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01ee602a77aa2ca8cf344cfb57a18fce | Obviously capex was one that is trending up as you buy spectrum and deploy it, equipment supplier side, the capital is going up. How do you think about return on capital? What your hurdle rate for return on capital is? And how you guys are going to achieve return on capital? | Okay. Yes, capital is going up, but that's because we're in this overlapping period right now. We're still finishing up Voice over LTE, while we're starting down the road to 5G. And 5G, well, the way I'm thinking about, at least, there's two parts of that 5G investment. First, is the one that is allows the network oper... | intermediate | [
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f0296399d4c4d6bbcbcab36ced6909c6 | And people have been debating if this 2020 will be a year for a quote super cycle with 5G iconic devices coming out. How is your view in the guidance right now and also your view of what's actually going to transpire with the switching pool? | Well, too soon for me to tell. Yes, a lot of talk about it, but I think that we're still early in the 5G deployment. And, in fact, if 5G deployment isn't fired up [Phonetic] along, we actually run the risk of a dissatisfaction with consumers, if we get the super cycle change and the network isn't there, because people ... | intermediate | [
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fa2cce53de6c9e2845673ca670437a1f | Just to follow up, tower multiples have increased anywhere from a few turns to as much as 5 times. So, especially in the context of your capex guidance in the upcoming spectrum auctions, would you share your thoughts on taking on a partner or changing your stance on monetizing those towers? | Okay. Yes, I think my stance on towers has been pretty consistent, maybe painful result. And that is our strategic asset and they continue to be strategic. They continue to be important. As we change our network configuration with 5G, just like it has with every other technology change. But what I've also said was that... | intermediate | [
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74bbbe1896d62fb78da099f615fba9b3 | And then maybe a second one separately, we've seen solid growth in cable, particularly broadband, over the past year. Can you kind of estimate what the portion of out-of-territory build accounts for when you're looking at the total subscriber and revenue growth in cable? Like are in-footprint markets less attractive as... | So, let me make sure I answer your question. And if I don't, please follow back up, but Reid this is Vicki Villacrez. As you're looking at cable, we are expecting strong broadband growth similar to the trends you've seen all this year into 2020. And that's really separate from our out-of-territory broadband growth, whi... | fully_evasive | [
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7c96c2b7cc17e30f10199c4aa33eb0c9 | On the U.S. Cellular side, do you guys are emphasizing this idea of expanding addressable markets as a priority this year. Is this just a reference to the agile expansion, you guys are doing over VoLTE or is there anything beyond that? And also wondering if you can help us, kind of think about the growth rate in covere... | And there's just two aspects to exact. One is the small, what I call the small impact of the Edge out, right? It's not that material. But they are adjacent markets that are adjacent where we can leverage our network, we could leverage our distribution and name awareness. I think the bigger opportunity is what we're try... | intermediate | [
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989de6c250d85874b0f20d378945feaa | Just you've given that it looks like -- is going to go through and you've got DISH coming in as a new entrant. Anything that we should think about in terms of the trajectory of both the roaming revenues and roaming costs? | Well, that's a great question. I think we have got most of the -- most of the work done around the cost side already. I think we -- the team has positioned us really, really well in terms of allowing our customers to get the benefit of their packages wherever they are at and doing in a way that we can afford to do that... | intermediate | [
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d8018ec07657b000cf32fe4f93110f5f | Could you just remind us what your sort of target penetration rates are for the out-of-territory fiber builds? And also has there been any change in competitive intensity in either the current or future launches that you guys have seen? | I'll take that one. So, in our out-of-territory fiber markets, we're hitting penetrations over 50%, so, translate that to market share it's something to 60% range in our out-of-territory. And the only area we've seen any competitive reaction is largely in MDUs, where as we go into whether it's charter, we largely have ... | direct | [
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9c972f962496577f451b69bbec9eac4e | Can you -- you talked about spectrum and you have a slide showing mid-band spectrum has been key to 5G. So, how we were thinking about CBRS and C-band and how much you need there to be successful? Related question, what's your thoughts on dynamic spectrum sharing? | I'm going to let the experts talk about dynamic spectrum sharing, things that are well beyond my headlights and Mike Irizarry is our CTO is sitting here is waiting for that. As a -- in a strategic manner, the discussions that we've had like CBRS, we view that more as augmenting our network not one that becomes primary,... | direct | [
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f743ee082e1fa2f4cf12d579260a8bc4 | And just a quick follow-up on capex, Ken, given this sort of overlapping period you said it does that mean assuming the equipment is there that we should think of 2020 capex is kind of been the peak in the cycle or is it more level at this level? | Don't know. And the reason I say don't know is that our 5G employment at least in 2020 certain millimeter, right. And we've said we're starting in millimeter late in this year, so that's what we have. If in fact there was a path to mid-band, you might see us moving there, because of it's better coverage patterns and th... | fully_evasive | [
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78bdcf0175a960895883904e16d101e7 | Just I guess a follow-up on the T-Mobile Sprint. So obviously, it looks like the deal is going to close more likely than not. So assuming it does close, I mean, what do you think is going to be the immediate impact in your markets, and what is going to be a longer term impact on your market -- on your markets? And also... | I don't know what the impact is going to be short-term. I'm sure, there is going to be a lot of advertising but while it's same Joke and this isn't a surprise. Right. This is it's been coming and it's been coming for some period of time. And changes we've made to our product offering, changes we've made to our brand, p... | intermediate | [
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b5152b54a3853019f27a5d3148553fb1 | And I guess on the flip side of this merger. I mean, maybe you could look at this as an opportunity. I mean it looks like your 5G network architecture and 5G build strategy is similar to T-Mobile Sprint, I mean, you'll start from 600 as you move to millimeter wave and potentially supplement this additional mid-band. So... | I'm constantly looking for opportunities to enhance our competitive position, grow revenues into our reduced costs. Anything with any carrier that does that is something that we have explored in our each process and we'll continue to explore. | intermediate | [
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6822f505c41f51e1276e0638c8cf6f6f | And in terms of cable competition, how much of an impact did cable have in your markets last quarter? And looking at basically the customers was switched to cable and then eventually come back, if you could share any thoughts on the percentage of customers who you are able to win back? | I don't have those numbers in front of me. Sergey, we did see in 2019, impact in our feature phone in our low end users that for price reasons have moved into some bundled packages. I'd say the pace of that is slowed down, but we definitely felt it last year. | fully_evasive | [
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a360e26482b0566a49f5aa7904f6b0ae | I guess, changes are in the wind at Allegro Micro for many of you for different reasons. And let me extend my congratulations on a strong finish to the year. And with respect to changes, Ravi, if we can start there, and maybe if you can give us a little background on how you were approaching your retirement? I presume ... | Yeah, the board and I have been discussing my retirement objectives for quite a while. And in parallel, the board conducted a search looking to see on alternatives. My date was flexible based on when they found the appropriate candidate. They used an extraordinarily disciplined search methodology to look for the best a... | direct | [
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5974a04f97e42ca4b27075f6ff8b79d6 | And with respect to your fiscal year '23 revenue outlook of high-teens percent, I would presume that once you get beyond the first quarter here, you're expecting acceleration in the top line in increments of maybe $10 million sequentially. And maybe if you give a little background on the ramp that you're seeing at TSMC... | Yes. So as previously discussed, we have been on a long-term path with TSMC to grow our capacity. As -- again, as previously discussed, we are -- we're expecting revenue to constantly accelerate quarter over quarter with the most impactful acceleration occurring in Q3 -- our fiscal Q3 and our fiscal Q4. So you will see... | intermediate | [
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ef3a280dd7e53e4799c5f216fcd014b1 | Hey, thanks for taking my question. Congrats to all. I guess maybe just a follow-up on that question. As you think about the fiscal '23, if you kind of think about it between auto and industrial, I just want to know if there's any difference in your forecast between those segments? And then I just want to understand th... | Yes. So we are a pretty deliberate company, and we had aligned our demand commitments to our customers, along with the supply commitments that we receive from our foundry partners. So we're pretty well aligned. And customers have adjusted their ramps appropriately to align with supply availability.
We expect that indu... | direct | [
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6a70578605d320e79abd4df578b8d281 | That's actually a great lead into my second question. I wanted to ask a little bit more about that xEV pipeline. You've clearly seen a shift to xEV, and I think projections getting to at least [ 30% ] of vehicles, and then obviously further beyond that. I was just curious from your perspective, as you look at it's eith... | Yes. So in prior calls, we have provided a pretty simple stat, which was one out of every two inverters were using Allegro products. And in an inverter, you could have anywhere between six to 12 of our current sensors in them. So we are extraordinarily well-positioned globally.
We're not regionally anchored. Our xEV c... | direct | [
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28063edc098c78963e3f0c0202c40a5c | Yeah, good morning, Ravi and Derek. Ravi, let me echo my congrats. So a question on the supply side, Ravi. So as more supply comes online from your foundry partners, when do you see your own balance sheet inventory normalizing? And also, when do you see channel inventory normalizing? I guess, what does your high-teens ... | We don't see any material change in either one of those areas. We continue to ship our products to these growth vectors that are supported by design wins. And as we said earlier, the supply demand imbalance continues; 200-millimeter continues to be the constraint. So we won't see, at least in the near future, any signi... | intermediate | [
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a3258f858cb92a659f69f8a55159f42b | OK. Got it. And then in terms of the gross margins, Derek, so you talked about the time lag between the price increases and the cost increases. I'm just curious, as we look out beyond the next quarter, what are some of the puts and takes? Are the price increases pretty much behind us or are there more opportunities? An... | Yeah. Hi, Srini. This is Derek. So going from Q3 to Q4, the gross margin improvement was really split between some of that -- about half and half between that pricing ahead of input costs and the other half was foreign exchange.
So the foreign exchange, of course, we don't predict it going forward. But in terms of goi... | direct | [
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b3ea26f87a9cd53727bcc8457909615e | Hey, guys. Let me offer my congratulations and particularly to you, Ravi, for congratulations on your retirement. I wanted to start just looking at the mid -- or sorry, now high-teens growth in fiscal '23 on the Auto side, can you give us some sense where do you think the mix is between vehicle production gains versus ... | It's a good question. I believe our fiscal '23 car production model says that it's about a 9% year-over-year growth and our -- and we expect our total content growth to be 9% on top of that. So there's a pretty good acceleration. And as you know, we are not expecting any -- we continue to expect that the internal combu... | direct | [
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f82799c7a5e633dc56d832bb7353607b | Great. And I just wanted to ask -- we talked a lot about TSMC and increase in wafer capacity from TSMC over time. Can you give us some sense, are you seeing increases also from UMC and Polar? | Yeah. We see increases from all partners. And as you know, with vehicle at capacity, it's lumpy. It's not incremental.
So we've received increased amount of wafers from Polar, we've we received an increase from UMC, we've written increased from TSMC, and we continue to expect further increases from our supply chain go... | direct | [
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fe587fd2f7dec80d8a28a1a5ba3d4915 | Great. And then my last question is just sort of really a clarification. It sounds like at least over the next few quarters revenue growth is primarily limited by wafer capacity or wafer availability. So seasonality that you've seen in past years where the December quarter may be slower seasonally, that's not what you'... | Yeah. We'll expect a mild effect of basically the Christmas factory shutdowns, but we do expect that the availability of wafers and material from TSM will far outsize the slowdown that we get from the Christmas, New Year break. So that particular seasonality is not particularly impactful for our fiscal Q3 period or the... | direct | [
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1996d5fa3567e329d41502f87ba43ada | First one on some of the licensed products. It sounds like DetermaRx is becoming a more meaningful contributor to revenues. So it would be great to hear about the adoption trends you've seen for DetermaRx and whether you see an opportunity to sign additional agreements like this to bring other NGS-based tests to a larg... | Sure, Max. On DetermaRx, we don't break out revenue or volume by individual products, but we had a good trend on DetermaRx. And it's not just the DetermaRx, we also, as Yusheng called out at the start of the call, we also had another product from Myriad on myChoice plus HRD score that measurement. And that product is a... | intermediate | [
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2311c560eccf9831a61c14d083127773 | So moving on to the recent NMPA approval. Would just be curious to hear now that we have the official approval, what sort of demand you're expecting for the use of LungCure CDx with biopharma partners and then also in the clinical setting. And just curious if you're expecting prior users of the original first generatio... | So for the nine-gene kit, I mean the first meaning is that for the bidding of each tender, it would take a lot of advantages. So for the in-hospital model, I mean that with officially approved kits from NMPA is critical. And most of the time, the parameter of the kit are important. So we think that nine-gene we'll add ... | intermediate | [
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1ceda5237de118ec0512820b50024199 | Maybe a final one for Leo. It's been over two years, we have over two years of experience with COVID so far. So it was nice to hear some of the trends that we've seen in terms of the bounce back once lockdowns are lifted. So it sounds like there's still some major disruption here in March. But just curious, as we look ... | Yes. I think first, take a brief step back, we tried -- in principle, we tried to break out COVID and ex-COVID impacts in the past. But conceptually, we think that may not make sense because China so far has always kept a COVID-zero policy in place. And as more infectious the disease becomes the bigger impact that gene... | intermediate | [
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849727e08ad2ea9d794f24415511a1a5 | Thanks for taking my question. I have two questions. The first one is on the -- it's actually a follow-up on the NGS kit approval. We understand that in terms of the LDT-based market, the NGS market is actually quite crowded. But the registration pathway is actually very lengthy and unclear. So just want to better unde... | Sorry. I muted. So if you look at the tenders of hospitals, usually, the price will follow with some key parameters, such as the number of the genes type of variants that you can detect. And also other contents such as service and efficiency, I mean, the turnaround time. So nine-gene is quite competitive, it's quite st... | intermediate | [
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7254bba9f0e9ce74b41bf737da6e76dd | Yes. Yes. My second question is related to the commercialization of the six cancer product and also the MRD products. So the -- yes, the MRD obviously started commercialization recently, and our early detection is, I recall, last time, we said it's contracting with a couple of hospitals. Just wondering, while COVID may... | Yes. In terms of the hospitals, we talked to, I think it was three months ago. Actually, we have already signed a contract with them. But since it's a new one, after signing the contract, there's a lot of process we need to go through the hospital in terms of the volume in order to make the volume come up. So -- and th... | direct | [
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943d1f05fbfd5c8fe7e5bb7ed89db7f7 | Did you guys see sites reclose through the last COVID wave were pretty steady improvements? And really, the genesis of the question is, what does this mean for the first half and first-quarter guidance in terms of that mix systems versus consumables? It just seems like that's sequential revenue change that's implied in... | Yes. So our first quarter, it really is tough on the treatment session side. And so while we didn't see the seasonal decline that we've experienced in '18, '19, we did see it in the first part of '20. And so that last week of December was very light, and it has taken the better part of January to start rebounding. Rece... | direct | [
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ffe32d3773d94d31f05aa1f3375fdd2b | You had the sales meeting about a month ago, and they've been out in the field for four weeks. I'd just like to get some feedback on, what has the feedback been from that? What have the learnings been from that? Is there anything you need to emphasize or deemphasize as you kind of get out of the gates here? | So our learning on the capital side is that physicians that we are able to get to through either video conferencing or in-person are exactly as we thought they would be, nervous about spending $100,000 on a piece of equipment in their practice and how they are going to be successful. So I think the messaging around all... | direct | [
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] | A |
da4bd68703d7e0d05da1c66c947b4223 | In terms of the awareness programs, is there a -- I wonder if we could get some detail on that. Is that incremental from what you were doing in the fourth quarter? Have you added any new types of channels that were not in place before? And kind of where are you in the rollout of that? | So we received our market research back on December 15th. We have taken those learnings and given them to our creative agencies to start creating the materials that will be rolled out within the practice and the assets that would be rolled out outside of the practice, both socially, digitally, and elsewhere. So I think... | intermediate | [
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068c305bcd8e9ea8b77632abdf353207 | You talked about the new theta-burst approval back in December and the rollout of that. I was just wondering if you could help us understand what's -- I understand the time going from 40 minutes roughly to 20 minutes to three minutes, but what does that mean for the practice and the patient? I mean, the patient still h... | Terrific. So as I think we've talked about before, Bill, even though it's a 36 course of treatments, five days a week for seven weeks, our dropout rate is under 3%. So it may appear to be inconvenient, but it does seem to be OK with the patients. I don't think that the TouchStar treatment is going to reduce that. What ... | intermediate | [
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bea00131097b50d5771b6d17776fce2f | I think when we spoke with you on the Q3 call, there was some hope that you might be able to return to nearly or possibly even exceed 2019 levels. I know that wasn't formal guidance, but something that was sort of tossed out there, so wanted to get your sense of perhaps what is sort of making up the gap between 2021 gu... | Marie, this is Steve. Thank you for the question. I guess the language we did use was approaching 2019 levels, and our expectations and enthusiasm for '21 haven't changed. And so the guidance of 58% to 62%, we felt gives us a little bit of flexibility to get to 2019 levels and hopefully, do better depending upon how th... | intermediate | [
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e7e87d14f69725ebe5aa7cc7955a6067 | And then on expenses, curious if you'll plan to do additional hiring or what else might be part of the OPEX investments this year? | At this point, most of the incremental hires between '20 and '21 are onboard. I believe we have a handful left in a few of the departments, but there will not be open flood gates due to the follow-on activity that we had in February. So we will see some increases in marketing spend, discretionary, but not necessarily f... | direct | [
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627757a8a41ada2fc60f0db36fe395fa | You put out strong data that was published in brain simulation last week, and I think we've seen some encouraging data coming out over the last of quarters or so, so would love to hear about how Neuronetics is thinking about the core MDD indication as well as the potential for additional indications this year. | So, Marie, we are planning, as we said on the last call, to use our 90,000-patient database to be able to speak to the FDA about retrospective studies to look at other indications. So, so far, the FDA has been willing to talk to us about it, and we have requested a meeting with them to formally present it to them. So I... | intermediate | [
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dd55d1fd38c71a59ba29269c04796911 | So first, thanks for all the color on guidance, but we were wondering, how should we be thinking about your international business contributing in 2021, especially with Japan ramping? | Yes. So our international business is actually primarily in Japan, but also in Korea. Both those countries right now are essentially shut down due to COVID. Japan was supposed to reopen February 7th, that got pushed out to March, and Korea is really suffering the same set of circumstances. Right now, it's more of a tim... | direct | [
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ba663ca2c37ec8aeb64dd54aeb7b8d7d | You've mentioned a number of things contributing to growth. Can you just highlight what you believe to be the biggest growth driver to session sales this year and which will start to continue to drive the top-line growth in the coming years? | I think our programs that we rolled out at the sales meeting that are all focused on driving awareness and driving and putting patients into the practices, educating them on the benefits of NeuroStar and then if appropriate, having them treated, I think all of those programs in combination are what is going to drive ou... | intermediate | [
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9317a770cf641ad37e2415a4361e09ba | Just following up on TouchStar and its three-minute protocol, it sounds like you're still formulating your approach here. But in both the near and long term, what do you think will be the biggest impact from TouchStar? Is that something your existing customers have been asking for should help drive competitive conversi... | Dan, we have talked to 10 physicians over the course of the last few months on their utilization of this three-minute protocol. It looks like the most common use for it is as a maintenance treatment post a full course of NeuroStar treatment. So I think, again, we need to find out where the majority of physicians lie wi... | intermediate | [
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00b558940e10937ecae7677d2597f53f | We know that several payers updated their pharmacotherapy criteria last year moving requirements from failed drugs from four to two. I guess if we can just get any updates here? Is there any known time frames that you could expect that some of might announce something new? And then what's driving this going forward? | So I recently had a call with the Head of the TMS Society to talk about exactly this. How can we use our vast database to be able to help them go to the payers and support a drop from four drugs to two drugs or two drugs to one drug? So we are in the process of looking at how to put that data together. We have hired a ... | intermediate | [
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b42710185aa77e6a095244fd7e31ae01 | Hi, Patrick and team. So I'm Mohamed Sidibe from CIBC on behalf of Anita. Sorry, jumping in from conference call to conference call here. But I just wanted to ask on the production profile for 2023, if we should expect any sort of seasonality as we go through the year.
And then second question was just on your cost pr... | It is production. Our production profile is slanted more toward second half of the year with basically 55% coming in the second half.
It's mainly related to the grade here, not the tonnage, but the grade itself.
And I was going to say as far as inflation, we have incorporated some inflationary impacts, primarily re... | direct | [
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9a1ca4bff7b52b939e7d60ee26772622 | So, at the -- after the opinion in March and also like the public feedback and it -- in the -- at late April. So, could you share with us any regulatory updates in this industry -- for this industry and like what's your view on the current programs and the like, your expectation on the timeline for the detailed regulat... | So, in response to the announcement made MIIC on March 22. So, we have submitted our feedback regarding the announcement before the deadline of April 22. So, we are absolutely supportive on the considerations being mentioned in the attachment of the announcements on March 22, which includes to regulate operating effici... | intermediate | [
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a7a33a8a445d27ce401d3ffddfa60b37 | And my next -- second question is on some like your -- what's your views on the latest competitive landscape for the China e-cigarette market. And so, any changes have you observed after the March opinion announcement and the like. How does your competitive market share evolve? And we also observed the opening has been... | So, starting on to 2021, so far this year, as mentioned by both Kate and Chao, our business has remained very strong growth momentum as evidenced by our operational and financial results. So, alongside our expansion, we also try to identify more diversified demand to better serve additional portions in China through ou... | intermediate | [
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e76a24f6d5c0fd9c890a036042abec39 | Number one is since the announcement on March 22, have you seen any material changes or impacts on -- I mean, consumer behavior or your business or anything. Any color would be appreciated. | Since March 22 announcement, we have been closely monitoring the macro environment and market condition, and our own operating results. We have also been gathering feedback from our business partners including retailers, distributors, and suppliers through daily communication. We have also been closely monitoring our o... | intermediate | [
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dd8a65791287a82268edfee149b4f117 | Second question will be do you have visibilities toward your production capacity and whether your largest supplier has sufficient capacity reserves for your growth for the rest of the year. | We strive to be agile in managing our supply chain and production plants. We formed our supply chain and production plants for various timeframe work based on a multiple of factors, including user demand, distributors and retail sales, commercial goals, inventory levels to ensure that we could achieve our optimal inven... | intermediate | [
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7a4a339586578645dd3370a05b86d9b1 | The first question is what's your latest number of members, and will the membership system helps the company's operation? | So on the membership side, which means development our own membership system since 2019 to better serve our users with our [Inaudible] system and enhance experience. So I mean, for us, the membership system can also improve our understanding of our user needs and how we can deliver the best possible product. So current... | direct | [
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7a63d2796a63bff08e1d6372281217a9 | And the second question is does the industry's upstream raw material price increase affects the company's cost especially some electronic components such as chips had -- the price had go up. What's the effects on the company's cost? | So we feel aware that there has been a challenging global economic situation. Prices of raw materials in electronic industry like chips have indeed having an upward trend. So as part of this, we also see that some of our suppliers have experienced an increase in costs in part of the supply chain process. However, so fa... | direct | [
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060ac58258995a764234d70fdb952fa4 | First one is regarding the store opening target. We noticed that some of your peers have been accelerating the store opening in China. So just want to check if we have any adjustment on our current store opening plans. | So for store opening plan, so I can explain the logic of this. So for -- our logic of our branded kind of stuff, operating model remains intact, and it is likely dependent on whether there are enough potential users for our products in a given area or district. So for each district or area where we have our branded kin... | intermediate | [
"direct",
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e14517a7f86b83153cf2ac67501c9dcf | The second question is related to the new product site. Could you talk about the price positioning of our future products? It would be great if you can also share the sales and testing progress of our sixth-generation [Inaudible] products. | So, I mean, for us, the product pricing strategy has been dynamic. It really depends on user penetration in the industry together with actual commercial feedback. We will continue to offer a range of products at various price as we seek to fulfill differentiated needs of different types of our smokers. For example, loo... | intermediate | [
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6b88bd4686b37d793215ab52589d530b | Great. Thanks for taking my question this morning. Perhaps we can start on fundraising and if you could give maybe any sense of how conversations have been evolving with the kind of consultants, gatekeepers, and the like as it relates to the forward outlook for 2021. | Sure, Gerry. It's Rob. I'll take this one. Look, I'd say in terms of the level of inquiring activity, it is definitely the best by a long shot, it's been since I've been at the firm.
And I think there's several reasons for that. First and foremost has been our returns, which I think have been exceptional, and they've ... | direct | [
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0ba26d2e385fcc46b1c0cfdd45780dc7 | OK. That's helpful context. I guess also if we can maybe touch on Delaware Life, if there's any update you might be able to provide there with respect to some potential future opportunities, whether it's strategic or otherwise to partner with them for product that would also be helpful. | Sure, Gerry. Well, look, let's put context into the whole Delaware Life transaction. I mean what the Delaware Life transaction did for us is, number one, it allowed us to capture over $60 million of discounts on the outstanding liabilities at the time. In addition to that, it allowed us to really push out amortization ... | intermediate | [
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b024c315cfe58b5a9f3294ae86f32e95 | OK. Great and one more. Thanks for taking all my questions this morning, if I could squeeze this one in. The CLO sub-fees, you kind of mentioned that that will remain a headwind in 1Q, perhaps a question for Dava here but could you put maybe a finer point on what we might be able to expect for 1Q and perhaps into this ... | Sure. I'm happy to take that one. So the CLO sub-fees have really started to normalize. And that is because, as of today, we only have one CLO that is currently still in full deferral and we have four CLOs that are in partial deferrals.
For the fourth quarter, we actually saw a net impact of the deferrals of a positiv... | intermediate | [
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f106fcba6a04b94b9e98ff1375d7d1ea | Hey. Good morning, everyone. So if I think about the time line for realizing the accrued carry balance, I know you had talked about the vast majority of it before being realized and we saw the event in the fourth quarter. So is the right way to think about it, kind of the $50 million of legacy balance kind of coming mo... | Sure. I can take that. So of the $80 million of new accrual this quarter, $60 million of that was actually related to the customized credit platform, and that has fully crystallized this year. So a portion of what we earned this year actually did crystallize within the year.
We have $128 million that's left outstandin... | direct | [
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541d22089055477997c581b06793ac98 | Great. That's helpful. And then another one on fundraising, could you maybe update us on, away from the Master Fund, kind of potential chunky products in the market, either in real estate credit, real estate equity, credit -- the credit platform. Anything you kind of see in the pipeline that could add to the more close... | Yes. I'll take that one, Dava. Look, we can't comment on any specific fundraising on a forward basis, so I can't be specific about that. I'd say if I were to sort of look across the platform, I think we've got opportunity to grow pretty much in all the verticals, starting with multi-strat.
I mean as we've -- as I've s... | intermediate | [
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2da8c8d0b2876f4888f3c01fa8ea5ea7 | This is Sam on for Craig. Now that you've raised your fourth real estate fund, what opportunities are you seeing across segments and geographies? | Yes. Again, I'll answer. As I said, I can't comment on any specific areas in particular but what I would say is the first thing you have to think about when you think about our real estate business is the fact that it's a little bit less conventional than some of the other real estate businesses out there in the sense ... | intermediate | [
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148c0db87930945ede7652a9e4e817a8 | Thank you. And just as a quick follow-up, can you talk about the realization trajectory for the third real estate opportunistic fund? | Sure. I can take that. We just exited the investment period. And so you can expect realizations to occur over the next several years as we are out of that investment period. | intermediate | [
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1063b91a238f0368af8a1beea08db963 | OK. Thank you very much for taking the questions. And Rob, congratulations on turning the franchise around a good luck on your next endeavor and, Dava, welcome to the group. A question for you just on capital management policy from here. It looks like you paid down debt a bit fast, and we were certainly now modeling, g... | Dava, why don't I start and you can chime in from here. Obviously, as you know, Bill, we've paid down a bunch of net debt right now, and we're sitting, from a balance sheet perspective, in the best position we've sat in, in years. Obviously, given our cash and our assets on balance sheet, vis-a-vis, what is all the $14... | intermediate | [
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2acbe86ca3fc4a143df8a3cea8b8d0e5 | OK. That's helpful. And just a follow-up question, maybe a little more conceptual. Just given everything that's going on in the retail engagement dynamic and some of the short positions getting hit pretty difficultly. How do you think about that as it relates to the multi-strat portfolio? Is there any risk or opportuni... | Yes. I mean, look, first and foremost, I'd say, obviously, we weathered that little mini storm quite well. You saw our returns for the month of January and obviously, markets have recovered, and things are going fine for us. Typically, we are not a player in very illiquid-crowded shorts as kind of a general rule.
So I... | direct | [
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b8c9ef4e1510ee8f28c4233b4c613aee | So first of all, with regard to the different factors that affected the numbers in the quarter, I know you aren't breaking those out in detail, but if you could give us some kind of granularity as to perhaps what the larger levers were, Mylan versus the decreased prescriptions from COVID? If you could share some color ... | So I'll deal with part of the first question and toss it to Ryan and come back for the CTM question, Leland. So with respect to verapamil extended-release, which is one of our more important products, we did see an impact on profit sharing. But there was not any notable change in market share.
Market share appears to b... | intermediate | [
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8ee3f203b987d6c779932b3697db7db6 | Understood. And then one follow-up, if I may. You had swung to cash flow positive briefly. And now in the absence of guidance and other workforce reductions will benefit you next year, we have the uncertainty of the pandemic.
Any perspective you can share on the company's cash flow outlook as we kind of get through the... | Yeah. So thanks, Leland. From a cash and cash-equivalents perspective, again, we ended the quarter with about $23 million. The cash should remain relatively consistent for the remainder of the year, plus or minus a couple million.
I think from a covenant perspective, as far as our debt, we haven't broken any covenants ... | intermediate | [
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efc43be8f53dce72ee1fc6d412a95b11 | Hey, thanks for taking the questions. Can you size up the potential revenues from these new high potency business wins? How much could those offset some of the headwinds you're facing here in the near term? | I mean, it's a reasonable question. And we don't typically release individual project sizes. But let's say, they're not going to make or break, but it's always hard to get people who want to be first in new service offerings. We have that now on a project that I think is of a household name company, and we think that's... | intermediate | [
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a67d052bfa5466511132fd0b12e2770b | Got it. Thanks for all that color, Gerri. And just one other follow-up question. I think last quarter, Gerri, you talked about the search for a permanent CEO.
Can you just give us an update on that effort? | Sure. The board has retained a top three national search firm and has been for several months now -- or more than several months, looking at candidates and going through a process. And I know that the board is interested in getting someone into that seat with the right kind of experience and ready to go, and we will ce... | direct | [
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68ea0ac72e9920bfb042c5cc9ec44fcf | I just wanted to get your thoughts on the opportunity for market share gains in the Western markets. As you mentioned the higher levels of competitive closures in many of these markets. I guess, all over the country that would suggest an opportunity for an even stronger comp rebound and potentially sales volumes gettin... | Well, Alex, I'd say what we're seeing, I think, you're correct. The West Coast is obviously, some of the real strength for Red Robin. The highest volume and frankly, it has been shut down from restrictions the longest of any parts of the country. I'm very encouraged by what I'm seeing by the sales level that we've had ... | direct | [
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7dcee016d63102ae4c02494f4ee8cdab | Got it. And then on the -- just on marketing activities if you had any comments on the results of the national marketing efforts in 4Q with TV and if that was sort of in line with expectations. And then separately on the Loyalty program changes coming on deck, if you could comment on the timing and what the potential c... | Well, obviously, we did do some broadcast media in the fourth quarter, but we also had a substantial amount of restaurants where we didn't quite expect the number of dining room closures that we had. We did do a pivot in Q1. It is our first -- basically all digital marketing outreach and messaging, and we've been very ... | intermediate | [
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aa32042799ab05d1ea982578ff2ff571 | One of the questions is on the recent sales improvement you've seen. I know it's just one week before and obviously, a pretty significant increase back of 50,000 AWS and it seems like there's a pretty good week probably for the category. But just curious it was broad-based, perhaps it was a particular region or segment... | Well, I think obviously, some dining rooms are reopening. We were down for the week 13% in restaurants that had some capacity in their dining room. We were down 9% for this last week, but it was very broad-based. I think the one thing I'd point out is that -- for that week in California we have 53 restaurants and only ... | direct | [
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49bbea016d56ed1f5e3f3334a3a9da02 | Yes. Yes, that makes sense. And I think in California, and some Texas needs the other California in San Francisco news as well. I think allowing new reopened restaurants with dining room seating of 25%, is that correct? But I guess what's -- what's the typical bogey.
Does it make sense for you to open restaurants if y... | No, Brian especially in California with what we've been able to accomplish with the extended outdoor seating opening it up whether it was at 10%, 15%, or even 25% out of the gate is accretive to us, both top line and bottom line.
And what's really encouraging Brian as our indoor dining rooms are opening, our off-premi... | direct | [
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54d3b18172cad762374985ef8d68f1c3 | Yeah. And I guess to that point, is it possible to isolate say that the units that are at 75% or greater capacity, how many that might be? Currently, is it possible to isolate, give us a sense of where sales volumes are for those restaurants specifically, and what that dining inverse off-premise mixed looks like? Maybe... | Well, Brian, this is Paul again. For restaurants that have less than 50% capacity, we're seeing off-premise sales about 55% of the total in restaurants that have 50% to 74% capacity. We're seeing the off-premise sales mix of approximately 38%, and then the restaurants that are 75% or greater, we're seeing the level at ... | intermediate | [
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84da2b058af154033f49a6eab9357010 | Yes, I appreciate it. Yeah, absolutely. That's very helpful. I'm sorry if I missed it, but did you disclose the off-premise sales mix in the quarter-to-date period. Can you disclose the quarter to date? | For Q1?
I'll be honest with you Brian, I'm not sure if we have disclosed that. We're looking at the material quickly if you're Ok with that. | intermediate | [
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2a726e0e91716139485749fcfe788d5b | OK. No worries. Maybe I'll move forward on the margins and specifically how you're thinking about the advertising spend. And obviously, just as the environment normalizes it's a very dynamic environment.
But based on what you know today, what -- what's the reasonable stab as your 2021 selling price? And then, thinking... | Well, Brian, I'll answer your question this way. I mean, we are anticipating savings over 2019 levels, which we shared in the past. And we are continuing to evolve our thinking around how we're spending our marketing dollars and the returns we're getting related to those investments. So, we're not prepared today to pro... | intermediate | [
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761afab23b134a687b1322d28a1278a0 | David, how significant are any of the participating rents likely to be this year? And is that mostly a fourth quarter event or some in third quarter, some in first quarter of 2022?? How should we be thinking about that as that pertains over the back half of the year, given where your crops are and pricing and everythin... | Rob, all of those are true. We get some indications in the third quarter. We know a lot more in the fourth quarter and actually get some of the payments and finally know the real number in the first quarter of next year. | intermediate | [
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24ecf6dd25db58a8b4782ef9a6fd41d1 | Okay. And as it sits today with crop prices being where they are, how significant is that likely to be for you guys this year? | Well, we projecting it to be very significant, but I can't give you a real good reading on that now. It's just too early. Harvestings haven't happened. So we don't have a good fix on it today. | intermediate | [
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13543da529fe0687a85d1b84bd6eb468 | Okay. And then, if I take a look back a year ago, the NAV was $11 roughly, now over $13, so it's up 19% year-over-year. Where location-wise and crop-wise have been the biggest increases over the past year or so? And where are you seeing the slower appreciation crop- and region-wise? | I think California would win that vote. I haven't gone out and done the numbers, but certainly, they've moved. As you know, in California, a lot of the farms get gobbled up for higher and better use, at least they call it higher and better use, they are in government buildings, in playgrounds and schools and apartment ... | intermediate | [
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2fbfdddcde49495d9d6b3b46125cb441 | And where would you wind up seeing the sort of slower appreciation? What's going to wind up being at the below the 19% average there? | Well, the State of Washington has some of that, and certainly Arizona. I just don't -- I don't know where the slowest one will be. If you will help me determine that, I'll stay out of those states. | intermediate | [
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06bd9849a9a96879ac2a2305ff1db2a6 | And is there any particular crop overlap when you're looking at either the best or the slower ones? I mean, is there anything in particular, even within those regions where land for certain crop that's fertile for that winds up being much more valuable than land a few miles away for some other crop? | Yeah. We went into New Jersey this year and that's been one that's been hard to chase because the prices have gone up so many times there. So, I think as Northern New Jersey spreads into Southern New Jersey, you'll get a lot of changes. They also have something going on in New Jersey that's put a great pressure on farm... | intermediate | [
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1ee358e37df8095fb5fad8809ea5403f | Hey guys, good morning. It's Eric on for Nate. Thanks for taking the questions. Maybe to start, could you provide any additional color on the current pipeline? I know you don't give formal guidance, but could you talk about what's currently under PSA? And historically, I think you've tried to do about $250 million a ye... | Right now, we've done about $85 million so far and we are on pace. If everything we have signed up right now closes, then we would surpass that number this year. And we do have quite a few properties under signed PSAs right now to the tune over $100 million, where the properties that are under signed PSAs. The majority... | direct | [
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2e251f568255c673581385beeab98f79 | Okay, that's great. Maybe could you expand on the type of yields, you're seeing in the current environment. Has there been any compression or increased competition for the assets you're targeting? | Yeah, I would say that in Oxnard, it's probably really tough to find something that meets our conditions. And so that's an area. I think other areas that we've got, where we've got stuff in Oregon or Washington and certainly Northern California, you can usually find something there. The biggest problem for all of these... | intermediate | [
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7fb0f8186f0af4597260ee35ea084dcb | No. I appreciate that. One last thing for me. In terms of the potential tax implications in via losing the 1031, are you guys utilizing the UPREIT structure more in your deals? | We preach it every time we talk to our farmer of how to sell his farm and not pay any taxes until he sells the stock. It has hit some very nice, and they did it when we were low priced and they're very happy people today. We haven't had anything recent that where people -- maybe I should just get some of these guys and... | direct | [
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db478b545ed83b71830e6b47d5e2fed8 | So maybe just provide a little more color on the water rights that you purchased. And just maybe kind of specifically, what could potentially cause the valuation of that water to change? And how would that flow through maybe on both the GAAP financial statements and also potentially down to AFFO, if at all? | So first of all, these aren't really water rights. This is actual water that we bought. First we -- at the acquisition, we bought a contract to buy some water for a set price and we exercised that contract right away, so we could get the water in our account and in our name and be able to use that if and when we need t... | direct | [
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ccc15e06361a3e885ce4a7d60fb70268 | Okay. But I guess it wouldn't -- would any of that flow through to AFFO? Would that be considered kind of one-time or maybe the treatment is kind of going to be typically... | It would be similar to impairment on a real property, where it would get added back. And to answer your question as to what might cause that to happen, and if California gets a lot of snow or lot of rain in rainy season, they get a wet year then the price of water is obviously going to go down. So, it might -- it hurt ... | direct | [
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2e35fc52cf4efc06516f2e41025b75c5 | Okay, and then continuing with water, the Colorado -- the cost of the Colorado property to kind of -- I guess still some water issues, it sounded like there. I mean can you provide some more color on what that was and kind of what that opex or capex is going into? | Yeah, the Colorado situation is one in which it was tied up in court for quite a period of time and seems to be resolved, at least, initially at the higher end of the cost of water. And so I think it's $150 per acre foot that they're charging now, up from about $80. So...
Lewis Parrish -- Chief Financial Officer and A... | intermediate | [
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c7f0e2ed4137d857e8ed356996b94aa0 | I guess, I mean, the kind of increased opex maybe versus Q1 or last year, I mean I know in prior times you'd had situations where there had been issues getting electrical to wells and so you have to kind of pay generator cost. I mean it's something like that or is it just you're buying external water and that's driving... | So in the past, on this particular farm, as David mentioned, the cost of water had been in the $75 to $90 per acre foot range. And while this wasn't adjudication that was kind of the expectation that it would fall on the low end of the range, we had a provision in our lease where we would pay for the cost between anyth... | direct | [
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8bf8703deda686e96dc12866cc0ca305 | So with the bipolar data on the horizon, can you give us some sense of the regulatory strategy you're envisioning? If the study is supportive, but not STEP sig [Phonetic], would you consider filing? And can you lay out how you might expect a supportive study to look that might not be STEP sig? And do you see any differ... | So as you said, we are expecting data shortly on Study 402. If the data is positive, then, of course, we'll be filing. If the data is not positive, but as you said, shows a trend, then, of course, we'll go and we'll talk with the FDA. As you know, we also have -- if the data is totally negative, there's no signal there... | intermediate | [
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028112c83c9a78b55d8c8099c1a092c5 | Firstly, regarding CAPLYTA commercial. So just want to make sure how is the physician feedback so far on efficacy versus all other like generic antipsychotics? And second is for the Study 402, just wondering, any thoughts on the potential impact from the COVID-19 pandemic, like especially for the placebo response? | Yeah, sure, Sharon. Rudy, this is Mark. And thanks for the question. And yeah, I answer that in two ways. One, as I mentioned in my prepared remarks, we're delighted by the feedback that we are getting from physicians about the experience they're having with patients while on CAPLYTA, and that really cuts across all as... | direct | [
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7373ac15b7e8e794b944a6efe4d7afc8 | First, I have a question on the adjunctive 402 study. It seems that the data analysis will be taking roughly two to three months. Could you remind us what are the time line for the 301 schizophrenia trial, which seems to have a shorter data analysis than 402, and if there are any push and the pulls that we should keep ... | I can start that, or Andy can as well. I don't -- frankly, I don't remember how long 301 took. 301 actually was a smaller study, though. So I think that there is nothing unusual here other than remember after patients come in and they're treated, they had six-week treatment and then a two-week follow-up. I think that I... | intermediate | [
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14da3ce75959587db97d4daea07a14e4 | Regarding the commercial question, I was wondering if you could give us some perspective on the percentage of prescriber target engagement, if you will, that you've seen in the quarter? And whether or not you have a process in place to manage any kind of spikes or a second wave if COVID could come back? | Yeah. Thanks, Sharon. And good morning, Charles. Good to hear from you. Yeah. So as I mentioned in my prepared remarks, during the second quarter, for the majority of the quarter, we had our sales force operating in a virtual environment as the country was really shut down, and we were operating consistent with both fe... | intermediate | [
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2e9f6ba98d5bb9bb910c305a225a7afb | I suppose it's too early to have any persistence feedback, if you will. You did mention the early clinical experience, but have you had any feedback regarding patients continuing to be interested in taking CAPLYTA? | Yeah. As I mentioned, Charles, we are actually very encouraged by the refill rates that we're seeing and the ratio between new prescriptions and total prescriptions, which is a sort of a leading indicator to us that patients are refilling their medicines, and that would be consistent with our belief that CAPLYTA is a w... | direct | [
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011f1c4e9fdc7f79b74e49cacb3d323c | Regarding 402 versus 403. Some of us may be trying to gauge probability of success. And perhaps if I could just ask you maybe from a mechanistic rationale perspective, if you thought about 402 and the activity of lumateperone as an adjunctive therapy versus 403 in a monotherapy, I know you've got that 404 success. I'm ... | Yeah. So we believe the drug is going to work in the adjunctive setting in a very similar fashion to the way we've seen it work in the monotherapy situation in Study 404. And we've carefully analyzed the results from 404 and the results from [Technical Issues] number of things from those analysis, design, and so far, t... | direct | [
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f63b58bb17374979cf8e575736dfbb80 | This is a very specific 402-related question. In a scenario where the trial works in either bipolar depression and bipolar disorders type I or II, but not both, would that mean that you are open to filing for a narrower label initially, and then waiting and watching as to what might happen with the monotherapy trials s... | I'll start, and then I'll ask Andy to give further details. No, I think -- remember, we have 404, which was effective in both Bipolar I and Bipolar II. So I think that we would be filing for both Bipolar I and Bipolar II upon success of Study 402.
Yeah. No, that's absolutely correct. As long as 402 is positive overall... | direct | [
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6c76c2bc70e4e983c769b3c47be0c6db | And then on the commercial side, we know it might be too early, and given the side effect profile of this product, the potential for compliance being higher here is pretty high, I would think. But on the other hand, have you seen anyone not continuing with CAPLYTA once they've been on a prescription? | Yeah. Hi Sumant, it's Mark. As I mentioned before, it's a little early on in the launch to be doing the longitudinal tracking of patient data. And so what we're looking at is the ratio between the new RXs and the TRxs, and what we're seeing, as I mentioned, is encouraging, especially compared to competitive benchmarks ... | intermediate | [
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e345ad8f9c72d4fbbcdb89371de66a6b | Wanted to just talk a little bit about the current supply chain and incremental costs that may have been incurred in the fourth quarter. What those incrementals will be you expecting, say, the first and second quarter and maybe for the total year? How that could net, on a net basis affect gross margin and also just the... | From a quantification standpoint, in 2021, we had roughly just under $20 million of incremental freight expense versus 2020, and again, almost versus 2019 as well, and about $12 million to $14 million of that was in Q4. Camuto obviously has a lot of direct expenses. So we saw that really materialize in that segment. We... | intermediate | [
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5080037d534c4ed2c3814855d46c93fe | Is one of the reasons why Q2 and Q3 may be flattish against a year ago from an operating income standpoint the fact that sales in the year-ago period materially benefited from stimulus or is there another dynamic going on there? And then maybe you can talk about the benefits to the categories that are growing more rapi... | Yes, Steve, I think I'll take that second part and let Jared take the first. But I think the exciting thing for us is we've grabbed share in the athletic men's and kids space really driven by our athleisure investments. And that's new market share for us as the NP data demonstrates. But what's really exciting is that w... | direct | [
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ca8c653f6b3c567e66fe5749c9302a9b | So I believe you mentioned that traffic here in February, I believe you said 46%, quite impressive. Just was wondering if you can provide us with any color on how you expect sales trends to play out through the year, particularly here in 1Q. | Yeah. As I mentioned in my script, we think and actually, as I just answered with Steve, we think sales year-over-year comparisons are materially stronger in spring than they are in fall. They continue to be strong and positive as we go through the year in total. But certainly, the strongest year-over-year growth is in... | intermediate | [
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"fully_evasive"
] | B |
eb564394e995988b0fc3c45bdfb49d47 | In the past, you've mentioned you've identified a number of stores for closure. Just wondering how we should be thinking about that over the next two years. | Yeah. I think I mentioned on the last call that, that initial indication, which, again, we run the models every single quarter. And when we ran it and I put out that number of 65, that was before we really saw the recovery take hold. Once we saw that recovery take hold and those longer-range models get adjusted, that n... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b6da7c22a59680e097cda88968ed39c2 | Shrinking the store. Does that mean, is that code for effectively taking some square footage and dedicating it more to online fulfillment or would you actually be thinking of relocating some of these? | Yeah, Dylan. I'm guessing you're at some party, day party so. But it's a couple of things. One is we believe that to achieve some of our long-range plans to get the cost per square foot that we need or I should say, the occupancy cost that we think we can get to, we need to get smaller in certain locations, which will ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
f3196f031154b309ac77602e8bf2ac58 | Can you provide any detail around kind of how you're thinking about the category mix that underpins your guidance for the year? As far as sort of the continued recovery of dress and as events theoretically come back this year, would athletic ultimately land the year? Anything to kind of help us understand the environme... | Yeah. No, we think that with the recovery that we are seeing in, let's just say, non-athleisure footwear, which as you know, that's our -- that has been our core business for the last 25 years. We might get back to more historical rates is what I think you would see, but that doesn't mean that we still can't get after ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e662bec02de4bed3a56fbb345bba6e19 | The deleverage on the royalty dollar amount in the Camuto business, when do you lap that? And how does that trend, I guess? | We pretty much start lapping that in '22 because, as I mentioned, our nonwholesale or our non-DBI wholesale growth is expected to be up 20% to 30%. So we should start seeing leverage on those numbers as we go through '22. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ad7fc87a26a84bcf0afe1b12327f3c57 | Maybe, Jared, I was just wondering if you can talk a little bit about some of the lines of the P&L that could be impacted by inflation, freight, for example, store labor, rent. And maybe you can talk about marketing. What's your plan for marketing as a percent of sales? What is baked into the guidance? | Yeah. Yeah, happy to, Jay. So let me tell you what's already baked in and then where I see opportunity and where I see some potential risk. We are assuming a similar kind of percentage of sales and marketing already baked into the P&L now. And again, as we saw in '21, that's assuming we can fund that with the projected... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
846dd6afb9ab14dff833e44d171b9687 | The first one is just around the LendingTree stake. Obviously, going to be a smaller piece of the pro forma entity versus how big of a piece it was at GLIBA. Just wondering how strategic you think that Tree investment is at this point and what your intentions could be for that stake. | I think Tree has done an amazing job and has a good position. I think when we got the stake from IAC at the bottom in 2009, it was worth $17 million. Today it's worth well over $1 billion. Credit to Doug Lebda and his team. They're in a good space and they've done well in it. So we'll weigh it. Obviously, the primary f... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e327cce28260eb1ebe69c750a487d987 | Okay. And then, the second one is just on last week's call you announced, obviously, the increase of the buyback authorization of broadband. It also said, I think that the buyback window for now closes when the proxies go on file. How should we think about how aggressive you're willing to get on buybacks at both GLIBA ... | Well, I'll -- we can start buying once that proxy is out. The -- we'll watch this. I think we've gotten renewed and increased confidence in the Alaskan business not only -- many of the regulatory issues look a lot better. But obviously, like many connectivity businesses, the strength of the business has been enhanced a... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6b0cfb15b039cf08871ae24df088462e | Greg, you just touched on having a little bit better visibility on the regulatory front. Just wondering, if there's anything around the corner that you see on the regulatory front or if kind of what we see is what we get for the time being at least. | Well, I should say, we've had -- I should probably articulate and say that we've had some better results on the regulatory front. Better visibility would be something I would say would be less apt description. I think we are -- the GCI team has done a good job managing it. I'll let them comment further if they'd like. ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
50de52169954f8930055a426cab8052c | We see some variance in the realized price increases for high speed among a lot of cable operators. Charter has always been reticent to push pricing. All fees has been a real outlier. But when you look at the logarithmic growth off COVID on the usage at home, including work-from-home, what do you think the levers are t... | Thank you, Matthew. I think a couple of things. The COVID crisis and the push to work-from-home has shown the value of connectivity services and shown the strength and appeal of the cable plan. Charter's strategy has been to upgrade its plan, work to manage it remotely. And that's actually been a huge benefit that thei... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
1798f652c6d913bdf2767daf85f9060c | I was wondering if you could comment on what the pro forma capital structure will look like after the combination with Liberty Broadband. | I think we put forward that in the slides, and I would encourage you to go look at those slides. It will be a stronger capital structure and measured in several ways. The GCI Liberty has free cash flow and Liberty Broadband has a much larger asset base with less debt as a percent of the assets or as a -- against equity... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
c23cce1b5e1976fcedc339f3a3c8ec0d | Thank you. And are there any planned actions regarding the GCI, LLC bonds? | When we have actions, we will be sure to let you know. Nothing to announce today. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
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