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5a261178853bf35ee55c4a1c64364883 | Just on the uranium side, any other potential targets, not necessarily named by like other products that you could be looking for? | We don't want to name anything specific. We're looking at the spectrum of decarbonization minerals, and we always have, by the way. But we have pretty high hurdles for making an investment. We need to be careful that we can deliver a long-term growing vehicle for our shareholders. We're looking to build royalty-like in... | intermediate | [
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f7e8429958dfc3848e6f44d2c7d12b85 | Peter, are there other sort of clean metals that you're looking at besides uranium and I guess, silver falls in that bucket? | There are, but we don't want to comment on the specifics. Sorry about that. It's like they can hear us coming. So we got to be quiet about what we're up to next. | fully_evasive | [
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1bff44914b645f882e04cc50583c8465 | URNM, are you essentially buying this fund? I just want to be clear because you sort of use the language, you're acquiring licensing rights. But I just want to be clear, are you essentially buying this fund similar to how you've done in the past? | Yes. Graham, yes. It's John here. Yes, that's essentially -- I know the language is a little bit confusing. But essentially, we will be acquiring it by launching a parallel vehicle and basically taking in all the assets. But it is an acquisition. | direct | [
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c2c38a40fb768ee6d2405a6c8954dc9e | Kevin, just a couple of expense questions. Just first, what was driving the higher -- your trailer fee expenses at around $2 million a quarter? What was driving anything to jump there? | I'll have to get back to you on that one. I just don't have the answer in front of me. | fully_evasive | [
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143e943edd4b7e93e377909393bc3f1a | And then you mentioned the comp ratio, I think. I just want to make sure I got your message right here, that the comp ratio for 2021, you're suggesting is fairly reflective of what the business should be operating at going forward. So if I think about operating leverage here within the business, it's not going to come ... | Yes, I think, yes. Thank you. I would say the latter part of what you said is spot on. The former parts are little off. I didn't say that the current number is a run rate, what I was actually saying is that the number is probably going to be a little bit higher than that. So the 39% that you see right now, it will prob... | direct | [
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91fe9328250eb921cfe0df3a470fc11a | Jared, can you go over inventory position again. It looks like your inventory is up year-over-year which is a somewhat enviable position considering what other footwear retailers have announced. And can you talk a little bit about composition, it seems like the competitive advantage, but you also mentioned a couple of ... | Yeah, yeah. I'm happy to give that and I'm sure Roger will want to add some color, especially around the composition. What we reported was, we were up over last year in dollars. We were down slightly over last year in units. And much of that is, it is the freshness, the lack of reserves and the overall IMU that we're e... | direct | [
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9631433ada79e8f3bc049a23396eabf4 | Also, is it possible to tease out the gross margin improvement in the second quarter versus '19? What was captured with better full price selling and what was captured with increased DSW-sourced, Camuto-sourced items selling in the store. | Yeah. You know, what, the name of the game. First and foremost was full price selling. I mean, not only did we reduced promotions materially, but we also had the opportunity to increase pricing several times throughout the quarter just as we were seeing turns just be so aggressive. And so, we saw that, the consumer fol... | intermediate | [
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32aa2ecbb5ed07607421e86a9ba3f3b7 | So, first, I was -- I was wondering if you can maybe dig into the increased freight expenses that you mentioned. How should we be thinking about the impact of that versus what you kind of saw in the first half of the year. Are you able to quantify that at all? | Yeah. I would say, we saw roughly $5 million to $6 million of increased freight cost deleverage versus 2019 in the first half. We've baked in a little more than double that for the second half. So that's what we've got currently in our projection. If some of that isn't needed, we are able to get priority access and can... | direct | [
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0545be18a114c94191ac2a84c39b366c | This is another bigger picture question. Earlier, you mentioned, approximately 55 US stores that would come [Phonetic] for closure over the next four years. Just wondering if there's any update there and maybe how you're just thinking about the overall store fleet? | Yeah, yeah. I will remind you and all the listeners, that I also said, I'm a 100% positive that that list would change, because that was based on looking at projections, when we were in the height of COVID and not knowing what the stores would do. And in fact, as you just heard on our results, the stores have come roar... | intermediate | [
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6cac4b79dd6a050d2a3560f58165ce13 | A lot of great information on the call. I just want to make sure, I understand the guidance.Jared, is it possible to provide any insight into how you're thinking about sales in Q3, maybe relative to 2019 and also maybe just start with that one. | Yeah. Jay, unfortunately right now and why we lifted adjusted operating income, we just see too much volatility, especially slippage between Q3 and Q4 that I don't want to, I don't want to put ourselves in a box that unfortunately, we may not be where someone things we should be in Q3 and then overdo it in Q4. So we're... | fully_evasive | [
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9283af0ba1b6cb0c6c96c5e5be0b8866 | Maybe just on some of the uncertainty that's out there, there's a lot of talk that hopefully factories in Vietnam open up next couple of days. And obviously there is a chance that doesn't happen. Can you just talk to us about how -- how you think about managing through that potential situation, if there's not a lot of ... | Yeah, Jay. I -- there isn't a day that goes by. I don't think, where I remind Jim and Brooke [Phonetic] in our team that does all of the buying and planning for our organization, how much, I appreciate the work they've done to distort to these top 50 brands. So this is how I've been describing it to folks. When you're ... | intermediate | [
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02564fc89792737f5c98fab249a8070d | Roger, can you talk a little bit about the current back to school season? How normal, do you think it is from a pace of sales in comparison to '19? And I understand there are some variants, but if you could I know quantify or qualify them a little bit of the cadence and the geography specific to how you would have expe... | So Steve, I will bring you into the conversation our team had last night. This is not normal for us, because historically, we've always talked to you about Septober [Phonetic], those nine weeks of September and October, because we really didn't have a business in July and August other than clearance selling. And when I... | intermediate | [
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1a505fc8538735ec0e5ca1ce96e56368 | You had plans when you talked about kids to have tag-along sale for the mom or dad that was bringing them back to school shopping. How -- can you talk a little bit about how that is running and what the upsell? Are you maximizing the up sell opportunity currently or that's still on the come? | Great question, Steve. Again conversation, we're having last time with our team. I think there is still upside to that. And I think what we are seeing is that it is truly an incremental transaction, but then how do we marry those two things together and tie that into our rewards program and provide benefit to mom and d... | intermediate | [
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c9134476142d73ea7aebe4a73cc6c9da | Given the announcement that you made about Hush Puppies how you're going to be the exclusive supplier or provider, whichever you want to call it, how do you think of this is an opportunity for other brands? And also, any update on Canada and what you're seeing there? | Yeah, thanks, Dana. I think -- first, I have to thank Blake and Brendan [Phonetic] for their support and their partnership and as we talk about brands and vendor relationships there, there is good as it gets for us. So the fact that we were able to sit down, I had this conversation and reached an agreement. And when yo... | direct | [
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61e31bf57ffc9556f2c4c60c7615cfbb | I know you mentioned you're going to increase inventory, and that's probably going to turn to revenue this year. Do you see the supply chain actually getting better. That this will be the high point or you think it possibly could get worse, you have to build more inventory as the year continues? | Ed, I don't think we'll build inventory beyond its current levels if everything holds true and we ship everything we intend to ship. So far, the team has kept up with it. It has not negatively affected our revenue, and I don't expect it to. | direct | [
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20bbc3b5629a048c0ab2c7bbaf23bd32 | And then a quick question on inflation. Do you think possibly that you're going to have to raise your prices as well or have you always been able to manage the engineering of your products to get, to maintain the margins? | Well, I'll point to Q2 margins at 50 -- nearly 53 -- what was it, 54%, Dennis? 52%. So that's reflective of the cost of our material and labor. So I think we've done a very good job at that. We can't obviously reprice that, which is in our backlog. But we do, on a regular basis, rerun all costs and pricing. We, histori... | intermediate | [
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4bf077cc22b2fbd1b0dceda2ff742502 | Yeah, I was wondering if you could talk about the pipeline for enterprise customers for the GEM software. | In my remarks, I told you that the SaaS bookings were already 64% higher than all of last year. And that includes both SaaS and I'm sorry, it includes both GEM and Zonehaven. I don't have it broken out in front of me, but I believe it's close to 50-50 from a mix perspective. | intermediate | [
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97407d72a302bb5ad5623793fff5ef46 | Are you guys seeing any benefit from disruptions from your competitor? And were you able to hire any sales people away from them? | We have hired a salesperson away from our competitor that you referenced. We still see them in the marketplace every day, and I think that's -- I don't believe that's going to change. | intermediate | [
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42dd3871e3bed45fb03f26c3fd679ca2 | I was curious about the Zonehaven products that you guys have launched recently to Colorado, Oregon, Georgia, Kentucky, Missouri and Texas. Do you guys -- are you guys looking to any other -- do you have any other states in the pipeline? And do you guys have any plans to expand within these current states? And are you ... | I'd say yes to every one of those questions. So if you look at the Western states here in the U.S., from Colorado, New Mexico, Texas, California, all of them are experiencing significant fires and the season is just beginning. We announced our first win in Oregon. We announced our first win in Colorado. And I expect yo... | direct | [
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a5dd8cd747497b0907adb0cb3a017a3f | Hi. Thanks for taking the question and congrats on the great results. So first question the two areas about performance versus my model we're in the industrial side and the R&D, can you guys give a little more color that was the industrial bounce back in the fire and safety stuff? Or was it more of the RealWear-type en... | So mostly, with the industrial headsets folks like RealWear were the strength in the industrial segment as well, including our 3D AOL was very strong in the first quarter. And as far as R&D, the majority of it is defense-related, but there is some commercial consumer R&D and that also. | direct | [
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a53e0c52dbcca776aa17b4562ea1d918 | OK. Great. Thanks. On the defense side, you've been talked about for a while 10 programs in development. So, and I think I'm not sure if you reiterated it this quarter or not. But in the past, you said you expect one of those to kind of contribute, initial production volumes, but contribute meaningfully toward the seco... | Yeah. So we would actually expect right now our estimate is about three programs in the second half of the year to go into what's called LRIP, low-rate initial production, and start providing revenues. It is low-rate initial production, and then it would really ramp up in 2022. But our programs are on schedule, as John... | intermediate | [
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5f1a7797db4fbccc872636d9653e4b14 | Great. Great. Thanks, John. So moving on to the AR/VR stuff, John, you talked about it being once in a lifetime opportunity. I mean, Kopin has been a part of other opportunities like that in the past, I'm thinking about, like, digital cameras and displays â would you categorize this, as similar to that kind of a situat... | Very good question, Glenn. I mean, I've been preparing this trilogy webinar. And as I prepare for, and I was to say that the opportunity is actually bigger than initially thought, I knew is going to be a good opportunity. Now, I'm almost thinking it could be turned out to be bigger than even a cellphone business. So it... | intermediate | [
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6774361bc9ba6eab4c660968076248da | Right. Great. Thanks. We look forward to that, for sure. And the last question for me, just as on the chip supply side, you've said that you guys feel pretty comfortable about the pre-orders that you've made and things like that, and then you don't â didn't have any effects in Q1. But can you just give us a better sens... | Well, you know, the reality is we saw an article by the CEO of Intel, and you're like, what the auto industry is experiencing, you just need one chip missing, and the whole product doesn't chip. Now, we're not in that type of situation. We have multiple products. But it is pretty dynamic, and we always think is that th... | direct | [
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74aff233467680f2313a58a36cba38d3 | Good morning, gentlemen. Thanks for taking my question. John, could you just talk a little bit more about the Canadian near-to-eye diving display, which display are using there? Is there an extra light source? This may be some more pardon upon color on that? | Yeah. Kevin, yeah, using our micro LCD display and using our special backlight that allows them to see very well. So this is a module that we've been providing to other AI applications. So, yeah, so this one â is just second thing, you obviously has a bag in the water and you have this special teller modules, but they'... | direct | [
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e9773b75d76296b5286548c89cb5ac0c | OK. I can't imagine there's a huge market for it. But I was just hoping that you could get maybe give us a little more insight. How would you say it compares to the Scott helmet that firefighters use? | As a Scott helmet allow you to see that Scott helmet is not so the different, it has different sensor, the Scott helmet is with different sensors, all those things are not something that you can sell millions per year, OK? That's why I say, at the end of the day, you the Holy Grail is consumer base. So, you have to go ... | intermediate | [
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d2f58414e686ce291cc0b3f367356ce1 | Well, yeah, no, that's, sort of the way I was looking at it and how â I mean, what are the features that you see coming from this development and the using of the micro-LCD display, as applicable in the consumer market? | Yes. You actually present other topic talk for next week, which I'm giving the seminar to really look at what's going on when you move around a handheld to hands-free. A lot of components developed for their handheld, for the cellphones are already there, they usually use all the components they already developed on th... | intermediate | [
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6b23e3c01a16ae38810c42c4ab885116 | OK. All right. So granted your discussion and your answer for Glenn's questions pointed to consumer development in AR/VR, can you be more specific? How are you taking what you've done here for the Scott helmet or you've done for the diving helmet and what specific kinds of R&D are you doing to develop the consumer side... | Yeah. In the consumer side, I think, first of all, consumer as we know, I have â I'm a big preacher of the fan side rules. The rule number one is, we have to be human for the second technology. So major things of the human is just put an eye on the head if you had to do by natural, if they are small, thin, lightweight,... | intermediate | [
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f22d326950c2c46022a8c5bb48560c1a | OK, John. Appreciate that. And thank you for the invitation. And, Rich, before I let you go, what was the official share count at the end of the quarter, and not the average but the official full payment? | I said I don't have that at the top of my head. Wasn't that number was â it's pretty close to the average.
Yes. We didn't have a lot of stock activity in the quarter other than what we saw. Yes. | fully_evasive | [
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625def92dfa5dfdb242a9cad36cbe935 | Hello, John. From my point of view, there's no shortage of R&D dollars spent on products revolving around AR and VR. So when I said, it's great that your R&D is up, but the balance is in defense. Where do you see R&D dollars in the future? How high could that go considering everyone's trying to get where you think the ... | Yeah. Thank you for the question. The biggest challenge to get into a wearable on the head is as mentioned before is the display and optical system. How do you get good display and optical system on the head? And the display had to be bit tiny, much smarter, much higher resolution can read this to display you have use ... | intermediate | [
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46a1eb128cfbc8bc94f3e4098c07d0f9 | OK. If you had to list the challenges in order, it would be optics form factor than the screen? | Screen -- number one, screen is because it's really, really high. The number two and it is the whole packaging. How do you assemble it? It actually one thing people don't know, you're magnifying 10,000 times. So your housing is not carefully taken look particle vendor on the display. Then it looks like the bolder to yo... | direct | [
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5f1281a3db07e712ad28d5d90fb353b7 | Are you at liberty to discuss how many consumer product developers you're working with now in R&D and maybe the lifecycle of such R&D with those claims? | I think it's safe to say that we are or have worked with all the major Silicon Valley guys that are on everybody's tongue. I mean, I think you have to be honest, I'm sure they're working with everybody else too. This is a big race it's going to be a huge market. So we have interactions with all of them at this point. | intermediate | [
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408da26942c2615e0a35893abd0cba6d | From supplemental disclosures, it looks like Bridgeland added 722 saleable residential acres in 4Q 2020 versus 3Q 2020 for a 35% increase. What drove this? Was it organic? And can the same inventory addition to be replicated in other MPCs over time? | It is exactly right. The net saleable residential acres did grow this past quarter and over 2020 as we continued to refine our master plan at Bridgeland. And when we have a master plan like Bridgeland and close to 11,000 acres, the initial master plan you have as you think about a 30-year sell out, often changes more a... | direct | [
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58a4763693da019e2aa65b34d16694c1 | Can you elaborate on what drove the 25% decline in other operating rent collections in Q4 versus Q3, even as retail collections improved? Was this mainly attributable to the Aviators, hospitality or other? And do you expect normalization in Q1 2021 going forward? | I absolutely expect to get back to normalization because we already have. And it was really a timing difference related to the warehouse -- The Woodlands Warehouse, where we had not collected it as of December 31st, but have collected it subsequent to the end of the year. So that collection percentage is already back u... | intermediate | [
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0ac65dbbdaf84eb55af3bccf8e98bfb2 | Will you be able to recognize gains from any condo towers in Hawaii this year? | As I mentioned in our prepared remarks, we're expecting between $100 million and $125 million of net profitability as we close Aalii at the end of the year. And we're also -- had closed a handful of units at Waiea and Anaha, which will be throwing -- flowing through the P&L in 1Q. | direct | [
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650dd4dec1bfe2800271ee1ec88c5390 | Shares were diluted last year to shore up the balance sheet as a result of COVID. Do you have any plans and buying those shares back and continuing the original path of reducing share count to further create shareholder value? | Again, it's another great question and one that we focus on a lot, and it really comes down to a capital allocation decision. And this past quarter, about a month ago, you saw our announcement to launch 2 million square feet of new development because we thought that that was going to deliver the highest risk-adjusted ... | intermediate | [
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14d3d9167cc9ccc91436350642f935cc | The development potential in Downtown Columbia, Merriweather, seems very exciting, but perhaps at least talked about by management. Is it because of the size, enormous scale of the other projects? Or just too early in the process of the Columbia development to really divulge? | Well, I'm almost a little offended because I think I go out of my way in most of our investor meetings to highlight Columbia, but it's often overlooked. But it is a great question and we are really excited about the progress in Downtown Columbia. It has been one of the best performers throughout our portfolio during th... | intermediate | [
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f920402d18cbed6d179d50447110b998 | As new Internet technologies like SpaceX Starlink enable high paying jobs [Indecipherable] relocate to the most remote locations, how will urban areas where HHC focuses be able to thrive as more and more high paying jobs exit cities? | Well, I would say that we have been a great beneficiary of this trend. And as more and more folks are able to work remotely and as they're able to make decisions on where they live, that allows them to move to great master-planned communities like The Woodlands, like Bridgeland, like Summerlin, where they have an ameni... | direct | [
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8e57968599a415e8d5b7e47e9cebdeeb | How is Howard Hughes capitalizing on the surge in demand for real estate, specifically in states like Texas and Florida right now? | It comes down to the core of our business plan that as we sell more homes, we sell more land to homebuilders. Those homes get built, residents move in and they need more commercial amenities, and we build those at outsized risk-adjusted returns, as we did with the 2 million square feet of new properties that we will be... | intermediate | [
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bf961383193c6a30cbb0b0f89715f248 | You did mention the $180 million to $200 million. But just given what seems to be incredible pace that's not letting up of homebuilder -- of homebuilder activity, how should we think about 2021, so that we don't get detached from what you guys have? Should we just continue to assume the same $180 million, $200 million ... | It's a good question, Alex. And it's a really difficult one to answer because it requires a lot more clarity in my crystal ball than I have. I would tell you that we feel good that over the course of the year, we'll be able to achieve that $180 million to $200 million number, which is a tremendous number for Howard Hug... | intermediate | [
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9806d1c4046cd29e525bf796f34e39e0 | Hawaii, the Ward Village just remains a blow-out success for you guys. But just speaking, some of that -- well, REITs on the island, it seems that the housing boom has also arrived in Hawaii, so a lot of locals are buying homes. How has this changed? I mean, basically, it doesn't seem like this shift of the locals to g... | Well, I think that we haven't seen a shift over the course of the year in terms of the makeup of our buyers. And if anything, we've seen a modest decrease in the local buyers buying condos at Ward Village. Now that's been more than offset with increased demand from the Mainland from primarily the West Coast up and down... | direct | [
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afe08a3ebfd606055a409c761ce53b65 | Do you expect the local buyers to come back or you expect just continued more demand from the West Coast? | I would expect both. I'm optimistic for both Alex. And I'm optimistic for both, not just in Ward Village but across our master plans. And we had incredible home sales in The Woodlands and in Summerlin and in Bridgeland, with some headwinds in the local economy as Vegas was challenged as the strip had much less travel a... | direct | [
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e31db3f6a5508fdc6092474d2d22d84a | You guys have two rather large parcels of land, Circle T and Monarch City. And I know, David, that you're always -- you don't want to over-promise, you want to under-promise and over-deliver. But are you in general seeing more and more RFPs for corporate relocations that means that some of these land parcels could come... | Look, it's always a possibility, Alex. I wouldn't say that I would look at it as something that we're expecting in the next several quarters. Both of those assets that you mentioned are on the non-core asset list. They're always assets that we're evaluating to sell out. And one of those, Circle T, we did close on the s... | direct | [
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13ed67fd61c15981a585c65ab82806e5 | I know you had announced your ramping up development just recently. But I was wondering, in the past, like you had purchased the two Oxy towers. What are your plans? And why wouldn't it be in your plans to purchase more assets within the MPC regions to increase control over pricing? | Well, I think that we're always evaluating those opportunities when they come up. And as you know, we do own a meaningful component of assets within our master-planned communities. And so therefore, those opportunities are limited by definition. But when they do arrive, we take a very close look at them, often given so... | intermediate | [
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0a48f150e0fe8c9119c2d94cbb9ec5b4 | Back to the Ballpark. We left off last year, I don't remember, a clarification on whether you were able to collect the entire naming rights fee and if those negotiations have progressed on this year? And whether if there is a Minor League Baseball season or if it's a limited number of games or fan attendance, if you wo... | Well, the naming rights agreement, we very much -- we did collect our sponsorship payment specifically to that agreement this past year and we do expect that we will receive it in the future assuming that there is a season, fans or no fans. Now that... Sponsorship agreements, obviously, there are some that we don't -- ... | direct | [
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fb154c19cfe53c87a20309be259c92f7 | Any impact on the business from what's going on in Texas right now? And two, obviously, rates are a bit topical in the market this week. Any thoughts on that in terms of impacts on home or land sales? | Absolutely, Marlane, and great questions. And I'd day that the team did an incredible job getting prepared for the winter storms as we did see coming and minimized the amount of damage and impact that we saw to our assets to a handful of first pipes, which have all been remediated and we're handling with this -- with o... | direct | [
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9e76279d9b0dfb08b76c3d90ab071b7f | Curious, being just we're two months into the new year, if you can give us any indications of how hotel revenue and NOI is trending and kind of what your expectations are for the next few quarters. And I guess, kind of following up on the recent cold in Texas, has that, I guess, created any incremental hotel demand tha... | The answer is, in big picture away from the storm, I would expect the next several quarters for our hospitality assets to look like the past couple of quarters. We're still seeing modestly growing leisure travel and modestly growing business travel. Some of the benefits we saw in 2Q and 3Q with some staycationers and t... | direct | [
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228e9cc47504a519c0b1f351a7d4e735 | On Pages 13 and 14 you have kind of your stabilized properties and your current cash NOI and what the stabilized NOI is. I was wondering if you can give us kind of a sense of when we go from that, we're a $192 million annualized in the fourth quarter, you guys have stabilized pegged at about $285 million. I know you gu... | I absolutely do. I think that we work every day to try to close that gap, specifically within our stabilized properties on those pages that you mentioned, Jon. And rather than try to give you an indication of where I expect us to be a year from now, I may say if you went back to 4Q last year or 1Q this year pre-pandemi... | direct | [
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2ba5294dba603ef7125b295a2f69b59f | The first one is on the PALISADE. Glad to hear it's on track and so forth. For that study, are you -- by chance, are you taking a look at the overall safety, efficacy data, as well as discontinuation rates, for example, on a blinded basis? And, you know, if so, would it be fair to assume that, you know, no news is good... | Most importantly, share that with the FDA. Thanks, Andrew. Mark, anything else you want to add on that?
Yeah, I think it's safe to say, yes, and I agree, no news is good news. And yeah, we're on track. We're following it closely. But yeah, so far so good. | direct | [
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6fe54dc97d1d702832476106212bd194 | And then separately for the adjustment disorder study that's starting up by year-end, can you just give us a little bit more framework or context, maybe what common drugs or treatments are used for adjustment disorder if at all? And if there are any existing treatments, what are their limitations? And then maybe a coro... | Yeah, sure, sure. Let me address that. Happy to address that. So, we're kind of paving new ground here in the U.S. especially. There really haven't been any placebo-controlled trials to speak of against, you know, known agents because nothing has been approved for this disorder. You know, so what did people take? You k... | direct | [
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8ba102d81e350fb3f983c3da0057d947 | And then my last question is, you know, you mentioned I think preclinical tox studies, but actually, I had -- my last question is just on the peripheral studies you're running on Carbon-14 and fMR imaging studies. Can we expect you to share those results to the Street over the coming months? I'm assuming those would be... | The Carbon-14, yes, will be completed this fall. We'll certainly share those results. I think you'll -- you're going to find them interesting. The fMRI will probably start this fall, but we won't -- the study won't read out until, what do we say, I think the second half of next year.
It's going to take a little while ... | direct | [
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c969d6f0b294b349747e21717387d197 | So, just to start, just wondering your thoughts about how enrollment in PALISADE may be impacted with this latest COVID-19 wave, specifically around the study being a laboratory study, requiring in-person visits? | Yeah, sure. So, obviously, we're monitoring this. So far, it has not been an issue. You know, we've been running this summer, you know, throughout the country.
And, you know, the enrollment is going well. And as expected, we haven't -- I have not heard of patients turning this down because of fears of coming in the cl... | direct | [
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188958a32004c72527c2a6ff915fcf23 | Sure. So, just given that overall anxiety is rising right now in the U.S. given there's another COVID-19 wave, how you're thinking about that, how that might impact the study? | OK. Well, you know, all of us in the industry are facing similar concerns. And fortunately, we've got 18 months or so of activity at the various sites across all different sectors that have got us, so piece in place to protect the staff, to protect subjects. So, fortunately, implementing those, as Mark said, it seems t... | intermediate | [
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c28d075d2950bb10e76c1ad06372dbe2 | Hi, thank you. I wanted to ask on PH10 as well. I mean, your -- it sounds like you've finished nonclinical studies. I guess what did that data look like? What were they? And then because it sounds like you're initiating the phase 2 in mid-2022, so can you remind us what the gating steps are until you can initiate the s... | Yeah, we haven't announced the results of those studies yet, Andrew. The goal for us is to get all the regulatory package together, submit it before the year-end. If not the year-end, right around the corner into '22 and to initiate that -- the phase 2B study in the first half of '22. So, as early as we can.
But, you ... | intermediate | [
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e7e792fe505a1342a961c07263198fd3 | Ken, congratulations on the promotion and getting settled into the new role. I wanted to start with maybe your view on a topic that's probably on everybody's minds, interest rates, and the volatility there. If you could give us some thoughts on how that impacts the municipal bond sector and maybe in terms of spreads, a... | Sure, thanks to Jason, happy to address those points for you. The first thing with regard to rates and I guess today is a good day to talk about that, given what we've seen happening in the markets is, the focus that we've had recently on the new origination side, as both Jesse and I have mentioned today is on the shor... | direct | [
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092571a99b7a8382c9af170bb77de6f9 | Got it, ok. And then, if we just pull back up, and take a step back in terms of the credit performance, I know there were one or two assets that have had issues, but more broadly speaking, the portfolio has performed really well. Two questions there. One, obviously, I think you feel like you're properly provisioned at ... | I think at this point in time Jason we've been very pleased by the performance of our multifamily and our MRB portfolio. For us to be sitting here today and in February of 2021, having lived through the past almost a year at this point in time with a pandemic, to say that over that time horizon we've had no requests fo... | intermediate | [
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2a7b481474835de9d450b10e448e9dbf | Thank you. Just a couple of points of clarification on some things you mentioned, just reiterating book value at 12-31 is $5.93 a share approximately? | That's correct, Jeff. | direct | [
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a0b4ec55a68ac592369b6ae1acb9bdee | And the second question, you mentioned the Vantage product and that, over the years, six properties have been sold, the amount was $27 million, was that $27 million in gains or $27 million in total proceeds? | That is $27 million in gains. It does not include any return on our original investment. | direct | [
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377a20bc8abf619c152a2ebd7bb71574 | Ok. So that's been a very profitable area for you. Do you foresee over the next 12 to 18 months as some of these projects are completed the opportunity for sales of the Vantage-related investments to accelerate or is that something you're not prepared to comment on yet? | Jeff, we really can't give you much direct guidance on that. ATAX is the investor or the minority member in those individual project ownership entities. Those decisions are made by Vantage who's the managing member. I think we do have a track record at this point in time in terms of the strategy or the investment philo... | intermediate | [
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2d0872c3f9eeb601db65a0fa989c761b | Understood. Could you restate the number of current Vantage projects, just enough, just the sheer number? | The sheer number is there are 12 individual investments, seven of which where construction is 100% complete and then five of which where construction or planning is still under way. | direct | [
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b0dd857e614dc99a2e233a4f8bd25eb4 | And those were the ones that you listed in Texas, Nebraska, South Carolina, etc., correct? | That's correct. Yes, Jeff. | direct | [
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5c9dd4743afd519353605680c1cf5aaa | Ok. And the last question, if I may, several times you mentioned your non-operating line of credit. What is the potential availability, probably subject to covenants, but what is the availability on that line? | Yeah, we have an up to $50 million non-operating line of credit, which we also occasionally refer to as our acquisition line of credit, which allows us to finance the initial purchase of mortgage revenue bond investments or other investments under the term of our credit agreement. So that is really intended to be a sta... | direct | [
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b2263cbbb1803d8045d14a7e08194a7f | Understood, so that's actually pretty sizable relative to most MRB opportunities? | That is correct. We believe the $50 million levels provide us the flexibility to take down either a large mortgage revenue bond if the opportunity presents itself or multiple smaller mortgage revenue bonds as needed. | direct | [
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3070717c74f083542ca665b2e901b1e5 | Actually, I'm a unitholder. Congratulations, the new CEO. I think this question has been alluded to if not outright answered, have the student loan or the student housing facilities, has that been fully reserved right now or where are you in terms of your reserve? | Yeah, we've reserved approximately 8% of the principal or carrying value of that investment. That is based on our evaluation of the underlying bond. And we believe is supported by the market price of those bonds, as well as the expected cash flows offered the asset. So we've reserved a portion based on what we've seen ... | direct | [
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af019610cf4a3b9a562a53706ea1995c | And also regarding the other commercial loan, the one that filed Chapter 11, is that fully reserved also? Is that your best guess as to what the recovery really will be once the bankruptcy procedure has been completed? | That is our current estimate of yes, what we believe to be recoverable. Right now we have a carrying value or a net value on that of approximately $6 million or 60% of our par value. | direct | [
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3551c715a42cd05837e96ecd6e57af31 | Hi, Ken. I have a question for you? I have an elderly friend that depends on the dividend. What would you say to reassure her about the dividend and the future of the company in a simplified answer? Thank you. | Jim, as we've indicated before, and as we do in every quarter, the general partner and management continually assess the factors that go into distribution decisions and as we expect that this disciplined evaluation process would continue for future periods as it has in the past. I'm not sure there's really any color be... | intermediate | [
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9772a6cc7da5e1b7bd710b9dff3f3dcd | Thank you. Good morning. My first question is just on the fund and the positioning and how you guys are thinking about the current investment backdrop. I believe your investment in the fund is $4.7 billion, as you stated. But I think if I heard correctly, $6.9 billion is the total in terms of available or cash. I just ... | Thanks for the question, Dan. The actual $6.9 billion number includes cash at the holding company level. So the amount of investment in the funds has not changed. It's at $4.7 million as you highlighted. Yes. About positioning of the fund, in this current backdrop, we obviously are taking a look at the kind of valuatio... | direct | [
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a26a9440f8e43e1d06c34efc139c4a2f | Yes. That is helpful. And on just the returns for the second quarter, the short position is driving the, I think, 5.2% of the traction in performance. But you also mentioned other. I guess as we think about just the positioning, is there illiquid or other things that -- outside of just normal securities? Because I don'... | The other is actually quite de minimis. It's just expenses. I don't think I wouldn't add much attribution to that. | direct | [
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50eccab7767836e38b585617e0ed7136 | Got it. Got it. OK. And then just lastly, as you think across your businesses and the environment where you highlighted certain like the Auto where you're seeing things improve. Is there portions of your business or as you look across that are still lagging pre-pandemic that you are still waiting for kind of the -- a m... | Yes. Well, look, I think for the most part, we're seeing pretty good rebound in our portfolio companies in terms of pre-pandemic level performance. In fact, in the auto services business, we're seeing the business perform at a pre-pandemic level. But one of the things we do see across the portfolio still is supply chai... | direct | [
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3c1056b2339021660a6c7e977682d797 | Hi, and thanks for hosting the call. I wanted to pick up on that actually with regard -- on the cost question with regard to this case. And you mentioned price/mix, FX all favorable, and that's great. So there must have been a cost issue because the overall 100% EBITDA was a little bit lower. So it seems like it's a li... | Well, I think you have two things going on in this case. One is this case actually performed even better during the pandemic for whatever reason. The shutdown in place environment created significantly better demand. So performance last year was quite good compared to most of the portfolio. But the other thing that you... | direct | [
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379a9da7fe3e4b042d9027eeca1abf92 | It just sometimes -- I think in the past, it's been an annual issue with customers. Are you saying please that -- is that current? Is that -- say, in place is that for now in 3Q, 4Q type things? Or is it wait until the new year? | This is David. I think the short version is we're just seeing a typical lag between supplier price increases and our ability to share those price increases with our customers. Customers have generally been pretty open and aware that there are significant price increases out there in the market. So we are taking a look ... | intermediate | [
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3f0e339638a8a6fe4e69fa64d476fefc | Yes. Hi. Thanks. Good morning, and thanks for the call, guys. So really two questions in and around the dividend. So can you just tell us how the dividend is funded through time? And then how do you want us to think about dividend sustainability? Are there economic -- is it economic sensitivities? Is it investment retu... | Well, we've got plenty of cash on the books, as you can imagine. So we're funding -- funding the dividend is not necessarily an issue for us whatsoever. We do like our current capital allocation policy. As you know, we just approved a $2 dividend for the quarter, which has been consistent with relatively past practices... | intermediate | [
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c6a8d130a654944a29a086e61918ebf8 | Yes. Concerning that dividend. Carl Icahn owns most of the stock of the company, and you've given the option of taking stock instead of cash. So I don't think you would be paying out as much as $2 of every share that you have out. Is Carl Icahn in the past and as far as you know, taking stock instead of cash on the div... | Well, Carl Icahn has been consistently taking stock in lieu of cash with the exception of a particular quarter last year. So we, at this point in time, and as I indicated, to date, that's been his practice. And we intend to believe that, that will be the practice going forward unless things change. | direct | [
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0889c3aec13733a08b6ae3ec2a44de8b | So his ownership of the company is being increased greatly. Every time there's one of these dividends paid out, the company is not paying out this tremendous dividend in cash. Is that a fair statement? | I think your statement -- your question is whether or not his taking dividends, increases his ownership in the company. I think that's an accurate statement. | direct | [
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2183f077752ab255e9f1ab021fdca04c | All right. And further, he made a statement on May 27. He's been pretty bearish on the dollar. And he made a statement about cryptocurrency. And I was taken aback by that because at that time, the cryptocurrency was about $53,000 for the Bitcoin. And he said some bare things about the American dollar. And I hope you di... | I think what Carl indicated on that call was that he is -- much like we look at all kinds of different investment opportunities. Cryptocurrency is a topical subject and one that we're evaluating, among others. At this point in time, I don't have any other comments other than that. We don't actually comment on any parti... | fully_evasive | [
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2417a5eba6dccf965847518ec1972e0c | He's been pretty negative on the market last year and beginning of this year, and he's got a lot of good investments that he does buying companies. Is he still basically -- is the -- he basically runs the company anyway. Is he still basically negative? What percentage are you guys short in the market? | I think what we indicated is we're net long 5%, which is consistent of a 24% net long position in our equities and an 18% net short position in our credit book. So I think you could maybe overall call our position relatively neutral at this point in time. | intermediate | [
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424d38c52b449a9fe6e7f9969b63abd8 | OK. I mean, the market is running tremendously in a bull market, and he's always been a great investor, and he's always found great investments, but he's moved further, and it's a big turnover in the company. Now you have new people running the company, and some people are starting to say that Carl Icahn is getting on ... | Well, we definitely have a high dividend yield and that's one of the factors that makes the stock attractive. So I think you're highlighting that fact. | intermediate | [
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56a0d1901e6930ebe4c52f7edf76a182 | OK. What is that book value right now? And that's the last question I'll ask. Thank you for taking my questions. I appreciate it. But what is the book value of our company now? It's so hard to figure out. I mean carl Icahn is a fighter for stockholders, and we have stock in several hundred companies, and we have a lot ... | The book value, and you'll see this today in the 10-Q is $3.7 billion. | direct | [
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8ecc7f8b77762cec4b6c718c42ffabe9 | Divided by the shares, how much is that coming at $2 per share? | Yes. I think you can do the math. | fully_evasive | [
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494a51fc066f6ec479ef329f83c146f8 | Thank you. Hey, guys. Just a couple of housekeeping questions. With respect to automotive, the EBITDA that you guys report, nice increase from a $6 million loss to a $25 million gain. But I think you said that excluded closed store loss. Can you quantify what the closed store loss was? And was that all a non-cash loss?... | So in terms of two questions. One is, what do we think the actual loss for the closed store is? And then how much of that was cash? I think when you take a look at our adjustments, this is a heavy transformation program. But effectively, the total cost to close the stores, pay the severance and continue the transformat... | intermediate | [
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06f62222c1daca9cfe5fdb06438fcad8 | Yes. The $67 million was year to date. Do you happen to have the comparable numbers, 2Q, '21 versus 2Q, '20? I believe you said that the amounts are coming down. | Yes. So the comparable numbers for 2020 were approximately $44 million. | intermediate | [
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1d06ba5b9c12103a54afb06aaa6e376f | That's year to date or quarter? | It would be six months ended 2020. | direct | [
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9686beb28ef15625d3b8a591b48d9f19 | Do you happen to have the 2Q numbers? Or we'll follow up on that offline? | One second. 2020 2Q was $24 million. | direct | [
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29f438ce40a36f5b96e5b1ab3c5bdf07 | And the same figure for this year 2Q? | It would be $43 million. | direct | [
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a1bb9178ad0bef4fe7e24299aa297390 | And then the loss in real estate for EBITDA given the relatively flat revenue numbers. What's driving that? | I think what you have in the Real Estate portfolio, in particular, is we have a triple net lease property in Atlanta. That was a single-tenant lease, fully leased up until last year. We're in the process of turning that into a multi-tenant property this year. There were some delays as a result of COVID, but we're back ... | direct | [
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189126768c9acb7b6a51d7aa7e55514f | OK. Great. And then lastly, with respect to investments. There's a question earlier on crypto. To the extent Carl does start getting involved in it one way or the other, when you guys report, will that end up being factored into the net equity or the net credit portion of how you're going to be reporting things, if you... | I think if we actually get into crypto, to your point and have it in as a significant investment, we'll actually consider identifying that as other, I imagine, at this point in time. | direct | [
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a3f3102865704c40707f268a41a0f9eb | How are you thinking about the margins in North America in the fourth quarter? I think during the 2Q call you talked about 3Q being a little bit weaker due to costs and some product launches and mix and 4Q reversing that trend. But with 3Q little bit stronger just wondering how some of those expenses maybe got pushed i... | Little bit but we're still expecting margin expansion in the fourth quarter in North America. We've got some new products that we're introducing in the higher horsepower range and those should help us with a good increase in sales as well as the margin expansion. We're looking for margins to be improved approximately 2... | intermediate | [
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b8f6efbeee3b069316970a8386b2719d | Can you provide a little additional color for what's going on in Brazil? And why we haven't seen a rebound in industry volumes despite the resumption in the government-subsidized financing program? | I think the problem is the administration. There's a lot of questions our customers, the farmers lack confidence. I would say overall one should see improvement because the demand is still there. The question of course is how will the administration handle the FINAME finance subsidiaries for our industry. | intermediate | [
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f1de30cc866a2aa0572e9d5ab67f29c0 | If I could just push you on Brazil. Could you just comment on where AGCO's Q3 volumes ended up relative to expectations coming into the quarter? What drove the magnitude of the underperformance? And what level of confidence do you have going into 2020? | Sure. No, going into the third quarter the FINAME program was reinstated and so our assumption was that that would spur a higher demand and so we expected the market actually to be up in the third quarter. What ended up happening was the market was down about 17% in the third quarter also markets outside of Brazil and ... | intermediate | [
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cac9bd42b610e30a0cbe026446fff96d | And a point of clarification on your sales guide. I appreciate some of this will be down to rounding but down 2% seemed to be short of $9.3 billion for the full year? Also implied Q4 guidance looks to be up mid-single digits despite further FX headwinds and lower production hours. Are we interpreting that correctly? | Yes. So we're looking for kind of mid-single-digit increase in sales in the fourth quarter. We're expecting again good improvement in North America where the market there should be some late-buying activity in North America due to the fact that farmers will have completed their harvest and also have some government aid... | intermediate | [
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c9cc027e1906a8f7e86603d28f8c3b3d | Can you guys comment on the inventory levels? They seem a bit higher. Do you think maybe Andy it's related to what you had said that the 3Q shipments were a bit lighter than you were hoping for? | Yes I think that's a part of it. Secondly as you can tell the markets are attending to be a little weaker than we had earlier anticipated and we brought some of our sales forecast down. And so some of that is resulting in us producing more earlier in the year than we should have. And so now we're taking those actions o... | direct | [
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e7148d04b600bfdc56c6da4729641a39 | Just in terms of the market dynamics as things have been unfolding this year do you see any risk to your margin expansion opportunities for 2020 and beyond? Most of those seems sort of not related to market conditions but more so company-specific opportunities? | We're very bullish on our opportunity to continue to grow margins and we put that focus in place about this time last year and their organization responded very strongly to it aligned our incentives and goals throughout the whole organization. So the organization is focused and aligned behind this initiative and is dem... | intermediate | [
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22b47e4f028a62845e705745ceeee0fc | I was just hoping you could update us on your Precision Ag product plans. How was the Precision Planting business performed this year? And what's the magnitude of sales tailwind you expect over the next couple of years from any other smart ag products in your portfolio? | So we're very very happy with the addition of Precision Planting into the AGCO family. The products continue to be star performers for our customers and the business is growing faster than our original business plan when we purchased the business while also maintaining very strong margins. We've got a couple of focus a... | intermediate | [
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1d7dba82019e9e5c69abe6f32331df83 | North America was nice to see margin expansion despite a production cut. Can you bridge for us the performance a little bit more granularity than what you mentioned earlier? How much better were margins any benefit from the new product lineup more granularity on price cost etc. would be great? | Sure. There are a number of areas that we performed better than we expected in the third quarter in North America. First of all our sales were higher and some of that was part sales and so that certainly is a margin driver so that helped us. Our material cost performance was better than anticipated. And then our progra... | intermediate | [
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f423d410e58549b09a45ac25017b7e60 | One Martin your comfort level what's sort of a channel inventory out there and based on what you see today? How you think about sort of industry outlook for 2020 in the different markets? And then my second question is on South American margins potentially for next year. Assuming markets stay in South America at these ... | Jaime as usual you know exactly that we don't want to answer questions for the next year but you still ask them which is fine. I can handle this. So let's talk about the inventory levels. To be honest it's nothing exceptional. So we faced this problem pretty much on a regular basis and we're very good in managing these... | intermediate | [
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] | B |
efcf6e720795e61b091da189c974170b | So can you talk about your comfort level with European dealer inventories? Perhaps you could talk a little bit about just how to think about inventory as a percentage of next 12-month sales where they are today versus more normalized levels? | We have seen most probably best distribution network in our industry in Europe with most of our dealers, or I would say all of our dealers being exclusive with our brands. We have a very close relationship and we basically are introducing new artificial intelligence in order to help dealers to become even more efficien... | intermediate | [
"direct",
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] | B |
c68f15c83137fcaa34b141665553834c | I think you'd mentioned that you are seeing some tailwinds from just better comps in terms of materials. How should we think about that cadence as we go into 2020? And then also just thinking about the rent level of engineering spend as we kind of look toward the next 12 months? | In terms of material cost we've seen steel prices come down particularly in North America stayed relatively flat in Europe throughout the year and you are still going up in South America. So I would say our performance from that standpoint continues to improve throughout the year as those pressures have lessened. And s... | intermediate | [
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c472cf22781ad14f615a14f7998ccafb | Just wondering if you can give us a little bit more color on the Asia Pacific weakness. It sounded like it was predominantly driven by the GSI protein side? But just any additional color and especially giving your outlook for sales to also be negative in the fourth quarter in that division? Have you kind of seen them s... | Yes Courtney you are right in terms of the concentration of that business No. one in China and most of that Chinese business is in fact protein production side of GSi. And the African swine flu has had a significant impact in the way that the business typically flows in that region is the third and fourth quarters have... | direct | [
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"fully_evasive"
] | A |
5788c994a5f8e553b81ec3c6cd28c272 | I think you also lowered your pricing to the low end of the prior guidance for the year. Just curious what regions are being most impacted by that change or where you might not be getting as much pricing as you originally anticipated? | Right. So it was, we went from, we were seeing 2% to 2.5% and now we're seeing 2% and probably it's right around that 2%. There was really pretty much all regions are just a little bit less than what we thought. The biggest area are the region that had the biggest reduction was in South America. And that, based on wher... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e28d7652bf0cc7483b11632e66e0ffe8 | With all the new products you guys have coming out in North America can you talk to kind of some of the changes you made at the distribution level? Kind of how you are feeling now about the new dealer base especially with more of the production-class products within the portfolio moving forward? | A good question Stanley. We've actively got a 2-pronged attack in North America. Over the last few years we've been really accelerating our focus on the compact utility equipment and going after the customer -- we call rural lifestyle customer. And so we've added somewhere between 20 and 25 dealers each year that are f... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e63fb4e0b3e4745c98d1ce567c5ae140 | On the prior question about kind of the opportunities on protein production I understand why you have the headwinds now. Can you talk about may be some time frames when you should start to see that business accelerate as other countries start to kind of modernize some of their protein production to more westernized sta... | We will see maybe next year. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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