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7493e3c58aa7c73162d608716cc4c04e | Okay, that's helpful. And then, I just had two more quick questions. The first is with respect to capital allocation. You may -- you guys made a point of calling out the need for liquidity, which is absolutely understandable in this kind of environment. But I think Mike, you might have or Ira, you might have talked abo... | We're always open for business. There will be opportunities without question. We've been exhibiting some forbearance with our clients that we believe will survive. I'm just going to take the opportunity to talk about the transformation from underwriting and being a market maker to being a strategic and -- I'd like to b... | direct | [
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fee42aa54370e7b1f06160600f7de353 | Okay. And then lastly for me and I'll turn it over. Speaking of the situations that developed one of the big Singapore-based or really probably the biggest Singapore-based marine fuel bunkering company is going through some restructuring now and all sorts of crazy things going on over there. I know that in the past whe... | Yeah, virtually none, so de minimis very, very de minimis. So we did a lot of business within their -- I think the third largest supplier there. So we wish them best. They provided a good service so -- but for us virtually no exposure. | direct | [
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a469b8e173508365677eb5faf501fca4 | Hey Mike, Ira, and Glenn. Good afternoon. So during the Great Recession you talked about kind of managing the days sales outstanding and for some customers you would shrink the payable days. And ultimately if need be maybe even kind of prepay some of the fuel. Maybe can you talk a bit about how you're reacting to the c... | Well, it's a little bit different this time around. A little bit different this time around and certainly on the Aviation side, we've managed to have excellent engagement with our aviation clients. I think that we're very encouraged and when you look at how the world deals with these from 9/11 to '08, there's a lot mor... | direct | [
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cf29e48f059756d6e8d8917535d6f26b | Great. Thanks for that. Now, thinking about your second quarter outlook Ira, appreciate all the thoughts and guidance you provided there. Maybe just talk a little bit about your assumptions in that, a little bit more and then your thoughts on cash generation in the second quarter, right? So if I look at cash from ops e... | No, so if that's the principal part of your question. We should generate cash again. You've got much lower volumes expected as I articulated in my script in Q2 and assuming prices remain, they jumped up a little bit this afternoon. They were $13 this morning and crude was $18 by the end of the day. But assuming prices ... | direct | [
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5f8e7798230b648654bb37b24cfcf942 | Okay. And then maybe just delve into the Marina a bit. Maybe your thoughts on the spread between [Indecipherable] probably just a follow-on I guess trying to figure out if -- Mike was mentioning that the GAAP has narrowed. So does that mean this run in strength of profitability has ended or is that irrespective of kind... | So Marine is the one business that has a much larger spot portion of its portfolio, meaning we're out there slugging away for business every day. There was obviously a bunch of volatility around the transition on the first of the year and we were transitioning to a fuel type that was running at $500 to $600 a ton which... | direct | [
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acc5c3e2115f07b25f07510c892a1502 | Appreciate that guys. Just my last one Ira, I just want to make sure. I understand what you were saying before when you said obviously some of our covenants are based on EBTIDA, were you talking about the shrink to your available liquidity or were you suggesting to pay back some of the debt, I just want to understand m... | Yeah. In the principal covenant that we live by day in and day out, which governs the amount of liquidity that we technically have available under the covenants is of the level of debt we have relative to our EBITDA, right? So if our EBITDA shrinks, which it clearly will in 2020 that has an impact on our overall liquid... | intermediate | [
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9fa3113e09d1e33b3cda89f0bc31dbe5 | So if I look back on 2020, it's interesting, right, because rates go to zero, and there's a lot of things at play. But you had really good fixed income flows, both active and passive, and that's continuing. I'm sure it's big picture that goes into Larry's opening remarks. As people start thinking about higher rates and... | Well, I don't have a crystal ball. So right now, the forward curve does show interest rates going up quite significantly, as high as 180, last time I looked for the 10-year. I -- we are seeing -- we believe that because, even at that rate, that is not going to change the allocation that remarkably because I do believe ... | direct | [
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78e193ec86189ee1a990f1d4a64c3c92 | Hey, good morning, Larry. Happy New Year, and hope you guys are all doing well. Actually, it's on scale. We've all witnessed the pickup in M&A activity in the asset management industry, and many CEOs have discussed the need for distribution scale. And since BlackRock is the largest asset manager in the world with the l... | OK. Well, I'm going to try to avoid commenting on what other firms should do. But obviously, as you know, our competitive advantage in terms of what we believe drives a lot of our value proposition is global reach, is best-in-class technology, risk management, diverse investment capabilities across the spectrum of acti... | intermediate | [
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611bd1c82dfa2c5381d927ae5055e144 | Hey, everyone, Happy New Year. Hope everyone is doing well. Thanks. Larry, I guess, a regulatory question. It does feel like after being pretty quiet and dormant for a bunch of years, we are starting to see more talk about relooking at asset managers for their systemic risk and everything. So just kind of maybe your ta... | Great question. We built BlackRock around the whole foundation of strong global capital markets. I think we have been a big beneficiary over the years by we've believed in global capital markets and the expansion of global capital markets over the last 20 years. And I think the size of our footprint and the size of the... | intermediate | [
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1d934c640bed2c01cc46d6248ac5d743 | Hi. Good morning. I'm curious your views on the outlook for tax-managed investing in the aftermath of COVID and the outlook for higher personal income and investment taxes in the U.S. and abroad. To what extent might demand here provide another catalyst for ETFs in direct indexing growth inside and outside the U.S.? An... | Well, the answer is yes, but it comes under a broader picture, and that is we are seeing increased demand for what is called personalization and customization, and that includes tax managed. It also includes ESG and includes factor preferences. And as mentioned before, wealth managers are looking to do more with fewer ... | intermediate | [
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1bac2209fd5a02980a3627f47bb4d3d5 | I wanted to start off with asking about the gross margin. On the gross margin side, I understand the expected continued fluctuations. But excluding the charge, the margin would have showed its progress. So, first off, kind of where do you think your inventory levels are? But then also throughout the year, you do have i... | Andrew, thanks for the question. I think you're still going to see some fluctuation in that gross margin as price and mix change from quarter to quarter. And what -- to really touch on that that mix change is not only the products that we have in the Canadian market, but as you point out, the change in the Israeli mark... | intermediate | [
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2ab878b416a7ed237686ac8ec68cd1db | I want to follow-up on that line of questioning, please, if you don't mind. Just trying to get a better sense of the output that you guys are producing now, plus your inventory. Because I think like we're hearing like slightly mixed messages around price deflation. I think net for the entire category on a weighted aver... | Yeah, sure, Vivien. Thanks for the question. I still think the Canadian market is deflationary across all price points, whether it be premium, the mid-tier or the value players, you're seeing that across all categories. And so, as we've looked at our brand offerings of both COVE and Spinach and try to make sure that we... | intermediate | [
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a642ccc0cdd993a2f1bd6ef4c84c2e74 | So, one of the bright lights we saw was essentially the doubling of revenue in the U.S. CBD channel. Kurt, you referred to sort of challenges around retail in the U.S. Of course, without having a crystal ball as to what happens post-COVID, can you maybe talk about how you see that trajectory? Do you look at -- are you ... | Yeah. Well, I think the COVID impact of store -- restricted store openings and other related things to the pandemic has certainly hurt. But as the vaccination rolls out, we believe things are going to start turning, right? And we're already seeing green shoots in that area. It really comes down to the brand strength an... | intermediate | [
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7ee070f2581f90f106ce88b6b5c1d004 | And then, just as a follow-up, one area, as you know, that we're quite interested in is the partnership with Ginkgo and the biosyn initiative. You talked about focusing on CBG. Mike had previously referred to September being the timeline -- target timeline for having first products from fermentation starting to hit she... | Yeah. Yeah, we currently expect to achieve commercialization by the third quarter of 2021. And we're -- as you said, we -- as I said in my opening remarks, we really are prioritizing the rare cannabinoids because we believe that's going to be a greater ability to innovate and provide consumers with differentiated produ... | intermediate | [
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d538163c0c0792ff6b9a8718f3eb8daf | I wanted to ask about the creation of the internal team looking at the U.S. markets. And specifically, do you have levers you can pull today to deploy capital into the U.S. without a full-scale legalization, whether it's optionality deals or arrangements with CBD brands or potentially partnerships with retailers? Just ... | Yeah. This is Kurt. I'm going to kick it off, but I think this is important to hear from Mike. So, Mike will comment on this as well. As you guys know, when it comes to active or really direct investments in the U.S., it's important that we get federal action that removes cannabis or THC as a controlled substance. Also... | intermediate | [
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d4282143af224e726fa1ce5758f1af9e | And if I could follow-up on that subject on the formation of the USCC, I would have thought maybe the -- at first, that the goals of those parties might -- the parties involved might differ a little bit. So, what does that say about the fact that there's American and Canadian participants coming together to work togeth... | Yeah. This is Kurt. Good question. Our view is it really needs to be a comprehensive approach, right? And that includes a bunch of areas such as addressing historic injustice for communities of color, which have disproportionately faced in this area. It could include executive orders that we believe should be coordinat... | intermediate | [
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c42109d3a35181a9610cb70b816d20ff | Just curious if you can elaborate a little bit on CBG. And it sounds like you've got the biosynthesis parked down, but as far as the consumer, how much education do you have to do on the benefits of that? And how do you plan to go-to-market with it? | Good question. We have tremendous capability in our consumer insights group. So, in parallel to developing these rare cannabinoids, we are looking at the product innovation side and how we're going to talk about it, what products we're going to put that in. I don't want to get into what exactly we're going to do, but a... | intermediate | [
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f69d47c74f9c1f6108eea42bf3cd491f | And then, just on GrowCo and adding capacity here, you're somewhat unique in the industry doing that these days. Can you just give a sense of the industry landscape and how you see capacity broadly? Has it been rightsized? Or is there still excess capacity? And is your initiative primarily just to ensure quality produc... | Well, you can think of a kind of a hybrid model. So, there's -- that we can source from GrowCo, we can source from other third-party biomasses. So, we want that flexibility on it. GrowCo received their license in 2020, cultivation license. So, we expect that facility to become operational in phases beginning in the fir... | intermediate | [
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ad4bf53f47833a070cbed002d078ee57 | Just curious if you can provide any more color on any of the dynamics you're seeing in the adult-use market with respect to your brand penetration, whether that -- the sequential, I guess, movement in how many orders the province has been buying from you? And then if you have further data on how your products are selli... | Sure. Yeah, we don't give forward-looking revenue guidance, but I think some of the impacts of COVID that you've seen, especially in Ontario, where they had store closures and go to curbside pickup. I think you saw that early on in COVID when it first happened that you saw the growth slow a little bit. And so, you saw ... | intermediate | [
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d15b17d074c603478aae0ef0a83ae736 | Perfect. And do you have any estimate? I know you don't provide it, but potentially not, but any sort of goal posting of where you think your market share is in Canada right now on a branded level and how that's moved in the last year or so? | Yeah, there's not a lot of good data in Canada to try to really get that. So, in normal CPG, there's Nielsen data or some other quantitative metric. I mean, we try to monitor ourselves internally, but it's difficult. And it's also difficult to look at because of all these big value players and larger formats coming int... | fully_evasive | [
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7f42d8160a44c011fa02a3318b7ab28e | So, just want to briefly touch on the product mix because currently, the majority of the sales are still from the cannabis flowers, and there's very limited increase sequentially from the extract. So, I wonder what's your outlook on the product mix? And do you expect that to kind of stay at the current like proportion ... | Yeah, good question. This is Kurt. Well, one of the things we're seeing is the trend during COVID, right, and Jerry just talked about that. We have consumers on lockdown and generally less mobile. And so, we definitely have seen that preferences have shifted toward buying more volume in the flower category over vapes o... | direct | [
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e33715912ff0374bc68a907b697cdbaf | I have two questions for management. One is for the brand upgrade. Chairman just mentioned that they are focusing on the brand upgrade. Specifically, 70% of the products will be still with stable price, but 30% of the product likely to have a more premium offering. So what exactly are these product line? And also since... | I think brand upgrading is not incompatible with maintaining no cost performance or maintaining our products affordability. Basically, the strategic upgrades of MINISO brand, you should not -- It shouldn't be simply integrated as product wise, product price increase. For MINISO, I think it is necessary to maintain our ... | intermediate | [
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922e97dc36677d9079ec52695c3b1b3d | And second question is about overseas expansion. So we have 350 stores opening target this year. So, which areas will be the focus? And specifically U.S., what kind of a store [Inaudible] are we focusing on? And also what will be the impact on the margins? | Based on the latest developments of the current overseas pandemic recovery, we expect a net increase of 350 MINISO stores overseas in calendar year 2022. And about 35% of these will come from Asia, which, well, we heavily affected by the pandemic in 2021. But we noted a improved recovery in the December quarter, and As... | intermediate | [
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3939f058cf700aab287d8de4f33b727d | So, first question is on a year-to-date recover rate for both domestic and overseas market. And could you please give us some guidance on 2022 revenue growth? | This is Steven. Thank you for those questions. Yes, we have given this store opening guidance in our prepared remarks. So to conclude, we will be asking you to open -- to open 400 new stores in China on net basis and 350 stores in overseas market on net basis. And meanwhile, we also currently estimate that in the calen... | intermediate | [
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89eefacc41fca0c27c1faeb4f454a1d9 | Second question is on a competitive landscape. So the COVID has been going on for two years. Have you seen any changes in competitive landscape in both online and offline markets? | And Lucy, this is Mr. Ye. Answer your second questions about the competition. So during the pandemic with I think we did the three things, right. The first is that we adopted a more robust business, more robust business strategy and control the expansion rate of overseas. And we did not did not crasher our overseas dis... | direct | [
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00a39a44305fb711deef33fbefb5829a | You itemized a number of headwinds. You had some uninsured losses from hurricane, you told us $21 million in adjusted gross profit for COVID and maybe not a headwind, but a coming tailwind, maybe you made some significant investments in streamlining your cost structure, particularly, with the West Coast Mann Packing op... | OK. Thank you, Jonathan. So let me give you some color about that, right? So we've spoken about the backlog on the part that we do not expect to happen in 2021, although we may see some impact in our cost because we're going to need to source from different sources, mainly Ecuador that has not only a higher cost, but a... | intermediate | [
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be1215b2a50bb06b58f487972a1158c6 | So it sounds like -- I mean in the -- you mentioned capital expense, just I'm super clear on that. That's not an earnings factor, right, for -- you just couldn't need some capital expense for repairs, basically, that's so much earnings. Then you talked about -- | Yeah. That was mainly in the hurricanes that we had in Guatemala. That's not -- let's keep in mind that we still have two vessels that we're going to receive in 2021. So there'll be some capital associated with that as well, but we anticipate lower capital investments in 2021 as compared to 2020.
But in terms of earni... | direct | [
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aa0dfa9a54f3fab7b1fbfd9559b91461 | So just so I understood, clearly, what I understood, $10 million or so in that kind of savings? And if magically, magically, retroactive to January 1st, there was no COVID, we went back to normal levels of behavior, let's just say, we're back to the kind of demand we had in, say, January, February 2020 across the world... | Yeah. That's uh -- that is correct and that's tied to $300 million of net sales that we had the impact. The challenge is always how long it's going to take to really see COVID.
I would like to add to this, Jonathan, is that the recall of Mann was at the end of 2019 which was about November -- sometime in November 2019... | direct | [
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5fba0bb808640d3b23846e458f9580cd | You're 40% of the way through your asset sale program. Are you happy with the prices you're getting? I mean, we see the gains, so the accountants are happy, but are -- relative to what you understood to be the values here, are you happy with these values? Are they going up with the -- seems like the asset prices and ev... | I'll give you an example, just to give you an example, for instance. We had a piece of land that I bought in the -- in late '18 in Chile, north of Chile, about 22 hectares that cost us about probably at the time when we bought that property, it was like $300,000, $400,000, I remember. And we sold it last year -- the en... | intermediate | [
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975d5a5ebddc12728108b504db97ddc6 | So, just following up on Jon's last question. Is -- in terms of the asset sales, is it -- could it be mostly -- I guess, it's land, correct? Is that what you're selling? | No. That's -- some of it is land, some of it are facilities that we really are under -- either not utilized or underutilized to the point that it doesn't make sense to keep it. And what we do is consolidate that business into another facility where we optimize and maximize efficiencies. So it is a mix of land and facil... | direct | [
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69c6d10931c87a32f5c9e3f0fa9f6f15 | Just -- if you look at the banana business, so as we're looking here really short term, you still have force majeure in place, I guess, in the United States. And so are we going to see -- are you able to fulfill volume at this point? I mean we're getting close to that. We're almost two-thirds of the way down the first ... | As far as bananas, I don't believe that the prices are going to move from where we are today. We are under so much pressure as banana producer in terms of cost and procurement and, as well as, much as the damages we have been facing in our producing areas, as well as, just as close, I mean, as we -- last week, I mean, ... | intermediate | [
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594ca56a415164e144b309908e03b24b | And in Europe, you've done better in Europe than I would have thought just watching the pricing -- stock pricing -- banana pricing in Europe is down -- it seem down a lot and you look at your business in the quarter and it hold up very well. Is -- are you doing something differently in the European market as it relates... | Yes, we are. As a matter of fact, the way that we sell our bananas, we have structural changes in terms of having long-term contracts rather than just depending on the spot market. So we are kind of mitigating the risks which helped us in achieving better results and, as well as, sourcing from different countries that ... | direct | [
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60d49fbd85827c7c0047eeddf7c71f5b | And then I'm not sure really, you know, when we look at this -- reading about all the -- in Europe and wanting to provide -- sort of requesting banana producers to have sort of have fair trade certified bananas. How does that -- and then obviously, not wanting to pay for that is sort of the issue, but how do you guys t... | Well, everybody is affected in the same way. All the banana players, all the banana operators have the same issues and same challenges. Fair trade is a big kind of word and very, very elastic in terms of what do you mean by fair trade. And in the fair trade, retailers ask you for fair trade and all this.
And then, at ... | intermediate | [
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31d6f5773bbd81b049cd0ca2e5e5291d | Just one last. Just -- I don't know if you mentioned it, but what are your capex plans for 2021 and approximately what you intend to spend? | As Eduardo mentioned, the capex we have is very clear. We have two ships that we still have to pay the balance for the value, these two ships. We have other projects that need to continue these projects that started a couple of years ago. And we have the maintenance and repairs which is normal every single year.
So wh... | intermediate | [
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3c59e59e9ae2fd2ea0033c9b4aea021a | And so approximately, what level of spending? Is it going to be -- you did $150 million this year, $122 million in the year prior, where do you expect it to fall this year, relatively speaking? | We -- we do not -- you know, as far as we are concerned here, we -- that's the figure that they have already -- the units delivered to you at the beginning of the year. As we go forward in the year, we always fine-tune this and prioritize as well and try to only approve the -- really what is really needed and what is r... | intermediate | [
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bed84c0238a54f6544f67132d9246214 | First, the question is for Chairman Leaf. Just wondering in the future, three to five years, how do you see Futu different from now? And second question is about just another guidance given on the paying clients. Just now, the guidance for paying clients is around the 700,000 addition for new -- for 2021, I just wonder... | In three to five years, a little long in comparison to how we plan our business. And I think our about -- our business will evolve in three effect and for one, you will see Futu as a more international platform and as we mentioned just now, internationalization is a key priority for us this year and in the years to com... | direct | [
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5180fc8e03b30a1a25f9eba058916c46 | Hi, management. Thanks for taking my question. I'm Xue Yuan from CICC and congratulation on the exciting results. I have two questions here. The first one is about the revenue breakdown. We see the other income has experienced a strong growth. And I want to -- would you please give us more information on the breakdown?... | Thank you, Xue. I will answer your two questions. I think number one in terms of breakdown income, the most part of our other income still come from the our IPO subscription service charge and also the currency exchange service charge. The things you mentioned such as the ESOP business revenue and also the wealth manag... | intermediate | [
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8c259792039763461828f89f4ed0cffc | Thanks management for taking my questions. I have two questions. Number one is about our guidance. So I think the 700,000 new paying clients guidance exceeded most market expectations. So, just want to check what is the current run rates of our paying -- new paying clients as in the first quarter and what do -- what is... | Okay. Thank you, Jackie. I will lead Leaf to answer your first question in terms of, give you some qualitative update about year-to-date situations. Frankly speaking, we cannot share any quantitative numbers about year-to-day run rate, which I think will give you more color during our first quarter earnings call. For y... | intermediate | [
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5cb5394e854422cc5ae48010d4caec2f | Hi, management. Thanks for taking my question. This is Zoey from Jefferies. I have two questions. First, could you please provide some color about the brokerage commission and handling charge income from US Stocks, Hong Kong Stock and China Stock respectively. And how should we think about the trend in the commission f... | Okay. Thank you, Zoey. Let me answer your two questions. I think the number one in terms of the trading volume. Just to give you some breakdown in terms of our fourth quarter trading volume, US markets roughly accounts for 65% of our total trading volume. The remaining 34% came from the Hong Kong local market and we ha... | intermediate | [
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24d1f34e8b843f8aedd6ff4301eb5977 | The first is, following up on your paying client guidance of 700,000 net new paying clients for 2021, off those 80% are from Hong Kong and Mainland. What's the expected contribution from Mainland China versus Hong Kong local? On Singapore specifically, what's the marketing strategy for that market and how should we thi... | To your first question on breakdown. As we mentioned, 80% of our new clients will be from Mainland China and Hong Kong, and then on those 80%, we think about 50% will be from Hong Kong and the rest from Mainland China. And to your second question on the Singapore market, based on our own observations, competitive lands... | direct | [
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bd3f0f0f9c6bf18f08584e7bbcca5bc8 | Andy, you talked about it at the -- in your prepared remarks. I wanted to come back to the sort of obvious disconnect between the value of the assets at MSG Sports and your stock price. I think one concern investors, I think have is that management and the board might consider recombining MSG Sports with Entertainment.... | Sure. Thanks, Ben. So let me just start and be really clear. We have no intention of merging or MSG Sports with MSG Entertainment. We worked really long and hard on completing the spin-off this last year. And there was very straightforward rationale for why we did it. And we believe that still holds. They're two very d... | intermediate | [
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8dd1760662dc601ff372aa9815730fff | Andy, can you give us just some more color on the mobile gaming opportunity. Over the past few months, has your confidence level on the size of a change, is the New York State tax rate relevant to that? And is there any kind of loose timeline on when you expect to see the benefits? | Sure. So I think I've been a broken record here, and I'll start with it. I -- we love sports betting for what it simply does for our fan engagement. It's great for the business. They'll be -- long term, we believe it will have a impact on media values. It's great for the consumer experience at home and in venue, but th... | intermediate | [
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c1cb89ef07ccc69a27acf63fc931896a | It sounds from your prepared remarks like there's pretty meaningful consumer demand for tickets for both the Knicks and Rangers. Could you talk a little bit about corporate demand, specifically suites, how those are looking? And whether corporates are interested in returning to entertain it? | Sure. Thanks, Brandon. So look, again, this has been quite a year during the pandemic, things that no one -- we operated through ways we never thought we'd operate. We had to be nimble in ways we never thought we'd have to be nimble. But I'll tell you one thing that we stayed focused on was being customer-friendly, and... | direct | [
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eaea4eff0344ffa7820c163cefbe4239 | Maybe to follow up on Ben's question. Some NBA franchises, as you noted, have realized value or price discovery through the sale of minority positions, and there are willing buyers out there in the form of private equity now. So just wanted to ask you if that's something you would ever entertain to the Knicks or Ranger... | So let me just start -- we're not going to speculate on hypotheticals. It's just not what we do. But I should reinforce what I also said earlier, right, the primary reason -- or one of the primary reasons for the split was to better highlight our sports franchise values. We've been very mindful of those transactions an... | fully_evasive | [
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faff79e01ad506bc1d89cdad287e6f79 | Maybe can you just talk on how you expect vaccine requirements to impact overall ticket demand? And I know the city hasn't done this yet, but assuming they do bring back mass mandates for indoors, how would you expect something like that to impact attendance or even per cash? | Sure. I'm happy to, David. Look, I'll start with -- we've been -- we've learned to be very flexible and to operate very nimbly and quickly and turn on a dime. But what I could say is, I think, we actually benefit from operating here in New York. It's -- and we're very focused on this coming season in full seasons, whic... | intermediate | [
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6134f97d409ceae4f80bd598410a1728 | On the sports betting side, when do you expect to start generating revenue from monetizing your data feeds, be it in overlays for broadcasts or other sources? Secondly, on Esports, there was some news this week of Roc Nation starting to integrate its pro sports athlete, the clients in the Esports world. So if you could... | Sure. Well, let's -- why don't we work backwards, I think that's probably -- Victoria, you want to take the first question, and then we'll close the gap. Yeah. No, absolutely, Andy. Sure. So David, let me just give you the information on the salary caps and the luxury tax threshold. So the '21-'22 seasons, the NHL sala... | intermediate | [
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56036877c95f645a3fcc532c0ed8676c | I wanted to understand a little bit better your expectations, Jesse, around kind of backlog conversion. I know in the slide deck you gave the percentage or the portion of your backlog that you expect to convert over the next 12 months. But also looking at your conversion rate as it has recovered from the COVID impact i... | Yeah. Thanks. Thanks, Dave. As it relates to revenue cadence, we are anticipating revenue to increase as we move through the year. So do expect revenue to be potentially slightly back-end weighted, second half versus first half of the year. But as you know, quarter to quarter, a number of different things can cause som... | intermediate | [
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e933e4600dbf2a07e1e53b5d2c2e5272 | So if I'm right to interpret that, from what you just said, that the burn rate comes down a little bit sequentially in the first quarter or maybe more than a little bit if 16% is the lower end of your range, I mean, that's a couple of percentage points lower. Does it drop kind of within that range in the first quarter ... | Not necessarily. I mean, I think it could be up or down sequentially any quarter-to-quarter as we go through these next couple of quarters. It really depends on the size of the awards, obviously, relative to the revenue sequence. But yes, I think I would not expect it to necessarily stay at or above Q4 levels necessari... | direct | [
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a74ee06bd303b7d081bb9df278459d09 | OK. And then a follow-up on the cost side, August, I hear your voice in there. I wasn't sure if you were on the call or not. But you've talked in the past about 20% top-line growth being kind of the upper bound of a comfortable level for Medpace, obviously now guiding higher than that. Wondering if there's anything we ... | Yeah. I think -- Dave, so I think we're in pretty good shape. We went into 2020 with a considerable excess amount of staff because we're expecting growth, we're actually hoping for growth in above 20% in 2020. That didn't happen. So we didn't need all that staff. And so in fact, we probably didn't need to hire anybody ... | direct | [
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34b786e3f9c83802476359fd539be2d8 | You guys recently announced a collaboration partnership with, I guess, a consulting firm called Greenleaf Health, I believe, a week or two ago. And I just would love to hear kind of maybe -- your press release said. I just wanted to hear maybe kind of what that regulatory affairs consulting firm gives to Medpace that y... | Yeah. Hi. That's really a partnership because of the unique staff that they have there. They have a number of ex-FDA, relatively recent ex-FDA senior individuals that bring a very strong important view and do regulations and how they're evolving. And I think as we scale our regulatory group, I think we're never going t... | direct | [
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47d21d8b40d36077c5849c361e0c3e1e | Sure. If you don't mind, maybe just as a follow-up to your comments there, you referenced sort of evolving trends in the regulatory area. There are a lot of evolving trends in the regulatory area, obviously, but are there particular examples or case studies? Or just to maybe concretize it a little bit better for us, ki... | Sure, sure. No, it's across a whole spectrum, but I think kind of a little bit of a focus for us was sort of the changes toward limiting patient access and virtualization of trials and new technologies and their acceptability as endpoints for trials and how that's viewed. And so I think it's kind of played off of some ... | intermediate | [
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f7f18c353365e76668d356ba5639a2db | Sure. Maybe I'll just ask one other follow-up, and I'll let other people jump on. I don't think you commented -- just to maybe get some clarity around free cash flow going into next year and kind of what a good capex number should be, so we can get to kind of our free cash flow? I don't think you mentioned that. I know... | Yeah. Thanks, Don. Let's see. So for capex, we're anticipating around $44 million of capital expenditures in 2021 and then DSOs have continued to be favorable for us. And so from a free cash flow conversion standpoint, we had pretty high conversion in the fourth quarter. It's 162% of EBITDA. For the full year, it was l... | direct | [
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b73f89408945dba842bba6426aa2cadf | I just wanted an update on how underlying fundamentals are trending now, whether it's RFP flow or site accessibility, or study start-ups? Are things generally normalizing? And what are you seeing kind of across the market as it stands today and kind of what you're anticipating as things potentially normalize, hopefully... | Sure, Erin. I think from a site perspective and kind of operational challenges of the pandemic, I don't think anything's changed materially since September. So I think Q4 and into Q1, things are pretty consistent in terms of access, our use of remote monitoring, and all the tools we've put in place back early on in the... | direct | [
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80acfa50fd8fb808569e0623edcb4547 | OK. Great. And then following up on hybrid-virtual decentralized trials. How do you think about your competitive positioning there? And do you think that you do need to make stepped-up investments around that arena at this point? I mean, you've clearly adapted well in this sort of environment, but I'm curious how thing... | Yeah. I don't think they'd be material investments from our financial perspective. But I think we always are investing in technologies, wearables technologies for remote, data review, etc. So kind of hybrid trials we do, and I think we are competitive. I think we will continue to invest in the area as it evolves as we ... | direct | [
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1b78e565cc1954d73538cba3de1ff902 | Thanks very much. And I don't think this is a repeat question. I got on a little bit late, and so I apologize for that. But maybe a follow-up to that last question, August, about when not really looking, when we get back to whatever the new normal is. But whenever that is, what do you expect to go back to normal and to... | Sure, Sandy. Yeah. I think we are still seeing more virtual access to sites than we would prefer. And I think that is most efficient in the currently designed trials. And so we are still having limitations on direct site access that does cause some inefficiencies. We are managing around it, but I would not -- but there... | intermediate | [
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7ddf5daf20620d1fefdf1f34b0eb650d | I want to start on the mortgage, you guys gave us some guidance for 2021 and fully appreciate, it's not easy to give any kind of forward guidance in the mortgage business. But would love to kind of hear how you arrived at some of the guidance especially that $17 billion to $20 billion guidance range for originations? I... | Yes. So we, we obviously evaluate a number of market outlooks. The NBA and other kind of industry perspective and obviously we think, the market for refinance will be somewhat challenged, but we also think our business model, which is geared and oriented toward purchase mortgage volume, will continue to drive and grow ... | intermediate | [
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ffa2f53f9fb0ad4c0d8a0bc8091984af | Okay, that's helpful and then on the same thing on the gain on sale margins, the guidance you gave the 360, 385 any color what you're seeing in the first few weeks of the year. And should we assume that, that would start at the higher end of the range and kind of move down throughout the year, is that how you're thinki... | I think that's, I think that's right. We are the way we're evaluating is first, the first part of the year. First part of 2021. You know, seasonally has been has been stronger than you would have otherwise expected mine, but for the fourth quarter they peaked it, we believe they peaked before gain on sale peaked at 448... | direct | [
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7e47c248c3b9eb9768526c33d123b3be | Okay. And then the last question on the mortgage front, can you provide us with what the interest rate lock commitments were in the fourth quarter? I know there can be evolve a quarter-over-quarter, I think it was around $22 million in the third quarter. I didn't see any of the materials last night, thanks. | Yes. That quarterly number will come out and indicate, which will fall in February. So I don't want to get ahead of the case. | fully_evasive | [
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c9638f71f225b286aff1173de51e18a3 | Hey. So obviously you guys did some capital actions this past quarter with the Dutch Auction and now it's the buyback, but capital levels are still pretty robust here. I know you guys have talked about M&A in the past, the multiple has certainly improved. Can you just give us an update on your strategic capital priorit... | Okay. Thanks, Michael. I think we did have, I think a strong quarter as far as capital is concerned with the tender offer and also an increase in the dividend by 30%. We will be looking for M&A opportunities in 2021, I think we really want to seek out the right partner and I want to -- it was really value us as a good ... | intermediate | [
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d5aaa2ecee7fb7f816bb0ea2de4d0e99 | Just to follow-up on M&A, what is kind of the optimal deal that you guys would look at whether it's size or whether we deliver in terms of accretion? I know you guys have done, I think the last deal you did was fairly small in the Dallas market or in the Houston market, excuse me. But what are kind of the priorities at... | I think the biggest thing is just to find the right strategic set for us. So that's going to be a commercial bank and probably depository institution in Texas, that's only what our priority would be. | intermediate | [
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d5c66468d02dd3ceaa3795485283169a | Okay. And then maybe finally for me the deposit costs have continued to come down, well, how much room do you think you have? Do you have any big maturities coming up just any color you could give there would be great. Thanks. | Yes, I think, we're going to continue to kind of work through in the context of just moving them down as we think is prudent, we will expect from an overall net interest income perspective that as I mentioned, there'll be a fair number of broker deposit, as they maturities through the first half of the year that will i... | intermediate | [
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40a197fad7550098d3c5b5895f06121a | So your outlook called for non-variable expenses to remain stable. And I just wanted to clarify if that was stable from the fourth quarter run rate, or if that's looking at full-year 2020 non-variable expenses. | That's more of a comparative to the full year, so stable with 2020 aggregate. | direct | [
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ad4aa0f752c26f34e89d9ac173a94262 | Okay. That's helpful. And then last for me, you'll know that you expect net charge offs to pick up in the back half of 2021. I was wondering if you could provide an update just on your hotel and restaurant portfolios specifically on those ones that are still on deferral? | Well, the -- I mean, the loans that are still on deferrals as you can see remains the preponderance of those remains kind of hotel and restaurant. And I mean I didn't take the question. | intermediate | [
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16be1db7b77bbf94edb157f394ad3d0e | Yes. I was just hoping to get some color on those two buckets in the deferral. Do you expect occupancy rates to pick up and do you think they're trending in the right direction? | I think what we're seeing is certainly from June till the end of the year, we saw some improvement, some of it's seasonal, some of it's according to the year, the hoteliers are still continuing to see vacancy rates well in excess of where they would have otherwise expected them to be, but also higher than they are in t... | intermediate | [
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54a55d79e3dcfde934812d7cca4acb43 | Wanted to start just on the kind of overall PPNR improvement plan. Jeremy, could you just maybe back up for us and give us an overview of kind of where that sets you up, what are kind of the additional product enhancements or services that you feel like you guys can offer now? Or can you manage the business much better... | Well, I think that 2020 really showcases the benefits of the programs that we've put in place and in a lot of ways, we're really fortunate to have done it before the COVID pandemic hit, because we were really able to go work cohesively as one organization. And if you see this over the last three years, the efficiency g... | intermediate | [
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69ab7dcb0bcb88e03cab0f6c95266e3e | Okay. And does that -- does it give you any more confidence and maybe growing your scaling certain businesses or as you can kind of proceed with potential M&A, will that be a better more fruitful process or can you assume higher cost savings? Anything like that that would be strategic would be helpful to hear about? | Absolutely. Well, I think that all those are correct. I think that we've got a holding company. They can really provide the shared services model for a larger enterprise, and it's very scalable. And I think if you just see -- you hear what's going on in Hilltop Securities, PrimeLending and even at the bank for just imp... | intermediate | [
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3a52077930196f74a6546fdd4d3391b9 | Yes, that's great. I appreciate the extra color. And I wanted to actually follow-up on the structured finance business. Obviously, it had a very strong year in 2020 given, kind of, the mortgage origination volume, purchase volume is supposed to be up next year. And I assume that's where most of that structured finance ... | I think that -- let me just give high level and then you can jump in. But I think going to be challenging for that to be as constructive as it was in 2020. And it was extraordinary. We still think it's going to be very strong in 2021. It was very strong in 2019. We look at -- first time home buying market and the very ... | intermediate | [
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544581834af632739656f487a919057d | Okay. And last one for me, just on the warehouse growth both from PrimeLending and this new warehouse effort, that's not contemplated in the loan growth guidance. So I would assume we should expect incremental growth in volumes year-over-year, or do you think there'll be a decline in volumes related to just lower mortg... | Yes, we would expect that the national warehouse lending business, mortgage warehouse lending business would track with kind of industry level mortgage production outlook that those businesses have a little higher percentage of refinance activity than PrimeLending does on a core basis. | intermediate | [
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571d85d6f2429a93dab33e7c7ab380d3 | Hey, good morning. This is Charlie on for Jeremy. As we kind of moving in November, I was wondering if you could talk maybe a little bit about some of the activity you're seeing across your footprint as we kind of move closer toward the heart of heating season? | Well, certainly the first couple of weeks here in November, we've seen some significant weather come into good parts of the country. I think I saw, if you looked at the map yesterday, it seemed as though there was more purple throughout the United States than anything else, which is always a good sign of very cold temp... | intermediate | [
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554f5351ff50423c931e25453625e8ab | Okay. And then in your prepared remarks, you noted a couple of new opportunities that were outside of your radius. Can you talk a little bit more about that? | Yes. We have -- we've done -- we talked about this for a couple of years now. We've had an initiative of new greenfield expansion activities where we look outside of our territories. We typically say that one of our locations can have a delivery radius of upwards of 50 miles to 75 miles from their location, but we have... | direct | [
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93a0bd3372dfbd1b6d1d87a83e1a0002 | I guess, along those lines, as you look to target other opportunities, as we think about next year with leverage at 4.3, what are you looking to? Is that a good leverage target? And how do -- I guess, how do you balance that with growth opportunities? | Yes. Certainly, it's a great leverage target, particularly when you compare it to our peers in the propane industry. So we have full comfort in running our business at that level. As you know, we've been here for a long time running this business and we generally have -- always had a balance sheet-first mentality, mean... | direct | [
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f2d9723a518af242b2602f1714898880 | I guess, historically, the expansion of like gas utilities and the grid has eroded some of the propane demand out there. I just wonder, has the outlook changed a bit, given all the regulatory hurdles pipelines have faced, I guess, especially in the Northeast? Have you seen that impact demand for propane at all? | Yes. I think, first of all, natural gas expansion has occurred for decades and propane has always found a way to continue to maintain a good solid market share for the heating market because generally expansion also represents population growth and expansion of communities outside of the main lines where natural gas wi... | intermediate | [
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0d16e4e7e7600dd2e7a992ed4880f02e | For 2Q in Steel Processing, how much would you estimate the other cost headwinds were, such as freight and the scrap spreads there for the quarter? Also, when would you anticipate these costs abate, based on contractual price resets and other reduction initiatives that you have under way? | Yeah. So Martin, it's Joe. We'd say, probably in the quarter, the combination of those things was around $10 million. With respect to outlook for Q3 and beyond, they're following the curve. The scrap gap has lessened some in the past several weeks. It's not going away and so that started to impact us kind of a little b... | intermediate | [
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1dfa61226016fa312f3eb090ea149f6e | Any ballpark estimate on the FIFO inventory holding losses for fiscal 3Q? Would this be $2 million to $3 million, $4 million to $6 million, or something greater than that? | Yeah, tough. Tough right now to speculate. | fully_evasive | [
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a3178e4bad6dc607728ab904ebbba614 | And when is the WAVE business unit sales completed? | That's a complicated question, but the short answer is probably by the middle of 2019. The transaction actually is effectively complete. It's just not closed and I know that's a hard thing to understand. But they have agreement with the Trade Commission in Europe and now it's just about executing on the agreement, whic... | direct | [
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59f3e709c8f85f0dfc46d120ec15741c | OK, but it will continue to flow through that JV P&L through -- until that's completed, correct? | I think, the maximum period of time it can flow through the JV P&L is through June of 2019. | direct | [
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306de771e49087c26fdaa057f776aceb | Within the Cylinders business there, can you provide an update on the energy business, what you're seeing, what demand and how profitability was for the past quarter here? | Hi. This is Geoff Gilmore. Yeah, demand has been very good and we've continued to see that grow. Some of the concerns or issues we faced this last quarter, which we're finally working through is, we were operating two facilities. We had a facility we were operating in Skiatook, Oklahoma and decided that we needed to mo... | intermediate | [
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ccee3a1c1c711df0739e02c9e646fdc7 | OK, and how was operating and income for the energy business there for the quarter? | Yeah, it was a few million dollars loss, Martin. | direct | [
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b388841305d1f238aabf72e425a63dc7 | Hot-rolled NYMEX prices peaked in early June, $924 spot, $894 for the four-month future. And how many months does that take to work through your income statement? For example, does it take two months from the time of quotation through the lead times of the mill to get delivered? A month to go through your work in proce... | Yeah, John. The short answer, as you might expect is, it depends. It's a very completed question. What I usually tell people is that whatever steel price movement happens today, it's going to be somewhere between three months and sometimes as long as six months before that flows through our income statement. I mean, we... | direct | [
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fc3a0b56da2df421b361cdf93d215caa | So 150 would be five months. | Yeah, that's -- I mean, and that's on the long side, certainly. But it's going to be a 90 days. | direct | [
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131fcd79837489a0b979e2c8fb3ae782 | So if you have some price hikes being passed maybe in Cylinders or Cabs or even in some steel products and the substrate costs are going down, the February margins in some or most of your product lines could be improving, partly offset by all the holidays in the next 30 day -- next 90-day period? | Are you talking about steel or cylinders or just general? | fully_evasive | [
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7ebbb45c21ce5288371a180c81a24cc6 | So -- and this will be the last question I'll bother you with, Andy. In the ceilings business, WAVE and then the Serviacero JV in Mexico, you didn't seem to get hurt with the higher cost inventory as the spot was falling off in the quarter. Why do you think those businesses did better? Is it the accounting comparison o... | No, WAVE -- really, both WAVE and ClarkDietrich behaved the same way, which is when steel prices move, they move price very quickly and so they tend to be able to get ahead of the cost inflation more so than, for example, in our Cylinder business, where a lot of the business is contractual and so it takes us 60 to 90 d... | direct | [
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613e1373a24a6d2d551c2e8decbf5b16 | Mark, I want to dig in a little bit to maybe some of the out-of-room spend trends and maybe trying to pair up the strength that we're seeing in that segment versus the softness that we're pretty consistently seeing across business transient demand trends. And would there be maybe a lag effect in the non-room side that ... | Yes, Rich, it's two different behaviors. The groups that we have coming to our hotel and we're trying to pick the groups that are going to spend more. But whether it's KPMG or XL, the consulting group, or pharma or some of the financials. What we've seen year-to-date is that when they get to our hotel, they are running... | direct | [
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2216c8698c7c9b6b27420ff3ba946b32 | Okay. I appreciate that, Mark. And then maybe my second question, looking at the stock price here 9.40 and changes so, and comparing that to where repurchases were made in the year-to-date period, just wondering where incremental repurchases from here would factor into your capital allocation grid? And also just thinki... | Sure. It's a great question. Let's say, first on the NAV, we still feel very confident about our NAV estimates that we published in January, earlier this year. The private market transactions remain robust. The cap rates that we've seen over the last three months or four months continue to indicate great strength in th... | intermediate | [
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2a23c5b77f17d30c450d20d63ed6d0f0 | In regards to insurance proceeds in dispute for Frenchman's Reef, is it related entirely to business interruption or is a portion related to construction as well? | No, it's here in this market, it's related to both. So -- or we have a claim and they're not speeding [Phonetic] the entire amount that they haven't paid, so they paid us $100 million so far. We have a claim that includes both property as well as business interruption and ongoing expenses, and some of the -- some of th... | direct | [
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d899deeb72a753db27c1c9a64b9a21b9 | Great. Thank you. And in your prepared remarks, you talked about group pace particularly in Boston and Chicago. I was wondering if you could provide some detail on that group pace, and then how the convention calendar is shaping up in those markets? | So, group is tremendous for us in Boston and Chicago. We're going to outperform those market, we expect to outperform those markets while the citywides are good in both markets for next year. As you may recall, we underperformed with merger issues in 2018 in Boston. So we have more room to run. So our comp there is eas... | intermediate | [
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84ac88625294026ba732840c50acce61 | Hi, good morning. So, first question on transactions. I mean, what's your appetite to buy more hotels here? Thank you. | Good morning, Thomas. So, I can say, we're always -- as a public company, we're always monitoring the markets and looking at things. I think given where the stock price is today, the relative value of an acquisition versus our stock, it's tough to justify. There may be an opportunity to do a small -- a small hotel that... | direct | [
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59b5a60cb928bfb4a1c7b6d90216e8c0 | Helpful. And then second question, just around the demand environment, you know, you highlighted the business transient demand is soft, but your group bookings are really strong. It seems to me like -- and they are strong going out like for a long periods of time, which seems to me counterintuitive, why would corporate... | Well, there is a lot of puts and takes to it. Part of it is, a lot of our markets were off citywide convention calendars this year, and they flipped next year. So, some of it's just the strength of the citywides. So if you think about Boston, Chicago and D.C., citywides, they are softer this year and the convention cal... | direct | [
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fa8b16e7e86bb848e38ce8eb4e4388f4 | Hey. Good morning, guys. Mark, thanks for all the helpful data points on the group. Wanted to drill down into that room spend and may be expand it to across the portfolio, not just in the groups. How much do you think resort fees and some of the other fees are or may be helping that out still this year? And then not al... | So let me take -- parse this out. So, one of the things that's going on here is that the pricing power is more difficult to go with the business transient. So Tom's group, the Asset Management group, and I really do think we have the best asset management team in the business, has really gone on a kind of a philosophic... | intermediate | [
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3ba42b93fe4843ae7ac5b7e97d05fa33 | Okay, helpful. And then on the transient side, would agree a lot of this is just right kind of corporate uncertainty in travel decisions, things like that. But how much of it for you guys, do you think there is any of it that relates, and maybe this is on the leisure side to the Marriott, some displeasure among some of... | Yes, I mean, I would say, we're big believers and in Marriott, Hilton brand families that were associated with, we think they do a great job. We think they have the best loyalty programs. There are changes, and clearly, it wasn't perfect, but it's still -- when you think about the size of the system, the ability to red... | direct | [
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87554a12834ac76e4a880f7be52ee10e | Thanks. Good morning. When DiamondRock is setting its internal plans for the next few years, I'm just curious how the company thinks about the remaining length of the cycle, severity of the potential downturn, those sorts of things? | Yes, I would say, we run a lot of sensitivities with the board, and we do a lot of strategy planning. So it's hard to know, I think we plan the balance sheet for a downturn at all times. So we're always thinking about balance sheet capacity, how much dry powder we have, on downside scenarios, but we manage our business... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
cdd6ad75c47aca987028e31cd783727f | Hi. Good morning, everybody. Mark, I guess with respect to your comments around having $175 million of availability under your share repurchase plan, and kind of keeping your powder dry late in the cycle, how much dry powder do you have available today to pursue share buybacks or acquisitions for that matter, before yo... | Yes. So, by our calculation, as I just mentioned in the last Q&A, we run kind of scenarios to stress test the balance sheet. We think we have about $300 million of investment capacity and still remaining in a strong balance sheet position. Now obviously, we're going to consider different capital allocation decisions to... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
13915f3537dc02cf7d6352865a082aac | So what is that $300 million if you were to deploy imply in terms of I guess the upper thresholds of your leverage target? | It depends a little bit on how we resolve the Frenchman's Reef litigation, but assuming we are successful there. Austin, this is Jay. Assuming excluding Frenchman's Reef that's sort of in the 4.5 times to 5 times range, the way we'd like to think about it through the cycle is remaining below 5 times at sort of the bott... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
49c8f064a0126509b24abe9771c7be61 | Okay. Understood. Thank you for the detail there. And then any specific markets that you would highlight that drove the reduction in RevPAR growth or was it more, I guess, broad-based? | Well, in the second quarter, we had terrific growth in Boston, Phoenix, San Francisco area and resorts overall were over 3%. So those were our star markets, and then we are really happy with our relative performance both in New York City and Chicago, while a little tougher markets. We did outperform in both of those ma... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6abf316cb8c855d5c4576d828d5d861f | So, is it fair to assume that those two -- the latter two markets are what's driving the biggest percentage of the RevPAR reduction in terms of your guidance? | Well, for the balance of the year, it's really more about the business transient trend for the back half of the year than particular markets. So I'd say throughout our portfolio, we had -- at the beginning of the year had kind of a more robust expectation of how the business transient traveler would perform. And now we... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e5f457b0d0bc60cb3adadbdf23e9e615 | Howdy team DHT. How are you all? | Great. Thank you. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7a0254696a01282bf63d0fc823d5eb16 | I guess first question, I know you included it in the past, but I don't see it in this presentation. So excluding the time charters, what rates and percentage of spot days fixed have you booked for the first quarter of '21? And then maybe what rates are you currently booking this week? | So we have booked 44% of the spot fleet for the first quarter at $17,500 a day. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3605a29f119dd254047312a78f24ebed | OK. And are those rates kind of in line with what you're seeing this week for current fixtures? | It really depends a lot on what ship it is and what load area it is. And if it's a sort of a conventional design without scrubbers and you're loading in the AG and you're missing SIREs then, well the TCE that you're going to generate is minuscule. But on the other hand, if you have a fully approved ship with an eco-des... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
9eb5822fd5676c4d47ffdbf50317aa64 | Got it. All right. And then looking at Slide 10, right, your spot exposure is set to increase throughout the year, kind of a good thing, as you mentioned, with your views on a market recovery in the back half of '21. And then also looking at Slide 12 showing the long-term average BOCC rate around, let's call it, 40,000... | I think we have addressed this question a couple of times in the past, but our strategy or our view on this remains the same that we do not see any need to add leverage to the position that we have. So we're not really there to charter-in ships just to get more exposure to the spot VLCC market. That's not going to happ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e9b69771b1bf76e1b930eb2828fee59d | Got it. Yes. That's fair. And then quickly, any other scrubber installations plan for 2022 after the ones you've kind of earmarked for this year? | No. So we have four to do this year, and that marks an end to that program. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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