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749787899a982196011ccb7ecdcb2730 | Chris, just wanted to get your thoughts on how interactions with FDA are going as you approach your first PDUFA? There have been instances recently of some surprise feedback from CA, especially across multiple therapeutic areas. And so with that in mind, I think investors are going to be keenly interested in hearing ab... | With regard to the FDA, we've been very actively engaged with them. The process is moving along nicely. There have been absolutely no issues to date. We have no reason to anticipate any problems with either site business to manufacturing facilities or to clinical sites. Everything is going on very well. Thanks for your... | intermediate | [
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09a2e42d7d97d4a412bd18faeadb54d8 | Are the visits virtual to the sites? Or are they in-person? | Look, sort of a combination, and I'll leave it at that. | fully_evasive | [
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1f08285a66300b1e76024cd0c3c31cbf | In your discussions with physicians, have they been talking about patients during COVID, reducing their business and seeing physicians with less frequency? We have heard that some other oncology companies, as difficult as that might seem, people are skipping important appointments. And so just wanted to get a sense if ... | Yes. I really think it depends on the specific tumor types that you're talking about. I think in the relapsed/refractory DLBCL setting, because of the aggressive nature of the disease, we have not heard that type of patient behavior, if you will, from physicians directly, but I do -- I am aware that other companies hav... | direct | [
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675429ac2b7f4a06d4a6b7f7ee3070cb | Has there been -- I guess, specifically, has there been a manufacturing inspection? Or is there one scheduled? And just if you could comment on that? And then I guess two other questions. First, on -- I believe, in your prepared remarks, I heard you make a comment about a frontline study with R-CHOP. Could you just tal... | With regard to the first question, we've not provided much detail with regard to FDA interactions. But I think it's fair to say that as far as you know, all of the FDA's investigation notice of our manufacturing is complete. So can we leave it at that for the moment? In terms of Lonca plus R-CHOP, it's a really great q... | intermediate | [
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c9e3c9ca4de9a4f7e6b22f069fb0d45a | On the pivotal Phase two portion of LOTIS 3, you're guiding to enrollment completion in the first half of this year, that seems to be ahead of schedule since you only initiated dosing in July of last year. Can you comment on the pace of enrollment for that trial and perhaps what is driving its liquidity? And should we ... | Thanks for not stretching my memory. So in terms of the first question, the enrollment, let's say, has been studied. I can't -- I don't recall predicting that enrollment would take longer than the first half. But I remain optimistic we can still complete enrollment this year. This study is going to require some follow-... | intermediate | [
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1706469bd4ce13b14aa268ee492881fd | On the competitive landscape, just earlier this week, your competitor in the DLBCL space posted -- provided revenue guidance for 2021 fell short of consensus. What learnings have you been able to glean from Monjuvi's recent entry into the DLBCL market, both with respect to impact from the ongoing COVID-19 pandemic in p... | Yeah, I mean in terms of the learnings that we've had as we've been monitoring the landscape, I mean, it's a really exciting time to be in relapse/refractory DLBCL. And over the last say 18 to 24 months, there have been a couple of new options for patients, which is exciting and really good news for patients. And I thi... | intermediate | [
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4426705accd170e6905d2ac7aeea1702 | So you had talked earlier in the quarter about pulling back on marketing in the fourth quarter and yet you put up your best video results since the first-quarter 2012. What do you think was the driver of that? | Hi, Philip, it's Julie. So we spent, if you recall, a large amount, probably the largest I've seen our company spend, in the third quarter. And so I think probably spilled over from that is part of it. I think our decision to move our pricing and packaging launch up to the beginning of January, the results from that te... | direct | [
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af07e27f90603db52df60a671fb0f4ae | Can you talk about the impact of going after, I think you called it an unpenetrated customer segment. Are you seeing that drive some of this success as well? | My reaction is that it has not. We have been going after different segments, but the response rate has not been large there. We are stepping up now in 2019, the marketing to that group even broader. What we've seen is it does drive people to contact us either by phone or by web. But rather than picking up the service t... | direct | [
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960ff0a03ad58e37b8f952eb3b0a3266 | I was wondering if you could help us in any way size the financial impact of Clearwave this year. | No. Not yet, Zach. In short, I appreciate the effort. And I think we definitely talked to you and others about this at the time of the deal. I mean, clearly, the reason we're disclosing the price now is because it was a subsequent footnote in our financial statements. We continue to want to be active in M&A and continu... | fully_evasive | [
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4209741651c44498ac734d021bdf57e8 | In terms of the pricing changes, you guys have introduced this unlimited plan, which I think is $40 incremental a month and I was just wondering if you could kind of speak to what the early take rates are for that and how you see that developing as we move forward. | Yes, I think given that the pricing has been out in the market less than two months now, this is probably a great topic that is more suited to next quarter's call in order for answers to be more fulsome. But really, we'll be happy to share the variety of indicators that we're seeing, and that being one of them. | fully_evasive | [
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ac3fa949958281ca72d5cecafd4db66d | The sequential loss, and I think there was a sequential loss in business customers. If you could just kind of talk to what drove that in the fourth quarter. | Yes, that was really a -- it's part of the billing conversion. There was a piece that flipped around that -- just how customers came over from what they were classified as NewWave to how they came in into the Cable ONE system. | direct | [
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7b8bdabccd7220e8564a87c885df6833 | Maybe one other round about question on Clearwave. Can you give us an idea of how it might impact CAPEX in the year? And then just to clarify, you are not raising pricing this year. Is that what you said? | Sure, I'll take Clearwave first. I think similarly, we're not going to give any details on that yet. We haven't -- I guess what I would say is historical, what we've said about CAPEX, we think it will continue to be in line with what we've said historically, and we're not changing our perspective on what CAPEX will be ... | intermediate | [
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394cb031b530e098f53eba698e7cb4a6 | Can you comment on what sort of the SG&A list you expect after the billing conversion? | So I think what we can say is that the original synergies that we've projected to attain as part of the NewWave transaction? By the end of the year, we will be on that run rate of that realization. It won't be for the full year because some of them come in throughout the year, whether it's provisioning or other related... | fully_evasive | [
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b51111165496f868e042904802b98896 | Can you talk about your view that on the value of bundling video and broadband there's sort of a raging debate in the industry about how much broadband churn rate depends on the video bundle. And I wonder if you think it's been part of the reason your broadband growth and penetration has been a bit slower than your pee... | OK. Craig, I'll take the first. Touch only, leave the second for Steven. I think we've talked about this in the past. We don't see bundling as the savior for churn. Our churn is low, and it's going lower. That trend continues. And over 70% of our customers are not bundled, they're HSD only. And we've seen little many e... | direct | [
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48fa43d16a47059c12ba4cd7aab70eb1 | The HSD overage charges. I know that it's $40 for the unlimited. If you don't take the unlimited and you go over, what is the pricing like? | Hey, Stephan. So if you don't take the unlimited package, you have your data plan that I outlined, depending on what service that you take. So let's pretend you're taking our $55 service for 100 megs down. You get a 300-gig data plan. Under our new pricing and packaging scenario, if you go over, you will pay for bucket... | direct | [
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d0d712463f26e525652b9e0f639eea5a | Can you talk about average usage and how that's kind of grown recently in terms of -- | Yes. So our average is hanging around just, same as the industry around 260, 270. And we're growing exactly the same as the industry too, anywhere from, depending on when I look at it, it could be 23% up to 30% on an annual basis. | direct | [
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6e721452274eb706f9136b6bcea4cb2b | And then lastly, just a little bit more on CAPEX. I believe you guys said $35 million over the prior commentary, and I think the prior commentary was in the high teens but trending lower. Is that still the way we should think about it? | No. So I think there's two comments there. The 25 going to 35 is talking about 25 million. The number that had previously been talked about about NewWave was that there was going to be a 10, 25, 25. What we're saying is that they'll be up to 35, inclusive of both the NewWave piece and the Clearwave piece in 2019 so tha... | direct | [
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8a7ec914f0572082e4cf39359f88a800 | Julie, do you spend time thinking about how you can really accelerate the transition away from video and toward more of your data-centric businesses? I guess particularly as you think about the competitive intensity of some of these OTP services picking up longer term? And then maybe for Steven, can you help us underst... | So as far as pushing the industry toward our model, I mean I think there are probably 5 to 10 paths to get to greatness. And our path isn't the same as others. Our markets aren't the same as others are. Our strategy is not the same as others. And actually, I don't think that we do put a lot of time and effort. Well, I ... | direct | [
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8170cb22acd67330f77a97a82302db05 | You guys used to have a disclosure in Ks and Qs on programming expenses being between 50% to 60% of video revenues. I'm wondering if that is still the case or if it's outside of those bounds at this point. | I would say it is slightly outside of those bounds now because as we continue to -- and basically, all we do on video as we pass through what we get as a rate increase. And so your percentage margin goes down over time as all you do is pass the dollar through. So you maintain dollar margin but you don't maintain percen... | direct | [
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ce82ee91db20150dce2270fa7c06ec11 | In light of the better outlook today, is there any update you can provide on some of your thinking about capital allocation? Where would you need the business to be to consider share repurchases? | Hi, David, it's Victoria. Thanks for the question. We've talked a bit about this before. And of course, our No. 1 priority is to ensure the health of our company and to protect our assets. So as you know, we took on additional debt last year to strengthen our liquidity position. But now that our business is turning the... | intermediate | [
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d3d567780e5dd24c3a3ec157967a14a2 | Andy, could you talk a little bit about sort of sports betting as it relates to your two marquee franchises and sort of the opportunity there? Not just what you've signed with BetMGM but looking longer term, do you see this as an evolving space for the leagues that have historically been a bit reticent about embracing ... | Thanks, Ben. Well, let's start with your sports gaming question. So I'll start and I start every time with the same comment because I think it's super important. This -- to me, sports gaming -- or us, sports gaming reflects two points: one, today; and two, tomorrow. And what I mean by that is as gaming continues to tak... | intermediate | [
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ba78ac480f89a7b8a4d2ab8e8a4c87b0 | I know we've discussed this a lot yesterday in the MSG e-call, but there's lots going on with RSNs now with -- especially with the MSG and Comcast dispute and all the rhetoric out of the leagues with potential alternative local broadcast models. And I wanted to ask you, Andy, how you see the RSN ecosystem playing out o... | All right. Thanks, Brandon. So let's start at the top. So let's just lay some simple facts, right? We have a very long-term local media contract with annual escalators, which we think are strong, for both teams that are not subject to any economic changes based on distribution, right? And I'd say we have the utmost con... | intermediate | [
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b42cab09aa3ae3ce3f6ab25b941719f2 | For the first time in a long time, both the Rangers and the Knicks are off to really good starts. And I was wondering if you could remind us or help us think about the buckets of financial upside from good team performance. I know most of the tickets for bulk teams are sold in advance but -- and sponsorships locked in.... | So I'm going to split that in -- your question, Brandon, into two parts: short term, long term. Short term, there's always -- as we've talked about in the past, we're very focused on having a direct relationship with our customer and going after the high volume of sellers. So we do sell independent tickets, and we very... | direct | [
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f5dc579a0a1cb153f869ab066dd5a10e | Andy, this may be somewhat related, but given your comments on new marketing partners, can you give more color on upside from here? You talked about Benjamin Moore. Are there any other categories where you're underpenetrated? And how meaningful could the jersey patch opportunity be for the Rangers? And would that reven... | Sure. So let's -- there's a few questions in there. I think, I want to move through it in a -- try to answer them on. If I missed one, John, just jump in and let me know. Let's start with the NHL patch because I think it ties into your question about what are our opportunities in categories. What's great about an NHL p... | direct | [
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8eaeb7f13478f985e43d26fb0bbbf289 | Bob, have two quick questions. First, you stated on COVID the negative impacts there are $0.09 for the year. Just wondering if that's what you're expecting for 2021? | Hey, this is Bob Hevert. As we look forward into 2021, we look at COVID in the context of how we are projecting use going forward. We think there will be a continuing COVID effect, although we expect that effect to moderate over time. As with most people, we see the likelihood of vaccinations taking hold to be meaningf... | intermediate | [
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5de2906ad5ccba784cac59a10d020c07 | Okay. And then on I'll check on the other item that you called out in terms of having a negative impact on the results and that's the weather. Just wondering how that's tracking thus far in Q1 versus your expectations? | It's Bob Hevert again. So far, through January, we know the first half of January was somewhat warmer than normal. We have considered that, although the last week, the temperature turned in our favor a little bit. So, we'll have to see how January shakes out. But for the balance of the year, we're generally looking tow... | intermediate | [
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f3dce40117d0a879b3c5b54a0fa8014a | A quick question on the competitive position of natural gas versus fuel oil. Have you done any analysis as to what impact natural gas blending would have on your position comparing to fuel oil? | So, this is Bob Hevert again. Let me take that from the perspective of how we're looking at sort of renewable natural gas in our supply portfolio. Is that where you're heading?
Okay. Sure. So, as Tom mentioned, we do have a collaborative process going on right now in New Hampshire looking at how we might integrate ren... | intermediate | [
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e08967d94f6d26d48961cd053046f7ec | Great. Thanks Bob. And then just -- and a follow-up there, do you know if the fuel oil industry is facing its own headwinds, regulatory or legislative headwinds? Any additional costs that are being put on, on that industry? | I think -- this is Tom, Shelby. I think what we're seeing is that the fuel oil companies are coming up with their own strategies to use biofuels in response to many of the same pressures that the natural gas utilities are facing. But I think the real question is how much of that is really available and feasible and wha... | intermediate | [
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e96a8ea7aa1ca5e3d7b64f37c6a57b0a | Regarding your guidance, I believe you are not including any of those new games that you mentioned in the pipeline that potentially you can publish in later the year. So I just want to clarify on that. And then, related to that as well, besides India, which country do you think we'll also see some declining trend? | In terms of digital entertainment, our guidance does take into account of games that we believe might be launched this year. Of course, any new games in the initial launch stage probably will focus more on user growth and management penetration as opposed to immediately focus on monetization. So the contribution probab... | intermediate | [
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49aa7aed9662590255346f488e5b1ee8 | My first question is with respect to Warrick. I wondered if you could provide some more detail on the expansion in terms of how much incremental capacity you'll get from the new mill. And with respect to sourcing substrate, can you talk to that too? Is the expectation that you'll take in more metal from the Warrick sme... | Sure. Well, the volume focus here, this is more of a mix focus for that facility. A good portion of that mill is already participating in coated products. We have a very strong position with many of our customers there. And as we continue to see the growth ramp overall in food and beverage, the coated side continues to... | intermediate | [
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846a4b380ebfab5dfda7ea4f5563f936 | Okay, great. That's helpful. And then with respect to the current, I guess, operating footprint, you've got some, obviously, artificial issues with auto with the chip shortage. We know aero is basically at a bottom. I was wondering, can you talk to your current utilization rates across your system? And how successful h... | Yes. Actually, we've been very successful. And you can see that if you look in the shipments and the breakout in the various markets that we're in. You'll see that our general engineering shipments are up substantially through the period, and we expect that to continue. That is the ability -- that comes in two areas. O... | direct | [
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6b845f47256687f043eabd2b274d08b3 | Okay. Great. And then just one final one because I know you have an excellent position within distribution. Do you feel like the supply chain has -- is there more restocking to go? Do you feel like -- clearly in aero, there have been some excess inventory issues at the start of the year. But do you feel like the supply... | Yes, it does. But in the past, Curt, when Jack would answer this question, we would follow the rod and bar from the MSCI. We would look at -- watch inventories there in sales and shipments from mills to the service centers. We haven't seen that in a couple of months, but the last time we saw that, we -- our sales had s... | direct | [
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262466888ed1dde14c554c5a6dc08604 | Just on the inflationary pressures, can you detail what was labor and what was freight just in the quarter? And then on the labor side, some of these capital investments you're planning, are you designing in any more automation or ways to combat labor inflation long term? | Yes. So you combine the cost, if you compare the first quarter where we were roughly 20%, 22% on our margins, EBITDA margins, and this quarter, we came in at roughly around 18.5%, that's about the difference between mainly freight and additional plant overhead as we ramp up and some of the inefficiencies. So that reall... | intermediate | [
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d216be4c1424bcb181995b031f222363 | Got it. And then just with regard to the commercial aerospace plate outlook, and you might have kind of answered it with Curt's question, but how does that break down between service distributor demand and then directly to the aerospace OEMs? And then just related to that, Airbus has come out here with some longer-term... | Well, as we've stated all along, Josh, we've been talking with the OEMs at the very beginning of the -- onset of the pandemic. And some have announced, but we're also looking and speaking with them. So we're seeing the ramp-up of their needs. We already have some clear clarity into next year what their needs are going ... | intermediate | [
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c64e3444de3859a289953e044bf571fb | Got it. Well, and then I guess, taking that all together, the long-term guidance or outlook that you're putting out there, how should we think about the cadence or time line to get to that? | Well, if you follow the -- how we've outlined and if the markets behave as we expect, we expect to be back to the 2019 levels at which time we were squeezed on capacity for Phase VII -- for Phase VI at the time, and it was really the impetus for launching Phase VII, so we intend to get back there in 2023, 2024, we beli... | direct | [
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b204504f901587f31fcf934633b2003d | Got it. And then just on the automotive side, you mentioned the lead times for aerospace. I mean what do the lead times on the automotive side look like just as that 3Q, 4Q ramp on the OEM side picks up? | It's an interesting point, Josh, and I was a lot more comfortable before the beginning of this morning, but General Motors came out this morning prior to our call and announced that on the T1 line, which is their light truck, an anticipation that they're anticipating more shutdowns for third quarter. And we're still se... | intermediate | [
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87b54d85493080e8d6a64908556aa82f | Eddie, for you, in terms of now delivering on the innovation around Active WM and TM and combined, are you actually seeing sales cycles where they actually want to buy both of the products at the same time? Or is it more of a differentiator and it's just helping spur the conversations and improve close rates on just ei... | Yeah. Good question, Terry. Well, it's early. Of course, we're six weeks past release of Manhattan Active TM. But the answer is yes. We have sold, at least one, comes to mind, brand new customer, so new logo, not done business with us before. And they contracted for both Manhattan Active WM and Manhattan Active TM. So ... | direct | [
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005c7491c5071e954bb6c6fce47c28dd | Dennis, for you, and thanks for all the financial color. It's -- what I'm curious about is, I think I forgot if it was the fourth quarter or the first quarter call, I think it was the fourth quarter call, you gave us kind of a long-term road map and how, like the cloud subscription revenue, how it's going to layer on f... | It is the former versus the latter, Terry. It will change. And we'll address that -- we'll address those updates in the Q4 call for sure, great forward visibility. | direct | [
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14b395ebe18b421c1ddd27c8f216f751 | I wanted to go to the comments just on existing customers, maybe choosing to migrate a little more quickly, where I think you said, it's accelerating somewhat. Is that just a function of maybe time and comfort, the fact that we're over a year now with Active WM end market. So there's been a chance to see it. There's, m... | Yeah, yeah, I think you answered the question well there, Joe. We're a year in or a year or so, and certainly, it takes a little time. Not so much from a referenceability perspective, but the budgeting cycles and even though our existing customers, if you want to call them sales cycles, take a while. And we're starting... | direct | [
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bd96616385e38b9b1e2496735ac7afe5 | And then, just on the development of cloud and other gross margins and the upside you're starting to see, I guess, bigger picture because there's a couple of quarters in a row now of sequential gross margin improvement. Do you think you're at the point within the context of the broader transition and really the investm... | Yeah. Well, Dennis will take some of the details here as well. But certainly, there's opportunity to build on scale and leverage and so forth. I do think we had a virtual Momentum conference this year, so we ended some underspend there, frankly. We still have the opportunity that we believe to invest more in marketing ... | intermediate | [
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b00b218dcde304f52b2b4299d43f1110 | So Dennis, maybe a follow-up on that last question. I think we've seen the initial outlook over the last three years imply a decline in operating margins. But now we're seeing expansion in 2020. We'll see margins up again this year. I know there's still a lot of moving parts, but are we at the point where we can kind o... | We're not going to call a trough at this stage. So we'll evaluate that and discuss that in the Q4 earnings call, Brian. We are going to continue to invest in the business. But suffice to say, we're pretty confident in our ability to generate operating leverage. | direct | [
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197e02ac4013e8567b8828acdcc7c60c | And maybe just one follow-up for me on the RPO. That was pretty strong again this quarter. I'm curious, if you had to look back in the first half of the year, and clearly, RPO exceeded our expectations. Do you think the upside was more related to volume or just like the sales cycles or maybe related to deal value in an... | It's pretty balanced, Brian, actually. So we've seen nice deal volume. We've seen some bigger deals. Not much, but a little bit on the longer contract side. So a really nice balance that's driving that RPO number, frankly. Yes, we're seeing a nice balance of not just our installed base but net new customers in our port... | direct | [
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920288a6688a7f6984d468aa4e827785 | Let me start off by saying congratulations. Nice job on the quarter, another good quarter. Driving -- I just want to drive down into some of the drivers of growth in the quarter. Were there particular product areas that you saw certain outperformance more so than others? I mean, it appears just based on some of your co... | Certainly, WMS was the preponderance. You know our heritage there and so forth, and it tends to be sort of the lead product. But much like Q1, there was a very nice balance across the product portfolio. WMS was strong for sure, and it was the lead dog. But MAO really stepped up in Q2 and delivered some nice numbers and... | direct | [
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dd80619b2f57800b834ab7ddb59c7480 | And then just diving down a little bit on the point of sale product that you're having on the Q1 call, you know that you were seeing a pickup in some large point-of-sale projects. And the sense was that retailers were just kind of restarting some of the strategic initiatives that they had. And I was wondering if that m... | Yes. Yes, continues to have nice momentum. The good news is that some of these implementation time lines are getting shorter and shorter. So we've actually had three point-of-sale customers go live in just the last -- the back half of this quarter. And the nice thing about the point-of-sale pipeline for us is about 50%... | direct | [
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daaf71faf0cfe215573998f029549a0c | Okay. Very good. And then finally here -- just stepping back, taking like a 30,000-foot view, Eddie, based on the over performance, it appears that you're seeing a sense of heightened urgency from your customers regarding modernizing their supply chains. And just I wonder if you could just address how customers are may... | Yes. Well, I think a combination of needing or recognizing that they need resilience in the supply chain. They need contingency in the supply chain. And frankly, it's a very competitive world out there. I said a little bit of a different way than I said in the script. Supply chain these days is a customer service attri... | direct | [
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d350f6eb1d5336cca66e4bf65064af10 | So yes, Eddie, Nelda rolled out at the PM. I believe that's the last of the high-profile products to be activated into the Active product family, if I could say that. So can you just give us an update on what your overall thoughts on what's next? Maybe this is a good time to update us on your acquisition strategy? | Yes. Still plenty of work to do in the supply chain space. We have frankly, a much longer list of innovations in the hopper than we can get through in the next quarter or 2. So we're continuing to bear down on the investment strategy, build out the innovation into the white space that we see. I do think that there's a ... | fully_evasive | [
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22de73f8c8f4e9162450b515acf7edae | And Dennis, we used to get a metric in a number of deals above $1 million in the good old license revenue days. So how should we think about what is a similar metric for large subscription deals. Should we look at it from the total RPO perspective? Like should we be asking you how much of your RPO growth is driven by t... | Yes. So from an RPO point of view, it can be lumpy from quarter-to-quarter. But bottom line is, is it's compounding from a growth point of view, and that's a very linear line, in essence. So that's from a -- what I would judge our performance by is really the RPO, overall RPO growth from quarter to quarter and the guid... | intermediate | [
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b8bdce583d3c74d6a69b9591d624f979 | Eddie, I think in your prepared remarks, you mentioned that you are seeing existing customers accelerate their conversion to the cloud. Maybe just care to expand on those comments a little bit on in terms of what's driving that? | I just think timing, Matt, for the most part. We're about a year from release upgrade cycles, budgeting for upgrade cycles and so forth, take some time. So I think that's one factor. And then the continuing need to modernize the distribution center and get access to -- get almost immediate access to the innovation that... | direct | [
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8533f7e4e164831c7930f8247e5b5367 | Got it. And then from a geographic perspective, I think you called out the Americas as being particularly strong in the pipeline, but also seen some improvement in EMEA and APAC. Is that just driven by America reopening quicker, being more open than some of those other geographies? Or what's sort of behind the pipeline... | Yes, I think that's it, Matt. Because even within APAC and an EMEA returning, you can see the sort of the micro trends. There are certain countries and so forth that are still lagging from a perspective of opening and opening up the doors and so forth. So yes, I just think it's a little bit of a lag and a little bit of... | direct | [
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80e4dfa182e96fad21bd46b303d8c8b2 | Just a quick follow-up to the earlier question on the RPO strength. Obviously, blew through it through just the first couple of quarters. And I was wondering how much of your original guidance had -- or how much macro conservatism might have been built in? And sort of how that may or may not still be extended into the ... | Yes. I mean there's a question coming into the year, we were a little cautious about how things were going to shape up here and around the world. But now we -- obviously, we're seeing the demand. We're seeing the bookings. We're seeing the pipeline grow. So, feeling stronger about it, and so the raises across the board... | intermediate | [
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8c97fd674359379d22fb79371ec0bd52 | Got it. And just last one on Europe. A comment on strength there, just to follow on to the last question. Is there some quantification to that strength? Or is it too early to tell just how strong Europe will come back? Just maybe some color as you're looking at Europe over the next six to 12 months. | It's just been a little flatter. I mean a little flatter relative to the US over the last two or three quarters. And we see it coming back to normality, if you want -- if you'd like to put it that way. Typically, we've seen Europe represent somewhere between 12% and 15% of software revenues. And it's been a little lowe... | direct | [
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4d30f307b823e7a8e60c559df7c797e8 | So maybe I can ask both my questions together. The first one is just given the trends in the solid backlog, is it reasonable to assume this sort of growth rate could continue into fiscal '23? And to be sure, this is a directional question, I'm obviously not looking for 2023 guidance. And then the second question partia... | Let me start with the second question for Bell Canada. I think we discussed it before. We never renew an agreement as what we call an apples-to-apples. So the new agreement is a comprehensive agreement, both for managed services and both for cloud transformation. We are very happy with this agreement and does not imply... | intermediate | [
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2a2db3db307addf57c4f47e7daf719f3 | Tamar, I'm just looking at the third quarter guidance and the full year guidance. And I think if my math is right, it implies that Q4 revenue was down sequentially a bit from Q3. Am I doing my math right? Is that correct? And if so, what would be the cause of that? | No, it's not correct. And this is why we -- look, talking about midpoint, it's not correct. Obviously, the reason we are giving both the range, but also targeting and saying very clearly, we believe the most likely scenario is that we end the year at the high end of the range of 8% to 10%. We need to give a range in or... | direct | [
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aa557bb09014b75258c39555600193dc | And then on the R&D investments that you talked about; can you just talk a little bit more about what those investments are going toward? | I mean, obviously, given our position, we see a lot of opportunity to continue to enhance our products to support all the new use cases that will exist and are developing right now, both for consumer and B2B. So it's in the network domain, in our monetization platform, it's across the board. And we always try as much a... | intermediate | [
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f617a69138f16dc1bd6d1f2ceac9028f | We'll be curious to hear more on the fleet size coming down and with visibility improving and opening an increased number of branches for 2021, can you share how much capex will be devoted to new fleet this year? And just any thoughts on capex for the year. | Sure, Steven, good morning to you as well. As I said in my prepared comments, we're moving back into a growth mode. We continue to sell out of the fleet last year. Nice healthy margins, maintained in a continued very young rental fleet age.
As we move forward, we said eight to 10 locations is our expectation. So reall... | direct | [
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b38f0b15ed0b1ee9726bd1ff00a23d8e | And I guess, to add on to that, thinking about the increased focus on specialty fleet, I believe a partnership has been discussed. Maybe you can share more on the partnership and on the capex that will be devoted to the specialty fleet? And maybe if you could share more on, as you invest in a specialty fleet, maybe how... | Sure. Look, I think the bigger announcement is that we have absolutely broadened our focus to consider, and we are actively looking for specialty opportunities. As we've said, anything we enter will be synergistic. You know that groundworks that you're speaking of, obviously, highly regarded, high-quality trench produc... | intermediate | [
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3e99adb17d45b27ecdffad6cd29dfdb6 | Excellent. And then, one more for me on new sales being very strong this quarter. We had heard this from contacts in our channel checks. I guess, what is your view driving new sales of equipment? Do you think it has legs to last into this year? And maybe just any thoughts philosophically, does this tell you anything di... | Yeah, that's a very good question. And I don't believe it's an opposition to penetration increasing. The majority of those -- that nice Q4 we had from a relative standpoint were crane sales. And it didn't take many cranes to add up a large amount of dollars.
That being said, oil has started, maybe whether it's a recov... | direct | [
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1a9ca4834508844de68dd5d62093dc13 | I just wanted to ask about pricing. Was there any particular region or end market where the pricing stood out in the quarter? Is that minus 4.5% a reflection of the business broadly? | It's a reflection of the business broadly, Steven. As you said that year-over-year number, as we moved later into the COVID times has not helped us in the year-over-year measurement. That being said and as I referred to on our last call, our view is that rates were stabilizing and not likely to further degradate. And s... | direct | [
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34dc68459f2c67d0cc3970cde1dfbd1b | OK, that's helpful. You beat me to the next question. So I guess, then just in terms of your fleet expectations, are you -- because you talked about the overall capex growth, but are you expecting to grow your fleet on a same-store sales basis? Just kind of trying to figure out if it makes sense to add fleet if rates a... | Sure. We're absolutely planning for same-store growth. It is our anticipation that utilization is going to continue to improve and allow us to achieve improved pricing. It's never our plan to have capital spending when we think we're facing a continued decline in rates and/or soft utilization.
So our outlook is pretty... | direct | [
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89a8006a805c551741d5dd6ad6da8610 | That's helpful. We do hope your folks are staying safe and warm. Just maybe one last question. Do you have a sense of what the backlogs at your construction customers are doing? Are they growing at the moment? Are they holding flat or declining? Because I think there's at least some debate around this among investors b... | Sure. Well, I think it's -- there are some geographical challenges here, right? California is a little bit more suppressed today, a little bit further lockdown due to COVID than maybe most of our other geographies. That's a timing issue. It's certainly not an issue of demand in the marketplace or opportunity going forw... | intermediate | [
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ce5950eb16eb5487f615d68b53364157 | Can you comment on the SG&A levels kind of in the coming year because you had such an unusual year -- last year and then with growth kind of looking to really reaccelerate pretty meaningfully here in the second quarter on? Is there any guidance any -- anything like that that you could share with us? | Sure. Good morning, this is Leslie. So we ended the full year of 2020 at 24.7% of revenues. And I would say for 2021, we would expect some slight pressure on SG&A as a percentage of revenue. And some of that is going to be driven by the warm start growth plan that Brad has talked about. | direct | [
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d33a1e5cec90061d2b01c64bbca429bd | Perfect. That makes sense. And then, when you think about -- we've heard from some other companies about larger projects resuming that had been postponed. Are you all seeing that in your book? And I was curious kind of how that relates to the comments around improved visibility and sentiment? | Yeah. We certainly are seeing that in our book of business. In addition to seeing jobs that have been postponed or pause restart or start as expected, we've also seen opportunities kind of get reignited in conversation around additional projects, particularly in the Gulf Coast. So it's really been all of the above, but... | direct | [
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2bb47be369ff7ac8009286cdf1a46718 | And then, lastly, in terms of the weather that's plaguing much of the U.S. right now, looking back historically, I would assume that during the recovery phase or when things are starting to fall out, that's actually could be a boost to the overall business. Just wanted to see if that was the case or not. | Sure. It could be some level of a boost that, listen, I think it's going to be viewed as more pent-up demand. I spoke about our utilization trends improving every week of January. The first two weeks of February improving over our high points in January. And now we've been paused just a bit. So that work is going to co... | direct | [
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31e3ade4a82c4196a5027316d319a689 | Hey, everyone. This is actually Mike Smith on for Bose. Congrats on the acquisition. So on that, what is the pro forma breakdown of the capital allocation to the investments business versus the originator? | I mean it's not a large capital allocation to the originator, right, relative to our balance sheet. We already own 43%. So I mean, I don't think it's really a material change in how we allocate capital.
Yes. I think it's more going to be on the investment activity. So as we've said, we expect Lima will originate betwe... | intermediate | [
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d05de13228b6244c1573f98cd03f4fce | OK. Great. That's helpful. And then how much excess capital will the company have after deploying capital into the transaction? | Well, what did we show for cash at 331, $800 million?
Yes, roughly $800 million, 331.
It will be over $700 million.
Correct. | direct | [
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8560660dd64fd731a3d6c88b34020b3d | OK. Great. Great. That's helpful.
And then kind of on a different note. Thinking about buybacks, how do you -- if you look at GAAP or economic book value? And kind of with that in mind, your expected excess capital, how should we think about additional buybacks from here? | Sure. So in answer to your question, what do we look at? We look at economic book value because I think something like 70% of our loan portfolio is not marked to market on our balance sheet for GAAP purposes. So it's purely economic book value. And I think as the stock trades, don't forget when we put the share repurch... | direct | [
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27205346f9a2f1961e515475ecffcf8c | Great. That's helpful. And then just one more. Can you provide some thoughts on how book value has trended during the month of April and into May? | So we haven't closed our books for April yet. We're still in the process, but just from what we can see from our sort of daily reporting, it's not materially different. | intermediate | [
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0f2e90c511673b668064d8d79a640eda | Hi. This is John Kachowski on for Doug. Congratulations on the quarter. Just a quick question on the securitizations.
You had a few successful securitizations this quarter and last quarter, kind of going forward, what should we think in terms of the pace of securitizations and how it will affect your cost of funds? | So we expect to be out in the market regularly. I mean and we still have a good chunk of the portfolio that can be securitized. But really, once we work through that, it's just going to be the regular flow that we're purchasing. That is what we expect to securitize, so the majority of our financing going forward will b... | intermediate | [
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0d5850f396804dd2514debf3aa53bf15 | Hey. Good morning everyone. Exciting times. Congratulations on the acquisition.
I think it really adds something to the story and your franchise value. Craig --
With the Lima deal, should we -- can we read through that -- because you had a lot of options, I'm sure. Does this tell us that you see the BPL product to be... | So it's certainly -- yes, we certainly view it as a very attractive sector. I think we also view Non-QM in a similar fashion. I think with Lima One, we've obviously been very familiar with that company for a long time. There's a lot more competition to acquire these assets today and to acquire these originators than th... | direct | [
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597258d14348cd2957a9624c72118845 | Yes. You know what you're getting. So on the NQM side, obviously, I don't know whether it's -- Bryan can probably tell us whether it's a larger market on NQM than BPL, they're both pretty good size. But on the NQM, should we assume you've got a strategic investment there as well.
And there really are two different sou... | We mentioned that we -- we've made another minority investment in a Non-QM originator. I think it's all about sort of fact and circumstances, right? What is the originator looking for? And so I think at least for now, these minority investments have worked pretty well. They've helped us secure loan production. We also ... | intermediate | [
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ecab53e754a5a7f8ff18af774888c524 | Sure. I understand. It's kind of like a marriage thing, right? It's got to be the right time and the right place. Yes, absolutely.
And you don't want to make a mistake there, I can tell you from experience. It costs -- it's expensive. And just to close it out, one for Steve Yarad. So I was just trying to get -- you ha... | No. So I think certainly, the $8 million adjustment on the non-QM bond that we paid, we redeemed. That's somewhat an unusual one. CECL, as I said in my comments, I mean, we've released a lot of CECL reserves over the last 12 months or so.
And there could be some potential for some more. But I don't know that it will b... | direct | [
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1dc69e397e45f563b8ab98ba2867d953 | Hey, guys, thanks for taking my question, and good quarter. I wanted to follow up on the commentary around the deal delays and perhaps it would just be helpful to get a little bit more detail on what's going on there in terms of what the drivers are and then what needs to happen to return to a more normal cadence from ... | Yeah, Matt. [Inaudible] Thanks for the question. It really is getting driven by the staffing concerns that we have experienced now for a couple of quarters in a row where folks just don't have the resources to really get a project going. They've got adequate funding, they've got budget, they've got the ability to spend... | direct | [
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e178cf8886b60e89fc5b08a6c95fe0f3 | Great. That's very helpful. And then wanted to ask the concerns around inflation and then potential resulting slowdown in the economy have been out there for a while now. But what are you hearing from your clients on that front? Are there any sort of economic concerns that are holding deals up and then, obviously, more... | No, not yet. The geopolitical stuff, as we all know, is pretty fresh. But over three decades that we've been working on this stuff, the best time for supply chain projects is when we're in a state of change. And we went from one that was booming and pandemic ridden to one that maybe the pendulum swung the other way in ... | direct | [
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11bb4786ade07e8d854ee734fca13f71 | Got it. And last one for me. In the press release, you guys talked about sustainability initiatives that you have and AI and machine learning becoming more important to companies achieving those sustainability goals. Maybe you could just expand on what you were referencing in the press release and what you're seeing in... | Yeah. So forever, the supply chains have really been driven by economic delivery of goods, how to get the products to the right place at the lowest possible cost and make sure you get it there on time. That's been a long-term one. Over the last five or six years it has been or maybe 10 years there has been a more focus... | direct | [
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1ab9e1c87fd931acf21b83dbabf3905a | Yeah. Hi, good afternoon. Congrats on the strong results here in Q3. Allan, I just wanted to touch a little bit more on some of the challenges you're seeing with getting deals across the finish line and through these approval processes. It sounds like some of the ones that were delayed in Q2 have now moved into Q3, and... | Yeah. We've got several contracts already under our belt. We've got them executed. So we're not quite all the way through the first month, but we're getting there.
And then just the magnitude of pipeline and the number of transactions in the phase we're in with those folks, Zach, relative to getting contracts negotiat... | direct | [
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4753677466cf706e48eee91ddeedd51c | Understood. That's helpful. And just considering some of the staffing shortages you're seeing at some of your end customers and the delay of some of the project timelines here. Is this really causing any sort of differentiated approach in how you go about trying to close some of these deals? Is that more of a focus on ... | Yeah. We've done a couple of things. I wouldn't say we haven't changed our focus to internal more predominantly, but our existing customers more predominantly but we have some great projects underway with existing customers. They're dealing with one or the same issues that others -- traceability is a great example that... | direct | [
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4669d69dfee7e4ddc7361e0235888461 | Absolutely. I appreciate all the additional color on that front, so thank you for that. And final question from me, Allan, is really around the planned investments that you talked about during the script, whether that be more in-person events that you're hosting, more travel from your internal team and even just hiring... | Yeah. A couple of things. There are going to be more in-person events it appears. So marketing and customer conference events, those kinds of things are coming back. People have flipped them to be in-person. A few of our investor and analyst conferences we've gone in-person. So did get me back on the airplane as well, ... | direct | [
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6927b1c33842c22454d4c174c1b9c471 | Hi, thank you for taking my questions, and congratulations for a great quarter. Firstly, I'm curious, you're talking about a lot of hiring and you're successful in attracting talent. But how do you see the wage inflation playing in and how are you going to be able to offset that or absorb that? | Well, yeah, the inflation certainly is in there and well deserved. The right talent deserves to have a requisite compensation, Anja, so good question in that. We have no choice but to make sure that people are fairly compensated. So we're going to step up to the plate, make sure that happens. That's going to have an im... | direct | [
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4d2dbab206fe5ebf05061dc12259cc9f | OK. Thank you. That's a good color. And then also curious about the partnerships you mentioned in your press release. Can you just speak a little bit about what we can expect from those and give us more color on that? | Yeah, good follow up question. The partners we have are really getting close with us and working hard to getting customers success, we're very much aligned with them on the objectives of the project. They are seeing the world the same way we are. That efficiency and effectiveness of getting projects up and running and ... | direct | [
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9b23e3bbd56ca16389304f63f95656e1 | I'd love to hear from you guys a little bit more about the content investment strategy and plan looking forward. One of the things that the S-4 forecast kind of brought to light is how much you are investing back in the business and you talked a bit about it in your prepared remarks, but I just wanted to give you a cha... | No, I got it, Ben. Look, I think our investment -- I mean we really view it as kind of success-based capex. So as you see, we've been ramping up the spend. I mean just use All Access as a barometer, we had 0 originals on All Access a few years ago. We didn't go from 0 to 11. We went from 0 to 3 to 7 to 11. So we've rea... | intermediate | [
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9bc22ff0851b52a207a7e60315abfc00 | You have an unusually large amount of reach trends and reverse comp deals coming up in the next year. And I believe that some of the deals coming up are longer-term deals, which implies they're underpriced in today's market. So can you talk about your approach to the next set of negotiations including potentially bundl... | Sure. Thanks, Jessica. Retrans and reverse comp, that's right. As I said in my prepared remarks, on the retrans side, we have about 50% of our footprint. And on the reverse comp side, about 30%, really just timing. We do have one in particular deal that was longer term that has to be reset. But it's really to current m... | intermediate | [
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e5f7fd2bac428c0c072cada321b359d3 | My question is really also on the renewals, you're coming up on the expiration of a 10-year deal with Comcast, I'm assuming that's one of the ones for next year, and I believe that agreement includes Showtime. Given the challenges occurring in another premium cable network right now with Comcast, I guess how should we ... | Yeah. Sure, Alexia. Appreciate it. You are right. We do have an agreement coming up with Comcast next year and Showtime is part of that. Our approach, as we said previously, will be the same. I don't believe all content is created equal where you can interchange shows for people. People, again, as we see, seek out the ... | direct | [
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743950847981db17be5183227050bae6 | First, can you just talk about how demand is in the third-party market right now for -- your off-network content seems to be maturing, of course, both domestically and we don't have much visibility internationally so if you could share that? And also talk about kind of the incremental demand that we're expecting or tha... | Yeah. Sure, Mike. Look, demand continues to be strong. Let's break it down between domestic and international, as you suggest. International, it's steady. I think we have proven global hits that resonate around the world. Clearly, the streaming players, there are new ones coming in. I think the existing platforms are c... | intermediate | [
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35ff11fbd259acd8dadf7310f9307181 | Hey there Joe. I just wanted to follow up on the level of streaming data. Could you talk about -- if I'm doing the numbers right, it sounds like you might have 13 million subs if you're up 4% and we know that the TV ecosystem is shrinking. So I'd love your comments on whether that number sounds right for the two combin... | Yes. Look, I think, stay tuned for more -- thanks, Laura. Stay tuned for more announcements as we're getting CBS content on to Pluto. We said, starting tomorrow, you'll see some of that and you'll see more of that in the coming weeks. So we are focused on doing that. And it's a win-win because it's greater distribution... | direct | [
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d780457d29e5def48072ab3a9cc3a3b6 | I think we're all probably scratching our heads trying to reconcile what looks like a pretty conservative adjusted EBITDA guide with some kind of optimistic trends especially on legacy print Time side. You gave us the $50 million for strategic investments, but looking into kind of your guidance commentary from the rele... | Sure. I'll ask Joe to try to reconcile it for you, and then I'll make a comment about our investments.
Yes. Kyle, as we look at reconciling the National EBITDA, if we take 2019 of $456 million that we delivered, obviously, we said we've got synergies positive of $135 million. We expect digital to contribute kind of mi... | direct | [
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b23a8a40f83f0db0c89d8fed59394b16 | You referenced growth in the legacy Time print ad business. Could you give a more specific update on people from a top line and margin perspective? And then are there some Meredith properties that are underperforming and driving the kind of conservative-looking fiscal '20 EBITDA guidance? | Yes. People was -- took a little longer. I think, we gave a little -- some commentary last year about that. Obviously, it was -- the whole Time Inc. portfolio was performing about the same in the beginning of last fiscal. And then we made a strategic change and put actually one of our legacy leaders on to people in Oct... | intermediate | [
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6f272145b9e8707402dc12ed525a55e4 | Last quarter, you guys sounded like you were uninterested in selling your LMG biz. To me, it seems like you're either a buyer or a seller in this market, and I don't see an easy, clear way for you to grow your TV station footprint. Any change in thinking on the strategic fit there on the TV stations? | You know, we love our television business. It generates enormous amount of cash for us. As we said, Patrick and his team just had their third consecutive year of record profit contribution to the company. We've been laser focused on the integration of Time Inc., which obviously was the biggest acquisition in the compan... | direct | [
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a360844ce24d1156d18e5a6ed7886ed2 | Now that you've run through your budgeting process for fiscal '20, can you maybe size some of the investments within the $50 million buckets for the year? And is there anything new you've identified since the last earnings call? | So this -- we -- Joe identified and said about $50 million of investment. I would bracket this down by two components mostly. First being digital. So we're looking to get this digital business growing, and we're making about a $30 million of that $50 million will be in the digital area, really related to kind of three ... | direct | [
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c4f2d1d5e7500a211c5e42ff79c7b17c | As far as the digital side, I believe when Time was a public company, they were shooting for about $1 billion in digital revenue, and I think you mentioned on the call you were somewhere in the $500 million range. Do you have any viewpoint on where you see this going over the next few years? | We believe that our guidance has been -- we're giving mid-single-digit growth in digital advertising for the fiscal year. Even though that -- in the last quarter we saw double-digit growth of 10%, and as we gave guidance going forward in Q1, we're going to see about 10%. It's a little fickle. We've had different quarte... | intermediate | [
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"fully_evasive"
] | B |
21b70999e9d98dffcc57b1bdbc6da008 | Joe, I wonder if you could share with us your leverage as of fiscal year end. And you mentioned an interest in paying down more debt. So just kind of curious what we should expect on that front knowing the progress you already made in the last fiscal year was very productive. So just some comment on the balance sheet. | Sure. Leverage at June 30th was 3.3 times. We expect next year, as I mentioned, we've still got some of the assets that are held for sale. We're expecting somewhere around $70 million to $75 million and expecting debt paydown somewhere in the 5% to seven and a half percent range next year. Obviously, with continued foc... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1f59d210ea59d35b131315690191830f | Any change to your leverage target over time? | No. We'd still like to run the business somewhere around that two times level. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4442503440c092c57c5ed7190f50f870 | When I just try and bridge the simple financials between the $565 million of cost cuts that you laid out by the end of fiscal '20, sort of historical local media group EBITDA, say, $15 million to $18 million was at least $200 million each year, that gets me to about $765 million. And if I back out the adverse political... | Yeah, thanks. Yeah, I think, well, maybe Joe can pile on with the bridging of the numbers. But we acknowledge that our guidance for '20 is below our expectation -- below the Street's expectations. So we look at the guidance numbers and we do that. And I'll address kind of some of the factors that are affecting that in ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c648f49e97fa8e5c32071f369858ee27 | Thanks for the -- good morning, David. Thank you. Thanks for the overview, and just -- this is a question that you get fairly often but I wanted to ask it now with the marine terminal now officially completed and you've obviously got all your ships on the water, you have no capex and you're now starting to bring in cas... | Sure. If you don't mind, I'll try to answer that and share the answer with Harry. Look, you're right. Our major capital expenditures are completed. The terminal is done, which required a fair amount of capital over the last couple of years. Our building program is completed. We're satisfied with the fleet that we have ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8b133411a9cb4047ed530f589a3070f8 | Thanks, David and Harry. That's clear. And maybe just a follow-up, wanted to ask about the terminal and the force majeure. Just generally -- just a question, in this case, for instance, is that -- the declaration of the force majeure, for instance, does that cancel all together the flow that would have been used in the... | David, I'll answer that. Yes. And thanks, Omar. Unfortunately, coming from the chemical industry, a long history in force majeures, either declaring them or been in the receiving end, Omar. So I know finely well how it works. Basically, the first majeure suspends the contract for that period. It doesn't extend it. It j... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
d9a16fa927f161a2d1c6617ff1979668 | It does. It does. Thank you. That's clear. And then, I guess, you mentioned the -- it's been remedied the mechanical issue and that scheduled start-up is for second half of March, has it already started up or is it still planned to be for second half of March? | Yes. Hi, thanks, Omar. Yes, we're starting up as we speak. So there is a mechanical integrity issue on the pipeline that leads from the caverns to our terminal. And I'm glad to say that they are commissioning and starting up as we speak, so we're hoping to see product flowing imminently. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ad0a325fda62d333b6866778ae31ba3e | Hey, guys. It's Sean Morgan from Evercore. So -- Good morning. So, to follow-up on Omar's question in regards to the JV terminal and the contribution on the income statement, so I think it's been a little difficult to sort of accurately predict how that's going to be in part because it's just -- it's coming in and sort... | So, Sean, what we mentioned in some of the commentary, the real reason of October reduction in utilization was the effects of the Hurricane Laura. There wasn't that much -- it was only 20,000 tons of ethylene from the terminal during that period. But then our utilization went -- I'm talking shipping now, went up in Nov... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
fc5fd336cee185327eadcc4a3467da08 | Gotcha. Yes. OK. So I didn't realize filling the tanks was going to actually disrupt the flow of exports. I thought that could be done simultaneously. So that actually clears it up quite well. And then just also on the conversion of the finance facility for the construction of the JV terminal, when that converts to the... | Yes, it is. So it went from U.S. LIBOR 2.5 -- plus 2.5 to 2.75. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
966d6463425602ea983faaa0a000de5f | Howdy, gentlemen. It's Randy Giveans at Jefferies. So, on the utilization, impressive number there, 91% for the fourth quarter. That said, you mentioned the Texas freeze, which we call frozen here in Houston. How much of an impact to utilization should we expect from those winter storms? So what should we expect utiliz... | Hi, Randy. I hope it's not as cold in Houston as it was. The recent effects are still felt, even though we are in the middle of March. So to your question, January was strong. So, similar to December, middle 90s percent and then as Harry mentioned in his commentary, reverting back to the mid-80s during the remaining tw... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a0e88f48aa77b498756f09b2bad39489 | All right. And I guess, while I have you, Slide 12, you show both the Repauno and the Pembina set to start in the coming weeks or maybe months. Have you yet agreed to any exports or fixtures out of either project in the near-term? | As far as we are aware, none have completed yet. There are discussions, negotiations on going, as I mentioned in my commentary, that vessels are being screened at both locations for the compatibility. So both terminals commercially and operationally are gearing up for commencing exports in April, which is next month. S... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0e99d90b4a1c71f5abcfe3112057de09 | Just wanted to start with the sequential strength in international sales this quarter. You talked a little bit about it in your prepared remarks, but I'm just curious, if you could maybe flush out the key drivers of the improvement versus last quarter a little bit further? And then maybe more specifically, I want to un... | To the first part about just maybe adding a bit more color to the sequential growth from Q4 to Q1. The drivers of that, frankly the main driver of that is just the increased stability in China and Japan, they were hit particularly hard earliest at the beginning of the pandemic. And so things on the ground there have im... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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