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4cf8b746b3d4a935a6a46b9a142530d5 | Gerry, when you guys raised the dividend, how close to minimum repay out were you before that increase? | Not close. We're very comfortably over the minimum. Even without the increase. | direct | [
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d4b066c1360d4f186b24f4eae942bb04 | I guess, building on some of the earlier conversations around out-lots. I mean, what's kind of the expectation maybe for new out-lots transactions next year? I mean, how deep is that potential transaction-based, just even you're probably not turning over a lot of new leads on that front, maybe what gets other landlords... | It's a great question. I mean, it's not infinite, obviously. But I think what we've found is every time we thought we were done with our outparcel strategy, we found another counterparty or additional properties with our current counterparties. Seritage as an example is active and leasing, and we are doing our best to ... | direct | [
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54516d2c6f4ad4418ac8878c04c235d0 | And then maybe on the other side of the kind of investment platform, there has been some conversation around M&A activity on a QSR side in terms of operators that might create some sale leaseback opportunities. Is that something you think FCPT can play in or do you think pricing maybe would be too rich, even on larger ... | Yeah. The big one obviously for 2021 will be the convenience store transactions driven by M&A. And so, we look at everything. We see all the deals, it really comes down to pricing. And we have some competitors who -- private competitors who will use 80% financing or structured ABS financing. And I think the values that... | direct | [
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a3606544095ab88904f489d0cde350cf | And then, the next one I have is, do you guys expect to continue funding acquisitions to the higher percentage of new equity going forward in 2021 as well? | It's a great question. We try to be price sensitive when we raise equity. And so, it really depends on our stock price, which I can't predict. But we had some interest in our stock price in December and prices that we thought made some sense. And so, we were active again, very price dependent, and we modulate given our... | intermediate | [
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d6837fecc04a257ced038265604544ab | Kristen, I think you just said that you expect transaction growth year-on-year in the fourth quarter. I just want to clarify that. And can you also just talk about the linearity that you're seeing that would put you at about 57,000, I believe, for the fourth quarter? So what's the linearity that you're seeing across yo... | Sure. Thanks, Ross. So yes, you are correct. We are expecting year-over-year transaction growth of about 20%. And as indicated in our guidance, we have seen -- we are starting to see a return to more normal seasonality following quite a different 2020 as a result of COVID. We started to see a little bit of that return ... | intermediate | [
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952fc4d67e5b20d35b98a05ec3a96886 | So how do you incentivize your agents to push your Title and Escrow and mortgage versus alternatives given kind of rest rules? And then secondly, there's obviously been numerous technical factors that have weighed on the stock. As you get past the lockup, the earnings lag out, I mean, the stock cannot get more support.... | Yes. So I'll answer the first question. I'll let Kristen answer the second. Yes. So of course, there are rest of rules that we follow and the entire industry follows, where you can't economically incentivize an agent for referring title and mortgage to their clients or any other product or service that's required at th... | intermediate | [
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1dcd291011067e2a7963de80e34d784e | You noted that your October market share was tracking well above what you saw in Q3. Can you quantify how much above? And was your share in October tracking above or below the 6.2% you saw in the second quarter? | The -- I think just taking it to back first, I just want to reiterate that the Q3 market share sequential is not a decline over Q2, is not part of any long-term trend. As Kristen mentioned, in October, it was up from that Q3 level. We don't share those month-to-month numbers, but it was meaningfully up. Also, I think i... | fully_evasive | [
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efba7d78af0ae7c7491d4ccc6595c415 | Does it get easier to hire agents if the market slows? Just philosophically, maybe talk about that. Thanks. | Yes. No. It absolutely does. It's one of the benefits of a slowing market. When things are incredibly busy, agents don't have the time to have a conversation. They're too busy with their clients, which, of course, is their priority. So they don't have time to learn about Compass and to see what we can provide with our ... | direct | [
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dec4dcaa54dce8fb3b9c46e215cea478 | So for my initial question, last quarter, you had talked about the supply chain challenges that were holding back your ability to fully ramp the Grand Prairie, Texas fulfillment center. So can you clarify, are you 100% fully ramped now? | Tom, it's David. Great question. Yes, we have a great supply chain team, and we're very proud of what we've accomplished over the last three months. I think every retailer is feeling the impact. Right now, our Texas facility is operating at full outbound capacity, but it's not full. We're about 60% full. So props to th... | direct | [
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39d6540b4c07d9c0bf151b9b9a14bd06 | And then for my follow-up question, I wanted to ask you the one that I thought would be most interesting over the next 12 months. So there's a lot of press about the chip shortages for new cars. When we think about the negative impact that could have on new car manufacturing and then the assumption that that's going to... | Yes. I think it's definitely a tailwind for us. And as the fleet gets older and people are maintaining and keeping their vehicles longer, it's definitely a tailwind for us. And I think it's going to go beyond 12 months. I think it's going to be a tailwind for a long time to go because we've been selling a lot of new ca... | direct | [
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35ac41f571fa2398cab906159f567362 | Last quarter, you talked about an initiative, your mobile mechanic, which I believe is in beta. Can you give us an update on that? And then what signs it would take for you to expand the effort out of beta? | Yes. We're constantly looking and we're analyzing every interaction we have with our customers. We want to make sure that we do it the right way and with the right partners. So we're going to keep it on beta at least until the end of the year and then start expanding it from there. | intermediate | [
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73d1d61226bd7ef58f5cf7ccc545ccda | If you look at the rev number for the quarter and your comments about 50% capacity on the last call, like is it sort of fair to assume about $25 million of sales came from Texas in the quarter? | Darren, it's David. Yes, it's safe to assume that. Last year, the network was running at full capacity, and revenue capacity is about $120 million. So all that incremental sales came from the additional DC, which is obviously why we're very excited about expanding it even more and taking the space next door. | direct | [
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15dab8e463ff1cf26659afbb6f19cebd | So you kind of took the words out of my mouth for my second question. But I'm just curious if you had full capacity, like what are you seeing? I mean, obviously, there's demand. But what are you seeing specifically that's causing you to expand so quickly? And then as a derivative, I know in the past, you guys have talk... | Yes. It's a great question. Obviously, we're very happy about the last three DCs and how they turned out. I think all three exceeded expectations and got to full capacity very quickly. We accomplished pretty much everything we wanted. It's kind of a two for one. You're closer to the customer, and you can hold more inve... | intermediate | [
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94bbff15b5155f1c9615b31128e0eab7 | And then I guess my last one, you guys made some commentary about improvement in search. Can you just talk about like in the life cycle since you've kind of added the data science team and invested into that, like when you look at the user interface and product of the website, like where are areas of improvement that y... | Yes. I think it's going to be everywhere is the answer. We're constantly trying to get customers to the right part. That's one of our pillars. And so the experience is going to continuously evolve to make sure that the customers can find the right parts for their vehicle. It's a little bit easier in collision than it i... | intermediate | [
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ab79fcd68fcac070daab779cd17dde34 | Hey, guys. Scot Ciccarelli. I guess I had a follow-up on the inventory as well. It seems like a couple of months ago, you guys were very concerned about inventory flow. And I guess I'm trying to reconcile your 65% top line growth with the inventory constraints you kind of intimated at a couple of months ago. So I guess... | Scot, it's David. Great question. I think it's a combination of everything. Again, we have a great team and the team that comes from the sourcing, the logistics, the forecasting, selecting the containers, leveraging our relationships with ocean carriers, overseas vendors, as well as domestic vendors, so prioritizing wh... | direct | [
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8582f991b9e65a765a97b72c4eccb9ca | Got it. And then so how quickly -- maybe one of the other follow-ups then, David, is how quickly can you adjust your inventory orders? I mean, because we do know that the whole supply chain jumped back up, right? So how quickly can you adjust those orders as your AI systems are able to identify kind of where you're see... | Yes. We adjust in semi-real time. So we place buys throughout the week and weekly. Now the lead times are longer in our industry. So on the replacement parts, it's usually three, four months; on mechanical, sometimes longer. But we do have some great relationships with premium brands. We're able to source domestically.... | direct | [
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8de4cbcd87d726017efe37f921cd4e8e | Got it. And then finally, like how much of a contributor was mechanical parts in the quarter? I know that's at least a future initiative. But I'm just wondering how material it might have been in the quarter. | Yes. So for Q1, and remember, it's not particularly the season for mechanical parts, but it's about 23% of our sales for Q1. So if you look at the nonperformance and accessories piece of our business, it was bigger than historically. And again, over time, we're trying to get that mix closer to 50-50. Right now, it's ab... | direct | [
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0a8367ca949e85e40fc56f5a523be574 | Nice quarter. Curious how you view the difference and, I guess, focus internally on driving more website traffic versus improving inventory selection and really conversion on that. Do you think you need more eyeballs on the website or just more inventory and better conversion? | I think it's both, right? It never hurts to have more traffic, and you're always optimizing for conversion and average order value. We're doing a lot of things around selling the job, making sure that the customer can buy tools that they need in order to do the job, if they need two of something that we're selling them... | direct | [
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da0c5e72cf828ef32a22c890df77ce1d | Then as far as seasonality goes, normally stronger in the first half, just the industry. You guys -- inventory is getting bigger. You're filling capacity. I guess, do you think you can more than offset industry seasonality this year on a revenue basis and grow throughout the year? | Yes. I think -- again, I think first half is definitely the strongest for us, just like it is for the rest of the industry. But it's mostly because of Q4. So if you look at our last year, we pretty much have flat revenues all the way through, so Q2, Q3 and Q4. So we kind of expect to be selling at capacity the whole ti... | direct | [
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22f1aa2f129b017e1fd8f7e779b48f77 | Great. One more for me. We've seen pretty nice acceleration across the industry, AutoZone, O'Reilly, many of the brick-and-mortar big-box stores with stimulus checks, reopening, etc. Have you guys seen any change in your business more recently, March, April, even into May here, kind of, as those have seen an accelerati... | Yes. I think -- so great question. I think we feel really good about Q2. If you look at the current business, we have more inventory. We have more capacity, both inbound and outbound. You look at inventory on the balance sheet, it was $98 million, which is the highest in company history, that, combined with the expansi... | intermediate | [
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f3d3376f6d0e85ce9a4684c5f47b76eb | Hey, I just want to start out just talking big picture on kind of the promotional environment. You know, it seems like it's gained steam kind of around the holidays and Black Friday. It doesn't seem like you guys have followed suit. Is that correct? And then it sounds like, you know, you're maybe open a little bit more... | Yeah, it's a good question, I think. You know, so far, yes. The answer is we haven't -- you know, we haven't participated to the level of some of our competitors. I think we're taking a little bit as we kind of -- as I said in some of the prepared remarks where, you know, we're kind of taking more of a longer-term appr... | direct | [
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543ff835d6351fd26fa58ecc9bf68d0a | OK. And it looks like just as we look near term, and I know you don't and haven't given kind of quarterly guidance, but, you know, given we saw, you know, some handguns, nine millimeters being sold by peers at $200 or so at retail, you know, plus rebates, I would expect you're not expecting any significant volume growt... | Yeah, I think Deana kind of gave some comment -- some color to that in her prepared remarks around the, you know, the percentages of unit volume that we expect for the first half versus the second half. And so, you know, I think we're kind of holding to that. I think you can get to where you need to be based on some of... | intermediate | [
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61e58e1f4d41fa12a509681fffbf6edc | Within your inventory build at the end of the quarter, can you speak to maybe how much of that was new product if you had some new products that were launching kind of, you know, at the end of the quarter? | Not a lot of it. Our new product, just the timing of it, we usually load into the channel prior to the actual consumer launch so that it's available at retail once we start talking about it. So, you'll note that we launched the -- you know, those new products were right at the beginning of November. So, we had really l... | direct | [
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44c4964399c9840a9c3a780b328664dd | OK. And then as you just discussed Q4, the April quarter may be seeing a little bigger build in shipments. Is that primarily due to continued new product launches and getting that product into distributors' and retailers' hands? | Yeah. Yes. Our second half will continue. You saw the cadence kind of pick up. And, you know, we almost had kind of one new product launch every month since September and right at the end of October, beginning of September, one at the beginning of October and -- sorry, end of October, beginning of November. And then on... | direct | [
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2827a6c6973befd2f8342a4f20f6d323 | OK. And I might be digging in a little bit here just into your plans on launches, but a lot of your products that you have launched recently have been at the mid to higher end of maybe ASPs and price points. Should we expect that going forward or is there a chance that you come out with more of your lower-end introduct... | Yeah, I think you're you are digging a little bit there, but I'll give you a little bit of color. It's -- you know, as I said earlier, I mean, we're managing the business for the long term, and we do believe that the Smith & Wesson brand and, you know, and our reputation does allow us to kind of, you know, play in that... | direct | [
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f396d4e6a1e3b26b78debe24793ab052 | OK. The next one, just kind of shifting a little bit. Can you just give any more updates on relocation as far as timing and costs and anything? You know, is it still going according to plan or have we seen anything shift? | No. Yeah, that's -- appreciate the question. Everything is going very well. And yes, according to plan, on a timing basis. As we talked about in previous calls, you know, despite the inflationary impacts and, you know, across the economy, it is a little bit toward the north end of our range of what we expected. But we ... | direct | [
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ba6ef9498675c5b2226f8e0e637f44c2 | OK. And then another kind of big picture question, just, you know, cash -- the balance sheet has changed a fair amount. We've seen the inventory come up, cash position comes down, still debt free. But just looking at the expectation that you'll still have some negative free cash flow here this next quarter, has anythin... | I'll let Deana get into the detail in a second. But just generally from capital allocation, nothing has changed in terms of our priorities. I think we said right from the get-go, you know, three years ago when we were talking about the spend that our capital allocation priorities would be reinvestment back in our busin... | direct | [
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d98fd5c9c11374391dcbf3c602ba09ed | OK. And then the last one for me, just big picture again, regulatory environment. We've seen, you know, the first kind of piece of legislation or change here in a long time. Can you just give an update on where you guys stand and any recent legislation nationwide, not state by state, any change that that had on your bu... | Yeah, we -- as we always kind of answered this question, Mark, we make lawful products and we abide by all the laws and whether it's local, state, or federal. And we will always continue to do that. You know, it's one of the things we pride ourselves on is, you know, compliance with regulations and running an ethical b... | intermediate | [
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3f57ea753acb59559e526bfc2ca18fc5 | Hi. Good afternoon. Thanks for taking my question. You know, you guys launched the M&P 12, the shotgun, about a year ago. And about a year -- now that we're about a year into it, Mark, I wonder if you could just go through your thoughts on the category. You know, have a lot just gone a year into it and, you know, I'm g... | Sure. Thanks for the question, Rommel. Yeah, the long gun category and the -- and shotguns, in general, you know, yes. You know, it's going to -- there is some opportunity for us, some whitespace for us in the company. The M&P 12 that we launched was, you know, really more addressed toward a little bit of a niche in th... | intermediate | [
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df3f54f7df86b3520aedf2b62efa2616 | You know, I guess when it comes to Q1, you missed the consensus estimates by a decent amount. But you're kind of reaffirming the guidance at the low end of the guidance, which kind of implies that the rest of the year is going to play out the way you thought, even though it sounds like these cost initiatives won't help... | Yes, Kevin. So Q1 was really dominated by two seasonal impacts that totaled about $60 million of pressure on OI. One relates to treatment days. There were two fewer treatment days during the quarter. And the second -- and that's about half the impact. And the second one is about the seasonal patterns related to coinsur... | direct | [
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bbeacc2bb3f1d8f89979727a63c4c52d | I guess maybe the way to ask the question is, did Q1 come in the way that you thought it would? Because those two are seasonal things that you would have known. Is it just the Street didn't model those things correctly? Is that what you're saying? Or -- | I'd say that's the bigger piece, but Q1 was behind where we expected, and it was mostly around volume. Mortality was higher than we expected. And while we don't -- we're not changing our view on mortality for the full year, it came in earlier than expected, and the mistreatment rate was higher than expected. Q1 is typi... | direct | [
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a4a79f9cd927854b09ff76dbe7877196 | OK. And then, I guess to the point about the rate opportunity over the next few years to offset these costs, how is the commercial environment? I mean, you guys have talked about relatively low net rate updates historically, and so that leaves me wondering whether you feel like you really do have the bargaining power w... | Yes, Kevin, this is Javier. Thanks for the question. The short answer is it's too early to tell because, as we've told you, we are comprehensively contracted, and most of our contracts are multiyear. So on any given year, you probably have only 15% to 20% or so being negotiated, and so it's a little early to tell. As i... | intermediate | [
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e8ca0c69f4182c2e172b7763c6974438 | Maybe just last question. I guess the RPT has been aided by the shift into MA. I guess where do you think we are in that shift? I guess we all have the baseball analogy. What inning are we in there? Do you expect to get similar type lifts in '23 or '24? Or are we largely getting to the steady state here? | Yes. I don't know what inning we're in, but I think the biggest jump has happened, we went from obviously being subpar in the market to being roughly at market. We continue to see our new patients selecting MA at a higher rate than Medicare, and so we think that it will just continue to be more incremental but slightly... | intermediate | [
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dd82156e95b7a750fd3ae7429173bf74 | Maybe we can stay on revenue per treatment for a minute. So you said that the seasonality around copays and stuff hurt you by about $30 million. That's a little over $4 a treatment. So revenue per premium would have been up sequentially about 1%. Given what Medicare rate is doing, plus MA, plus you said commercial mix ... | No, Justin, there's nothing that you're missing. I think if you look at the -- I think you called out the right things, and they roughly balance out. There are a few other little things, as there always is a little bit of variability, but there's nothing else to the story. | direct | [
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0a9ccc3601b67d86c9acb505969f7037 | Remind me, what was Medicare rate again year over year? | It's in the high ones, somewhere in the 1.7% to 1.9% range. | direct | [
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5627e71777644b123889fe1dc1d55b52 | Right. So that alone would have gotten you -- my math is a little fuzzy, but it would have gotten you a little over 1% alone. Plus, you said commercial mix got better, so that would have gotten your $4 back. The commercial mix is better, you said. So can you give us that number? And then, so what did commercial mix do ... | Yes. So I think the government rate number, you're a little high on. There's some Medicare bad debt you have to take into account there. There's some mix changes within government. There's flu shots. There's -- so there's a bit of noise in there, which is, I think, preventing you from getting your numbers to tick and t... | fully_evasive | [
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7adaab06a73580d516dba417fb504e16 | OK. Can you tell me what Medicare Advantage and commercial mix did fourth quarter to the first quarter? | MA mix came out at just under 45% for the quarter, and commercial mix was 10.5%, just under 10.5% for the quarter. | direct | [
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81b560e187bab04cd3651a775e6172e7 | And what were those numbers in 4Q? | Hold on one second. MA mix was 39% and commercial was 10.38%. Sorry, I gave you a bad number. Q4 on MA was 42%. | direct | [
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d3d0321f3e7d54bd8377b481b9ea37bb | OK. Then you said 2Q is going to rebound after Q1 had some -- a couple of seasonality issues. Are you seeing rebound to like fourth -- we just want to try to get consensus and models in line with what you're thinking at least. So is that going to be kind of in line with the fourth quarter? When you say rebound, is it g... | Yes. I'm really reluctant to start giving quarterly guidance, so I'm going to stay away from that question. | fully_evasive | [
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2a4c3c2370a29a29c8b93e460b8dc4e9 | OK. Then you'd given us a number on wages. I think it was $100 million to $125 million that you had put incremental to typical in the OI guide. Do you want to give us an updated number there? | Yes. I think we're now thinking about the high end of the range for that. Q1 came in about 6% up year over year. And you can, I think, model that on a base of about $3.5 billion, and we're now looking probably somewhere just below 6%. We're now looking somewhere around 6%, maybe a smidge above that for the full year, b... | direct | [
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6302f12d09fda522bed86dafa25c04a8 | OK. And then just lastly, the -- a lot of us kind of looked at the hospital rates that came out, and we're scratching our heads as to why there -- some of this labor pressure and inflation in general didn't seem to be reflected. I know you guys spend a lot of time talking to CMS. When -- your rates, I don't think have ... | Yes. So look, I think the '22 number was higher than normal, and I don't know that we have a whole lot of insight more than you do about why, but I'd say inflation is probably a good assumption. We're not going to see the preliminary rate for 2023 until late June, early July. But remember, Justin, the formula is not as... | direct | [
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41c8b5477c5ad4a638c3eb40a842988f | That's the issue. OK. That's what I was trying to get a little smarter on, Javi. I appreciate that. So you're saying that what Medicare is building in, in terms of whatever inflationary pressure there is on wages or whatever inflation is happening on wages is coming from two years ago. So their '23 rate is based on '21... | That's our understanding, Justin. | direct | [
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56d42ea3ba86da62ee772ac9ea69438a | Guys, thanks for taking my questions. Going back on the first quarter treatments, I understand the increase in mortality, increase in the mistreatments seasonality. Previously, you guided sort of 2022 treatments to be growing to 1% to 1.5%. I guess any changes to that assumption? And then, can you sort of quantify the ... | Yes. So we are thinking the year-over-year treatment growth will be down relative to the kind of 0.5% to 1% that we had talked about in the past, and I'd say somewhere closer to zero is a better way to model it now. We did see a dramatic decline over the course of the quarter. So this is from memory, but the numbers we... | direct | [
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fd14787dbea508a3db923657752433a0 | So I mean, could you give us just any range with what you guys see on your treatments or where it's tracking? I guess, in April, sequentially, is this -- should we be growing 50 basis points from 1Q to 2Q? I mean, there's more treatment days, but then you also had the excess mortality if they're not in that round. So I... | Yes. So I -- first of all, I'd focus on modeling treatments per day because you'll just get a cleaner number with the number of treatment days. I think I'm comfortable saying it's going to go up. It's -- I'm not sure I'm ready to quantify it yet. | intermediate | [
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d97ec3b0e7b50b080719533d03e80990 | OK. And Justin's question on revenue per treatment. I guess there's a lot of moving parts with mix and copays, etc. Normally, from 1Q to 2Q, we add in sort of $5, $6 from the first quarter, I guess, around 367 for 2Q revenue per treatment. Is that the right way of thinking about it? | I think your number is right for a normal year. I would remember that we are getting about $17 million of sequestration suspense dollars in Q1. That number gets cut in half for Q2. So we'll lose, call it, $8 million or $9 million of revenue as a result of that. So that will cost us a little bit more than $1 of treatmen... | direct | [
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9649747fc62b4e0cef3014322cdf24e0 | OK. So sort of 366 is the right way of thinking about in 2Q? | I think that's a good starting point, yes. | direct | [
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88acda991aea9cedb2204ace042680c6 | OK. And then, last question here. On the IPF Group, did you guys get the true-ups from your managed care partners for 2021? Just curious if you could give us some color on sort of how this patients did in '21 versus your expectations. Any color on the cadence of losses of the patients you had joined you in the first qu... | Yes. So first, on the 2021 true-ups, they'll come much later in the year. We haven't really seen much on that, so we've got no reason to believe anything is significantly different. In terms of the IKC losses, they're down a little bit in Q1. I think we got some payments in Q4 of last year that -- but it's really mostl... | intermediate | [
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a10376240a15d0cef31db12fbed7bd9c | OK. When do you get the true-ups from your managed care partners for last year? | It varies in different partners, but I would expect most of them will be in the back half of the year. Remember, there's -- you've got to let the claims run out for quite a while until you really know what the numbers are. | direct | [
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7a9dacb37a047d1b3be56403d6a65e65 | Got it. And then just last confirmation. Your guidance is for the low end of the range for 2022, but you're still maintaining the $240 million to $400 million. So that mean that we should be -- have our '23 models around 1875 for '23? | Yes. So I build the $250 million to $400 million off of the new number we gave you. So I mean, I'm just doing the math in my head. I think you're in the right ZIP code with the 1875. | direct | [
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8d41a02ccc4cef9e474cdc811400139c | So I don't want to get sort of bogged down on the current quarter, because I don't â- that's not really all that consequential, but I do want to talk about investments in iGaming and Sports Betting. And I heard your commentary, should we be thinking about that as something that is investment spending so that revenues a... | I think with respect to online similar, my recollection when we started Twin Spires, it's going to be in the investment stage until the market settles down until it â- until there's some clarity and until the investments have been made. So particularly in the online space where your expense with respect to recruiting a... | intermediate | [
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9b10bb7bb36d8600c7addab708bdc998 | And I agree with you that the hotel racino project to Churchill Downs is among the most exciting for the company and I appreciate the detail that you've provided. I think many of us are trying to assign some value to it and trying to figure out how we might model something like this for the future. So two questions, on... | On the first question, there are two questions there. On the first question, which is how to think about the expected return of a capital investment. I would say two points in response to that and I have to be general because of the construct that we're in. First, I would say in general, we've identified to the market ... | direct | [
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1ab2918e89b4d932018fb6e74136ca85 | Got it. And then my last question is primarily around Illinois, where there again there is a number of exciting opportunities that we are challenged to figure out the timing of. And how can we think about rivers and the prospects that it could start to earn off some of these opportunities, say within the next 12 to 15 ... | Well, we have the same challenges internally here the issue isn't really our behavior. It's the fact that we have regulated businesses, and we don't control or even really influence the timing of regulatory change or regulatory process. So we can make it hard for us to predict to how to think about when changes occur i... | intermediate | [
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33aa3ab50cf5e7f45c2293ddd00fe628 | I wanted to ask about the Kentucky HRM facilities in particular Oak Grove, are there any characteristics of that market, you'll launch basically in the summer, as you suggested with the machines and obviously the analog is comparing them against Derby City and I was wondering if there are any characteristics of that ma... | Sure. I would say the way to think about it is to look at the size of the population of that region Nashville, Clarksville, etc. So look at the wealth profile of the population in the demographics in terms of age, but then also to factor in the driving distance. So when we think about the Derby movable market for Derby... | direct | [
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3a169539b75e931a6179f387fa6b8da1 | OK, fair enough. Thank you. I wanted to ask you also a couple of questions. In terms of the online business, certainly the side that you're ramping in start-up mode Sports Betting and iCasino.
But I wanted to ask you, maybe just a strategic question on how you think about using your existing scale with Twin Spires and... | Thanks, Joe. That's a good question. This is Bill Mudd. I think going back to Bill's comments, first of all, on New Jersey.
We did enter that space we were one of the last ones in. I think the only way do we took last year on football is on the Super Bowl and then we rolled into the NBA and we didn't have the ability ... | intermediate | [
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20abac0a172845f004eb46c4fc1565f6 | Just to clarify, I mean, you to inspires is offered in Pennsylvania and Indiana currently correct or at least historically that is? | There we are absolutely in Pennsylvania we're absolutely in Indiana and we're in Illinois. | direct | [
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6771ab08098e9c7c9555baf1cb120dea | And if I can squeeze one additional question sorry to hug the mic here, but the traffic delta is that you're seeing at least, I know it's early, but maybe Mississippi is the most representative example rate with respect to your Sports book, or your retail offering there that you talked about this, or at least reference... | Yeah, the short answer is, absolutely. It has been sustainable. We finally have eclipsed kind of a year-over-year basis, we can see it now. The second thing I would say to that though is every sport â- there is sporting seasons, obviously the NFL behaves a little differently the baseball versus NBA.
So it is a little ... | direct | [
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6d70bb74429a5ce4bd1d3d297d4dd971 | To the first one, not to be dead horse here, but another one on online wagering obviously there's a lot of competition here and there is a lot of promotion going on in New Jersey, but it's how do you think about the balance of growing this business versus the profitability there and I know obviously in the infancy stag... | Sure. So, Dan, I'll take that one. Yeah, there is seasonality in online wagering in our country football is the biggest driver. So generally, just like in horse racing.
You want to look at a calendar and figure out when the best time in the best opportunities are to acquire customers so football season is an excellent... | direct | [
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bd791d8ea6c1d7530a2d7b5842bf9d04 | Got it. Understood, thanks for that. And then just as you think in terms of your projects, there is a lot going on in Kentucky certainly, and I think there were some press reports that you guys were authorized for additional HRMs above the amount. And I think you initially had said you plan to build at both Turfway Par... | We're -- we start conservatively. So we want to be very comfortable. Based on the demographic information that we have and our experience with HRMs machines, we always want to be very careful when we start that that we're confident the market will support the number of machines. So we tend to go conservative and then h... | direct | [
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3f67c59bb38c606dfba5c2e591c3670a | Question one, you revised the forecast. And could you share with us the plus factors and minus factors for the revision factors? And then that you have reduced from 100,000 units because of the semiconductor shortage. It is a big impact. However, even after the recovery of the supply, you still have to reduce the numbe... | Thank you. So question one, with regards to the revision of the forecast, the plus or minus factors and then the 100,000 units down due to the semiconductor shortage and how long would that continue? Will the impact continue? So the revision of the forecast, we have the impact due to COVID-19 and also semiconductor sup... | direct | [
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786c2ee6c0ca2f660dd6fe178d6ddc7e | You talked about the impact of the semiconductor short supply, and you said that you will not be able to quote any numbers as to the impact. But you believe that you have factored in the impact into your sales and operating profit estimate and also about free cash flow. Compared to the same period last year, you say th... | Yes. In regards to your first question, yes, it is factored in. So about cash flow, please? This is Takeuchi. I'd like to talk about the cash flow. Well, until last fiscal year, we were seeing that the free cash flow had a positive impact. But this fiscal year, in the first quarter, due to COVID-19, because of the unit... | intermediate | [
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8b8ba843ad9ef5b8d66793890cb574c8 | So semiconductor business again, 100,000 units from January to March reduction of that much in the period. Is that right? And also the forecast, would that impact on the production amount? For instance, how many units have to be reduced in the production because of that? And you said that you have less of 100,000 units... | So the semiconductor businesses, that is the reduction applied in the fourth quarter, January to March. And in terms of the units, production number, production volume is hit harder. And the semiconductor affected related to the Fit and in Japan and the Civic for the U.S. market. And those are the well-selling popular ... | intermediate | [
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915358ae128f12d69f99ebd924a93b9e | My name is Mr. Dori, Nikkan Jidosha, Daily Automotive News. Yes, well, I think you didn't answer the previous question. But in regards to this downward revision of 100,000 units, does this lead to a reduction in production? And also the shortage of semiconductors based on this, are you planning to review or change your... | Thank you very much. Well, in regards to your first question about this impact of 100,000 units and whether this will impact production, whether there will be a decline in production? And also, based on this shortage, does Honda plan to review its procurement strategy? These are the two questions. Yes, about the impact... | intermediate | [
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5de470c1e6e30becdd744f2b80684373 | May I ask in English, please? Thank you for taking my questions. I have two questions. One is about the earthquake anniversary. It's the tenth anniversary of the earthquake, the Tohoku earthquake next month? What lessons did Honda learn about supply chain management from that disaster? And how are you applying those le... | As I said, with regard to the supply chain, in the earthquakes in Tohoku, and we of course have experiences flat in Mexico. Various disasters we have experienced. And then in order to make the stable supplies including other countries, we always try to get supplies from several suppliers. And of course, we need to cons... | intermediate | [
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e618e297213f450e5b1e7bf5bcd6f9fd | Taboi from NHK. Thank you. A very detailed question, but on Page 13. About the increase in the investment profit. And also you talked about the increase in profit in China. Can you explain about what are talking about when you say profit increase in China on Page 13? On Page 13, it talks about the current profit. And h... | Well, in China, we have two production companies in China and these joint venture companies. The profit, this is based on the equity method. I talked about thethree companies in Japan. But what I'm talking about is the two joint venture companies that we have in China. And we have assessed this, and it is incorporated ... | direct | [
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ea24a77d05cc962885de36a1d1522206 | GG Press, Hirano. Thank you very much. You talked about profit forecast that is higher. You provided -- you said that cost reduction effect and the SG&A reduction are both reflecting on that. And could you specify what sort of efforts in place for that? And to end, the reasons for the provision this time, the reduced S... | So 100 billion yen profit added, that's the provision. And of course, had a -- said that negatively impacted by the semiconductor short supply included. And in the third quarter, because of the COVID-19 of course there was some restraints on the activities of businesses. Then in different regions, we've worked on the S... | intermediate | [
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07c8d671453266b03b8789986c28829d | Thank you. Well, Honda in China or last year, in Europe and Japan, EV were sold. So what is your reaction to that? And also about your future EV strategy. Is there anything new that you can disclose to us? And another. Well, recently, there is some report that you are talking to Apple car production. So have you been a... | Your first question was about our EV strategy. We've already launched the battery EVs in China, Europe, Japan. So what is our reaction to the EV that's already in the market and also our future EV strategy and about Apple car production, has Honda been approached? Climate and sustainable development, sustainable societ... | intermediate | [
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838b1952cf12b6f5d1517b5ec752338b | Yokoyama from [Inaudible] Thank you. Two questions. As for the semiconductor supply shortage, including the supply chain perspective, what is the reasons for that program? And you said that that is going to be resolved, and it will not cause impact on the next fiscal year. Is that right? And in the end of the year, the... | So the -- speaking of the semiconductor shortage, what is the cause of that including the implication in the supply chain and impact on the next fiscal year, so both. And then the -- in the Japanese market, the government is now saying the electric vehicles, 100% achieved by 2035. And the idea of the mini cash and EV. ... | intermediate | [
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ccf31cad352551b2ec8f4983249610c6 | I'd like to try to get some more color on the drivers of the success of the Oracle Cloud ERP solution. Can you give us some more sense of how much of Oracle Fusion ERP is from new Oracle ERP customers? How much is international versus the U.S.? How much is large enterprise? Where's the sweet spot? Any color you can giv... | The -- this is Larry. There are more new customers than upgrades from on-premise ERP with Oracle Fusion. So it's probably about 60-40 or in the 60s -- 40 -- it's probably not quite two to one new customers.
But most of the -- a majority of the business is coming from new customers. We're also upgrading our install base... | intermediate | [
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6cf529f7bf2edbb4c127f50807154076 | I wanted to dig in a little bit on the infrastructure side of the equation, and in particular, OCI. Another quarter of at least 103% growth in OCI consumption. Can you dig in a little bit on sort of what are the workloads that are being done on OCI? Is this just all Oracle database workloads? We know there's a lot of t... | OK. I mean, it's really easy to remember. About half of this database happened, then it's everything else. So I mean, everything else -- I mean, the database, you understand.
They're lifting and shifting existing database workloads and developing new Oracle database workloads on OCI. The other thing varies from things ... | direct | [
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1a20e1d94f0d2c50c2a4257494325357 | Safra, in the past, you've talked about the potential revenue opportunity for the app space if you were to migrate everybody to SaaS. So I wanted to ask about the database side, and in particular, Exadata. Can you give us a sense of what the revenue potential or uplift could be if you shifted all Exadata customers to C... | OK, let me get it started, and then Larry can finish. So, Derrick, I'm glad you asked because when customers moved from running their own dozen or hundred Exadata, when it's time for a refresh or a new set, we prefer that they go to Cloud@Customer and -- or have a dedicated region. However, just so that you know since ... | intermediate | [
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f117b4f47b52b01c6e5a34c1f42b0f93 | I was wondering, Safra, could you just talk about sort of the performance in Europe this quarter? It looks like it bounced back nicely. And I guess along those same lines, can you just talk about cloud adoption on service [Technical difficulty] just maybe what you're seeing in the -- I assume you guys is probably leadi... | Sure. So first of all, I have two new leaders in Europe, Middle East, Africa. I have a very refreshed and new and really successful management team in Europe, and they are pretty much firing on all cylinders. It is extremely broad throughout Europe, Middle East, you know, all of EMEA.
[Audio gap] to tell you incredible... | intermediate | [
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65be0c27b47503dfe68fb5e6f090f0d7 | Safra, the one thing that was interesting that we didn't really talk that much about is your RPO and RPO growth. Can you talk about it again because like the growth there is actually even better than I see on the revenue line. And that to me suggests that this wasn't just Q4, it looks like things are coming together, b... | Yes, Raimo. You were so right. Q4 -- but really, it's just coming together all around. The RPO, I'm glad [Audio gap] really, really strong bookings are -- were truly enormous.
Obviously, they don't show up in the income statement right away, but they -- you know, the future is just so positive. And you might have heard... | intermediate | [
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09f9678266bed047a279305c9341c46b | So I have a question on Workers' comp exposure, so obviously you had a few states that have put out some presumption of compensability for first-line -- for front line workers and first responders. How much of your book is potentially exposed to something like that? | Bob, this is Jeff. Thanks for that question. We have looked at our Workers' comp exposures, particularly in light of medical type of exposure and we do ensure a modest amount of medical facilities; such as urgent care centers, family practices in rural areas. Most of those are smaller in comparison with some of what yo... | intermediate | [
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1f7a2501ecf3c754195fc55d217835d5 | And in regards to your agents, probably two questions about your agents. So what is their ability to write new business, if they're predominantly working from home? And two, have they given you an idea, even just the beginning of an idea of how their customers are faring? Like are they seeing a lot of the customers shu... | Bob, this is Kevin. On the first question, the agents' ability to write new business in working in this remote setting. I think, that the majority of our agents, if not all of them at this point are well prepared to write new business and are really looking for the opportunity to do that. The bigger question is the sec... | intermediate | [
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7b69d45642c57596aeb735224e01207a | How has your, kind of, a policy retention been in the commercial lines? I'm assuming you have a lot of these main street businesses and stuff. Have they been pretty quick to renew? Is that fair statement? | Policy retention right now is very good on both personal lines and commercial lines. And again, what does that look like in three to six months from now, Bob, I don't know. But currently, we've got the majority of our businesses are renewing their policies, the majority are paying their premiums, and it really comes do... | direct | [
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c4ee2bfc62b9ea1cd48acf88f4490cf6 | First, now that there have been four quarters of non-renewals personal lines in the seven states that we've been talking about. Are you envisioning the rate of premium declines in that segment to improve going forward?
And second, with regard to Work comp and the softness in the pricing that you articulated in that li... | So Doug, let me talk briefly about the personal lines piece and I'll ask Jeff also to comment, particularly on the Workers comp side. For personal lines, that is the plan as you have noted. With the seven states now that is completed, we have taken over the past year some modest rate increases as it relates to personal... | intermediate | [
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63f6a2b9b2efc267d2a024eede5699dd | Okay and you think you're reserving for it. I know in the past, Jeff, you've mentioned adding more -- a higher level of reserves to the line relative to the premium growth, just to protect the company for the future, because that line, in particular, can have some unwelcome surprises. And it sounds like you continue to... | We did. And as you can imagine, with our smaller businesses, many of them not being up and running in operations. Currently, let's take a look at what we do for the second quarter in terms of reserving. But certainly, we are expecting that we will see the reserves increase at a higher rate than premiums in this current... | direct | [
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5f98dc722a0de9a6946fa6571328621c | Regarding the technology initiatives, how was COVID-19 and people working from home. Has that delayed or made any change to the plans with regard to the rollout and the phases that you all put together such a detailed plan around. So what's been the impact on that, that you're envisioning? | Well, we did have to take a 30-day pause, if you will, when travel restrictions started to be implemented, of course, with some of the external vendors that we use and rely on as well. And so it did create about a 30-day pause on what we call Project Nautilus, which is that modernization of our legacy systems. Happy to... | direct | [
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fdc7f93522b58ffa52d8c60bc9248d02 | Thanks, one big picture question for Kevin. I'm trying to get a handle on what insurance agents are actually looking for as we go through the crisis? | What insurance agents are looking for? Well, first and foremost, they are anxiously awaiting to see from an economic standpoint, when the various states, because it vary state-by-state in terms of opens up the economy. Georgia is a good example, as we know, Georgia has been opened up somewhat in the last week, and so w... | direct | [
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a35c0a2949136ea64aec2189dedfc94c | Are you changing the -- your new money investment allocation to maybe reduce investment risk even more, because of all the other risks that are emerging currently? | Well, as you know, Meyer, we have a very conservative approach to our investment portfolio with a very modest allocation to equity securities, which, of course, served us well in the past 30-days or so. We are not making any significant changes, although we have been building liquidity and if you've looked at our balan... | direct | [
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5acf2406a496adc1aca8c1aa441e1270 | First, let me say congratulations on the strong Q4 metrics, amazing to see positive comps there especially given the backdrop. As we're thinking about the port delays in inventory. I know your inventory is down a little bit on a comp basis. But I think you said about 20% of your receipts are impacted by the delays in a... | It's pretty hard right now Jeff to quantify whether it's a Q1 impact or a Q2 impact. But I'm sure it's going to touch both quarters. Yes, it's shifting. It's shifting as we go. And it really is a moving target. So it's really hard to get any kind of visibility. The brands are having just as difficult of time of getting... | intermediate | [
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2ca44ae73827a5b594e90050c4459d07 | Ok. And then I just wanted to know, I know this is also really hard to predict, but just thinking about the e-com business given the comparisons. And I think you're about 30% e-com penetration in Q4 or low 30s. How do we think about or how are you -- I know you can't predict about? How are you thinking about where your... | I think, we -- as you know, we have a pretty underdeveloped e-com business going in pre-pandemic and we've created a lot of positive momentum in building that business, and I don't think it's totally just because the stores were closed. I think a lot of it was, we saw growth in areas that out of areas of the state that... | direct | [
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bcb657c67733567be6c4de54e935c54f | If I could squeeze in one more. You put up a really strong operating margin of around 8% for Q4. I think and I'm just wondering how you're thinking about that within the context of things. I know that last year obviously, there were some unusual things around expenses. But I guess what I'm getting at is, do you think 8... | Over time, we expect to continue to improve the operating margin performance of this business. Each quarter is a little bit different under normal circumstances or if you look back at the history of Q1, it's the smallest revenue quarter that puts a lot more pressure on cost and leverage points on cost during the first ... | direct | [
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24aaed8100503972ece6640259af5e9f | Hey, guys. Good afternoon. Thanks for the preliminary commentary as well on I guess February. I wanted to get things for how we should think about transaction values and any color you can provide on sort of how comparison maybe on a two-year stack going forward in 1Q versus kind of more normal plans in 1Q 2019, maybe d... | Yeah, I don't have any two-year stacks for any of that information. Thus far, in the first quarter compared to last year, which would have been the last pre-pandemic weeks at this stage. Traffics been down 28%. The conversion rate has increased by high single-digit percentage and average transaction value has been up l... | intermediate | [
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b184c967f5bf1debffaf288bd022ddde | Got it. That's helpful, Mike. And then just on the strong gross margins from this last quarter. It seems like you called out marked-down activity relatively low. How sustainable do you think that is heading into kind of more of reopening or maybe you're competing a bit more for traffic over the next several months? Can... | Yeah, this is one of those things, it's a question mark in the current environment, right? Depending on how close store performance is relative to pre-pandemic levels. What the mix-e-com is and then further complicated by this port delay situation that we're dealing with. That is also unpredictable of what exactly is t... | intermediate | [
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e625e621fcfd983855c4881aa749434e | Got it. Ok. The last one, this really quickly. You mentioned a bit of distribution deleverage and it looks like probably mostly just e-com mix. But anything one time in the quarter to call out just in terms of like maybe excess cost in terms of outbound shipments for challenges around partial careers that kind of cause... | It's primarily the mix of e-com. I mean if you look back at the last several quarters of our performance the very same things have been the same impacts whether you're looking at the buying distribution occupancy buckets or you're looking at the SG&A bucket. It's been the same key things that are primary drivers of mov... | direct | [
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88576cd2e821ff8e8469b6ed3a7d01c2 | Yeah, thanks for taking my question. Mike, I think you said on the quarter occupancy dollars were down. I feel like that's been the trend. Can you give us some sense of how you expect that line item flow in 2021 from a dollar standpoint? | It will continue to be reduced because of all of the negotiations that we have completed. The specific impact from quarter-to-quarter is really going to move somewhat depending on where comps land out. So I can't get terribly more specific than that not knowing exactly how stores versus e-com are going to shake out. Bu... | intermediate | [
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5aad82d80c8a8163e187ad9fbf0da1b3 | Ok. And hard goods. I think you said penetration was 2% in the quarter. Can you maybe speak to how you expect that to ramp through the year and is that largely incremental? I imagine there's some floor space being pulled from other areas. But do you feel like that's more incremental than not? And again kind of where th... | It's largely incremental, But -- and I don't expect it to ramp up to bigger, too much bigger numbers. Other than the fact that we're going to expand it into a lot more stores. So in the spring. So that -- so far, the initial test we've done in stores has been good, and we'll continue to build it from there. But I would... | intermediate | [
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3fc25c8e9e0ebfb74e6843f936036f6f | Ok. And then I guess lastly, there have been some delayed tax refunds. But now we've got stimulus coming. Did the tax refund delays do you think that hit February and how are you thinking about the business with the stimulus that is happening later this month into next month. And are you ready to capitalize on the stim... | I think it's hard to tell whether the stimulus impacted February. The fact is, as we stated as traffic has been down. And the shopping is not back to normal yet and our conversion is really healthy. As Mike said an industrywide, I mean the traffic has been off. Still significantly off, and I think it's going to be a wh... | intermediate | [
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80582804381bc2434190055a5a5810db | Wanted to touch base real quickly here on the return of capital plan. Obviously, you guys chose to go with the buyback. I think the stock is reacting favorably to that here today. But you also talked about other potential return of capital strategies that may come later in the year. How do you guys kind of think intern... | Yeah. Look, the share repurchase program, we felt was in the best interest of the deployment of capital return to shareholders at this point in time, given where the stock is not necessarily participated as we mentioned with the rebound in the sector. And so we thought that's the best first step, and that's the first s... | intermediate | [
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] | B |
feffecef36fba8f60d062539a375ad6e | Okay, great. And I guess, I just wanted to touch base with you guys on the regulatory environment. Obviously, you guys, in your prepared comments, discussed the potential frac ban in California. But maybe just aside from that, which sounds like it would be a very limited impact on most people's businesses in California... | Yeah. Leo, so we discussed this previously. Obviously, there were -- there are two bills in the Senate, SB-467, SB-419. 467, which had a -- in its early stages had a fairly significant impact on the E&P space. Did not make it out of committee on vote. It was being reconstituted and I think it still hasn't even made it ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
09044dc48cdfde762fa0d091a7215659 | Just a couple of things. You were talking a bit about the credit line and just some of the restricted payment conditions there, not a topic that usually comes up a lot, but I guess since it's a new revolver and anything like that. Could you just talk a little bit more about the implications for there is -- it means you... | Sure, Noel. It's Mac. Just real quick. Yeah, it's not often you get to discuss the arcane covenants inside of our capital structure. But when we exited from bankruptcy, we had some cleanup work to do. That's why we had the high yield notes that came out, and then this RBL amendment that it just trying to put everything... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
866c6d2651539ea62675d31f9dc27f11 | Great. Thanks for the clarification. And in terms of the different decarbonization alternative energy projects that you're looking at, just curious if you had an investment hurdle in mind for what you think would be worthy of capital? And just wondering what other considerations are in play as you look at the various p... | Yeah, Noel. It's Mac. As I outlined at a fairly high level because we're still doing the detailed work and that's why we said more on this in the second half. We're looking at a number of things including in addition to the Elk Hills project continuing to advance the CCUS project there, and obviously we're completing t... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
641fc72eb571d9671bdbfc75333a9dea | Yeah. Hey, good morning. I had a question about your -- yeah, I had a question about your JV, the dollars that we're going to be spent to exit some of the drilling JVs. What quarter do you think those will hit in? | Yeah, this is Francisco, Ray. As we outlined in the earnings release, we anticipate one of the JVs would benefit three partners to be reverting sometime this year, late third quarter, early fourth quarter. That's part of the pre-agreed conditions on the contract and it's a natural exit point for them. And there is no r... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
33054b6d6a889e24bdd69ecb628445e3 | Okay, got it. And I guess just lastly, given that free cash flow, looks like it's at the high end of your prior guidance, do you still feel the $1.5 billion over five years of free cash flow is the right number? Or could it be a number higher than that? | Yeah. We guided in our Strategy Day to $1.5 billion, assuming the midpoint of our guidance at $60 Brent. We do see things rolling off like BSP and, or hedges improve into next year. But we're not changing guidance at this point. We're staying with the $1.5 billion, but certainly the price environment has continued to s... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
f7b88813d1db52f5bcc1e2649e265d61 | Right. Yeah. And I guess just lastly, if I could, a quick one. I agree that 18% free cash flow yield seems much too high. What if the dividend doesn't resolve that, I guess, what would be your preferred way to get the market to look harder, I guess. at the story? | Yeah. So today, we announced the share repurchase program, $150 million. We certainly think this is the first move to -- because we see the stock being undervalued on a relative basis to the entire sector. So there is -- the good thing is our -- if you see our free cash flow projections, they are very strong for the ye... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
85a094a49313937f1b1bbf63045a919f | Thank you. My question is on the workover activity. As you add -- as you work through the backlog that you have ultimately spending money on workovers will that have a positive impact then on the follow on production costs of -- that will be noticable in the Company. And then secondly, how long would it take to work th... | Yeah, Jeff, it's Mac. So the backlog that we had coming out of '21, because we didn't necessarily do the same amount of maintenance last year as we typically would provided us this opportunity. And so the opportunity is really to shift capital dollars into opex dollars, and you will see that in our guidance in the slid... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
4bfcb1937ceacf532308dd1604014692 | Thanks. I guess I was -- I guess, my -- maybe I didn't word it right. The upfront cost of spending money on workovers, which is obviously reflected in operating costs, but then you get the production benefit. So I guess my question is, does that wash out over time in operating costs, so you kind of go into a steady sta... | Yeah, Jeff. That's right. It is accretive. So once you get those barrels back online, then it take -- more than takes care of the costs. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c130d2662ef0b028bba4ba3eeb456af6 | Hi guys, thanks for the call. Great quarter. A couple of quick questions. Your realizations in the quarter were terrific, clearly on the NGL side. Can you provide any color in terms of what investors should expect going forward for the crude side and the NGL side in terms of realization? | Eric, this is Jay Bys. Touching on the NGLs, over the last year, obviously, it's been a very tumultuous marketplace for NGLs. So where we sit today, compares quite favorably to the same period last year. Do we expect to see continued strength in that area? You've got some inflationary pressures. You've got some disequi... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
9c5a26dd2ae2d2cd7e763fd81fe3d59c | Terrific, thank you. And then my other question was, could you maybe give a little bit of color to investors on where you are? You talked already about workovers, but in terms of the new drilling, can you give people a sense of where are you drilling wells today and what kind of returns are you seeing? | Well, sure. The 17 wells that we drilled in the first quarter, which is now up to 22 has been in the Mount Poso area. And we've been of, what I would say is, on target both in terms of cost, as well as initial IP across the 22 wells. I mean, obviously some above, some below, but beating the type curve on average. And n... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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