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be01ac4c60660367da0e7a4e586567c1 | OK. And then can you give us an update on how Cash Converters is doing and the level of commitment there and what you expect? | Yes. Sure. Our level of commitment is 34.75%, which is on a value sense, it's a lot less than where it should be. At the moment, they're going through the final stages of the class action.
That is obviously putting a bit of a depressed influence on the share price. At this stage, the court case has been held. It's awai... | direct | [
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934b415ef2fbd084359103c13d908cac | OK. And then final question is, how -- in terms of geographic demand in the U.S., is there any region that you see positive kind of variance relative to expectation, negative, or is it fairly consistent domestically? | We're pretty well-covered in Florida and Texas, which we believe are still the our best markets. We've seen some very good growth out of both of those. There's a little bit of variability through the Midwest, but Texas and Florida continue to drive a lot of those results. | direct | [
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211d29a70e86240538fe8900cb9956c9 | Just wanted to go into scrap, I thought there might be a little bit of a catch-up. Is that something -- given what took place in the first quarter, is that something that we should expect some time within year end? | Yes, I'd say, I'd expect a little bit of catch-up there in Q3, John -- Greg, although some of that also is strategically trying to get more margin out of selling jewelry and stores, rather than scrap, which obviously takes a little bit longer to do that versus just being able to send it to the refinery immediately. But... | direct | [
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16167fa84211915dbb51b9d964a7e33d | OK. And then, I guess, just continuing with that a little bit, inventory is up around 4% just on the U.S. side alone, and you also kind of improved the aged inventory. Is that -- is there a higher mix of jewelry within that inventory? | There's not that big a difference in the mix. What I would say is it's the growth in the inventory, while it's up 4%, the loan balance was up 6% same-store. So I'd say those are actually relatively well in track and healthy relationship. The growth there is more in the younger categories.
We're trying to keep turning i... | direct | [
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4e95299665d69b3d75b4024aebf6382a | That makes sense. And then just one final question, I guess. I know, you're coming off of a very strong 1Q on the PLO balance on the U.S. side, but can you just kind of give us some color on, I guess, what the monthly cadence of the PLO balance looked like throughout the quarter? | We don't typically dive into monthly figures on that. I would say, the one bit of anomaly that we saw within the quarter was with the tax refund delay, it shifted the repayment of loans a little bit later in the quarter, which also then said the beginning of rebuilding the loan portfolio as we move back into the loan s... | intermediate | [
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c595073a2030a7c1295bef13ed5e30da | I want to drill down a little bit on the Latin America build out. It sounds like there's some pricing headwinds. Is that universal across Mexico, Central America, and into South America? Or is that primarily in Mexico? | Hi, Scott, the -- it's primarily in -- what we're seeing in Mexico. There are opportunities, but as I said, the vendor expectations at this stage are reasonably healthy for them, not so much for us. We haven't really looked at much in the way in Central or South America at all. Our focus has primarily been really into ... | direct | [
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59a1a866c9e5bdeca5a5a6e37fc249da | OK. That's helpful. And given the headwinds there, I mean, what's the pipeline for new store or organic store growth in Mexico? | Yes, so we've not only opened a number of stores this year, but also looking at relocations and remodels on some of those where we've seen a pretty healthy payback when we do those. More of those have been centered around acquired stores with GuatePrenda, and again, have pretty nice return. We have opened, I believe, n... | intermediate | [
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e1f2d017970eabb7b26663d614e35c3a | Great. And last one for me. Some of the recent store openings and acquired stores over the past 12 months, have you seen a slower path to accretion there, given the prices you paid or have the pricing -- the acquisition pricing issues become more recent of a problem? | The acquisition prices we're seeing at the moment, they've been around for a while. The most -- we've done a few small change, which have worked out reasonably well. The larger GuatePrenda chain, which we bought, their performance has been very, very strong and the returns on capital coming out of that are probably abo... | direct | [
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92d35099ce083441840b386df0b1f2d3 | I don't know if there's any additional color that you guys can give about the M&A pipeline in terms of where you're seeing the most opportunities and whether there are some larger opportunities, as well as kind of smaller ones? | Yes. So I would say it's extremely active right now. It's probably the busiest that we've seen it for quite some time. I think the opportunities that we're looking at play very much into the themes that we've discussed in the past. We've got a number of those kind of going on in parallel. The first is in the C4I domain... | intermediate | [
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f15d00b70d6ddd8b95069b808351d4fa | Maybe just on the program side, maybe one on a big one for you guys, just how do you think about the F-35? Seems clearly the DoD doesn't one to procure as many. I know that's been a big program for you. And then on the flipside, maybe new pursuits, sensor is what could be a very big radar program with Spadoc and Hypers... | So the answer is yes. So I think our position on the F-35 is pretty strong. We continue to win more content on the program over all, particularly in the RF domain where we won additional content for radar as well as this quarter we actually took additional share for RF, for EW applications. As I step back and kind of l... | direct | [
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5168c5b417afc46a63d0705acd9d3f75 | And then, are you guys on or working with Lockheed and Ratheon SENSR, the Spectrum Efficient National Surveillance Radar program, which could be the largest radar program ever? I mean are you guys working on that one? | So I'm not going to speak specifically to that, Mike. It's in the early stage and is obviously still competitive. But we do think that our technology suite, particularly given the very high performance, server class products that we brought out, and now with the rackmount rugged servers that we have with Themis and Ger... | fully_evasive | [
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7477f4acad13008df5b1572884625f39 | The question was about the impact of it on earnings, on the BEN portfolio, on GWG in general. Murray, can you give us a sense of that. | So, as I talked about earlier, our portfolio of life insurance policies is non-correlated, which means it's not affected at all by all the market turmoil and consequently, we do not expect any negative or positive impact on our portfolio as a result of the COVID-19. | intermediate | [
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9d6435ff0757feb7ae8b802e1a73e048 | A question from David who asks, how our staff members and the executive team and their families, doing. | Well, David. Thank you for asking that question. Everybody is good and healthy. We were very upfront with all of our actions and planning for dealing with this COVID virus situation and for the last, little over six weeks now, everybody has been operating from their homes, except for just a few staff members, such as I... | direct | [
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e7530e7ac1cf807f7e8e754aa8a2dc8c | A question from Philip. Since the bonds are not backed by any agency, what are the best points to access them other than saying there is an X amount of surplus in the company. | Sure, Philip. Thanks for that question. As all issuers of bonds, the investors in those bonds have to look to the enterprise and the enterprise value of the issuer and obviously bonds are investment today that are paid back in the future. And so, the future expectations of the issuer and the value of the issuer and the... | intermediate | [
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fe1afb95b80365c31f4eeb73eade9b5b | Another question from Nilosh who asks, what was the fiscal year 2019 IRR for the health of the PE positions in aggregate, outside of insurance, all the PE funds have reported 2019 results. | Sure, happy to. So, as we talked about, BEN doesn't own the underlying alternative assets. They have made loans to the ExAlt Plan, the ExAlt Plan owns the alternative assets. So, what we focus more on is not the returns to the ExAlt Plan from their holdings of the alternative assets, we look at the interest rates earne... | fully_evasive | [
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c3163c42f3f117e1251421ed2d0b7d6b | Will the interest rate remain at 8.5% on the seven year as stated on the schedule? | What they're talking about, in existing L Bonds, that certainly, it's going to stay at that 8.5% and then also for any L Bonds that are being sold right now, same answer. But, we're still at the 5.5% to 8.5% coupons and you'll note that in the amended S-1 that we just filed for an ExAlt bond offering we had the same ra... | direct | [
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9859db48d9cde83b109d0ad69b478e11 | [Foreign Speech] Okay. I'm Shelley Wang from Morgan Stanley. I have two questions. The first question is what is your outlook for the demand in the second half of 2021. And in particular, it has something to do with your business of auto loan facilitation. So that's why I asked this question. Also, in particular, I wou... | [Foreign Speech] So to answer your first question, so far, we see demand in the auto markets remain strong, but we have concerns about the supply side. We think that the pressure of insufficient supply will likely persist for some time to come. And also, there is this issue of chip shortage. And we think that the needs... | direct | [
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84efc7e55b3f0ebca6b02f43bf8ba7b8 | [Foreign Speech] This is Derek from Goldman. I have two short questions. First is about the car trading business. I would like to understand more about the margin. Generally speaking, how much is the cost of purchasing cars and how much is ASP, and what is the guidance for 2021? And the second question is about the aft... | [Foreign Speech] Thank you, Derek. So to answer your first question, we have different pricing strategies across car models and regions for our car trading transaction business. It really depends on the results of our research and also the judgment of our team. For us, it is more important to empower dealers by getting... | intermediate | [
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1e30c5ed2bff2c1df1e6a4dd6b8f021c | Question on the coronavirus. It would seem at least given the headlines that the impact would even be greater in the third quarter than the second, is that accurate from what you guys are seeing? And is there any way you can quantify financially what that impact was in the quarter? | Yeah, well, I would say this. We -- from a shift perspective, we probably saw a good $4 million, $5 million just that we were expecting in the quarter. We were expecting close to about $168 million or so million and that difference is largely attributable to just revenue that just did not come in as things slowed down ... | direct | [
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e9700079d1e78e0a2bd562e1c13883d3 | And I noticed on the positive side, the award since the beginning of the year, the ones at least that you guys put out a value on in your press release has increased over $50 million from about $35 million in the same period last year. And I was wondering what's behind that up tempo? Are you winning more than you norma... | I would say it's a little bit of both. We certainly see as Fred mentioned, long-term demand for our satellite products and our amplifier products, we think is certainly on a multi-year uptick and we think it's just not limited outside of what I call this temporary lull right now in -- because of the business conditions... | intermediate | [
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8fb070397e651848e8d13a9bbda91b5f | And the acquisition expenses you know, in the first quarter, you guys said, we're expecting about $2.4 million for the quarter and it came in at $6 million. Just wondering what happened there that they were significantly higher than what you had originally forecast? | Yeah, it was called Gilat. I mean at the end of the day, we didn't -- at the time we kind of gave an estimate for where we thought we were and obviously with a certain level of expenses we expected and as we got closer to getting to a deal, we turned up our due diligence and given the size of the acquisition that numbe... | direct | [
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fb355a230d8d1cc33bd020d17edf19c4 | Right, right. Okay. And do you expect any contribution from the CGC acquisition in the second half of 2020? Or can you size that? | Yeah, the business is certainly lower than $10 million a year on a run rate perspective. Obviously, we just closed on the acquisition. There is some timing involved. So I mean it's a few million dollars in our 2020 numbers, but most of that number, it was sort of a 2021 number as things go on the way. We're spending th... | direct | [
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16fe9e04e750e7a5ec3aa5c241447484 | The European Union has a mandate requiring population alerting by 2022. Do you benefit from that? | So we do sell some emergency awareness location services over in the European community. I would say it's not a material part of our business today, but we are seeing much more bid opportunity and proposal activity in that area. And obviously, we have some good news to report on the road, we will report it. But we do s... | direct | [
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57a784adaa391ad6fd4e40ea0f1e55e2 | How important is Telefonica to Heights growth? Is it the largest customer for Heights? | No, so it's just. I would describe Telefonica is a good customer of ours and certainly purchased products from us, but it's just one of several different mobile operators that will purchase Heights' products from us. So it's not, I would not describe it as a material driver to us, but it is certainly a good customer of... | direct | [
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6d633211d5a3c2f9403696c10aef7bd8 | The question I had was, as you look into your second half, Michael, you mentioned a bunch of positives. I mean of all the various initiatives that you're talking about and the significant recovery you're expecting in the back half and more the fourth quarter, can you maybe prioritize which of these, you have a lot of c... | Sure. I would say we have a lot of stuff in our backlog. Our backlog ending Q2 is $638 million. And so there is a good chunk of our Q3 and obviously less of that in Q4, but certainly our backlog is there if customers start opening up their facilities and allowing us to ship and they're willing to accept, that will cert... | intermediate | [
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ca0dbff6ab1d47ad188f88c760f5e611 | And then any guidance on cash flow for the year? | Yes, Asiya. We're thinking at the moment about $50 million that it reflects acquisition plan expenses as well that we're forecasting for the rest of the year. So just when you're looking at that number it's inclusive of that and it reflects our latest guidance. | direct | [
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c392c3c1a282793442bad63b840c7aa8 | I just had a question I guess on the acquisition of Gilat. Wanted to sort of get your idea when will you start to see some revenue additions from Gilat? | Sure. We are thinking at the moment, if all goes well is that we will likely close the transaction sometime in late June, maybe or early July of fiscal 2020. It's possible. It gets into August of our 2020, which would be the start of our fiscal year '21. So that's kind of the timeframe, is very late in Q4 of this year ... | direct | [
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2e18c8766f14a55d39c9d0a6ee2a7d26 | Okay, great. And then to follow up on that. Are you seeing any sort of delays because of the coronavirus with the integration there? | With the integration, no. I think it's -- I think it's fair to assume that Gilat's no different than any other company in the world and has been impacted by the coronavirus as well. But from an integration perspective, the lull in travel has actually been very helpful toward facilitating our planning and it's allowing ... | direct | [
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7b77444d8e5b73afe68ee1c0ef8166ed | Okay, great. I mean, when you say plenty of years of growth, I mean what -- what do you sort of referring to, how long? | It's many years. I mean, we think that the cellular backhaul growth -- as things get rolled out on 5G and Satellite becomes part of that ecosystem that's certainly four years, five years, 10 years worth of growth. Certainly, IFEC, you can't -- as I said, you can't run a piece of fiber to the plane. So, IFEC is going to... | intermediate | [
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1854edd028cbf21bb583f26983497837 | I just wonder if you could go through a little more on that CEV and that shift from -- to the higher percentage of earnings. Was that something that was temporary or is that something that is more structural or something else going on there? | Travis, this is Pat Migliaccio. For this year, we are seeing some increased direct sales both from the generation side as well as some projects came on a little earlier than we anticipated. The earnings contribution of 35% to 45% is really only for this year. You'll see in the materials today we provided long-term guid... | direct | [
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fa7285f3cc4ff68955d9ce0a5c59d537 | Okay, great. And then kind of similar, that $150 million green bond, are there restrictions around that or different terms and than a typical bond issue that you guys would do, just wonder if you could talk through that a little bit and even the decision to do that. | No restrictions other than other than the fact that must be used for green investment and we will have to get our auditors to review and make sure that, that's in compliance with the provisions in the private placement agreement. Other than that the coupon, the [Indecipherable] was similar to what we'd expect to get if... | direct | [
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3d18c9ce14e409531d742cd53dc4cf3e | Okay. And does this give you more firepower for lack of better word [phonetic] to build on the solar projects maybe up the capex in 2020-2021? | No Travis, this is part of our planned debt issuance for this year. | direct | [
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77d5812bb7cfa0cf4f1a00c8fe59f363 | I wanted to follow up on the cost side just a bit. And you didn't raise the guidance. In your prepared remarks you mentioned the longwall moves. You mentioned some inflationary pressures. But to what extent do you see the inflationary pressures kind of coming through today? And is that on the labor side? Is it on the r... | Thanks, Lucas. Well, when we look at guidance, as you know, it's something that we take very seriously. We like to be within a close range on our guidance and our forecast as we move forward. The one reason we didn't raise the guidance on many fronts cost or sales price or production. When we look at that today, there'... | intermediate | [
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08a87a0bd5d51030a038ad168482bc1c | Earlier in your prepared remarks you commented on your profile and how consistently you've been working toward continued advancement of your profile there. And I congratulate and commend you on all those efforts. I want to ask to what extent you think stakeholders be it on the bonding side, surety side financial market... | Yes. It's a very good question. And it is on the minds of many investors. It is an important issue. And at the end of the day we want to be responsible for our employees, the communities in which we work. So we will continue to work on the ESG part of our business. Our Corporate Sustainability Report that we posted lat... | intermediate | [
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a509254f8abd906487f73e40a42a0f74 | Mitesh, you spoke a fair bit about kind of reduce leverage in your prepared remarks. And could you share your thoughts on where you see kind of long-term optimum capital structure for this business, and especially in light of the prior comments just a moment ago? | Yes. Thank you, Lucas. And I'm sure you noticed that like even though sub two times is something that was important from a credit agreement perspective, I did mention that we still have some wood to chop here. So, we are not done yet. We'll continue to de-lever. I think it is really hard for me to answer right now what... | intermediate | [
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ccd5e1955b5849450ab730405f912b0f | Your Howard thanks for the details on New York City being up 34%. Can you maybe tell us what some of your best markets were actually off? Like if you mentioned South Florida, maybe maybe aspin just kind of directionally, like, how much more were they up? And then also, you know, just more on NYC as far as detail. Have ... | Yeah, as far as the different markets. South Florida was up I think and BK, correct me if I'm wrong up about 45 46%.But South Florida for the first quarter was up by 125% or 46,000,040 6 million. I'm sorry. Okay. Yeah. And then go ahead, grab me again.The Northeast region, which was the Hamptons was up 21 and a half mi... | intermediate | [
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070e9ca88ca27dfa9ef421da3cd9bc00 | And then on the on the Likud side. You know, I know, it's probably next to impossible to figure this out. But then you got to spend any studies on what like work from home is done to the business. Maybe what return to work with Due to business, and then on the mental side, you're clearly under indexing to the industry.... | Sure, in appreciate the question. So, you know, we haven't done any specific studies with respect to to work from home. And obviously, there's, you know, still a lot of uncertainty with regard to how the pandemic will, will shake out here over the course of this year. But obviously, last year was an extraordinary year ... | intermediate | [
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7abb1b1e8871fdc0c5b673f5748f9f71 | Talk on the the menthol FDA regulations. I mean, what what is the next step or the process? Or what's the timeline, though, that we should be looking at? Just in terms of the headlines for this? | Sure. Well, the the the news that came out was the the the FDA plan to come out with a proposal within within the next year or so. At that point in time, there's then the opportunity for comments. And, you know, based on on previous comments, I would imagine that there will be, you know, significant amounts of comments... | direct | [
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5135323d0083dafd1dd93268e8337df7 | And then same with tobacco. Well, what has been the impact on your sales in Colorado from the minimum price being implemented, while you guys leave legally challenged, what did you see in the first quarter? | Sure. So, you know, overall, in Colorado, the the industry was was down about 20% I mean, that that is skewed to some degree, because looking at this, this particular market, we did see some significant buyings and pantry loading throughout the course of December in anticipation of the the large state in state excise t... | direct | [
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06e9c63ab43ba6605fe075471732b617 | Is there any update in terms of where the legal process stands for Colorado? | Not really from the first quarter, here we go. We continue, we continue to challenge that law. The litigation is, is moving relatively slowly at this point in time. And we are, we're waiting to see with respect to the rulings on the defendants motion to dismiss at this point in time, but it's moving relatively slowly a... | direct | [
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052394d757555c29410e1021f2a2ac27 | And just on real estate, you guys had a an aggressive cost cutting program last year, as you look at the rates of increase in New York starting to come back, you know, what's, what's the thought process on perhaps some of those costs coming back? Can you operate at these kinds of levels with the infrastructure that you... | Well, we've already added back, you know, quite a bit of the of the costs, I think you only, I think were with as volume increases. And as we're doing more business. You know, I think the biggest increase in spend is on the marketing side. Because brokers are doing a lot more business, they have a lot more listings, th... | direct | [
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5214563500329698b5f7e10b0b421530 | I had two questions. The first one is you guys addressed menthol pretty well, but and I realized there was no, there was no movement on it. But there were headlines around the potential for low nicotine leaf implementation. I was wondering, you know, what your initial thoughts on those type of changes might be? | Sure how I mean, I think it's, it's really the same answer with respect to menthol. It's obviously you're right, there was no specific proposal put out there. And that's that that's really not surprising. So I think that this issue is even more complex and nuanced than the than the mental issue. And, you know, a lot of... | direct | [
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4f21b937276450d3286e07dd259c7f85 | You're on runway to have a pretty low leverage by the end of the year, lower than you've been historically for some time. So I was wondering if maybe you could give us an update on capital allocation thoughts or, you know, where where excess cash might go? As you move toward that, or if you change your lover's thoughts... | Yeah, great question. Hell, and you are absolutely correct. We are at the lowest levels we've been in many years. Looking at our leverage, we are out about on a secured basis. And this is that a gross about a 2.33 and a 3.86. On a total basis. If you look at the press release, even though, as far as going forward, we'r... | intermediate | [
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e594248cbf1664d64d2cb5d43f0ec241 | So one is on the tobacco business and others Just trying to understand, you know, some of the trends which are happening, your market share was down, which is one of the few times that will happen, I would say in the last few years, your theory of pricing is very strong. And that is despite Montego moving from 5% share... | Sure, you're absolutely correct, correct. Grow, we all in the, in the income places growth of the Vigo 20 grand, it was backing, you know, kind of the back half of 2018, that we started with that process and started taking more pricing on that brand. And we've been very pleased with the performance, the date. And in fa... | direct | [
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5dfa9c44250b6f1427296f9716d64b8a | And second is on some of these, you know, tobacco tax Equity Act and some of these proposals which are there which seek to equalize taxes across tobacco categories. Can you remind us? What was your performance? The last time tobacco taxes are increased? Because I guess one concern clearly is that because you're a disco... | No, I would say, fair question, I think what grab, I would remind you of the fact that obviously the you know, with the absolute price of cigarettes going up substantially with the with the last FET increase. I mean, there was significantly down from there was some significant down trading and made the discount segment... | intermediate | [
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8b24c242cc3d5ec9d638310f9ce5822e | And, you know, in terms of just the capital allocation priorities, you know, at times, I think are mentioned, next generation products, but right now, I think to his question, I think Brian made the comment around investing and property tax, and property and real estate, but did not make him tobacco. And, you know, all... | Sure, growth. I mean, I think that, you know, we, we always take an opportunistic approach. We're always looking at opportunities out there and in the marketplace. You know, we believe though at this point in time, that's not the right course for us. The you know, we believe there's still a lot of uncertainty with resp... | direct | [
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5c2c0ce960ccff1a75ad540b0a5e360f | Starting off on the water supply update, I'm curious if you can kind of frame levels versus where they were last year? Or just any other color to think about where we stand now in the rainy season through the, I guess, end of March end? | Sure. I'll begin that and ask Jim to comment as CCS fit then afterwards. But as we said, the rainy season really ends at the end of March, typically in this area. So it's far from over. If you were to compare kind of where we are this year to last year, our reservoir has about 25 million gallons less usable supply in i... | direct | [
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6a0ddee005b67cf550a043e3d86ef910 | Got it. And then just following up there, I think it was some $0.50 year-over-year hit quantified on the sort of the production side. Is there a way to unpack that for the usage or the supply versus what's baked into your rates, I guess, the normal level in rates versus actual 2020? | Yeah. Rich, this is Jim. So interestingly enough, 2019, we had over -- we were able to produce over 5.2 billion gallons out of the watershed. So it was a significant rain year in 2019. And that followed in 2020 by about $1.2 billion that we were able to produce out of the watershed. So to give you some perspective, eac... | direct | [
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5fcb568f91b4be689bc5a917f27a210e | Okay. I appreciate the color there. And then if I could just ask one more. The Connecticut rate case application, just curious, it seemed like in your release, you outlined there are a number of puts and takes to the rate impacts of that. But thinking about the sort of normal residential increase that was cited in your... | Yeah. I'll take that one, Jim. So that's a 19% increase for residential customers. I think the typical annual water rate -- annual rate for Connecticut customers in that $600 to $700 range. And again, this is the first general rate filing in 10-plus years. And so when you get that down, it's about $10.50 per month or $... | direct | [
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aa34559407aec2c6aeeb7dd6a9a916b0 | Hi, good morning, gentlemen. Hasan Doza with Water Asset Management. Thank you for the color on Texas. Would love to understand -- I know it's early, a little bit more details about your plant operations in Texas. As you know, we have all been reading about water treatment plans being off-line throughout the state. So,... | Sure. Thanks. Hasan, nice to talk to you, thanks for your interest. Yeah, you know what this is really quite an incredible situation in Texas. It's not uncommon. Of course, that's some cold snaps and even the ice storms, but sort of the combination of all these events and the, frankly, lack of any real warning in terms... | intermediate | [
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e20962da2585d7cc8bcd9d8f1377ccf8 | Got it. Thank you. The one remaining question I have, and wanted to get your thoughts is. How should we think about a need for equity in 2021? And the reason I ask is your filing two new rate cases and I recognize the California, you have a separate cost of capital versus the rate case. But typically, it's an optimal t... | Yeah. Hasan, this is Jim. So we always take a look at the -- we start by taking a look at where we are from our regulatory cap structures. And where we have committed to be with regards to our regulators across all four of the operating utilities and endeavor to maintain as close as possible that split between debt and... | intermediate | [
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343bb4ba06033bb45e3332b3a7c2a9c3 | Sorry about that. Just one question. With what's going on in Texas right now. Should we be anticipating essentially higher cost this quarter as a result of emergency actions? | Well, like I said to the earlier question, Michael, I don't think that there will be material higher costs, but there will be higher costs. We've got people working on over time, fixing leaks and the like. But that's our smallest utility, 20,000 connections there, about $50 million in rate base, so compared to the tota... | direct | [
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e8da038975c9f4a419ba182bee9e6597 | Not too bad, just trying to stay warm, not as dire of a situation as Texas we're a little more, I guess equipped for it, you could say. So that's good, at least. But kind of curious when we look at what changed between early November when you reiterated the $1.95 to $2.05 guidance at the end of the year, the allowed re... | Well, it's a great question. It's really due to two things. One, it wasn't just California, but it was across our service territories, where we did experience drier weather. We saw that in Connecticut, in the Northeast as well as Texas and California, we had a longer fall, if you will, and we're able to experience dry ... | direct | [
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f3e35aa8e27e90b227a552b9ebd8f779 | Okay. Great. And then shifting to California, the cost of capital extension request, where do things stand? Have there been any developments beyond, I guess, the consumer advocate filing that statement and opposition of the request, I guess, from our standpoint, seemingly the recent rise in rates, maybe helps to some d... | Jonathan, there's been not a peep. We have nothing new to add, but we certainly would expect to hear shortly, with that one May time line out in front of us there. So I'm sure we're going to find out pretty shortly. | intermediate | [
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7ffcb117d059a83851aaa0e32fbe5367 | Okay. I appreciate that, Jim. I think that might have been on that one slide. Then, I guess, in terms of the GRC in California, is the $100 million AMI project, is that included in the GRC's $435 million capex request? Or where does that AMI request stand? Because I was thinking maybe a decision by the end of '20 was e... | Yeah. My understanding is right now, that project is still -- we're still kind of discussing that with the advocates in California. That's not included in the ask for the capex at this point. We're not exactly sure where that project is going to land. We think that likely it will be an advice letter project. | direct | [
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37c8dbad5a5583557e5c47bc83b5fd40 | Okay. So that could still be outside of your budget. Would you say it's in that $1 billion five year or it's even incremental to that? | I would include it in that. I think we are anticipating that is in that amount. | direct | [
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26959f62fb909574aa2e401e411e64cf | Okay. And then sticking with the GRC, what level of surface water supply does your request look to establish? | I believe I'd have to get back to you on that, Jonathan. I'm not going to speculate, but we were looking for a decrease from what was in the prior rate case because of our most recent experience that we've had coming out of the water shed up there. I just don't know at this point what that decrease was.
And we'll get ... | intermediate | [
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4e6b91fec11ad39790d90f5fe6c78403 | Great. And then may be leaning Eric on your Connecticut experience a little bit, what's been the early feedback to that rate case filing, in particular, that request for the 50 basis points ROE premium? | The case is really just getting started. I know the team, I spoke with our President there this past week more in Westbrook, and we've just begun to get some interrogatories. So, there really isn't any color I can add to the commentary here. We feel really good about the case and the overwhelming weight of it being in ... | intermediate | [
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44a4f5a699477144deb1a5059b9d1311 | Okay. And that 50 basis points premium, I guess there is precedent going back to like an Aquarion case in like 2017, is that right? | Yes, that's correct. I don't know if it's 2017, but I do know that Aquarion benefited from that with purchase of a number of small systems in the state of Connecticut. | direct | [
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9eb610ec3a1eb9b84016d10a00699ef7 | Okay. And then lastly, remind us how the allowed ROE ratio is determined in Connecticut. Is it based on your actual equity ratio for the sub? Or is it just more of a point estimate that pure deems kind of appropriate? | It's based on at the sub level. And the last rate case, there was there was some controversy from -- at least from our perspective in terms of how short-term debt was calculated. I recall that we had some short-term debt there, and it was actually looked at as equity as opposed to debt. And so, we want to make sure we ... | direct | [
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a817fa072780fd84c91032b603eade46 | Okay. And I mean, I guess, when you go through your earnings test there, it is predicated on what is approved in the rate case, if you said it was 45.7% or whatever. And then, I guess, it's up to you to manage the sub where you want in respect to that. | Yeah. In the years that have followed, of course, the Company has invested $266 million in new rate base, not including all the pipeline work that's been recovered through WECA. So -- but when they look at your annual earnings, there's a -- I think that they use current equity at that time, but that's subject to check. | intermediate | [
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4c0396793e808b3e94eae28ba17a9d0d | Yes, thanks for taking my question and elaborating on the status for all the different carriers. In your comments, you did mention that you were pretty optimistic that you're going to see a nice bump back to growth in the fourth quarter, any visibility you could provide into what's going on in terms of the marketing ca... | Actually it's a combination of both T-Mobile and the efforts going on at AT&T. So it's not a single carrier driven event. I would say that we are working closely with both carriers, there are some strong plans in place and we believe they will be successful. As I said in my prepared remarks, the result already on ongoi... | intermediate | [
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79546eee1beb66cff64ee1b2459f6e3b | And then last question. So I think kind of hit on the topline and the opportunities there. On the opex side, so the company is going into cost reduction mode, now that most of the development work is done. Could you kind of just elaborate a little bit on the timing? I think you said like $3 million or something by mid ... | Yes. Again in my prepared comments, everything is in excess of $3 million off of the opex run rate that we have for Q2. And it would be fully in effect we believe by the end of Q1, 2023. | direct | [
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7c4859013c370ca0ac923f596bf30336 | Got it. Thank you. And then last question, just as it was mentioned in the press release. I think you've talked about the three US carriers a lot, but you did also kind of hit on Tier 1 operators in Europe as well, any updates on that front? | There's a lot of that activity as soon as we have something done, we will be -- we will raise to the market as you know, but nothing we can talk about today. | fully_evasive | [
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5372f2a5a8b87768f82a1a3529cd7cae | Hey, this is Kevin on for Eric. Thanks for taking my question. Kind of piggybacking off Josh's question. I know these Tier 1 guys have big marketing push in the second half.
Could you kind of help us to better understand the timing around that as that kind of a maybe a Black Friday thing. And then overall, maybe just ... | It's a great question. But I'm not sure how I can answer it. It really is a question you should be asking to carrier, but let me try to give some color. I would say that our approach to marketing for SafePath going forward is a multifaceted approach.
In other words, we wanted to see activity in the stores, in the care... | fully_evasive | [
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d0b39ae81284cae29059403d6ba3adce | Thank you. Good afternoon. In times past you've talked about the carriers in Q4 focusing on subscriber additions rather than signing customers up for new services. So just wondering if you could talk about that dynamic relative to the AT&T launch, as well as getting more aggressive with T-Mobile in Q4? | That's a good question, Jim. And I will say this, that the primary focus of the carriers, especially at the retail point is focused on customer acquisition and the selling of new plants and new handsets. That said, we still believe that there is a lot of work that can be done now on selling value-added services like wh... | intermediate | [
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507d564917f5bd0a24587ae80d41bdad | OK, thank you. And secondly on -- you talked a lot about migrating the technology all to one platform. But you still have separate marketing and revenue contracts with the carriers, do those need to be renegotiated as well as part of that technology migration, or is that completely separate discussion? | These are conversations that are on ongoing with all of our customers. As we start to move forward and as we have now expanded out some of our service offerings, like all the added marketing service for best practices and things like that, there is an opportunity to look for additional revenue growth there as well. Thi... | intermediate | [
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ca99980af4ff4cd2e10db9b13f54b5f0 | OK. And my last one. Jim, can you clarify what you said about CommSuite revenues? I thought you said that they go to zero in Q4, but don't you still have Boost revenues from CommSuite? | No, I was speaking specifically about the legacy Sprint, T-Mobile revenue stream. So based on where we saw the run rates, especially coming out of June. We're expecting that to ramp down in Q3 and be very nominal if anything in Q4, just -- that's specific to the T-Mobile, Sprint revenue stream. The DISH side, we feel t... | direct | [
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80578f57f713abe7e616f0e68793f2e7 | Hey, good afternoon and thanks for taking my questions. Hey, maybe Jim just to quickly follow up on Jim's question. As it relates to comp suite. So, T-Mobile and Sprint coming out of the equation, but how big was that in the second quarter. Just help us calibrate what that baseline number is. I thought we were kind of ... | OK. I'm going to answer it this way, Scott, in terms of what we saw is the exit run rate in June for this legacy, Sprint, T-Mobile was under $100,000. So that gives you a pretty good sense of the decline that we were seeing coming out of the quarter. And again, we expect that to be down to nothing or next to nothing by... | direct | [
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d10e925b15ff7fcc25dafb84badf1e67 | Got you. Perfect. And if I could, I'm not sure if I missed this, but in terms of a little bit of a pickup into the fourth quarter, did you give any idea as to the magnitude of how you expect that to pick up in terms of SafePath revenues as we go from September to December. | I will try to talk about that more as we get closer to the fourth quarter. | fully_evasive | [
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e2a40aad25c3630401ff45ce55c7c7fd | Hi, everybody. Good morning. Few questions on the tax business. Maybe, first, just what kind of impact as the late start to the season had on your marketing efforts, both in terms of effectiveness and cost? | So, a delay in the start of the season, ultimately, shifts the demand curve in some way, right. Consumers actually get keyed in on that start date, and that's one of the periods were demand ramps up. And so, you would expect for us and others in the industry, right, some of the top of the funnel activities early in the... | intermediate | [
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6b5c6f764e691c61bac92b1716eed4bd | Okay. Got it. And then as you think through the low-single digit revenue growth target for the current tax season, just help us think through the tailwinds and headwinds to that number in your view, Chris? I would think there are tailwinds around the refined marketing approach, the new assisted offering, and what's a p... | So, the primary tailwinds are the historic market growth that has existed, right. This consistent shift over many years, which has been in the mid-single digit, and last year, it was more pronounced in terms of the shift from prepare -- tax preparers to online offerings. And so, that's clearly a tailwind. We've also go... | direct | [
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99a8456b18a537986f264b906d4b64da | Okay. Got it. And lastly, I just wanted to get your thoughts on partnerships in the tax business especially, any kind of opportunities around white label deals, just given the Square-Credit Karma deal and the broader movement of financial services toward one-stop shop platforms? I would think that digital wallets, as t... | So, it does present opportunity in the medium- to long-term. We have worked on partnerships this year more extensively than we have in the past, but not to the extent -- the full extent of what you described, right. Our primary focus on partnerships has really been around traffic driving partnerships from brands that c... | intermediate | [
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3aa35a879809103aa612ef8fb00dd8ca | Great. Thanks. Good morning. Just a follow-up, Chris. Look, we've seen some pretty aggressive ads out there now, some interesting places, by the way. So, kind of two part question. One, it's taken a long time -- I think you've seen this from the beginning to get the feature set, the offering set out there. And it was a... | Sure. So, in terms of the messaging that we extensively research anything that we actually put out there to ensure that the messages that we're conveying are ultimately the ones that consumers -- and really specific consumers that we're reaching with those marketing platforms are ultimately going to be most responsive ... | intermediate | [
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8c046043d876de57d70021808ad5905c | Got it. That's helpful. And if I could just sneak one in on the Wealth Management side. Just in terms of your color, I just want to sort of aggregate some of the comments you made. I know people like to focus on the attrition number, even though it's sort of some becoming less relevant, I just want to make sure I under... | Yeah. We have a number of things that we're excited about this year that are going to continue to improve the advisor experience. That said, it's normal in our business to actually have some advisor churn. And that typically is at the lowest performing end of the spectrum. We expect that to continue this year. And ulti... | direct | [
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2e96c7ed265f56aae34491e7142da691 | Drew, what are you assuming for 2021 in terms of any lingering headwinds or tailwinds from the pandemic? I think you had previously given us some insight into trends with trials and conversion rates. How do you see that playing out? And importantly, how do you think it will net out this year? More of a headwind or more... | Yes. So thanks, Mark, for the question. So as we shared last year, we had a surge in demand during the onset of the pandemic, elevated trial starts, things like that, which was mostly isolated to the first half. I mean, engagement broadly has been up, and then we think more broadly or in -- for this year and beyond tha... | direct | [
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25a1b9e340f80c0d8dc46ef6a41f6713 | Tim, as a follow-up, when we dissect Q4, you arrive at this level of revenue growth through roughly 8% growth in paying users and 4% growth in ARPU. And I know you're trying to deemphasize too much scrutiny on that. But I'm just wondering at a high level. How do you envision that balance when we look across the multiye... | Sure. Thanks for the question, Mark. And as you know, we do focus on ARR as our primary metric. We don't optimize for a given lever between paying users and ARPU, as overly focusing on one or the other may not best reflect our strategy.
And while we don't formally guide to paying users, I did provide some additional c... | intermediate | [
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fdca172791c5630bab79582f1eac5960 | I wanted to ask one on the go-to-market motion. Was there any benefit from the branding campaign? I remember you guys initiated it at the end of Q3. So did that have any positive impact if any? And more specifically on the go-to-market motion, would these changes mean that you're less focused on teams users in the futu... | Sure. I can take this. I mean, for context, we did have a brand campaign in Q4 highlighting Dropbox as a solution for teams at work and for businesses. And they campaigned them well, basically to our expectations, and we continue to invest in marketing to drive awareness and to drive all elements of the funnel and have... | direct | [
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c320db17ba4062345f7e5abb7292f2f7 | On the NNP side, what do you see in terms of like SMB spend? Can we expect some type of normalization in '21? So will that be kind of a tailwind to net new paid users? | It's a great question. And I think I would have to just point back to the commentary that I gave to Mark on what we expect from an NNPU perspective and then just look to our revenue guidance for how this should all play out as far as SMB.
And we saw a lot of stability with SMBs in general, while the macro environment ... | intermediate | [
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004ee8927b2028d5317b7b0eadb9290f | Drew, I want to ask about free user conversion and the levers that you have there, right? I mean, look, we obviously saw a slowdown in the number of net new users added this year, at least relative to the last couple of years in what I would have thought would be a pretty decent demand environment for Dropbox, right, g... | Sure. I mean, we still see a lot of headroom with free users, and we have continuously been improving our ability to convert free users. And as you pointed out, we have a number of levers to drive conversion. So I mean, we start with customer value, just building a great product experience, adding more.
So when you lo... | intermediate | [
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da6f4b6a74b4b1f4660a302417afab1c | And then a question on Spaces. So what are you seeing users do in Spaces that they weren't doing with the platform before it became available in private beta? And I guess as outsiders to the organization, like what should we be paying attention to that says the Spaces strategy is working? | Sure. Well, Spaces is pretty early in its evolution. Last year, we decided to evolve it into a stand-alone experience. And we'd started experimenting in this area with the new desktop app, so adding more collaborative features and shared folders and things like that.
And what we realize is that there's enough room for... | intermediate | [
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7fd8175dfba5eb959f9e3d87de89c5e8 | I wanted to start by going to a comment made during prepared remarks, Drew, which was about M&A as a potential opportunity. I know you've made some smaller acquisitions in the past, mostly technological. But can you give us a sense, if you were to consider inorganic, where would those adjacencies that make the most sen... | Sure. Well, M&A has been an important lever to help us grow the business across the whole spectrum, from adding talent to the team, accelerating our product road map, and adding new businesses like HelloSign. So I think HelloSign is a great example of where that's worked well. So we're always on the lookout for these o... | intermediate | [
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8c1ba7e6c99b53cb7eca508ac1b48b49 | And then just continuing down the path on HelloSign, could you give us a sense -- you did talk about how HelloSign ARR growth has been strong this year. Maybe can you talk a little bit more specifically about what you've seen in terms of the demand environment for HelloSign, how you're thinking about that business goin... | Sure. Well, we're really excited about HelloSign. It's the fastest-growing product in the company. We saw strong growth in revenue in paid seats and signature requests last year.
And I think the pandemic really accelerated the adoption of e-signature as a category. And so we've made big investments in accelerating Hel... | intermediate | [
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728d5c3eabdafb8c7b6976ec9bc30559 | Can you talk about the expectation built in around the mix of personal versus business accounts? And the ability to drive up sales? | Sure. I'll give you an update on the teams and individual mix with where the mix between teams and individuals has remained relatively consistent. On a revenue basis, our individual revenue mix grew in 2020 as a result of the Plus pricing initiative. Of course, that said, we continue to see progress in our teams plan, ... | intermediate | [
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ac433c801232255f1b8177a83b6f200e | And what's the best way to think about ARR growth expectations going forward for the net new customers or upselling plans and higher ARPU? | I think the best way to think about it is to look again to our revenue guidance, maybe just specifically on ARR, we, of course, crossed an important threshold in Q4, passing over $2 billion in ARR and finishing the year at $2.022 billion. And of course, this is the primary metric we look at, but we don't specifically g... | intermediate | [
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05b67c9e15ffeed89dc13dd6689480ec | I was hoping to dig in a little bit more on the net revenue retention rate. You guys gave, I believe, a value of 90% around the time of IPO and update of 95% at the analyst day in 2019, I believe. Can you give us an update on what that is for the overall business, as well as for the customers that are on business plan? | Sure. So we don't update this metric quarterly. Again, our revenue guidance factors in the latest trends. I can tell you that, at a high level, net revenue retention now is in the low 90s, in line with historical levels, where pricing increase do drive some ebbs and flows.
And as you know, we've worked through the Plu... | intermediate | [
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4fe46be916eaa532b87735c5f6d85575 | So it sounds like it's declined a couple of percentage points since your last update of 95%. Is that due to an uptick in churn from one particular segment? Or is it kind of a deceleration expansion from the business side? | It has much more to do with pricing where we've worked through that pricing increase, and now we're back to our historical levels absent pricing changes. | direct | [
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3c4a4328f1addcc9f95669f3090f2d66 | I believe last time I looked in the K, 90% of revenue was through self-service channels. Has that changed materially over the last year? | No, that has stayed consistent. | direct | [
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4cfb98c78ec9d60f54174add8f71cfaf | Could you please characterize the current near-term demand environment for your vehicles? These are obviously unusual times. I think back in Q1, you had indicated record backlog, I guess, at the beginning of this past quarter. I haven't seen any specific comments about new orders or backlog in the release today. So can... | Demand is not a problem, definitely not. We do have some production supply chain challenges we're trying to slow right now. For example, the Model Y, we're body casting, obviously, because it's new technology. It's been tricky to maintain rates and keep growing the rate for Model Y casting, which is -- it's a two-piece... | direct | [
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4d48c491674db4c29c2c339f3272dcb3 | I was wondering if you could just give a little bit more color on how the pipeline looks right now. And maybe you can just remind us how much is left between Seritage and Brookfield? And could there be more of these kind of outparcel agreements that are initiated this year? | There are significant properties with Brookfield, with Seritage, with Washington Prime, etc. But we also have a robust pipeline with other -- with one-off deals in other portfolios, and a significant mix of non-restaurant as well, so making a ton of progress. We don't give specific pipeline numbers. But as I said, we'v... | intermediate | [
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2965157a4fa13f71f2939ba170981a2a | But, I guess, my question is how much is left on the agreements that you guys have announced in the past, because I think... | Nate, yeah, it's about $45 million as of the end of the year. Of deals that we've announced, but not yet closed. | direct | [
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840873512489f9d9acca8c02d848bd34 | So, on the JV, it sounded like things are progressing quite quickly. I was just curious how you expect the amount that was initially disclosed, like when could we expect that that would get deployed versus kind of your initial expectations. Are things progressing quicker than you initially thought or... | Yeah. I think we're making a ton of progress. As I said, Lubert-Adler really brings a lot to the table, and we made really good progress. Lots of properties to look at, it really is a matter of pricing. A lot of sellers are holding on to pricing that would only be appropriate if you were a user. So we think that will c... | intermediate | [
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bd702b570e883f521dff427448486c70 | Bill, I was wondering if you could give us a little more detail on the ground lease transactions. It appears that 40 out of 100 properties were ground leases. Are those all mall outparceled? | Yeah. And Sheila, great question. I think we said about 45% were ground leases. Many of the other that aren't ground leases have very low rents, so share a lot of the attributes to ground lease. Yeah. The shopping center and mall outparcels are very often ground leases. And it's a lot of work for a small amount of doll... | intermediate | [
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"fully_evasive"
] | B |
382afacb440bbe51ea1a9fc512c786b6 | And because you have to do the extra work of often like outlining the parcel, or whatever the terminology is, do you limit the competition because it requires a lot more effort on your part? | Yeah. Indeed, and in fact, we've now had a handful of deals that other of our public competitors have signed up to do. They've dropped out after they realized how much work is to complete these deals. And we've taken them on. So, again, lots of work, credit to Jim Brat, our Chief Transaction Officer for being super org... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
22eb89b09752cc510dc39c769604744d | I guess, just following on Sheila's question. I guess, as you think about doing some of these transactions with small operators and other shopping center owners, just like what's their continued motivation to do these deals? I mean, your yield seem to be pretty strong. The credit seems to be pretty strong. How are they... | I think they're attracted by the proceeds. And the relative valuation of outparcels versus malls, which malls used to have very high values. Now they don't. So the outparcel is accretive to the overall valuation. So -- and again, proceeds to retire debt to have cash to fund redevelopment. In Seritage's case, it's havin... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
98b4f6eb67df6acd4f888d79572b1975 | And as you're looking at the pipeline, outside of the deals, that are teed-up and were put in place previously, do you think you'd be able to keep yields in the same range you've been running them? | I think it's a great question. It wouldn't surprise me if yields come down slightly, but I would also just point out, the cost of debt has declined very, very significantly over time as well. So the relative yields, we would expect to stay relatively flat. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1a9660b03c4d2879d8b5d49ae2306970 | And then the tenant expansion, you've talked about that a bit. Can you talk about just, what your conversations are like on that front, where the real estate solution comes into play? And just how quickly that's going to play rolling things? | Yeah. I think there's a handful of different routes there. One is simply where rents were super, super low, 1%, 2% rent sales. We increased the rents and gave them proceeds, but still kept rents in 3% to 4% rent sales, just super safe. And then in other cases, it was remodeled capital. And I think over a long period of... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ef7f2d08fb3fd1324e1a4b581e9fe444 | And then just last detail question, the joint venture, is your $20 million commitment, was that all funded already, or do you put that in as you go? | As you go. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1ccfeb6a57795b90af24fba68f958d25 | The 98.7% collect excluding the abated rent, what types of tenants are those? Is there any commonality there by operator or concept? Is it -- what's the commonality there? | Well, I'd start with plus 68% being Darden and then a good chunk then being Brinker. So that -- those two gets you approaching -- excuse me, approaching 80%. But basically everyone's paid the few exceptions are really one-off, there's not a commonality. One was a brand that had credit issues and closed down an entire r... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
fdfdac288896d295f19d0fb1263d5908 | Okay. All right. Perfect. And then from the -- you guys are basically essentially fully occupied, the assets or assets that -- the couple of assets that you have that are not occupied at this moment. How is the releasing of those going? Are they more likely at this point to be sales? You still think that keep them and ... | Sure. Well, we had one empty building that we already sold. We actually sold it for a gain. So it was sort of more advantageous for us to sell it and book the gain and to go through the effort of releasing it. We have one building that we will definitely release. We're in advanced discussions with one of our existing l... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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