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7c62b3b1ba86c313fb01147f0bc866b6 | And you mentioned that TrueCar Plus expands the dealers' reach beyond like a certain ZIP code, and providing more national audience. How do you tackle that for new vehicles? Are you seeing removing of restrictions there in terms of supplying new vehicles to different ZIP codes, different states? Or how do you manage th... | Sure. So this will be very much ZIP code based at the end of the day. This is obviously, as you start thinking about it for the longer-term rollout. So we will obviously be in compliance that goes without saying.
And at the end of the day, the great thing that we have currently is obviously a very vast network of deal... | intermediate | [
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74e5903bfd07a9a15db33d63cb3ad80b | I guess just a couple just on kind of traffic trends. In the shareholder letter, some of the channel partners are seeing kind of more, I guess, prospects, they're growing faster than the actual traffic volumes.
Can you speak to that? I mean is there enhancements to the partner channels where they're kind of highlighti... | I think -- thanks for the question, Nick. And I think what we're seeing there is there's a lot of interest for folks to try to find the vehicles that are out there. So our upper funnel metrics around the business are extremely strong. Our traffic numbers are great.
Our conversion to prospects are good. The challenges ... | intermediate | [
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1de5a33bc1a2773c4fb383c210661a24 | And then when I look at kind of overall traffic, I think on like Page 2, traffic was down kind of sequentially. What do you think is underpinning that? Is it just a strained environment and consumers are struggling to kind of find cars and they're discouraged and not kind of as engaged? Is it an upper-funnel content ch... | So I think you can -- so Nick, I think you can look at it at two different drivers. One is we've obviously pulled back on performance marketing as well. So that has one driver, obviously, on the marketing side, which is pretty much a direct consequence of our own pullback. The other one is also one of the things we see... | direct | [
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49a54558f9132238319575332b1f29c6 | Any additional color you could provide just sort of how many of your 13,000 dealers do you think TrueCar could be applicable to? Should we think about it as equally put -- equal potential between your franchise and independent dealers? Or is this mainly an independent offering? | So I think long term, it should be very attractive to everybody, right? So near term, you can imagine that obviously used independents are very interested because it allows them to do something fast and obviously used is probably easier to transact with, less legal complexities. But like franchises equally are super in... | intermediate | [
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d726c629cba66bac856a2aa586c67ad9 | When I think about TrueCar Plus, do you guys have the technology pieces in place to get this off the ground? Or should we be looking at thinking about this cash balance being used for some sort of add-on M&A spend as you kind of build it out? And then on that same vein, do you think you have, I guess, the dealer networ... | So let me start with the first question first. So the answer is yes. So I think we mentioned also on the previous couple of calls. And Mike has reiterated this many times that building out the ability to do this well requires a lot of work and has been effectively ongoing for the last several years.
And so -- and ther... | intermediate | [
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1cf68a83818eeffece07bfc53bf0ebc1 | Maybe a quick question on the dealer count and the decline you saw in Q3. Can you just maybe talk about the monthly trends, how you exited the quarter? Is that something that's continuing into Q4? Or how should we be thinking about that? | Yes. So the monthly trends for Q3 were very much like as I mentioned earlier, the year was effectively till to till. So until, call it, the end of June or call it mid-June the market is very much on the rise. And then call it mid-June, it started turning.
So the monthly trends have been effectively downwards. If you l... | direct | [
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6d28367acdac842bbf487014cd7643f1 | The balance sheet is obviously in strong shape. I think it's like over 50% of your market cap in cash, no debt, you're managing to kind of EBITDA breakeven. Can you maybe just share updated thoughts on how you're kind of weighing maybe using that cash in a more aggressive way maybe and when? And I guess, specifically, ... | Yeah, absolutely. So we're thinking strategically through the cash balance on an ongoing basis. So we are opportunistic when it comes to M&A. We have healthy deal flows of M&A, and we particularly look at where we could potentially accelerate some of our strategic initiatives that we have in the pipeline.
And so we co... | intermediate | [
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5c9031c866b62e2e63e6f364b12493b0 | Chip, I just want to ask you a question. You got some good color there on how we should be thinking about 2021. But I just want to get your level -- give us your level of comfort on how you're thinking about those 2022 numbers you guided to us with, I believe, it was about 3.2 billion in sales and about 360 million in ... | Yes. Good question, Randy. As previously discussed in the calls that we've had, the 2022 guidance that we gave in conjunction with the announcement of the Topgolf merger, we believe, was conservative. And I think we can even take that a step further now and say that we expect to be better than that guidance, better tha... | intermediate | [
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37be8866ec583b46e597287f3c87717e | One last question is you gave us some color on Toptracer where you said that you expect to hit those 8,000 bays. I think all these driving ranges that look like they're stuck in the 1990s and best need of this Toptracer technology. These ranges are always packed now. So how do you -- are you getting a lot more incremen... | Yes, Randy, we remain very encouraged and probably increasingly encouraged by that business. So Q1, you have to keep in mind, had significant COVID restrictions in various parts of the world, and we still do in various parts of the world. So the fact that we're comfortable with the 8,000, which was our previous communi... | intermediate | [
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224782ca44181a9bbb21482b5795b31f | Can you give us any detail on the cadence of same-store sales in the quarter, just how it progressed from January into March, April, May? Just trying to get a feel for the exit rate of the business. And then, if you look at the non-COVID impacted units, how did those units compare to that low-80s number that you gave u... | OK. Hey, Brett, it's Chip. So as you would've expected, the same venue sales ramp during the quarter, if you go back, it seems like a long time ago now, but in Q1, even in the U.S., COVID was pretty hot and heavy in the January time period. We were scaling back up and there were significant restrictions in the U.S., as... | fully_evasive | [
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f205f2e6720ca506a4e1aad29f60517e | Can you just talk about what you're seeing in the events piece of the Topgolf business? I mean how is the events business doing compared to '19, I guess, today? And then If you look into the back half of the year, presumably you have some visibility, right, in terms of the events on the books. Can you just maybe talk a... | Sure. But again, it will be a qualitative, not a quantitative discussion. So the events are still significantly impacted, as you would expect. But they, like the rest of the business, ramped during the quarter, and we are seeing increased interest for events. The events sales team is getting better response and improve... | intermediate | [
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d8205764c6dc506c000c326aefcab40d | First question, in terms of development costs for the new venues, given what we're seeing in the real estate environment and given what we're seeing across raw materials, how has the development cost for new Topgolf venues increased materially? | We have seen some pressure on that. It hasn't had a material impact on us at this stage, but it is something we'll continue to monitor because all of the cost impacts across all of the business are seeing some inflation at this point. So nothing to report at this stage. But yes, we are starting to see some things that ... | intermediate | [
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f5e6af766c359dea9e74c1c3e48b7f7d | Now that the deal is closed, can you provide us a little more insight into the potential revenue synergies that you see for your equipment business and apparel business with Topgolf? | Really no change in our point of view right there. We think that it's very attractive strategically, and there are going to be significant synergies. We're not pulling those out. And It's going to take some period of time to really realize those, although we're getting a nice start on it now. And -- but no, we're not g... | fully_evasive | [
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66a140bc9a007589249ddf6695b76462 | Just really quick on the core golf business. You mentioned all of the port and freight issues going on and does look like inventory is pretty lean. So I'm just curious how you feel about inventory in that segment, and do you feel like you missed, even though sales were obviously very strong, do you feel like you missed... | Susan, there were definitely constraints as the demand was so extraordinarily high during Q1. And you got to keep in mind, Q1 is not a high-sell-through quarter, although it was a record sell-through result. Q2 is a much larger quarter as is Q3 from a sell-through basis. The fuel inventory levels are quite low. Our inv... | intermediate | [
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f21dc7149643cf29f291b0c722ea0130 | And then, just really quick on Topgolf on the EBITDA, it looks like it was relatively strong, I think versus kind of the longer-term expectations you laid out. So I'm just curious if there's any updates to your thoughts around EBITDA as we kind of look out over the next several years there? | Susan, we're not providing long-term guidance there, but you're right, it was a very good EBITDA performance. And just as the business recovers from COVID, I think you'll see continued ramp in that business and performance. | intermediate | [
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bebd1d194c2d71f086dcad11c281b802 | Great. OK. If I could add one last one on Jack Wolfskin. I think you had mentioned that you now expect it -- you think it could be bigger than originally expected. Maybe if you could give a little bit more color around that. Is that as you add North America or are you seeing the strength in Europe and China greater tha... | Europe and China are really starting to hit stride, Susan, and I'm increasingly confident in the team. I'm seeing brand momentum. We're just seeing a lot of strength in a lot of different areas there now. Some of these are the results of investments that we've made over the several years that we had the business. But a... | direct | [
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f0b1fdef8e0469ab36620794c54583ae | Was wondering if Artie's taking questions. I know he's probably excited about the opportunity at Topgolf. I'm just curious if he's able to share what -- the potential he views for the concept. I know he obviously comes from a deep background in restaurants. I'm just curious what you've seen at Topgolf at this point tha... | Yes, John. Given that Artie's one month or one week into the new role, we are going to not introduce him to specific questions on this call. However, we look forward to exposing him to you and other analysts in the future and obviously thrilled to have him on board. | fully_evasive | [
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92b5a14b6a839120b62e6637b6e7f328 | Maybe, Brian, we could go back to you, just on the guidance. It seems like you're more confident than maybe when the initial guidance for 2021 was provided. The cost -- so the SG&A -- the incremental SG&A cost seemed to be the biggest headwind for the core Callaway business. Just wondering what the offsets to those are... | Yes. A lot of it's going to be the revenue over-performance versus 2019. We still are seeing the continued surge and interest in demand and participation for golf. And then, I think you see it's largely that. It's just all the businesses are recovering faster than expected. Golf's on fire. The soft goods business are r... | direct | [
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8662a816cbe71a64157363971e6eb9ff | Maybe just one final question. It sounds like, Chip, you're more incrementally positive on the soft goods side of the business maybe relative to where we were three months ago. Just any comment on Travis, Jack Wolfskin, the sales and margin opportunity there as you look not just for 2021, but beyond. | Yes, John, I'm fortunate right now that I'm incrementally more positive in all three of our business segments and continue to build confidence in all of them. The TravisMathew business is, like I said, momentum is at an all-time high. We had high expectations for growth going into the quarter, and it's outperformed tho... | intermediate | [
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450a927141015a7ce3106bc570fe7818 | I know we've been here for a while, but just a couple of segment questions. One, you're able to grind out a year-over-year increase in Europe despite some key markets being closed for golf for more months this year than they were last year. I'm curious, what -- was it something outside of golf that contributed to Europ... | Sure, Casey. In Europe, yes, it was outside of golf, although golf did better than you would have expected it to do given the shutdowns that existed in that market in Q1. The apparel business that we have in Europe did better relatively than a year ago in Q1 where COVID hit so hard early on. And now with the strength o... | direct | [
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4ed52af21c1cfbbe29be46d0ebed8538 | And secondly, the golf ball is up 50% year-over-year clearly the biggest trend of all. What would you say drove that golf ball comp? And was it programs that you ran? Is that sustainable for the year? Or would you expect that to back off some as the year goes along? | Casey, I would probably -- I'd expect it to back off. I'm not sure we can have a 50% growth for the full year. In fact, I would guess we cannot. However, I think there's some sustainability in the good momentum we have in the golf ball business where we see our share up. We're seeing continued strength in that business... | direct | [
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1a8e64384e403280167431e527b0cc1d | There was a bit of debt repayment in the period. Can you just remind us about efforts to delever in the coming years following this deal? | Yes. I mean, what we originally said a long time ago said we wanted to get to below two times leverage. But I think with the current environment, we're trending toward four to five times by the end of this year, and then working toward three or so after that. With the growth in the company and the growth in Topgolf bus... | direct | [
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0ed6edac887cf0fdacbd28e9f1f33673 | Are you planning any type of promotional activity for Jack Wolfskin products in Europe since the key selling season was essentially lost this year? | Alex, very limited. We find ourselves -- because we had very good sales at the e-com and digital channel, we do not find ourselves in an inventory concern in Europe, which is another positive occurrence. The team has been able to manage that quite well. And if it will be, it will be marginal to the point where I'm not ... | direct | [
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e8cc6bcc1ceee2cd8d77d3823a183f5d | Hi. [Foreign language] Thanks to management for taking my question. Two questions here. First, can you give us some update with the real in a competitive landscape, especially the competition with Bilibili, which has good growth in live streaming in recent quarter? Secondly, any color on gross of our advertising and ot... | All right. I will translate for Mr. Dong. Regarding your first question, for -- with the way as in new entrance to the game-wise streaming industry, it is pretty natural for them and to being a relatively higher yearly growth as it due in the growth phase for them, especially thinking about that in the old days, both J... | direct | [
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0027140e10f65cdceb9e4980a4f271f1 | Hi, Mr. Dong and Catherine, good evening. Thanks for taking my question. I have two questions.
The first is about what is our strategy for the international market for this year. How much top-line contribution will we see in these markets will in 2021? And will we see a break-even on a stand-alone basis in 2021? The s... | Regarding your first question about the international business, we're still at the investment stage and we still expect -- we'll probably continue to invest in an overseas business for the next couple of years. But the good news is that you know, this year our strategy has been focused on monetizing -- improve our mone... | intermediate | [
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92e13108daf3687c5986d1033ec53110 | Thank you, management, for taking my question. My first question is could the management provide some updates about the collaboration with Tencent? The second one is, could the management comment on the strategy this year in the game and the nongame broadcasting? | Regarding your first question, this quarter, we have continued the collaboration with Tencent. For example, this March, we also launched an open platforms or interactive features to offer more innovative games. You know, the first game that we have cooperated with is Peacekeeper Elite, and then the result was that in t... | direct | [
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261f629e6a6c1eb8f6689b6db57db7d4 | Hey, Dong. [Foreign language] Thank you, management, for taking my questions. I have a question about game video strategy. So, how is the traction of game video strategies? Any operating metrics to update us? And with more and more game video users, how would that affect paying ratio and ARPU trends going forward? Shou... | I will translate for Mr. Dong regarding your question for our video business. Our video business has been running for one or two quarters already, and there has already been some new thought in terms of how to develop the new strategy for the video business. As we said before, previously, we have been focusing on the o... | intermediate | [
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45dab7eaa48f74a4de648cea1b0ab9ed | So, what's the management's expectation for Lord of Legends -- League of Legends to be online. And also, once that gets started, what is the potential impact to our -- like the game -- the streaming business. | For the League of Legends mobile version, we actually started the preparation for that beginning from earlier this year, and we have already sorted out all the potential professional leagues and the broad question is what we can gain on our platform. And then we also quite emphasized the communications. We see related ... | intermediate | [
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1d73b8f9d348cb2a2f0dd02edcb9311f | Just want to start with BBU's equity commitments for the JCI power solution and Healthscope deals. It seems they have come down a bit, just can you provide some color on the decision behind this and if you're able to help us understand how much is related to your proportional investment in BCP V declining as the overal... | Kevin thanks for your question. It's Jaspreet. I'll add to that and then Cyrus can chime in. We used initially close to 30% funding for both of those deals, which was an estimate for BBU's investment and what we typically talk to in our initial investment is the maximum commitment that BBU will be making. And we always... | intermediate | [
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8ac4ccf18bb4a48e0579c50ff72d3918 | Okay, that makes sense. We thought it was interesting to see the dividend from Westinghouse just given how recently the deal closed. I was just wondering if we should be expecting any more sizable dividends from Westinghouse given the profitability improvement and the good cash flows from that company. Just how does it... | Sure. It's Jaspreet again. So as you indicated, the business is performing really well, be it global products and services, which is kind of the base operations that is in line with our plans, the new projects business is performing exceptionally well and it's -- that part of the business is high margin and it's a bit ... | intermediate | [
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e47a9c4b3f8a17da52a2853148474e0d | Are you able to provide any color on how much free cash flow this business is expected to generate? You've given some targets for EBITDA, but just maybe on a free cash flow basis? | We'll give you an estimate and I partially hesitate to tell you this as it is only an estimate and it's based on target. So please keep that in mind. It's not our estimate for this year, but if you think back to our Investor Day, I think Denis Turcotte had outlined a medium-term target of $600 million in EBITDA and we'... | direct | [
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718673ff227cc9f6255436061caa6004 | Okay. That's helpful. Maybe just one last one, one of your sister companies was highlighting the opportunities in Brazil. I think Peter might have touched on this as well, but just I think they were suggesting that the new government was signaling that more privatization could be forthcoming. Just can you provide any c... | Yes it's Peter. I would say we are optimistic based on the policies of the new President and in fact he has in his policy program make direct reference to sanitation. So we're optimistic that the trend toward privatization will continue and there will be more opportunities for BRK. So that's good news. With respect to ... | intermediate | [
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17e927d492406b679051d78c5f8b4536 | Just wanted to follow up with the comments that you had on the funding side. So with the JCI and Healthscope, that's kind of $1 billion there you've got kind of $900 million of call it cash available. How should we think about kind of your comments around not wanting to draw on the corporate facilities? Is it a matter ... | Sure Geoff, its Jaspreet. So just to add on it, you're right, we have $88 million with our cash and securities and if we do end up having to draw on the lines it will be a small amount and it will be for a short period of time like more bridge financing. We've always said we're not -- we don't want to have long-term de... | direct | [
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2851565ab4093fe17355b4e2c450eb1b | Okay. Sorry just trying to reconcile here with the -- you got a couple of big deals already and just running through albeit it may not be a realistic standard but if the markets aren't particularly (technical difficulty) you've got a lot of cash that you (technical difficulty) | Yes look if we draw on the line, so that's the reason we have these kind of facilities available to us, is that if there are -- if we do need to bridge some monetization and cash inflows against at the facilities, so if we do end up drawing on the line and we have on there, if it's a quarter or two quarters, there is a... | intermediate | [
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90f9f9965037c5766037d9ed14159027 | Okay are you able to give some guidelines even if it's kind of ballpark around CapEx? And also tax rates for each of your segments? | So on tax rate, each of the businesses paid their corporate taxes at their levels and we had optimal planning at the BBU level. We do kind of disclose the cash interest every quarter. So that's kind of a takeaway from the EBITDA. In terms -- yes, the tax guide. In terms of the CapEx, we are looking at CapEx and kind of... | intermediate | [
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90ce5557101f4a495e9e855f214549b1 | So going back on the tax side because you're always kind of buying stuff and selling stuff and I get that there may be a mix issue but the way you're kind of forecasting it then with the Q4 tax rate then be somewhat indicative of how you're thinking about 2019? | Like you said Geoff, its bit hard to predict because the tax is impacted by what we do and how we do it. So as an example if you're doing distributions from GrafTech and you're thinking about the taxes at the BBU level, that may be different from the tax rate in Australia when you sell something like Quadrant. So it's ... | intermediate | [
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c2e3e8e96d9df1f272b96c0cba7632f3 | Okay. And then on the deal pipeline, can you kind of talk about kind of talk about what it looks like today because often when you get these markets that tend to be a little bit more jittery, you can get maybe a little bit of a standoff between buyers wanting prices from a few months ago. And buyers saying the markets ... | Yes Geoff, I would say we're seeing exactly what we've been seen for the last couple of years. Nothing has really changed. We've got a reasonable pipeline of opportunities. There is nothing imminent but we're -- as you know we're constantly looking at things and trying to move them ahead. So I would not say there was a... | direct | [
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28a2e15d39d36cdf481cce421435db45 | Okay. Thanks. And if I can sneak in one very last question, the improvement in Multiplex around the Middle East specifically in terms of that path getting back to a normalized EBITDA FFO number as well as on the Greenergy issues that you flagged with respect to Brazil and the margins there, are those trending back as e... | I think what we said is true this year. We expect to be through the bulk of our issues. And I don't think anything's changed. | intermediate | [
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2ccd89a41f5011cc91da89c1074f07ab | Thank you. Good morning. I appreciate the color that Cyrus you gave on Westinghouse and the outlook there, but may be a more direct question right now is when you look at the dividend you received what would the payout ratio be on Westinghouse's current other earnings, FFO, EBITDA, whatever metric you want to pick out ... | Well if you think about Andrew, as I said sort of our medium-term target would be to generate $200 million a year in free cash. So we actually -- the dividend was $315 million. So substantially -- and that was over a 5-month period. So obviously substantially higher and it's just because we had much -- we have really g... | intermediate | [
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f3b3069230537d04a3a55aac277bb165 | Okay. I appreciate that. And then just secondly on the unit repurchases that you did in the month of January, how do you think about just the repurchasing program over the course of the year as part of capital allocation when you balance that with just investments and all the opportunities you've got and related to the... | Yeah, we balance that opportunity against everything else that's available to us and we do have many, many opportunities available to us, both new opportunities and opportunities to invest in our existing portfolio. So we balance that against our unit repurchase and the price just got so ridiculously low that it was a ... | intermediate | [
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e261045dc5cd32d1702e7923897f5b45 | And then just final question, it starts with Page 8 of the supplemental and it's just the deferred income tax assets, I don't know the commentary says a $106 million increase. This is primarily due to GrafTech, is that the tax receivable agreement? Or is that something different? | As we're kind of generating additional profits and we're looking at the forecast for the business going forward, we booked the deferred tax asset. Part of it for GrafTech would be the TRE as well as still be an associated liability for us that is, it's a combination of that as well as kind of forward-looking forecast o... | intermediate | [
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1ca3fbed82a40f58eff9565d6273cfad | And then maybe one final tax question, at the top sorry, BBU, what kind of NOLs do you have at the top of the house to effectively shield tax consequences from potential future divestitures? | So the way to think about the NOLs, the material amount will be within the operating businesses that we kind of structure our investment that each operation kind of within its own legal entity structure and they would pay the appropriate corporate taxes or if they NOLs they will be at that level. The meet from time-to-... | intermediate | [
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7a402919582af4afb578d621fd44581f | Hi, Gary and Frank. The -- the commentary, I think, on the market in -- in some of the macro factors underlying things and -- and clearly, rates are -- are quite strong. I wanted to ask you how do you feel about where your fleet is today? And it's a question that you'd get constantly, but you -- you've added seven ship... | Yeah. Thanks, Omar. I mean, I think, the -- the answer is we -- we still have an appetite. I think we -- while we have a -- a general, you know, goal of fleet renewal and growth, you know, each acquisition is -- is, you know, has to be, you know, measured and evaluated given market dynamics, you know, ability to raise ... | direct | [
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b52e91d2660d93946061c2077b7864f6 | Thanks, Gary. And, you know, kind of maybe sort of that theme, I guess, what, you know, so it was Supermax, Ultramax rates being over $20,000 today, especially this early as you mentioned in your opening remarks, things are pretty solid. You know, have you been -- have you been approached into, you know, entering at th... | So, first of all, if -- if I -- if I may, just a slight correction, we just got the index in -- during the call, so we're now just over $21,000. So -- but -- No -- no worries. No worries. Tongue in cheek. But the answer is we -- we have been approached and we always value that relative to -- to the curve. All things be... | direct | [
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8786f3692e284703ff56634e09a448f7 | Got it. Thanks, that's pretty clear. Thanks, Gary. And maybe just sorry one -- one final one and -- and maybe for Frank. You know the -- you talked a bit about the financing of the -- of the acquisitions you guys have done. I want to ask how do you think the appetite is for the -- for the Supramax since you acquired th... | Hey, Omar. Thanks for the question. Yeah. The appetite for those ships in the bank market is good and we are considering putting on modest leverage similar to what we've done in the past on the Ultraco facility. So, good appetite, and we're looking at doing something. | direct | [
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aaddbccaa93305ae32359c6dee9cc491 | Hey, hey. So, I have obviously appreciated the quarter-to-date rate guidance, which as you mentioned well above benchmarks like the at a nine-year high, I think you said in your press release. So, can you break this out by Ultramax in Supramax? And then also, is there something maybe unique about this quarter in your o... | Thanks for that. So -- so let me take it. First of all, we don't break out Ultramax from Supramax. And the reason is -- is that, you know, we trade our fleet as -- as one homogeneous and -- and arbitrage between vessels and cargos. And -- and we think it kind of gives them the wrong picture if there's more -- if there'... | intermediate | [
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abe15a284070fb6210b9ce4011be708f | Got it. OK, yeah. Just making sure that wasn't like a huge surge now and then you have no more availability for the next month or so. But sounds like not the case. And then, you ended the fourth quarter with like you said $89 million in cash and other, whatever it was, $50 million in your undrawn 55 and your undrawn av... | I -- I appreciate the question and I appreciate that we're in a situation where you have the ability to ask the question of given rates. But having said that, you know, we just acquired seven ships, as you point out. And -- and it's early days into the quarter. So, I think, we'd like to get deliveries on these ships. A... | intermediate | [
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62c251b70ad50f39fe29d373536ad8ac | Yes. Thank -- thank you and good morning and good afternoon, everybody. You know, Gary, I wanted to touch a little bit on -- on some of your comments, you made around. You know, the strengthening the curb and maintaining flexibility. You know, at least for us, from our point of view, you know, the market has been much ... | Yeah. A -- a -- absolutely. I mean, first of all, the -- the answer is yes. You can expect us to, you know, take advantage of opportunities and the fact that the -- the, you know, the strip as we call it is -- is trading over 16 and I mentioned, you know, we traded that this morning. So, you know, locking in certain ca... | intermediate | [
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2fa5cf7a195aeb57015355dc780dee43 | OK. Great. Great. Thank you for that. And then, just another one around scrubbers and it's kind of the same question and in a different way. I mean, we're bullish on the outlook for scrubbers in the press release last night. You kind -- you kind of -- I think in Frank's comments he touched on it, yeah? I mean, we're we... | Yeah. Absolutely. So -- so the first thing I would do is, for the most part, you can discount where the ports allow scrubbers to be used because our -- our vessels have, you know, low consumption when we import. The -- the vast majority of consumption is at sea. And so the way to look at it is -- is really the percenta... | direct | [
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e505635b5bad77cd12f38208b0cc20b6 | Gary, you talked about the strong seasonally slow first -- season -- strong sea -- traditionally seasonally slow first quarter. And then, do you anticipate the traditional pattern of the subsequent quarters to continue at the macro even though you've had an unusually strong first quarter? | Yeah. I -- I think -- I think I would separate it out in the sense that, you know, there's a number of reasons the first quarter has started off strong. We -- we had the fourth quarter, you know, China record 100 million tons of soybeans but -- but the real and, you know, the -- the standout here especially compared to... | direct | [
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4ccf55164af0b3968a766c50ed18fb07 | Great. And Frank, I know you have time on the senior secured 2022s but are you looking now possibly reducing your interest rate? I'm understanding it's not due for a bit here? | Hey, Liam. Yeah, sure, we are looking and, you know, as the market improves our options improve also. So, we're looking about across the broad spectrum of options -- bank debt, a new Norwegian bond, and -- and other instruments to see and find the ideal mix and we do expect that it will improve our -- our picture going... | intermediate | [
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9f642aaf493f8652867f0068f76458c9 | The acquisitions in the quarter were all in Cincinnati. I was wondering if that was a portfolio that was negotiated together. And if you could talk about your confidence in the one tenant which expires in 2023 of the remaining in the asset? | Sure, Sheila, it's Brendan. That is correct. It was a single transaction, a portfolio transaction that was marketed fully. In terms of the shorter lease term, we do feel good about the likelihood of renewal in that case. The Blue Buffalo building services, the distribution requirements. In part, Blue Buffalo occupies a... | direct | [
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fb1f84cc7e8be6f3f684762309cf8be9 | OK, great. And then on the office dispositions on the sales out of the JV, the yield was -- seemed very strong at 6.1%, and Atlantic Health look like a 5% cap rate. Did you extend leases on those assets? And how should we think about asset sales out of that venture going forward? | OK. It's Lara Johnson. You're absolutely right that those were sold at very attractive cap rates. By design, we selected the properties that we thought had the strongest market power for sale immediately after the formation of the venture. So those assets are among the strongest in the joint venture portfolio, three De... | direct | [
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a6c7b37dd91d18032cc4b505cb79cd64 | OK, great. And then just on capital expenditures. Beth, you gave us your outlook for fourth quarter at 4 to 6 million, can you just remind us where does that put the total for the year at? And how should we think about that same line item in 2020 just in magnitude of just to show us how shifting to industrial will impr... | Sure, Sheila. For the year, that -- the tenant improvement and lease costs will come in somewhere to 20 to 22 million for 2019. But as we look ahead, you're right, as we get out of the office and into the industrial, the figure will come down. As of now, we're projecting somewhere between 10 and 15 million per TIs and ... | direct | [
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2e95f81fc2269bb3ac6586f87fe912ec | Great. Hey, Sheila did a great job of answer -- of all my questions. So just a curiosity, two curiosity questions. One is 30 Light. I'm surprised I didn't notice before, why is that still on your books, what is 30 Light in Baltimore? | We own an interest in a ground lease below the parking structure across the street from 100 Light Street. | direct | [
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b3912e4012ec137788590678650bd1cb | OK. And is that -- there a reason you would continue to own a ground lease position? | It's -- we view it as a very secure investment. In that case, it's actually a joint venture. We don't own 100% of the asset. | intermediate | [
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3540aa4319ab49059d3e95ddc96f79dd | OK. OK. And then the second, Morgan Lewis, a slight rent roll down, even though you know they're going to move out in three years. Why would there be a rent roll down, just out of curiosity, as opposed to really squeezing them and doubling their rent because they really can't go anywhere? | Yes, it was the language in the renewal option. So there's an arbitration clause in the renewal option that, frankly, can find it to a very small portion of the downtown market. And as we ran the comps, it's kind of a scary situation to potentially have it go down even further. So there were some comps that also worked... | direct | [
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6aa4856e0e489176914baf21061abd84 | Great. OK. And then just based on some of your capex guidance for 2020, it looks like your dividend should be fairly well covered. One, correct me if I'm wrong. And then two, why a 2.4% dividend increase versus maybe more like a 4 or 5% annual dividend increase. | Well, you're right, John, the dividend is extremely well covered. And when we resized it earlier this year, we did that with a bias toward having extremely strong coverage. And a lot of retained cash flow going forward to reinvest in the business and improve the growth profile going forward. So $0.01 at 2.4% is above t... | intermediate | [
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c2c9a138d9929addefb00ecabf5d8dbb | Oh, great. Maybe just to kind of stick on the dividend. I'm curious if you could kind of talk about maybe how much capital gains will be in this year's dividend or maybe more specifically, there's obviously a lot of gains on the preferred freezer sale, were you able to offset all of that with -- with some of the other ... | Yes, we've been fully able to defer our gains via 1031 exchange, so not expecting that there's any capital gain distribution in this year's payout. | direct | [
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b7a3b9d4267b6923456f467d556d92ca | And then acquisitions this quarter, despite a decent amount of dispositions, seemed to be pretty self-funded through the equity that you issued through the offering plus the additional ATM issuance. I guess, how -- as we think into next year and think about maybe where your stock prices at, I think our NAV and consensu... | Well, we'll have to see what the opportunity set is next year, right? I mean, having a higher share price in relation to NAV makes growth easier. So -- but as we said, it's been a competitive marketplace, Jon, where if anything, the trend has been cap rate compression. So we'll have to wait and see, but we're not avers... | intermediate | [
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9bfd2b3a7f6840e00dff6c1c79f710b6 | OK. All right. That's helpful. And then maybe just one more. You talked about the competitive market. I was curious, maybe just for Brendan, if you could talk about the gap between seller and buyer expectations today versus what it's been in recent years in terms of cap rate expectations. | I don't know that there is a gap. I mean, it's a very competitive market, and it's a good market to be a seller in. And so in a competitive process, that's really what ticks pricing so -- | intermediate | [
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8c3b153cf7cd876ef9172c5ce89afa81 | Do you have the same view on the GAAP? Because you guys are obviously a seller and an acquirer in the market, do you find that people tend to pretty much agree on valuations? | Yes. On the disposition front, we're obviously selling a different type of asset than we're acquiring. So I think it is a different set of circumstances on the disposition side, and I think it really is dependent on the nature of the asset, the market, the duration of lease, credit quality of the tenancy. So it's not e... | intermediate | [
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83deddd147b01f23d1afa31917a610bf | Thanks. And then maybe going back to Brendan. Did I get the cash cap rate right for the industrial buildings in Cincinnati? Was that a blended -- really was a portfolio, about 5.4%. | The cash cap rate was approximately 5%. | direct | [
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32b44e87f38081d6b68cac676bf98c21 | 5%, got it. OK. In those assets, so you've got three different leases, are they all triple net? | They're all net. Correct. | direct | [
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42444c61c63ff1e960f9a943f7535398 | OK. And then just looking at the Michelin building, I heard your comments. So there's a lease extension now well into 2020. But your comments from last quarter, it sounds like they were going to consolidate into a new facility. Any color of what Michelin's going to do? And then how does the current rent do you think co... | Yes, sure. So I think the plan is still to consolidate it in Greer. I think it's just been delayed. The logistics of getting that many tires out of the facility and moving them into a new facility, it's just taking some time. We are hopeful that maybe it takes some more time, and they need to stay in the facility longe... | direct | [
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0e50e05c72ece7118a2cc04dbc28557c | All right. That's helpful. And then when you look at where industrial is going to be, I guess, that by year-end 2020, we had been kind of tracking you guys on a revenue basis, but I think your comments were on a gross book value basis where do you think you'll be on a revenue basis by the end of 2020? | There's plus or minus 85%. It trails book value a little bit, and we'll continue to do so. | direct | [
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144e3b61edd527dbfed0ca15e40e1907 | OK. Just finally, there's been a natural deleveraging with your disposition proceeds, certainly you're meeting your secured debt paying off that piece, and then you're getting away from office. So these are all good things according to a rating agency. Where do you -- where would you like to be? Are you planning on may... | I think we're happy overall with the ratings. I would think that getting further -- further out of office and more into industrial will help from an asset quality standpoint. Size will be an important consideration if we're going to lobby for better ratings. That said, I would think there's an opportunity to revisit th... | direct | [
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c54908e64c07784cb5af9d45660f95b2 | So outside of the Dow Chemical office, which kind of sounds like a fairly opportunistic disposition, given the kind of remaining lease term, what kind of cap rate are you expecting on the remaining, let's say, around $300 million of dispositions that you kind of are planning for between now and the end of 2020, especia... | Right. John, this is Lara Johnson. It obviously will depend on the timing and composition of the ultimate set of dispositions, but we're hoping to be at an eight cap. | direct | [
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f170d91d9c72960987c010c74c115f11 | OK, very helpful. And then understanding that you might be somewhat limited in what you can say on this, given the litigation around the Cummins lease, what kind of range of outcomes can we expect there? Will there be any impact from that if it's kind of resolved? | This is Beth. As we are in litigation, we are limited to what we can say regarding it. We are not recording rent on the asset. Currently, the court is collecting rent on behalf into a court administrated account. And given the inherent uncertainty in litigation and the fact that it's in the early stage of the litigatio... | intermediate | [
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8781e9280d18d50fb3696e45224241c7 | I know you had talked about kind of staying within certain leverage levels, but can you remind us what your -- the high end of your leverage target would be as you go through this plan? | Yes, we sort of thought that the upper end of the band would be around six times. And obviously, we're quite low in relation to that. | direct | [
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fdb1650ab9ee4f7b2a978647e9d8909f | OK. And then as you think about the assets and target to sell next year, I think you said somewhere between 450 and 550 million, any thoughts on what the target yield might be or cap rate might be on those assets? | Yes. This is Lara. As I mentioned before, it will ultimately depend on the timing and composition of that pool, but we're hoping to be at an A cap. | intermediate | [
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15b264d7a064abd36f731407432ffc80 | Yes, on the Morgan Lewis building, do you plan to reposition that, even though it's an office asset to add -- invest more capital? Or what's the long-term plan there? | Sheila, it's Lara again. So James and I are working together on this, and we're in the early stages of exploring strategy for the asset. Obviously, we have some time with the Morgan Lewis extension. We have invested a substantial amount of capital. As you know, in the asset. So we're really exploring all the different ... | intermediate | [
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061c7726add78a9234fce4e4e1f4eb8d | OK. And then on Dow Chemical, can you remind us the loan-to-value on that disposition, by selling that that also will be a deleveraging event. Am I correct on that? | Yes. The debt is around $184 million or so. And recall that the construction cost in that facility was 165 million, and we leveraged it out with $197 million in proceeds before construction was finished. So that essentially monetized almost all of the cash flow from the lease. So we -- as we've mentioned, we do have an... | direct | [
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e79959312e9772188f1b54f5e012b8a3 | OK. And last question, I apologize if you already touched on this. On the Thomson, Georgia asset, that's a new vacancy. What are your plans there and tenant prospects? | Yes, sure. We're open for all options there. It's a very functional building. In between Augusta and Atlanta, and we've just gotten started marketing it because of the Chapter 11 bankruptcy kind of tied things up for a bit. But the initial reception has been positive, and we're hopeful to lease it. We'd also be open to... | direct | [
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f22d524a898f6d25a7a92276101cd03b | Were the -- in-place cash rents that you disclosed in the supplemental, were they about market? Or what do you think? | So I guess, market rent there is a little bit of a mixed bag because it depends on if we land a manufacturing tenant or if we land a warehouse tenant, so it can fluctuate by several dollars per square foot, depending on what the ultimate use is. | intermediate | [
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525443e058f7dedbee18a158bb076cfc | Hi, guys. Just a quick balance sheet question. Because there's been a lot of refinancing of kind of debt with some of your peers. I mean, how do you look at maybe the trust preferred as a potential to kind of take out with some long-term fixed debt? I mean, is that something you're thinking about on the balance sheet s... | No, at LIBOR plus 170. We think that the trust preferred given its duration is a pretty attractive piece of paper for us, and we would be unlikely to take it out. | direct | [
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41ff5ad0f407683e08e58f5ed2a73027 | Guys I just have I have a couple of questions on your animal business and then I just want to circle back with a question on specialty. So within animal, your results during the quarter were solid relative to what we are looking for and it really feels like there is some good potential momentum in that business. So one... | Brett, yeah. This is Ted. We were really pleased with the Animal Nutrition results for the quarter with both ruminant volumes up and monogastric volumes up. It really was a strong quarter for us. And the margin improvement that we saw in that business was primarily driven by what you just noted the fact that ruminant g... | direct | [
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93ee13072a529298c943dcf93ae0987f | And maybe I can give you a chance to talk about your mono business too because I know a lot of investors that I speak to are focused on ASF in China and across Asia broadly. Are you or do you think we're at a point now where you guys are starting to see noticeable demand improvement here in the States within the hog an... | Yeah. So I think that the way we would answer that question is obviously, it's complicated. We really don't feel like our Q3 results were materially impacted specifically by African swine fever outbreaks in China. But there is -- again, we were very pleased with the 5% growth in our mono of business. Part of that hones... | intermediate | [
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1ebecf8668860f48fde54b08cdd4e248 | Okay. Thanks for that comment. And then just one last question for me is on specialty. Thank you for your comments on EO. In late October, the FDA released a statement regarding some of those medical device sterilization facilities and some of their closures, including a temporary closure in Georgia and then the potent... | Sure. Yeah, it's very important for us to talk about the evolving ethylene oxide regulatory environment on the call. And relative to those specific questions that you asked, we really haven't seen any negative impact relative to our volumes. I don't really feel as though we've seen orders being moved up. What we have s... | direct | [
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03a8efa16ba6a8cb6d8a4cc85a243333 | Hi. Thanks very much for taking my question. Can you hear me? | Yes, we can. Yeah.
Hi Ram. | direct | [
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8c96c005d5006f767a3ecf3d6f7e0a0a | Okay. So just wanted to go over a couple of quick things, in particular I don't know to what extent you have thought on this bill that people are talking about with respect to ethylene oxide where it seems as though the politicians appeared to think that they can significantly restrict if not completely turn off ethyle... | All right. So what Ram is talking about is the bill and the kind of Illinois legislature that did pass the House and has not yet been voted on in the Senate. And obviously, Ram, we are disappointed to see that as we really feel like it's based on poor data and poor assessment of the IRIS assessment and it really speaks... | direct | [
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d7a4d918919abb75dddce5d151c1a9d2 | Okay. Thank you for that. Also I wanted to ask about regional questions regarding ethylene oxide. Obviously we've talked before about the situation in Illinois, it looks as though the situation in Louisiana is very, very different, in particular, we're seeing new plants coming online in places like St. Charles Parish. ... | So I guess I want to say I really hope this does not become a kind of a region-by-region, state-by-state, community-by-community regulated product. I really do think that the EPA, the Federal EPA ultimately needs to decide how they're going to regulate and that we all then abide by that and work toward that. It would b... | intermediate | [
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51fc649b1645558ef68ead0201586c7a | Okay, great. And then a couple of questions regarding the fracking situation because we're seeing kind of conflicting stories emerging. On the one hand, there appears to be a slowdown within the United States on the fracking front, but on the other hand, I think there is plenty of incentives for the practice to maybe s... | Yeah. So it obviously is complicated and I think why Martin In the prepared remarks talked about, we remain cautious about this business given the difficulties that we have in forecasting it. I mean there is no arguing with the fact that rig counts are down 20% year-over-year. and the fact that our volume is down 50% y... | intermediate | [
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fd903206f5334bb4cb72b27ea68fa5a3 | Okay. And in that vein, I just wanted to ask about the kinetics of adoption in the Human Nutrition & Health business driven by the findings of the Cornell study data. And in particular, whether you're already starting to see the impact of that in the business as well as whether you think there is the possibility of tha... | So maybe I'll go from the last question. We do not know when the INSAR data will be in a peer publication. We are pleased that it was presented in at the INSAR meeting in Montreal. And at least we can see the the abstract on the INSAR website, but we are not aware of any intention to put it in a peer-reviewed journal.
... | direct | [
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405f1e15683799ad09a85f8f5a9ff31c | Can you, Sandra, just repeat the statement you made about EBITDA guidance going forward. I think you said that excluding the additional investment, the EBITDA would be lower, but yet up year over year. Can you clarify that I just understood that correctly? And then can you just kind of comment on the cadence of the add... | Yes. So EBITDA in the quarter was 88.6%, and the adjustments that we would make against EBITDA would be the one-time items that I discussed. So one was the 9 million gain on sales of the French manufacturing facility in Avroy Shlain. There was a 3 million timing difference on when we recognize the China government gran... | direct | [
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602f6b448ae5915392f0b13881f84232 | And can you clarify too, Sandra, if the 30 to 40 million of investment is is on top of the amount of cost-cutting that you expected to come back, which I think that was about 25% of the original cost savings. So this is like incremental to that that will come back? | Yes, Linda. So we had said that 25% or roughly 45 million. Those were largely either one-time COVID-19 actions like furloughs. But I would also say that the 45 million, even though we had some in Q1, it's also more back-end loaded as we add back in more of the commercial programs, incentive trips and commercial opportu... | direct | [
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aa0c27e245f981ae014d9d2dc58e5b31 | OK. And then as you think about kind of the long-term and the turnaround and the longer that the management team has been there, in thinking about further investment beyond 2020 are you kind of thinking that there will be some more like incremental type investment? Or do you think you can work in the required investmen... | Yes. So we did choose to use some of the profit that we achieved above based on the higher 20% growth to fund these additional investments of 30 to 40 million. So we are always looking to balance that, Linda. What I would say is that as we look to really expand into more channels. We have a lot of work what we need to ... | intermediate | [
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adbc24feedd0e277f982536db707e85e | And then in terms of the strategic initiatives to get into other channels, Miguel, could you just talk about kind of -- will we see that as an effect on sales performance in terms of incremental sales in 2021? Or is it more a 2022 where we would see the actual sales results of your actions? | Linda, I think you're going to start seeing it a little in Q3, but mostly in Q4 and definitely next year. | direct | [
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1d75c531d322cbf8a7cae29c5c17bcfd | OK. And then, Miguel, at this stage of the game, now that you've been at the company, I guess, about a year, what are you seeing as kind of the biggest challenges to the turnaround? Is there anything that your thoughts have changed versus when you first came to the company in terms of strategy or ability to execute on ... | So basically, the short answer is no. I mean, the same strategy is in place. We're very confident in our ability to execute. The big challenge that we have, which we knew all along, is that, as you know, we are primarily a direct selling company. And by expanding to other channels, we need to build higher, however, you... | direct | [
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14a72208c0f4a0dbbb217b9f0f635ced | Can you just -- I know you guys had made, I think, some leadership changes in, I don't know, China or in Asia, generally. Can you just talk about -- I mean it sounds like China is still not performing up to where you'd like it to be. Just wondering if you're starting to get traction with the new management team? And ma... | Steve, this is Miguel here. So obviously, Ken, who's -- Ken Yeung joined us in early February. So he literally has been 90 days with us. And a few of the key things that he's already been working on is to really change the incentive plan for the field. So we can motivate the top sellers to continue -- the top of busine... | direct | [
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c8d4a73a1fb8030cb2792e5fae78ab65 | OK. And then maybe just big picture, you had a very strong 2020 as the turnaround started to take shape. And you have -- I think this is kind of the last quarter of what was a fairly easy comp, I guess, although the turnaround continues to work. Can you just talk about maybe longer term, kind of where you see -- I thin... | Yes. So Steve, we continue to not provide guidance just because of the uncertainty still around COVID-19, as well as our turnaround plan. We're doing a lot of interesting and new things. I mean it's led to the decision to make these incremental investments. What we will reiterate is that we have a growth strategy. And ... | intermediate | [
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09b5b23077722cbd54523dbd3aea37e5 | OK. And then just -- I know you noted continued effort to shed noncore assets. Can you just remind me where the land sales processes and what the timing might be on that? | Yes. So we do still have one more parcel here in Orlando. What we still do estimate is the proceeds somewhere in the $40 million range. We're continuing to have conversations with the partner that we did the deal with last year at O'Connor. Recently, there was a press release that they actually have sold the loan that ... | intermediate | [
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"fully_evasive"
] | B |
cae10652e760b4463b467fa7ad4e0150 | First question, you sell some of the non-Tupperware branded businesses, do you think you can maintain any of those salespeople and just ship them to selling Tupperware instead of the brands that you're going to discontinue or divest? Or are they really just going to leave the system entirely? And I'm just wondering sor... | Yes. So basically, once a sales force member joins a brand, they work with the brand and they represent the brand, and they're separate, right? So for example, the people that we have in Tupperware Mexico versus the people that we have in Fuller in Mexico, they are completely different sets of people, and they're loyal... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3b07f088ef81857c926b6810d64cca56 | And then second question on some of the sustainability stuff that you talked about and using the new, whatever, ingredients or products, raw materials for the products, is there any impact, notably on gross margin? Are those harder or more expensive to source? Or will you price up for those? Or is it neutral to pricing... | Yes. So Wendy, what I would say is, I mentioned earlier, the incremental investment to build out a third-party sourcing organization. Today, the answer to that would be, we're largely 60% manufacturing. And so we've been opportunistic on sourcing. But as we build out this organization and start to form the partnerships... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
87f5da2cb003d37738c42df8862bced3 | And then my last question just has to do with sort of the concept of increasing consumer pull. And it sounds like a lot of the investment you're making this year are kind of internally focused on the IT side, the supply chain, which is awesome. But in terms of sort of building the brand with consumers, I'm wondering ki... | So Wendy, all things are going to come eventually. The first thing is that we need to put our house in order. Once we get the right products, the right channel and we get everything, again, the house in order, then we're going to be able to start investing in different media outlets and channels and start doing AB pilo... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ba9646e6efbb87b51a8bfe76014e6880 | Can you provide us with some color on what type of activities are going on to additional AdCOVID metric? Are you targeting the emerging size COVID 2 variant? And how long will it take to develop new investors to combat [inaudible]? | So the preparations that are currently under way include making a variant of vaccines against the primary variants that are circulating the South African, the UK, the one in California. We see there's a new one here in New York that shares a lot of commonality with the South African. And so it's easy for us to make the... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
372b33327c14f0fcd60c1d8182d68f7b | Can you also provide some color on how discussions are going with regulators in regard to design and considerations for pediatric trial? And when can we expect details on timelines for pediatric trial? | Yes, we're having active discussions right now with the agency. There's nothing that we can really disclose at this point because those discussions are not final, but we're looking to implement a pediatric trial in the middle of the current year. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
84a547037178564cc31633f594b01159 | First off could you guys update us? I know you've kind of got these single ascending dose that's proceeded with 801, obviously, I love the decision to move forward and have the Australian trial expand to the 12 weeks. So can you just update us a little bit or do you have some visibility from that trial in terms of the ... | So we think about what's the best way to move forward as a community to respond to the pandemic. Obviously you wanted well-tolerated vaccine and you want a vaccine that can block transmission because it's through transmission and through the growth of the virus and other individuals that these variants that, that we're... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a18f94e8506c304532662ae33392399e | And maybe if I can, can you guys update us how you're thinking about the updated FDA guidance? Obviously there's a lot in there, but in terms of the guidance on variants in particular how are you thinking about the development of an advancing your own vaccine, targeting your own AdCOVID targeting those variants? Are we... | Yes. And good morning again, Seamus. So the guidance that was was oriented predominantly to vaccines that are under EUA. So there's a bit of guesswork as to how to apply to vaccines that have not currently done clinical trials.
Clearly there's going to be a need to establish the effectiveness of a vaccine oriented aro... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a96446ef377f3f08106641ce737e628e | Maybe just one final question. Can you just update us on sort of the structure of the U.S. IND going forward? And that's my final question, just in terms of the advancement into sort of the full NASH program, just wanted to get a sense of what the needs are from the IND perspective, and then with the data that you have... | Yes, absolutely. So very often, in fact most cases the IND is filed before clinical trials, but many sponsors, Seamus have chosen to go outside of the U.S. and their Phase 1 particularly Australia and the FDA is very comfortable with that. So we'll actually coming to the IND process with clinical data rather than just ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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