. Rather, there are more vehicles using the battery exchange from other format like a treasury. So therefore, at ... | intermediate | [
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a3fbaa4ed4f8d53a259af5d5db4f9dbf | It would just seem to me again; no other model can be done where they could change it in place. I mean you're going to recall roadside assistant on your cellphone, they can have a unit out there to swap the batteries in a few minutes, even in downtown Beijing. But why is it that such logical technology is not being use... | So as for the development in China market, as you may know, back in maybe a decade or more than 15 years ago. The EV is a new topic in China. So at that time, the development government agency, they may have not too much experience in this aspect that time they didn't really buy the idea of the battery swap mode, even ... | direct | [
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ed25464093e65817d5513e3e6f4360bc | Considering everything happening in China, this is just fantastic. Several years ago, with the stock trading at well over double the current price, the company contracted with an IR firm called Blue Shirt Group. Aside from the fact that the stock is now trading at a five-year low, while top and bottom line have improve... | So thank you for your question. I guess our main target or main role is always trying to do a good job in our business operation and strengthen our fundamentals. As for the stock price, it's true that the overall trend in the market right now is not very good for the Chinese stocks. Although, we believe that the share ... | intermediate | [
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32c6a898cfdc9ec3bade0efe577e4e50 | A while back, you had mentioned about the K23 and K27 coming into the US. And then that was halted because of an airbag problem. So my question is, you have an expected time frame for this full speed K23 and K27 to be released to America with the airbag problem resolved to the satisfaction of U.S. regulators? | Yeah. So at the moment, our add-back safety requirement stand that has still not met the requirement from the DoT from U.S. yet. We think that the requirement standard is really too high. There's another Chinese companies having over hundred AV numbers of test has still not passed. So at the moment, we cannot tell the ... | intermediate | [
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a8c2264462f4416228f614161f974e3d | I understand about the NEVs, but I'm really surprised that the regulations are so difficult for Kandi because other companies appear to be selling into the United States satisfactorily. They have met the regulation. It seems to me, if you bought a Chevrolet car, you could reverse engineer the airbag description and mec... | Well, the major reason we can meet the spend base not really just for Kandi, but for overall EV makers from the PLC market. As you may know, the requirements and the standard of the FX safety is different between U.S. and China and also the European countries. They have more requirements of the effect based on the size... | intermediate | [
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77a992b345fc0e7ad2ae35c120f6c4e0 | About two years ago, the company spent about $40 million or more for a -- on a design contract for a new EV model and I wondered, if Hengrun will be assembling that model or if there are some other plans for that expenditure? | So Mr. Hu, is saying that, any car -- any account receivables that will be sold in China market will be sold to Hengrun. | fully_evasive | [
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1c87a2e10f6db4d17424a79599b3fd68 | OK. And will this model will be sold in the China market? | Yes, yes. It will be. | direct | [
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] | A |
3a87ff28a3fab057a7f7e531236820fe | OK. And what is the status of that very important strategic cooperation agreement between Kandy and the Xinjiang State Grid EV service Company. It was PR-ed in 2020 and Mr. Hu emphasized how important this agreement is to the future of Kandi and QBEX. So what's the status of that now? Please. | The scope of schoolwork for this strategic agreement is to realize the battery exchange. But, however, it hasn't been launching in a great deal of volumes yet because like I mentioned earlier, the market is right now not ready for us. But however, we have had some trial project going on in Shaoxing. But going forward, ... | intermediate | [
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a41898de1175ebde376f541471fac78a | And last quick question. When the F4 is approved at some point in the future, does the company plan to call a special meeting for shareholders to vote on the reincorporation in BVI? | We're still right now in the process of going through the F4. It's not being approved yet. But once it's been proved, of course, we have to go through the shareholder meeting to -- in order to get approved being able to execute. | intermediate | [
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4bbe601931e2cc60babc4509b8c2684b | I wanted to go back to this tabletop and Airlaid specifically. It sounds like you're thinking about a recovery in the third quarter. Is that true, first of all? And then second, I think in the past you had mentioned that once restaurant traffic comes back, you could actually benefit because restaurants may be looking f... | Happy to answer that question. I think there are a number of factors lining up that are positive for the tabletop business. Clearly as the vaccinations increase in our core markets, as infection rates decline and governments relax lockdown restrictions and allow restaurants to open and operate at greater levels of capa... | intermediate | [
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] | B |
989bf7291229db0d6f1ee1707a9c9f74 | And then could we just maybe talk about capital allocation given that the GP transaction is about to close? Is M&A still your preferred use of cash or are there other -- how are you thinking about capital allocation? | Sure. So, as you know our transformation and growth strategy was designed to reset the company, establish the correct base for us to build the new Glatfelter and to become a more profitable growth business over time. So clearly the GP U.S. business fits into that strategy. I envision future acquisitions and so maintain... | intermediate | [
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] | B |
d8de25fdcef0b47b092d3365084bbe5a | Okay. Thank you very much. And then a few years ago, I think you mentioned an interest in building out your position in filtration media and technical specialties, things like batteries and other consumer products. Is that still an area of interest for you and maybe you can give an update on your thoughts there? | Certainly. As we look at areas for investments and how to expand our portfolio, certainly investments that help us broaden and expand our existing platforms will be the most synergistic and perhaps the easiest to understand and convince ourselves that we are the rightful owners of these assets. The two GP acquisitions ... | intermediate | [
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8b0aa9f803250f2d9f1bc89964ee9749 | Great. Thank you. And then my final question is just on the tax rate. I know you mentioned the German tax rate and the UK legislative change, but it has been above 40% for I think about two years now if I'm not mistaken. What's driving it higher, if you can just remind us? And is this a long-term sort of level or are t... | Sure. So again, we had guided to a rate below 40% for this year, but unfortunately with these changes in the rates and UK and Germany, that's causing it to tick back up to above 40%. We do think we have the capabilities to bring it back down well below. Now, obviously, Anojja, there is a lot of pending legislation in t... | direct | [
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f173a9b1232c081151a524ba348df256 | Tom, maybe I waited to start with loan growth. Obviously, another really strong quarter. It sounds like 15 new lending hires, which is certainly a plus. Maybe on the negative side, you've got some -- you talked about some paydowns that you expect to come. I think at the beginning of the year, you set out a goal of grow... | It's sort of hard to give a good answer -- a very accurate answer, Brad, rather than we are going to be very selective in what we book. But obviously, $150,000 a month is probably -- we'll probably look at something north of $150,000 a month on average in terms of where we're going, net growth. So I wouldn't change tha... | intermediate | [
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e8fdfc06674e2c98afd2cc960f21d5ca | Sure. No, that's helpful. And maybe just kind of as a follow-up to Bud, as you kind of think about the size of the balance sheet, I know you talked about stopping the securities purchases. I know it's tough to gauge. But do you have a sense where your deposit balances might sort of floor out? Just wanted to kind of thi... | Well, from a regulatory standpoint, we have -- the excess funds has to be above 5% of total assets. So that's about $750 million now. We're not going to get to that point, but that's kind of what we look at, what we have to shoot for to be well above that. We're about $1.4 billion today. So just with a big drop over th... | intermediate | [
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bbecc09c8cdabfe8eb712826234c4886 | Maybe we could shift gears and talk about expenses. A lot of moving parts in there, and thank you for all the detail. That's very helpful. So when we -- maybe like a very top-level way of asking it is like if we look at a run rate, I think it's like $39.8 million this quarter. How to think of that going forward? Now I ... | Yeah. Ken, so one, we made the additional incentive accrual of $1.8 million in the second quarter. Right now, we wouldn't anticipate doing anything additional in the third quarter and what is -- we'll see how that shakes out in the fourth quarter. So right, you can really take the $1.8 million out. That was an adjustme... | direct | [
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bc6dcc6ac76d47b7b5944cd8909fb981 | Yeah. That's very helpful. And then, Tom, maybe we could talk about new markets. So just in the last number of months, you guys have entered Metro Charlotte, Tallahassee and now most recently, Nashville got announced. And wondering if you can just give us a sense on what inning you're in on those. Obviously, Nashville ... | Yeah. A lot of it's availability, but we'll go three years without adding a new reach. We've done that before because we just can't find good people. And so it's rare to find this many good people at one time. Very, very unusual to find. So I would think that the Tallahassee is fairly well staffed. That's a pretty good... | intermediate | [
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69fbc6956dd15c1b0c76e84887a34999 | Tom, just curious, you noted the nice margin expansion, obviously, loans as a percent of earning assets creep up. But I'm curious with the Fed aggressively raising rates here. Are you able to pass -- what's your success rate I guess, in terms of how much of that climb in interest rates are you able to pass on to the ba... | I think we have seen up until the last 60 days, perhaps we've seen some irrational loan pricing out in the market. I think that's much more rational today in terms of what we're seeing from our competitors. they're doing a little bit better in terms of what they're doing. But we have to do what we have to do, and we do... | intermediate | [
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fa9ead14685c9cfb7350774a300cd1ec | First question I wanted to ask was just on the credit that moved to nonaccrual. I guess to the extent possible, maybe if you could discuss sort of what changed to make it. I think you said that circumstances warranted it, which I can totally appreciate. But sort of what changed in your mind to take it from -- I think y... | Sure, Scott. This is Matt. I'll give you a couple of points here, and hopefully, I'd touch on your topics. The business is a student loan servicer. I think we've disclosed that previously. As you had noted, we had classified this loan earlier in the year. And the business has certainly been impacted by a cause -- by a ... | intermediate | [
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] | B |
ab775941e77164e63e205ffe72c70b40 | I had a follow-up kind of on the core NIM you guys were talking about. You had pretty good expansion this quarter. It looks like it should be able to at least sustain these levels. Could you talk about kind of the primary drivers behind this? It seems like both asset yields and deposit costs are helping. So I was just ... | Yeah, yeah, sure thing. So the change for this quarter is a combination of a few things. One, we have a full quarter benefit of the swap that we talked about last quarter. We only had a little bit of a lift last quarter. So we got a couple of more bps out of that here on a quarter-over-quarter basis, which is nice. Two... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
409251e4b26bea92ec6f55761af11688 | And then improvement on asset yields is just going to be driven by loan growth, right? And could you talk about kind of how loan pricing is? You said, they're coming on higher than what's actually on the book right now? | Above the -- yeah, this is Matt. It's coming on at rates and yields above the NIM. And I would say from a pricing perspective, it's always a very, very competitive environment and really in all our businesses. But I would say it's stabilized. I would say the rate of decline on the rate side has tended to flatten out a ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ffd8db7dc4011f1e9e8be9ced857d38d | And then can I ask one real quick on your return of capital? You seem pretty focused on it with the buyback and increasing the dividend as well. With your share price being a little bit higher than when you started the buyback this year, are you -- would you -- are you price-sensitive at all, I guess, this quarter? May... | This is Gary. I'll make a general comment and reverse there. Yeah, 9.25% for the way our balance sheet is constructed right now. As far as mix feels, we feel very good. I think without PPP, Paul, we're running close to 10%. And our projections would say if we don't manage our capital well, that's going to move deep int... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2b75501da5ba225c4488972d9c13f326 | Thanks. Good morning. Appreciate the color on expenses with respect to the healthcare benefit costs. But I was just curious, as you're out there looking to hire new talent, are you seeing incrementally more competition from either a wage perspective? Or, I guess, just what you're having to offer? | I'd say any -- I call it, the $22-and-under entry-level or nearer-entry level. There's so much competition for those qualities that those folks have. We might have been in the past, go back to pre-COVID, had a bit of an edge relative to benefits, work environment, professionalism of the environment versus just a regula... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8f0d93790e756f7def6288c35ea21841 | The -- I wanted to ask specifically about the utilization rate on the commercial side of things. It sounds like it's picked up a little bit. Did you give any numbers how -- where it stands and where it may have stood on June 30? And then where were you pre-pandemic? Did you give the actual numbers there? | It's -- today, it's in the mid-30s. I'll say it's about 35% utilization today, and we were closer to more of a 50% utilization pre-pandemic. The other thing I would say, we did see an increase in line balance, about $7 million or $8 million for the quarter. But part of that was driven by some of the new C&I origination... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
657524b4da783484897d91befdfd2163 | Got it. OK. And when you're talking about then, loan growth decent here in the quarter for -- on the commercial side, it seems like your pipeline is very good, and that number is poised to accelerate, is that going to come from that new relationships? Is it with new relationships with your current bankers? Is it -- hav... | It's really -- yeah, great question. It's really from all of those things. We've mentioned on prior calls, we've been very successful in bringing in some good talent, some good regional bank talent in our markets. They come somewhat from the disruption in the industry. So if you think about the TCF-Huntington transacti... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a08f55fbc51eed4d4f57a051d6e09140 | Hey, good morning guys. Thanks very much for taking my question. First one just on the reserve, obviously, there's a lot of moving parts right now. But just to give a sense for how you think about it trending from here, you know when, where we are versus kind of the pre-COVID level and then also factoring in some of th... | Yeah. So, like you said, there are a lot of moving pieces there. Right? In general -- high level, when you look at the Q1 ending allowance. The allowance on the performing portfolio was around 6.6%. Right? And then the allowance on the some nonperforming 90-plus day delinquent was around 1.4%. Right? So, this is to gro... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6396ddbab259da17576f7b7dcbd2da67 | Yes, yes. Very helpful. Next question on child tax credits. The first round of payments kind of went out in the last week or so. On the heels of stimulus, how do you see this impacting loan demand and kind of credit for the rest of the year. I guess, just calendar year, so kind of more immediate term. | Right. Yes, it could have impact on both. Right? So, we expect it to continue to have a positive impact on credit quality and it could almost on the smaller loans, new customers, it could hurt demand a little bit. I don't know if you'd add anything to that, Chad?
Yes, I think in the short term, we haven't seen it yet,... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c7c30fcaf54ead335209f6f224220d65 | Understood. Got it. And then last one from me. It looks like the insurance have showed good growth in the quarter, anything to think about there and should we expect that to continue going forward? | Yes. I think you should expect it to continue going forward. Right? It's really just a function of, as we shift into the larger loans, in a lot of our states, we don't offer -- emphasis on light offer insurance products on the smaller loan portfolio. Right? So as the portfolio grows into that, especially over $2000, $2... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a43cca08e2f3b1bb7a741ced112ac2fc | Chad what's that number you said first. I believe you said, was it a third of your portfolio a sub-36%. I got the sector, when we talked about two-thirds being below 50%, just to make sure I heard the first one correctly. | Yes. Today, roughly 40% of our portfolio is below 36%. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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