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a18a2d563706bd34489a58da0860774c | Good. I wanted to kind of just ask about the decision to repay $26 million under the Nordea Credit Facility, which looks like it's probably made in late 2020. In light of upcoming capex with the accelerated drydocking schedule and the purchase of eight VLCCs, will there be additional prepayments? And how should we thin... | I think our strategy has been to, when times are good, to invent in our balance sheet. Right now, times aren't so good. So we're not generating the type of cash flows that we saw through the past five quarters. So this may be a time when there's going to be a pause in debt prepayments. And as you also heard, we actuall... | direct | [
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61ce9f99c5448cebbded1ebc041c6cf9 | Right. Sorry, just to make sure I got that right. We will see a pause in further debt pay downs, right? | Yeah. Extraordinary pay-downs. Of course, we'll do whatever is there on a regular basis, but the voluntary prepayments are probably going to take a pause. | direct | [
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9c22c94b34b6654baf49270dacf430ff | Great. No, that makes sense. And I guess just as a follow-up, just taking with capital allocation. As for as regards to new tonnage, is there particular aegirine that you're looking at or leaning toward any, I guess, future propulsion technology in the eco-design VLCCs from 2016, which should bring out their useful lif... | No. We have a focus on to buy ships in the water at this point in time. That's our priority. And there will have to be of eco-designs, i.e., delivered from the second half of 2015 onwards. And this type of designs had a significant fuel efficiency improvement from prior designs, and they will certainly have a good life... | direct | [
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3371ca89695270f3650d8766b9294f27 | Thank you. Good morning, good afternoon. Trygve, it's pretty noteworthy that when you spoke about the vessel acquisitions. You said it's very rare that you see ships quality available at the trough of the market. Maybe a two-part question. One, do you see any other opportunities like this emerging? I mean, it feels lik... | I think to the latter part, Jon, if we cannot find anything that makes sense to us, we are not going to invest. Simple as that. It needs to be sort of meeting our criteria. It's going to be at the sort of right price levels, and it's got to be quality ships and so forth. We hope and expect that there will be additional... | intermediate | [
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c5f920cd2a36f90aca4f23c389d38b0b | OK. So if I look at Slide 13 then and how you've managed the cycle quite well. And then we get to that point where the right side of this starts to turn up significantly and those opportunities haven't presented themselves. At what point do you maybe change your capital return policy because you've missed the opportuni... | I think this is an important point because, of course, if the market turns and if we haven't been able to buy more ships, we have 29 VLCCs ready to roar and generate a lot of money. And our capital allocation policy says minimum 60%. So it doesn't prevent us from then thinking differently about this as we go forward. S... | intermediate | [
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d64441dc41682b71f9232a7e49054aac | Yes. Thank you. Hey, guys, just maybe wanted to ask a bit of a general question. You've obviously a fantastic job of putting DHT in a strong position, both commercially and financially. In terms of a market recovery, you're becoming more acquisitive at the moment. Obviously, the rates are very weak. But can you give us... | We think that the sort of the main thing to watch is really COVID that we are suffering now with the reduced oil concession on a global basis because people are in lockdowns and so forth. But we're optimistic that once the vaccines are rolled out on a sufficient scale, we will see people returning to past consumption p... | direct | [
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45b9101d64eb879107aa37f5123aa740 | Yes. It does seem just as simple as that. I do have a follow-up. Obviously, you've only got $14 million of net debt per ship, which is clearly below scrap value, giving you a lot of flexibility there. With regards to the financing of the two VLCCS. You mentioned DHT-style financing, can you give maybe just some further... | Sure. What we typically want to do is to borrow up to around $2.5 million per year of remaining economic life. So for a five-year-old ship, we figured is 15 years left in them, and 15 times $2.5 million is $37.5 million. And with that said, then the annual installments to repay the loan based on the mortgage financing ... | direct | [
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2a266e4f238fa00adb3cfdc07326601a | Thank you, gentlemen, for a great job. And I'd like to say that I really love the presentation format that you did. Very clear, very easy to understand. We have gotten to two new ships. Can you give me some feeling as to all ships right now? Do you see selling any of the older ones or turning them to scrap during this ... | I think our countercyclical strategy typically would involve a desire try to sell older ships when the market is very strong. But during this last upcycle, values didn't appreciate as much as the earnings opportunities. So we managed to secure time charters on several of the older ships that we have that far outstrippe... | intermediate | [
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fc19313a06d74ce4dc8ca44bab149190 | OK. Good. How many do we have that close? Only two of them, right? | Yes, three ships that were built 2004. | direct | [
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6c8c7a95868bf3292376a9c4ed3cd7c2 | I've got a quick question. A couple of quarters ago, you mentioned that one of your ships had been hit in a port in accident and not your fault, and you're expecting an insurance settlement. Wondering if that has been settled? And if so, for how much? | It's not yet settled. So there are negotiations, if you like, between the two insurance companies, but there is no question about fault. It's more a question about outcome, financial outcome. So we feel it's not prudent to try to suggest any number at this point, but the ship is fully operational, back in business. And... | intermediate | [
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e38a4be31939855874f3b5c327955177 | OK, great. So we're expecting possibly a multimillion-dollar settlement there sometime in the future? | I think that would be overstating result of a claim. | direct | [
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1aa5f93f767fc2d96b3793487335bd10 | OK. All right. Then in general, I would welcome your comments about the market in general. We've seen press reports about companies ordering as me as 10 ships then canceling those orders. Then we've seen a report that a prominent, I think, a Chinese shipper, was scrapping up to 10 vessels in their fleet. How do you see... | I think your first part of the question, there was an order that was reported for 10 ships at Hyundai in Korea. This order was really a project broker who tried to put a deal together with and long-term charters. And I think most of the market participants has included had some doubts that would ever go through, and it... | direct | [
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a8094d9c2dfb32427c20133900fc9b43 | I guess first question would be on the -- in the past, you guys have segmented the two, the non-core and core hotels into kind of two buckets. Can you kind of tell us how those performed during 2020 relative to your expectations and whether those non-core or I should say core hotels were still generating? Were they sti... | Yeah. Hey Chris, this is Dan. Good afternoon. I guess a few takeaways on that question. One is that the core portfolio did have higher year-over-year RevPAR declines compared to the non-core. But that was in line with our expectations, given the higher chain scales and ADR price points that they compete at in some of t... | direct | [
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ffa8def12d9e754d4babf05f570d5706 | Okay. That's helpful. And then just going back to the January and February data points, I think you gave us on occupancy, which sounds like it averages out to 47% or 48%, which is about where you were in the fourth quarter. Were you roughly in the same place from a hotel EBITDA perspective in the first two months, whic... | Yeah, we hadn't disclosed any operating metrics around EBITDA performance at the beginning of the year. We'll provide a detailed update on that on our Q1 call. But you're right, I mean, our occupancy average is somewhere in the high 40s across Jan and Feb. And as we indicated on the call, we're continuing to see streng... | fully_evasive | [
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8cefb4cb6083a3d22dc9bd8e8ff68b7b | Okay, great. And then -- congratulations on the asset sales in 2020, I think, really good result compared to what we would have thought last March, and it certainly seems as if pricing held up really well. So I guess the question is going forward, I mean, is there an opportunity to -- do you see prices on these hotels ... | I mean, if you think about the pricing that we've got over the entire program, as Dan mentioned, from the beginning of this program we sold 113 hotels at really attractive revenue multiples and even more attractive EBITDA multiples and we've pretty consistently performed at the upper end of the range that we had origin... | direct | [
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a33d5050ba2daa795c60e6a6e3aa21ae | Okay, very helpful. And just to kind of clarify, Keith, are the buyers generally valuing those on the 2019 save revenue multiple or maybe a per key number or are they looking at some other metric whether it's fully baked recovery or alternative use or something else? | Well, it's interesting, right? So a lot of those things bake into how the negotiation occurs and every location can have some variety in terms of underwriting metrics from the buyers perspective. We focus on our kind of exit multiples based on 2019 to try to really preserve the value of the asset, right, in our mind in... | direct | [
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8dfb88a60aa8439149a01f7a5fa3b1fb | Maybe I'll start Burton asking you -- hey, good afternoon to you guys. Just Burton, I'll ask you about new sales. I'm curious if you're thinking or your targets for new sales for the calendar year has changed versus 90-days ago. I know the prior outlook assumed some different ranges or outcomes around new sales, but as... | So I think about it every day, Tien-Tsin. We started to close that gap from the pre-pandemic quarter, which was very encouraging as far as I can tell. I can't tell you when we return to normal, which includes selling in front of our prospects. I'm very happy with the roll out of the vaccines, and I love the way the mod... | intermediate | [
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82fda2097f1463f23d87ff6631dd7c57 | Maybe I'll ask my quick follow-up on the net insurance margin outlook here. Q1, like you said was way better than expected. Full-year is unchanged. The recovery does -- this new credit makes a lot of sense. I'm curious just a line of sight on utilization, healthcare utilization for the rest of the year, has that thinki... | Good to hear from you, Tien-Tsin. As I'm thinking about utilization and kind of what we saw in the month of March, we did see things like normal doctor visits come back, we did see lower utilization in terms of the flu and respiratory things probably due to social distancing, but we also saw higher utilization, as I me... | intermediate | [
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2dc2d8121dce533e313a5ff599d59d56 | I'm just thinking -- you're very welcome, Burton. It's well done for sure. Hey, if you're thinking about the retention of folks that are leveraging the credits versus none, is they any way to maybe think about the brackets of overall retention and then what the experiences for folks that are taking the credit versus no... | Kevin, I'll take that. When I'm looking at people that have participated, for the customers that participated, I think Burton mentioned in his prepared remarks that, over 50% of our renewal base has participated fully in our recovery credit program and they've less than 1% of those have attrited. So we have had a notic... | intermediate | [
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e37af9c1935e68d6974919c5760d58a5 | It did. I apologize, I missed that. And then, Kelly as you think about the margins at the lower end. Is 10% the floor in terms of as you would think about the progression of the quarters where would it have to be the full-year before you reverse any of that? So in terms of from a downpipe side perspective, can we think... | I think we're going to be prudent and we're going to watch the year as it develops. I appreciate the question, but we did set 10% as the low end of our guidance, for sure. | intermediate | [
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55fa2c24b3e2f2b76e97e2d482e92959 | I understand the current environment is a bit unprecedented from a healthcare utilization perspective. But I'm wondering, given you've now instituted the second credit program, when you expect it to become a more permanent aspect of your pricing strategy going forward. And if you could kind of walk us through the thoug... | Yes, great question. So, the transparency and value creation for our customers is a real critical aspects of our model, which as you know, is pretty unique in our industry. And you mentioned a couple of the key points is lack of volatility, etc. But the bottom line is, our first program, the recovery credit program dem... | intermediate | [
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f874683684e0721539853315d77edbce | Makes sense. Thank you. And then for my follow-up changing gears a little bit. I was hoping you could help us get a better sense for how you're thinking about the impact of the past year on the worker's comp book. How much of what I would assume was much lighter claims activity in 2020. How much that has already been a... | I appreciate the question. We did see favorable performance in workers' comp in 2020. Most certainly, as we're looking forward, I think we price our workers comp appropriately given the environment and given our expectations for loss. And we will continue to watch the trends and see how it comes out. I think you've not... | intermediate | [
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8c25133edf86fafbdd50c2f89408903e | The first one, I was just wondering as we come out of the pandemic, how you think remote working trends might impact both TriNet and the PEO industry in general. And has it been something that's driven some of the new inquiries that you're seeing? | Yes, a great question. So, I believe we're emerging from the COVID pandemic in a solid position. And that our customers will continue to hire additional employees to support their business and growth plans. Many of those employees will be remote. And there's tremendous complexity, particularly if you cross state lines ... | intermediate | [
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219ca8e128a565f7847e833a3476bba3 | Great, thanks. And then the follow-up, I was just wondering how you thinking about the M&A environment in 2021 and also longer term. As the pandemic didn't impacted, people's willingness to sell businesses? Yes, some thoughts around, that'd be great. | Yes, Sam, this is Kelly. I'll take that one. One thing I noted on the M&A front, I think it is still a robust M&A environment. I think Burton in his prepared remarks talked about the M&A for the tech sector, and that it had about a 1% impact on our WSC count, due to robust M&A market. How we're thinking about M&A speci... | intermediate | [
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08df21e31c4a047b605f1af86f89fd7e | I was hoping maybe you could shed a little more light on the WSC dynamic. I think, Kelly, just reiterate what you had said in your prepared remarks about a point impact from M&A. But if I look at that sequentially, it looks like WSCs were still down sequentially, than after normalizing for that. So, maybe you can help ... | Yes. Let me take that and then I'll pass it on to Burton to add anything, he wants to related to that. But as we look at it sequentially, usually first quarter or January rather is when a lot of people change PEOs. And they change it because they want to keep their WSEs with one W-2 for the year possibly, but we do see... | direct | [
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1270fc54e4c85b7889d99647d33cdbe6 | Right. So just kind of rolling all of that together though is it really the sales dynamic in calendar '20 that gated the WSE growth in '21 -- in the March quarter, just given, again, retention, it sounds like was really good and hiring was pretty good except for maybe Main Street. So is it that dynamic that we're seein... | Yes. Well, typically, we have seen Q1 be down lower sequentially in January and new sales did close some of the gap, but it is the lagging pre-pandemic. We were actually a little bit better from an ending WSE perspective than was in our regular -- in our initial guidance. | direct | [
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bab9afec3b0016d5726290a428e78077 | Got it. And then, just going o the recovery credit, I just want to make sure, I understand the various dynamics there. So it sounds like we're setting up a buffer right for some of the volatility that we typically would see it, well, continuing to get back and enhance retention. So I don't know if there is going to be ... | Yes. Our guidance for 2021 really is a 10% to 11% combined net insurance margin. We don't attempt to make money on health insurance overall, but we do price it to be able to cover our costs and our balance sheet risk. So 10 to 11 is appropriate for 2021. And we're going to continue to watch trends, as we move forward. ... | intermediate | [
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cc9a9297da4bef4ff76a7009f6e1d2f3 | Got it. And just one last question, sorry for the third question here. But just... I think -- did you say -- this is just a cleanup modeling question. Did you say 3.5% interest on the new debt? Or do you want to just -- maybe just going to let us know what you think your interest expense will be for the year? | Yes, sure. It was the 3.5% coupon on $500 million of debt that was refinanced. So in terms of the guidance that we gave on a year-on-year basis or quarter-on-quarter, I should say, we built in roughly $0.11 incremental associated with interest expense by being able to lengthen out that debt. Yes. $0.11 really versus ou... | direct | [
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cb0d649c29a3a4c8d72baf1a1f8cdcd3 | Was hoping to maybe ask about the Fertilizantes business a little bit. You called out in the script and the prepared remarks an increase in inflation there. It seems like you're moving from both phosphate conversion costs and rock mining costs away from your 2023 cost target. And I'm just trying to get a sense of kind ... | Look, yes. And if you go back to our multipart analyst presentations, I think you'll remember, we did say that we would correct the expectations of these cost things based on inflation. And over time, our expectation is, if there's higher inflation in Brazil that that will be offset by a weakening Brazilian reais. So I... | intermediate | [
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0afedbadbaf9d5191e28b1a8a297eb18 | There's a long-standing perception among investors that more operational hiccups than other producers. But you obviously can't control the supply of sulfur and stuff like that. But when you look at all the operating metrics internally and the changes you've made to process, has your Florida system become materially mor... | Well, I would say definitely, yes. We've spent a lot of time. And a lot of the area where our cost improvements have come, have come from better operational reliability, better maintenance control, better outcomes of turnarounds. There is a high level of unpredictability in any large system. And frankly, our system run... | direct | [
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11b8f56771232e4870a9eb1629f7c29f | A question on phosphates. As phosphate prices moved up, China may be opportunistically raised exports. And we've seen that in other fertilizers as well, in ammonia, not ammonia, but urea, Chinese exports went up. What is your confidence level that Chinese exports would decline in second half, which is what you said in ... | Yes. Thanks, P.J. I'll talk a little bit about this, but I'm going to hand it to Jenny because I think she's got a pretty good idea on the world's supply and demand and some of the forces here. But let me say, the Chinese do need to get their domestic phosphate to their farmers for the growing season in the next quarte... | direct | [
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25927aabd5d465437eaa209f31276e04 | Could you talk a little bit about the Belarus potash sanctions and maybe compare and contrast that with the earlier U.S. sanctions on phosphates? | Yes. Thanks, John. Interestingly enough, I guess, the Belarus sanctions were, I'm going to call them relatively toothless. They didn't have very much bite to them in the basis that they didn't include what were most of the main grades of potash. I think they only affected about 20% of the industrial potash that Belarus... | direct | [
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e924155d4573bedcb8af30cddeb5afb5 | Hi. Good morning. It's actually Luke Washer on for Steve. I wanted to ask about your Chinese or your thoughts on Chinese port inventories of potash. Where are they today from what you can tell relative to history? And when do you think China could start looking to renegotiate a potash contract? | Yes. Thank you, Luke. Again, I'm going to hand a little of this over to Jenny. But I can tell you right now that the potash inventories at port, and probably of country as well, are starting to get fairly depleted. And I think you're starting to be at a place where they'll have to dip into their national reserve if the... | direct | [
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cfb60149e7e68755a8917cd86e16768d | Hello. Good morning. Thanks for taking my question. It's a question on Brazil. So you mentioned low channel inventories across the globe. And I would like to ask you a bit more specifically if that's also the case in Brazil and your expectation for Q3 volumes in the country. | Yes. Thank you, Adrien. Well, our belief is that, yes, in fact, the volumes are relatively low inventories in Brazil. Obviously, with the prices, what would show up on our books will be slightly higher than normal because of the price of the product. But yes, the prices or the inventory is lower than usual, although it... | direct | [
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2d45811f5efeaefddccd8cfa25d90210 | Yes. Hi. Good morning. Just wanted to follow up a little bit more on Brazil and specifically looking at kind of the distribution business. And just trying to understand, you mentioned that some of those sales took place at $600 potash. When we think about kind of the timing of when your distribution business typically ... | Yes. Thanks, Michael. Great couple of questions. The way we report the earnings in our distribution business, of course, is we're purchasing from Canpotex and in the market. So what you can expect there is us to have an ongoing position, if you will. And so in cases of a rising market like we see today, there's no ques... | intermediate | [
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8461a33cd73046a6a4382cdac2d87922 | Good morning, Joc. Joc, can you talk about the liquidity in potash market. I appreciate your commentary earlier on the issues in Western Canada around the wildfires, the delay on ports and rail. Some of your competitors in potash have been saying that the benchmarks we're seeing report every week just really aren't rea... | Joel, thanks for the question. Let me start by saying, first of all, the liquidity question is very seasonal. We're not selling a lot in North America right now. We're sort of between -- I think we had a crew that was at the Southwest conference recently. And most of our North American customers are probably 70 to 75% ... | direct | [
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4a39a63d5ed8a1a9a352d9544efa3c7d | Hi, Joc. Hi, Clint. Hope you doing well. Just one last one on potash demand. You have a shipment forecast of 69 to 71.4 million tonnes for 2021. But just curious into 2022, could you size what you think demand could look like? And you guys flagged, obviously, the lack of available supply as sort of constraining demand ... | Yes. Thanks, Rikin. Yes, I think that's actually quite relevant. I think supply has been a limiter to demand growth, if you will, in this year. We had some 6 million tonnes of growth last year, and we really expected it to moderate quite this year. So with this year growing as it has, I think the biggest limitation has... | direct | [
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0c8eba2affabf68748a0dc050c8ed19a | I'm wondering as you reflect upon just foot traffic and volume trends, and some headwinds there, are you noticing or your dealers noticing a different level of demand during the pandemic, or a different magnitude of pressure fall off in foot traffic at independents versus franchised? | Yeah, I think there is definitely a difference there. We saw softer volume from independents in both Q3 and Q4. Franchise still declined year-over-year in Q4, but by a lesser magnitude than the independents. | direct | [
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77a779b6421b4ccc9cee36129d6cc924 | Going forward, as you think about your product, the value proposition to dealers, do you view this, that observation to that phenomenon is just a direct result of how consumers are viewing franchises versus maybe independent dealers in businesses during the pandemic, or are you rethinking the mix that you might want as... | I think historically, we've had a product that appealed the independent dealers. Some franchise dealers, but not all, when we developed the purchase product that had more appeals to some of the franchise dealers who weren't interested in the traditional product. So we have a product for both, and each individual market... | direct | [
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8886b47e737f3da5d2e39bf7beb16057 | Did you notice, was there any spike or reaction to the latest stimulus checks that went out? | We have moved -- we gave you January volumes in the release. So, I think certainly... The stimulus checks and the impact of that probably captured pretty well by the January figures we provided. | intermediate | [
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7e57ff93912a4d4b8e1f6f67aca77aa7 | Maybe just give us an update where that stands, and is that still having an impact being offset by the stimulus? How do we think about those trends? | It's still elevated. So the numbers that we track internally, it's moderated to some extent over the last few months, but wholesale values were still higher than they were a year ago. | intermediate | [
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860fc2393010ee553c9f6d70bba1e2c3 | Looking at the 8-K that you filed, I guess I'm struggling with -- trying to understand the verbiage on the CFPB. It says that on December 23, they sent you a civil investigative demand for investigational hearings, and then it said they withdrew that portion for civil investigative demands. Does that mean there were ot... | So that continues to be active. So I guess that's the main takeaway from that language. There's not a lot we can add to what's in there, but if you want a clarification, you should read that to mean it continues to be active. | intermediate | [
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d6cee4ed78966f020de4524270c2f688 | The company set up I guess an options program in December for a number of executives. Have you talked about how that was arrived at, and the value of those 330,000 options? | Yes, we're just coming on. We have a compensation plan for our senior executives, where the last plan was a four-year plan. 2020 was the fourth year of that. So what we've historically done is we had a three-year or four-year cycles. We put a plan in place and then that's the plan that we use for that period. So the pr... | intermediate | [
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b6fa6552210b6028ca38d37023bd381f | When you look at the reduction in dealer partner productivity, is it -- would you categorize it more as lower foot traffic in CACC dealer partners, or is it stable foot traffic, or even higher foot traffic but more loans going to other lenders that might also you have relationships with those dealers? | Yeah, I think we have some information on the market as a whole. It's not perfect. It's -- you get that information on a lag. So we have some visibility into October and November, not the full quarter. But I think the trends we saw both in Q3, and October and November, is the overall market used vehicle volume, used ve... | intermediate | [
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acd3cef54d8288bd8cf505f0b5022821 | It doesn't seem like you were necessarily giving up, right. The advance rate was up, right. From what I can see, it was up in December. So it still seems like you're actively pursuing volume. The loan term is plateaued here at 60 months and loans are now over $25,000. So it seems as if you were still trying to get volu... | Well, I certainly agree with these statements that we haven't given up. We're still trying. As to what's going to happen in the future, I don't really know. But I think if you go back and look, I think, I don't know, 2016 maybe, maybe the year before that, if you [Indecipherable], I said, "Hey, unless something happens... | intermediate | [
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c54b92ab5ce2a57739a3f47ef4fdd8ac | How much of the provision was tied to newer volumes versus maybe changes in the macro outlook versus changes of your expectations for loss content? | Virtually all of the provision was related to new loans. We have a disclosure on the bottom of Page 1 of the press release that details that. | direct | [
"direct",
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] | A |
87ec6ad33f88fb1ef5df22670dcbce20 | Maybe can you guys talk about ongoing effects of the pandemic on operations? How -- is collection still fairly done from home? Is -- are repossession activity normalized, and where are you guys in the loan forgiveness program? | The vast majority of the company, well over 90% of the team members continues to work remotely. So all of our -- virtually all of our servicing personnel continue to work remotely. Repossessions are really being handled on a customer by customer basis, depending on each consumer's individual circumstances. | intermediate | [
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3cca32d5cc24ec93bcee4cf3313e4edc | Can you give us a sense of where that activity is relative to normalized level? Are we halfway there, are we approaching normalized levels, or how do we think about that? | We're not back to normal at this point. So again we're giving the customers a lot of room. We know it's a difficult environment for many of them. And so we're giving them extra time to make their payments and so repossessions aren't yet back to where they normally would be. | intermediate | [
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8d5f8fd652443812fca40ced82efba13 | It's been an, I don't know, extraordinary market in terms of residual values, maybe relative to historical averages, but what we would have thought has been going on in this type of environment. What do you guys think it's going to need -- what kind of catalysts do you think is going to need to occur where there could ... | I think historically, you just have to look at the supply of capital for the industry. Capital is available, capital is very cheap, and as long as that continues, I think you're looking at a very competitive environment. So what would cause the capital to dry up, there is a variety of things. One would be loan performa... | direct | [
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100e33d9562408cc723903e42aede865 | I just wanted to follow up on the January volume trends. How long do you think the tailwind from that December stimulus check will last? Does a $600 check in December help sales through February and March, or has the impact already played out? | Yeah, I think it's probably pretty hard to say. You can look at what happens May, June, July. So we had -- as I mentioned in January and February were flat, March and April were down sharply, and then you had May and June where we hit pretty strong growth, and then July was sort of a transition month. So I can tell you... | intermediate | [
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b43dacb858b73c7a4b9c8ae35eed178a | Can you remind us of the repurchase authorization and your thoughts on the potential for share repurchases this year? | At the end of the year, we had approximately 2.5 million shares under our existing authorization. We continue to think about buybacks the same way we have for a very, very long time. So we're employing the same criteria. | intermediate | [
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00991ea1d3c2014567ff477a1979ccbe | I was wondering if you could perhaps talk a little bit more about the options you're considering for the U.S. compression fabrication business. | Yes, sure. So Kyle, I think over the last few years, we've continued to demonstrate raising the bar on our products and making sure that the technology or the market suits sort of the longer-term goal vision that we have as an organization, and we feel that this is just a natural step in that direction. Clearly, the ma... | intermediate | [
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c6ce45263183a8390721dc6e705a2b07 | Got it. That's helpful. And also appreciate the preliminary look at 2020. Just wondering if you could talk a little bit more about the different fundamental factors that you're seeing and how that could affect the business next year? | Yes, I think, Kyle, for next year and some of the points to keep in mind, really, two main or maybe three main things. Number one, obviously, products backlog that although margin rate in line with where we've been but backlog is down considerably from where it was a year ago. It's probably the biggest single impact on... | direct | [
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f844bb781fc6b7ecfacbf8f1f31b15ec | OK, got it. That's helpful. And one more if I can. It's nice to see more focus on the water business and the new order. And I know this is something that you guys have been working on for quite a while. Just wondering if you can give us any details about maybe the broader opportunity set that you see in the water busin... | So we're excited about the water spaces, as you can see. And so by making the decision this past few weeks on the implication of Roger now full-time in our water business, it supports and underpins the capabilities of what we see in the market and what we hope to be an acceleration of that space. Over the past 12 month... | direct | [
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] | A |
34affec8d918dafcd1bc6585987e6123 | Just a few questions from me here. You guys alluded to the fact that product sales bookings have continued to be a little bit sluggish in the fourth quarter. Just wondering if you could give some context around that and what conversations with your customers are like? Or do you expect product sales to be flat, up, down... | Tim, this is Girish. We're having a lot of good robust conversations with customers. I'll start with saying, this year, we have seen a very positive lift from our international side of the business and that continues to be a factor, and we expect that to continue in the fourth quarter as well. State side, the discussio... | intermediate | [
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6b73afa04bd3170e660f6894c2f6b66e | OK. In terms of the stateside aspect, have you seen a material change in inquiry levels? You'd mentioned at the time of the second quarter that inquiry levels had actually grown, but conversions are still weak, but has that... | Yes. So yes. So I think a good question. Look, we did see that uptick, as we mentioned in the second quarter. It's remained relatively stable or flat. A lot of it is also, to a certain extent, customers revalidating and understanding different options. So looking, for example, on processing plants, different sizing opt... | direct | [
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09eee026977c89d6434e57b2897da6f2 | OK. Next one for me, just around the water business. As the business shifts away from U.S. compression fabrication and toward power generation, water, things of this nature. What do you expect the margin differential between those businesses would be on a product sales basis? | Yes. So Tim, in my prepared remarks, I talked about a company that has EBITDA margins over 20%, and so you can kind of back into that. We don't have today, explicit guidelines on product margins on a component by level. But needless to say, compression was dilutive and still is dilutive to the overall business and wate... | intermediate | [
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2a046dd505c2a2d0fa01606a275d404c | OK. Yes. No, that's helpful. And then are you able to provide any context or quantify what you expect the range of outcomes could be if these ECO contracts are converted to product sales in the fourth quarter in terms of upside in the fourth quarter to product sales and downside to ECO going forward? | Yes. So Tim, it's Girish again. At an overall level, sort of looking at the blending of all of this, it's a fairly wide range, given that we're in the discussions right now. But it's about -- restricted to that 5% to 10% is kind of the boundary limits of that in totality.
You're talking about annual.
Correct. On an a... | intermediate | [
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0c6fe258d2edb67307a14de52f2a41ee | Right. OK. And then as a onetime in the fourth quarter, what do you expect that range would be if they were converted for product sales? | We're not going to talk about that at this point. That's still a discussion that's ongoing with customers, Tim. | fully_evasive | [
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0bae2f63460bf9fb2f8a922bbe90db86 | OK, fair enough. Do you expect that if these are converted that you would press released those before the fourth quarter, that would just come out of the fourth quarter. | Tim, this is Blake. That would probably just come out in the fourth-quarter earnings release. | direct | [
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6d895f7d55e004fd201e98544569ad69 | My first question would be just how you commented a bit in the prepared remarks about how you see things trending here in the second quarter. You know, some of your peers have been willing to talk about April EBITDA performance, wasn't sure if you'd be willing to lean out there and share any information there and in pa... | We're definitely seeing a pretty significant change in profitability, especially if you compare January in February, to March and on. But I think we started to see really increased runs at all of our refineries in March and by the end of March, really pushing the refineries and operational reliability then becomes the ... | intermediate | [
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9c0f5d9b3ebb69450d286cf742dc8b4d | My second question would be a bit of a macro one, appreciate all the updated color and you've provided the slides are on sensitivities etc. If I look at the Singapore crack spread relative to the to us crash rates, they've all gotten the two us crash rates have gotten back to the five year average levels, but are close... | Well, certainly there's been a significant increase in supply over the last year and a half. But keep in mind, there's also been a lot of rationalization. And even in the last 24 hours, shell accelerated the reduction in their Singapore refinery, you know, it's a 500,000 barrels a day refinery, they were supposed to ra... | intermediate | [
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253197f592c319180cb75620ba9552f6 | Want to start off on retail the quarter was a little lighter than normal there. And you touched on it a bit in the prepared remarks. But can you just walk through the moving pieces that impacted results in one cue and then talk a little about how those dynamics have evolved into to hear across both your market? | Sure. Probably it's as well yeah, I think first on the volume side, you can see in the, in the first quarter our volumes, even a lag where we were in the fourth quarter. Now part of that is fewer days in the first quarter. But I think you also had just a little bit of a lull that occurred in our markets. And so and as ... | direct | [
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5beb1f1126f7622ae65f890b6acfe7fd | And then the follow-up is, is around real estate and appreciate you breaking out the mark to market impact there. We have the Supreme Court oral arguments in the last couple of weeks. So I'd love to get your read on the key takeaways from that process thus far. And ultimately, how do you see pars exposure to real estat... | This has been one, I'll start and I'll it will kind of cover any of the granularity. But first of all, I -- you know, I think the small refineries council did a great job of explaining why the law permits small refiners to demonstrate hardship to seek an exemption at any time and so, as you know, this has been the EPA ... | direct | [
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82edc9dc9526ae86a8c4c97552a247d9 | Hey. Good morning, everyone. Joseph, I was a little surprised at the crude this guidance and why it looks like it's getting more expensive for you by about $0.90 per barrel in Q2 compared to Q1. Are there any particular croods that are moving against you here? And could you also talk about how tanker costs are trending... | Good Morning. Matt, it's not a question of quality and different types of goods that we're running this quarter versus a prior quarter. Just remember the two three month lag that we have on our good pricing and the clue that we'll be running in the second quarter. All any of the positive, orderly Calgary around the wor... | intermediate | [
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622248e68704d70f9ffac0e3e7d7ecd8 | Thanks. And then Laramie put up you know, excellent. Even a numbers 54 million compared to about 12 million last year. But I guess through your accounting, that that doesn't affect pars, CPS, but I guess Could you just talk about the economic benefits are and is Laramie, what is what are we going to do with that the th... | Matthew, you're correct. That doesn't impact our financial results. Ultimately, I believe Laramie is management's plans is to take incremental cash that was generated and use it to pay down debt. And again, I think Laramie is in a position where, you know, ultimately, its capital structures and improving, but this is s... | direct | [
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d79d5aee07d6be1b0f39d45a60aac71d | Hi, I just had a couple of quick accounting questions, I think your mark to market number on rains, you are indicating is 47 million. When we looked at your through your adjusted EBITDA calculations, and the number over there is rain loss in excess of net obligation at about 29 million, can you just help me reconcile t... | So Manav this is Bill. So keep in mind, it's really two separate issues. And I think to understand the non gap adjustment, the first need to understand our gap accounting. And so again, our gap accounting today is our liability for rents are carried at market. So in a rising price environment, our liabilities increasin... | intermediate | [
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72b12201784a979c71e3662e3ce17bae | Okay, that's clear. And just what is the open position in terms of number of gallons? Not the dollar amount? What's the actual gallon? Open position at this point of time? | We're not going to share the volumes, but just the dollars is approximately $125 million. | fully_evasive | [
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6793c10bab695f009b61a1f2785ce38b | Yeah. Hey, thanks for taking my question. I first wanted to ask on the equity raise that you did. Can you just talk about the logic behind it? I mean, it seems like liquidity seems to be in a pretty good position right now. So why do you decide to go ahead and issue more shares? And can you just elaborate on where you'... | Sure, Jason. Thanks for the question. I think the principle process behind the equity raise was really trying to give us the tools that we need to avail ourselves of lowering our cost of senior debt funding. Again, if you look at our weighted average cost have debt capital today it's around eight and a half percent, wh... | intermediate | [
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c4766fe255e8ca85c51e8e69c2986726 | Are you able to pay down certain debt without much friction costs? | Yes, we do have pre-payable debt. And we do have that that can be called as per the indentures or credit agreements. | direct | [
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e7ad45cc4a54d2c67e70905c40f23012 | Can you just let us know which one those are? | We're not going to get into the specifics of which instruments we've used to pay down. But I think that reduction in lowering our funding costs is I think, one of our principal financial objectives this year. | fully_evasive | [
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5bfa47335ed2d930cba927b057f43e67 | And then, my second question, just on the why margin, it does seem like the margin strengthened excluding the red mark to market impacts. Are you seeing any benefit from these new commercial contracts that you mentioned, would be kicking in the first quarter? And can you give us any indication about those magnitude, th... | Sure. So data analysts as well, I think the best way to measure that is to look at our Singapore 312 index that we publish, subtract the crude differential that we provide and look at, you know, what we'll say is the available margin in the market. compare that against our adjusted gross margin per barrel. And I think ... | intermediate | [
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29ce8829fc6a2e706a42e844d7dc4bee | I'll start with a question on the e-signature business. So was there any more details you could provide on the record contract that you won in the quarter, maybe the size of the contract or the length of the contract? | Andy, yes, I think, Mark, that's a three-year contract, correct?
This was the initial phase one, yes, that's correct. And it's -- the total value of the project is, I would call it, mid-single-digit millions. | direct | [
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a4ff22f1c8f728070296a8b115baf5e7 | I know you said you had record demand for term-based licenses in Q1 of 2020, but it looks like the term-based revenue is still down a bit more than hardware this quarter. Were you surprised by the magnitude of the decline? And was there anything in term-based licenses that may have impacted that decline other than the ... | No, I don't think so, Andy. Really, when you go back and look at -- or personally, yes, it was in the range of what we expected, I think, in the quarter. If you go back and look at Q1 of last year, we went from about $500,000 of term license revenue in Q1 2019 to something -- I think it was about $9.5 million or so in ... | direct | [
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840ae88db79577fddb61aed020962350 | Is it possible -- I know you reiterated your hardware guidance for the year of down mid-single digits. But as the economy starts to reopen, do you think there could be some pent-up demand for hardware and maybe even a pending hardware refresh cycle that might provide a little bit of upside to that guidance? | Well, I think, first quarter, I think, came in pretty good, I think, relative to our expectations. We'll see as we go through the year. We do know there are some -- a few larger opportunities that are out there. Whether they really come through the right kind of timing to impact revenues this year is TBD. I think these... | intermediate | [
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0c800f559e413f67e3121c484d3914a5 | So I mean, it definitely seems like sentiment in the banking sectors improved a lot this year. Do you see that impacting purchase decisions or sales cycles at your larger customers for any part of the product portfolio? And then just how should we think about that recovery playing out over the rest of the year? | Yes. I think we -- our expectation is that, sequentially, things are going to continue to get better through the year. And we have seen some of that in terms of the structure of our sales pipeline in terms of more of the sales pipeline is in the later stage gates of the pipeline than we saw early in the first quarter. ... | direct | [
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2e160473ebf7e6575bed434b61544d74 | And then maybe just kind of help us think about some duration and how that impacts term license? And I'm guessing that the answer is really, that we should just focus on the ARR metric. But how should we think about multiyear term license deals within the context of your 2021 guidance? And then would it be possible to ... | Gray, the 60% down reflects the term license duration that we've seen for the last couple of quarters, which we've mentioned is approaching about 12 months. It's approaching about one year. So last year, Q1 was kind of an aberration because we had a couple large three-year deals that brought that average up to about on... | intermediate | [
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eb0f624afd322713ec349df86488d33e | I just had a follow-up first on the e-signature contract you mentioned. You said the total value was in the mid-single millions. But in context to sort of your average contract, are you going after these kind of deals? Or how did this come about? | Well, I think this was a customer that was actually a customer of a competitor who had a large deployment, I guess, of e-signature across different use cases in the company. And so when they decided to seek alternatives, we were, I think, well positioned to take advantage of that and win that customer. So I think our a... | direct | [
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a9d82c07d56a8f117e1fb512dc62bf3f | No, just wondering how you're going to market with that. Are you trying to upsell existing customers? Or are you -- I would assume there's a broad use case for that product that you might be able to push in the adjacent, too. | No question there, there's a broad set of opportunities for that product. And we -- banking is definitely a high demand area for it. This is a solution that has been a specific request of many of our customers to really help them personalize their relationships with important customers, even in the digital space, so th... | direct | [
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d8d683cf4062de8c5672eeaddad31447 | When we think about the 1Q results, could you help us maybe parse out a little bit more the impact to the domestic sales and then obviously to margin from both pricing and the loss of Juliet in the quarter? Just trying to get to kind of an apples-to-apples type comparison there, both from a growth and a margin perspect... | Yes. Chris, thanks for the question. Couple things. We're continuing to implement better pricing discipline across the North American portfolio and across the new leadership team. And I wouldn't say that I was perfect with that yet. We're working on it, and we've got our heads down, and we're implementing processes in ... | intermediate | [
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28014f0cd15e6a84533ec05dc2fa7ad2 | Clearly, not trying to state that's the bogie for this year, obviously not at all for next. But do you think just with the type of progress that you're seeing, with the savings that are being realized through the P&L in the organization and the industry backdrop there, from a long-term perspective, if those objectives ... | Right. No, I think we're still focused that way. Looking at this year, Q1's always is our toughest quarter from the revenue perspective and that picks up as we go through the balance of the year. And that's going to give us more runway in terms of our pricing rigor across the portfolio as well. I also think that more t... | direct | [
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5037b6305d18d04270b43aa6e60841ce | Any update there in regards to just the U.S. market thoughts there on time to returning that offering here to the states? | Yes. Regarding the women's health device, we have called Juliet, we still really like this space. We obviously have encountered pretty robust headwinds as a result of the letter from the FDA. Although we weren't mentioned, we still have received some of the pressure there. However, we are working very closely with the ... | intermediate | [
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f67ed533a40d8764d15c623c15510db7 | Where are you with the North American sales force? So specifically in the number of reps as the turnover stabilized, and what are the hiring plans for the balance of the year being 2019? | All right. let me walk you through the structure a little bit. So first of all, let me address turnover first. We didn't experience any unnormal turnover in Q1. I think hopefully that has stabilized, and I'm feeling good about it. We've got three new directors managing the North American sales force, along with five ne... | direct | [
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cf2837712865caa15e7d35716619fb92 | Can you just talk to the overall noninvasive body contouring market? And what you are seeing out there on both the capital and consumables? And are you able to derive close to full list price for truSculpt despite what looks like some pricing pressures just from the other competitors? | That's a good question. I would tell you that the space is fiercely competitive. I think we've done a pretty good job of sustaining price. We've not been able to charge full list price, but I would say, we're outpricing the competition by a good 20% to 30%. One of the challenges that we have is that we're implementing ... | intermediate | [
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d70347e47a5286e4517ee723b3a71c28 | Sandy, on the gross margin, so down roughly 360 bps sequentially, but I want to make sure I've got this right. So it's stable pricing on a quarter over quarter or sequential basis, so arguably all that sequential gross margin pressure is just a fact now you've got the lower revenue base, is that correct? | Yes. You're exactly correct. We were able to hold largely all the ASPs from Q4 to Q1. It's the year-over-year ASP legacy of pricing that affected the gross margins. | direct | [
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6d7cd075ce125ff3143eac62df0baa59 | And the first release read a little bit differently, but per your comments, you're still expecting non-GAAP gross margins to be up 19% versus 18%? And if true, you think you can get these 54% to 55% on average for the next nine months versus the 49% and change in 1Q? | Yes. I mean, it's -- quite frankly, we have one quarter behind us and it's prudent for us to evaluate everything come midyear. But as this point in time, what we see with our pricing, the strategy that we have going in and some of our other operational improvements and things that are starting to read through, at this ... | intermediate | [
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93a0a9dc02ac877c7d8264d47014d537 | Was hoping to get maybe a little bit more color on your thoughts on any -- just progress on the regulatory situation, particularly with respect to the Lawrence Livermore study. I know you folks talked about kind of having to wait to see what happens with the recall election, so perhaps you can maybe just talk about wha... | Sure, Leo. This is Trem. Again, first of all, we are only able to do what CalGEM tells us they're going to do. And a reminder to everyone on the call, the high-pressure cyclic steam moratorium was caused by another operator failing to meet some of the California regulatory requirements, which then caused seven other op... | intermediate | [
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0d8bd5788fea16aac62c2d8041a21629 | And obviously, in your prepared comments, you folks certainly talked about how M&A is something that you're certainly looking to do here. Just wanted to get a sense if there's any high-level update? Do you guys feel like there's some opportunities that might be a bit closer than maybe they were earlier in the year. We ... | I think we're extremely active. Again, it's a very -- it's something that's at the forefront of what we're talking about on a consistent basis. Trem and I spend a lot of time on this matter. The reality is it's got to be an attractive transaction for Berry. The status quo for Berry is extremely attractive right now, Le... | intermediate | [
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75d124b03619f2e57a2e8bfca7add198 | Okay. That makes sense. And obviously, you guys did take some action with respect to that with a very healthy dividend increase and if I heard you right on the call, it certainly sounds as though we could see some other dividend increases in the future. And clearly, you guys have some underwater hedges this year. And a... | I would say that is a fair and accurate statement. | direct | [
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ffabf32dd61e66d6582ec7018eaa062e | Okay. Great. And maybe just lastly, on capital. Certainly, you guys talked about spending more money in the middle part of the year. So for Q3 capex, should that be pretty similar to Q2 before it drops off in Q4? Can you just help us with that? | Yes. I would say, yes, Leo. Our capex spend and we probably did a poor job of messaging earlier this year, it looks much more like what I would say a bell curve where we're spending the majority in the second and third and lesser amounts in the first and fourth. And that's kind of traditional as well especially fourth ... | direct | [
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40dd64c59c35ccffa892298241dff34c | Good morning. Trem and Fernando and Cary, thank you for all your comments. I was able to speak with Todd a little bit last night on this. But Fernando, I wondered if you could give a little bit more detail on what happened with this offset operator. And I'm sure there's a lot of detail that probably is not appropriate ... | Yes, Charles. Let me give you a little more detail on that. The problem was really twofold as we had a decrease in water withdrawals, down dip in our reservoirs, and that was related to the offset operator. And then at the same time, we had a reduction in steam injection rates up dip. So this allowed the aquifer to enc... | direct | [
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b458ee964422a43ac46610464143c670 | Got it. Thank you for that. Cary and I understand there's always a lot -- there's a lot of momentum in these thermal operations that can go in both directions. Going back to the -- to ask another question about the assets, you mentioned on your prepared comments that the Utah wells that you have -- that you brought onl... | Yes, Charles. We do like the flexibility of our development program in Utah especially at current prices, and we've had excellent results. Generally speaking, our wells in Utah have a better IP than our wells in California, and we're looking at three-digit IPs, and we're getting those IPs from the three wells that are ... | direct | [
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89925180ea926eab03e105524da7479b | I was hoping we could talk -- looking at '22 strong cash flow profile coming with those hedges rolling off, when you look at the balance sheet with the existing note that you have in place, I guess how are you looking at that $400 million I guess, the callability features of that? And I mean, how is that look -- how ar... | Yes. I would say it's fluid, Nick, obviously. These businesses are easier to manage without leverage, right. But I think the right type of leverage works. I think that piece of note works very well for us because again, high yield, fairly low-cost of capital, plenty of flexibility on the covenant side. So it doesn't --... | intermediate | [
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"intermediate",
"fully_evasive"
] | B |
16470b9fec84dd35afcd0fbd69804f4f | Got it. And when you look at it relative to your credit facility, is the commitment still $200 million but it's out of -- I mean, I think the total revolver is -- is the number right, 12 -- $1.2 billion? I guess, where.... | Yes. I think right now, based on $500 million was a $200 million elected commitment. And again, that's -- we really keep the elected commitment as skinny as possible because there's no use to be paying a 50 basis points on an unused of anymore. I think the $200 million is kind of works well with the rating agencies fro... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
85e8aefd15ccf90ba9869c29c3da03db | Got it. Thank you. And just real quick on Utah. Just these wells, is it that -- is it still the waxy oil that's kind of locked into the Utah market, and what's the pricing dynamic right there, if so, on that oil? It's been a while since the focus on Utah. | Yes. I would say it is -- we are primarily black wax. It primarily stays only in the Utah market. We have contracts that are up to a year on supply point of view. And right now, we're roughly about 90% of WTI, 88% to 90% of WTI. So from a transport point of view, obviously, local is best because of reduced overall cost... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
814ad496b1a452a8aac11b1eeefcff98 | Thanks for letting me back in. I had this maybe -- this question maybe kind of far field but going back to California operations there's a lot of news that water like reservoir water is low, and there's an upside to that for you guys in the less hydro generation. And so there's maybe a -- and there's the market sees th... | In terms of our operation itself, we've got enough water that we produce and that we treat and to be able to satisfy the needs that we have in terms of steam. In fact, we use about 40% of our total water production to generate steam, and then the rest is used in a water flood that we have and then it's also sent to thi... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e798e2cf027d4e14fb29928cf79360ac | So first, if I wanted to ask about the battery storage pipeline, so you have 33 name prospects. Could you talk a little bit about those opportunities on a risk adjusted basis? How do you think of that? Specifically, how comfortable are you with taking on merchant versus contracted exposure? And then what new U.S. marke... | Hi. So we are looking -- we are focusing, as we said, on the three main markets, which is mainly California, Texas and PGM. We are also starting to look at other markets like New York. But at this stage, these are the three that we are focusing on. The 33 projects that we have has, the potential of around one gigawatt ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
417ba116f611e918cf15d4e2e58791c3 | Okay. Okay. Makes sense. And then is there any sort of target you would think about for revenue or EBITDA coming from storage by maybe run rate 2022? Just sort of maximum exposure? Or what are your expectations for storage as a percent of the overall business? | We didn't give any specific target for this run rate for 2022 between the different segments, but we do see the storage as a growing segment and the percentage should | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
19c3dc2563e501624a9f29e2e7f89c41 | Okay. And just one final one here. Could you provide some more color around the decline in product backlog? What was -- maybe the cause of delays in signing contracts recently -- I mean, COVID, but maybe more specifically? And then when do you expect to return to a more normalized run rate? And any estimate of what tha... | We see -- globally, we see the pandemic may be a bit slowing down, so we do see some weakening of projects or potential projects. We see that as part of the tender process that we are participating in, which we now see more of them in Ethiopia, in Indonesia, in the U.S. and in other. The feed-in tariff in Turkey, which... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
08fcf6703f216a677289d29f6fa23d7b | Good morning. Thanks for taking the questions. Maybe we can just start with maybe understanding a little bit of the walk year-over-year in EBITDA. I believe you mentioned in your prepared remarks that $29 million of business interruption insurance proceeds were received in the year. I assume you are not including any b... | No. We appreciate the question. In the $400 million to $410 million, we do have a small amount of up to $10 million, that we do believe we will receive in 2021. With that being said, that's one of the reasons we do have a gap between $400 million to $410 million as part of our guidance for the EBITDA for 2021. In gener... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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