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4d588635f2bbc2ea19a7733207dda255 | Quick question on the you mentioned the negative 50%. Just trying to kind of rightsize on where you breakeven at the unit level in terms of either same-store sales or average unit volumes, Arne. | Sure, Andy. It's still dynamic, and I think we're certainly transitioning our business to and every week trying to get a little bit better at how we manage our operating cash flow. But at the unit level, if you think about restaurant-level margin, you probably need to be somewhere north of 40% of last year's sales. And... | direct | [
"direct",
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] | A |
c310143e88dca75e2c144a98f7c81a14 | Yes, very helpful. And can you give us a quick sense, although probably not so quick on supply chain and the beef markets and, obviously, everything going on there, where you see that playing out? | Yes. I think Arne's spent a good time this week on looking at that, Andy. And obviously, you're seeing the things that we're seeing. The good news is, right now, we're not having issues as we reopen these restaurants. We'll let Arne go into a little bit more detail as we look to the next few months.
Andy, right now, t... | direct | [
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914ac47c94d03cf5799cddb0e23c1bea | In the stores that you have been reopening the dining rooms, that is, in those locations, what kind of capacity is mandated that you're returning to? And then as guests come in, what how much of that capacity is being utilized? | Yes. Thanks, Nicole, for the question. By the way, I thought of you when I talked about all the delivery we have now. So right now, the restaurants that are open are in franchise locations. And as we expected, and I think other companies are probably seeing, the demand is different by market and so is the capacity rest... | intermediate | [
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] | B |
4bc9d8b8bf20a406b4426b3556549c91 | Excellent. And then I was thinking about the service comment, Cheryl, earlier, and it is going to be different. And we've been hearing a lot of things about "I would have the menu on my own device or check out on my own device." And maybe you could share the tactics there. But also the strategy just behind then, your s... | Sure. We've always we have amazing teams in the restaurants that have delivered hospitality for decades. The tenure of the team is amazing. And I think this really calls on them to be best at what they do best. And that is really understanding what's making the guests comfortable and enhancing the experience. So there'... | intermediate | [
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] | B |
2434f16ca6143fdf6503c618481b12c5 | I wanted to ask about the recent sales trends, if I could, and April down to the 80s. Could you give some perspective on just how that's trended through the quarter? Maybe what the last week or two look like? And also a little more color on how the third-party delivery channel is building for you? | Sure. I'll start, and then, Arne, if you want to add in. So I think our biggest drop and not surprising, you've seen it from many different companies that, that happened really in mid-March, and that was a very sharp drop as we were closing stores and transitioning to off-premise only. And then really from late March, ... | intermediate | [
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] | B |
c40e2a2df114626189b98b82f3c145d4 | Okay, great. And back to the reopening, I understand it will come in ways. But based on what's been announced by states and different localities, what's a reasonable expectation as to how many company and franchised units in the U.S. might be able to reopen, say, by the end of the second quarter? | Yes. It is difficult, Brian. I think even we saw that a state will open and then a municipality will extend and not allow to reopen. So it's very difficult to guess at this time. As we look at I'll give you the next couple of weeks, and I probably won't be able to go beyond that. I would say anywhere from 20 to 30 on t... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
9f0ede90b62c802443308db048ed55f6 | Yes. Yes. That makes sense. On the weekly burn rate, if I can just ask quickly on that. What just wanted to ask on rent and G&A. Arne, can you give an update on rent? Did you pay rent in March and April? Or what percent of rent is being paid and is sort of embedded in that burn rate? And also what's the weekly G&A run ... | Sure. I'll start with rent. April is a partial rent. There's some partial rent payments, but for the most part, we've held those payments as we have discussions with our landlords. And in terms of G&A, I don't have the whole basket in front of me. But in terms of the biggest bucket of it is around people. And we've wit... | intermediate | [
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] | B |
3b97cfe21a3938a55c6e07fea1ab374c | Regarding the efficiency notice, for being under $1. Are there any strategic plans to get that over $1? What would it be? And is there any talk about a reserve stock split to do it? | Yes, we are aware of the issue. Thanks, Brad, for the question. Obviously, as you know, there's variety of options at our disposal to maintain compliance with NASDAQ trading rules, and our board is considering all those options. | intermediate | [
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] | B |
a2200a90c13830ae33c3276e2e3a0b83 | This is Carl for Jonathan. And my question is just Encompass revenues are higher, they were leading to higher enterprise revs. I mean, I was just trying to see if you guys can discuss how much of a PMPM uplift GOCO gets from the Encompass on a policy basis? And also, I believe most of the investments on Encompass were ... | Yes. Thanks for the question. So the arrangements we have within our Encompass programs vary by different carrier. And as far as investment goes, we'll continue to invest in the platform as we bring out additional services and features for our carrier partners. We continue to have technology investments throughout the ... | intermediate | [
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f9b2701a48e122165a4ba53cd4627325 | Just was kind of curious also on -- I know some of the peers are pulling back given their own situations. But carrier partners sounds like they're increasing their spend, at least with Humana. So they're pulling a lot into marketing and benefits. Just kind of curious, any thoughts on this aspect where they may be takin... | Yes. So we're not seeing material changes with different spend in different channels. We are seeing kind of an overall pullback in the market, based on the channels we're in, but we cast pretty big wide net when it comes to the areas we target. And we are seeing kind of competitive pressures come down, but we'll kind o... | intermediate | [
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] | B |
33204f3021f8a636f43d1489b6b9967e | Just want to first ask about the status of your confirmatory trial. What do you think the FDA means by substantially enrolled? And what is your confidence that you'll be able to reach cycle by your PDUFA date? | We plan to give you an update on the PMR at the later date. Our practice has been that we make announcement about design and details of a trial once we enroll the first patient. So what I can tell you today is that actually, we have initiated the confirmatory study. We secured our first Central IRB approval, and we are... | intermediate | [
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] | B |
9470bed3b245e728ff82c1ccaa8d322c | For Cohort 5, so you said you're not going to pursue EGFR. Is it possible that you leave the study open for HER2 patients to support a possible dosing update to label or for additional info for the FDA? Or do you plan on shutting down that cohort? | We plan on keeping the HER2 component of that open and allowing that to continue to enroll for a number of reasons. Dosing is one of them, but also to capture additional data. But the EGFR components of that will be closed down. | direct | [
"direct",
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c184b1b72c3b3acafc4023c5a284c5e2 | So maybe just the first question on something Francois just said, about the first-line patients -- in the past, he said that Cohort 4 was a potential pivotal study. And now I believe he said that you could need a phase 3, but you have to talk to the FDA first. I'm just curious as to what might have changed over the yea... | I think that's ultimately something that I have made to call on because, we just got the data. We need to speak to the agency. And there's been a lot of questions about, can we simply include that data with our current file? Or how should we think about it? And I think the reality here is, until we have a formal Type A... | direct | [
"direct",
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0f99dc657d64f9d58552802cb2e2f0bd | How should we be thinking about a potential label in second line? Is there the possibility of getting the 8-milligram BID dosing? Or are you thinking it has to be 16-milligram to start? | You know that the Cohort 2 was dosed at 16 milligrams QD and through Cohort 5 and a number of the work that we've done have produced a pretty healthy body of evidence in the BID setting. So we'll wait and see until the label negotiation part of the discussion with the agency occurs. But we are seeing that 16 QD is cert... | intermediate | [
"direct",
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] | B |
6553671c06c4700c5442cce22bf67542 | With the restructuring and then also with the potential launch of two products by year-end, how should we be thinking about the progression of SG&A and R&D expenses over the course of the year, where are you as far as the commercial team is and how we should be thinking about additions over the course of the year? | The specific guidance that we gave related to cash burn, so operating cash burn, it fluctuates a little bit but over the course of 2021, was roughly around $30 million a quarter. And we said post the restructuring, we expect that number to be down 20% to 25%. I'm not going to get into specifics around how to break thin... | intermediate | [
"direct",
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] | B |
2cee80baa8a60ade8175cbc3c18fd347 | In terms of the review, right, Tom, you mentioned you had Fast Track, this is a single-arm study. And I was a little bit -- I couldn't figure out why the FDA would grant you guys' standard review instead of a priority review, unless I've made my calculations wrong. Can you just talk to us a little bit about the review ... | We do have an accelerated approval with a phase 2, single-arm study, and it does have Fast Track. I think the -- what you're referring to is, we were not given a priority review. We were given a standard review. So I try not to get into the mind of the FDA and their thinking on that. I do know that we're thrilled to ha... | intermediate | [
"direct",
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] | B |
82cf9965e6f195714e331c4f7caf2547 | And then just in regard to the exploratory cohorts, I think it's five to seven. Can you just give us an update as to what's happening there? Are they -- since they were exploratory to begin with and you guys are making headcount reductions and reevaluating the programs, could those also potentially be closed? | What I was trying to accomplish in my prepared remarks with our strategies, we're going to look at unmet need, prevalence and investment. And when I look at what would be last would be the Cohort 5 for the frontline HER2 population, which we will certainly keep for a number of strategic reasons. And then I think when y... | intermediate | [
"direct",
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"fully_evasive"
] | B |
f4aca228d0efcd06a0c3e4565ef5cd8e | It's six months. Within 30 days, you're going to know whether they've accepted it. I thought that the majority of the issues -- the large majority of the issues or deficiencies, all had to do with the manufacturing plant. I could be wrong on that. But it seems like they would have to go like right away and start doing ... | The CRL focused really on two things: It identified manufacturing challenges, both at the drug product facility and the drug substance facility. Subsequently, we had a Type A meeting with the FDA where the issue at the drug product facility, which had nothing to do with, ROLONTIS was cleared and was not a gating item t... | direct | [
"direct",
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] | A |
10c1e36e151ac2c9e5aaf2de04139fa7 | Have you approached or have been approached by any of the KRAS G12C companies to start doing some initial dose finding work for the combination product? | As you know, KRAS mutations in lung cancer have long been thought to be undruggable. Now we find ourselves with one product on the market, another under active review and several others in development. And I think each of them have a number of combination work ultimately trying to enhance, to raise and differentiate th... | intermediate | [
"direct",
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] | B |
f28e905d41948465df4172d589b08dbb | And then on the frontline phase 3 study that you guys are thinking about, could you just give me a little bit of color what could be the comparator arm there? And what sort of response rate or PFS kind of endpoint you might be looking at? And I'm going to assume this is going to be eight -- mg BID, pozi you're going to... | Let me clarify that one, Mayank. So a phase 3 program is really conditional on us having a conversation with the FDA. So we tried to provide just a broad range of outcomes of what could happen with that. But we believe we have a successful cohort. And we'll mention -- we'll talk about the PMR at a later date. But I thi... | fully_evasive | [
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121e312f642f5c9197ea3db9d356fba4 | Should we just assume that there's going to be a spend around one phase 3 study this year, which is the study that FDA has required for allowing for accelerated approval and has to be enrolled to a certain extent. Is that fair? | That's absolutely fair. | direct | [
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07c9b5f46710642795c50f486c78fa27 | Just in terms of your data updates for the rest of the year, when should we expect to hear more on the Cohort 4, 8-mg BID and then also some other data from Cohort 5 on the lower dose but more frequent dosing? | Obviously, we -- as I indicated in my -- I think in my answer a little earlier. So we're going to update you on the PMR. And answering a lot of the questions you raised there. But at a later date. We're just not going to go there today. As to the other cohorts and arms and dosing work that we've done, there is a number... | fully_evasive | [
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89bfd92209be8d13024d19c92ef1e98f | Can you better explain the difference of net price change on the impact of total revenues. In other words, if you take your script growth and look at the consensus numbers. I think you would have been around $11 million or $12 million but you reported $6.4 million. Is the difference there essentially all rebating and I... | As we highlighted in the prepared remarks, the impact on net price was really twofold. Increases in rebates and utilization of the co-pay card. So again, first on rebates, and again specifically going back to comparisons of prior quarter. It's not necessarily apples to apples, there is a seasonality impact, but there i... | intermediate | [
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] | B |
452b070c59b162d5211cd9d7a74ee106 | You mentioned many times you would love to do everything that are in the best ways of long-term shareholders. Can you just shed some light on what that means? Are there scenarios or options or things you're thinking about, and help point us in the right direction. | So on your first question, I think we see with the recent expansion of the relationship with Daiichi, that is another ex-US deal that as you noted has fortified the balance sheet, also expanded this partnership with Daiichi Sankyo who has amazing strength in commercializing cardiovascular therapies. We've already seen ... | intermediate | [
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] | B |
94c65fee3b0dedfe2ade8ff93fa27283 | Sheldon, you talked about the enhanced product positioning. Can you give us any more granularity there about what your message now is, and was this a case of a lack of awareness or do you think there was any confusion with prescribers or potential prescribers that needed to be fixed? | Let me start first with your first question regarding positioning. I won't go into all the specifics of positioning but the two areas that you mentioned, one being awareness, two being confusion. And in light of the company actually launching in a COVID environment amplified both of those as issues. What we've done now... | intermediate | [
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] | B |
8c85957fb97ab9ee262e7beeb665a359 | It looks like that -- the prescription growth in the last few weeks of the first quarter, first couple of weeks of the second quarter has come down somewhat. Any color there? And is it in any way tied to the rollout of the new commercial strategies, and for example as that works through you'd hope to see a return to th... | As it relates to prescription volume in the first quarter. So what we have seen is that in the first few weeks of April when you looked across the market, all products were relatively flat. We were actually exhibiting approximately a 3% week over week growth. And our hypotheses there was that it was flat due to Easter ... | intermediate | [
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] | B |
15cefeb15ac1d2307fb966e250d8ad2a | When you think about the pricing environment, what would give you more leverage with payers aside from higher volume, would the outcomes data next year for example have an impact? I'm just trying to think about the pricing picture in the next year or two. | So the first thing I would say is, from a pricing perspective, in all my years in commercializing products this is the first time that nobody has ever come to us to say your price is too high. I think for us, we have a impeccable market access team combined with a HAOR team where we have been able to successfully posit... | intermediate | [
"direct",
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] | B |
f42a5b847f6447f6a989b2ab0b712152 | Just from a competitive standpoint, I just wanted to know if on inclisiran, is there any kind of warehousing effect or any sort of pause you think ahead of that launch? And maybe just help us with kind of how that -- you would expect that to shake up competitively. | So I think, like many of you, we're following development in the space. We, I guess like most folks don't know when the other injectable PCSK9 will launch. I think for longest time we've been suggesting that that will be a competitive factor in the injectable PCSK9 space, but as we've talked about previously, the posit... | intermediate | [
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] | B |
ef2b5662864eff958c3f91e08bd52461 | First one, just on any additional ex-US partnership deals, how big of a priority is getting a partnership deal for China in reference to kind of balancing out the US landscape. First, how are you prioritizing that? | Again, I think the expanded partnership with Daiichi outside the US, the so-called ASCA reason -- region rather, provides Esperion the other ex-US geographies as you highlighted. And that [Technical Speech] leading companies in those geographies. But I think as we've highlighted [Technical Speech] really an emphasis he... | intermediate | [
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5176584b94ed3554f273219dfb27cb62 | And then the second was just on sort of the cadence of the co-pay card, if you can give us any additional details in terms of how many patients are using the co-pay card. And you did mention that $20 copay amount, 25% of new to brand prescriptions were abandoned. I patients that do have full insurance coverage, if ther... | Yeah, thanks. [Technical Speech] to the co-pay card and with those adjustments have any effect on [Technical Speech] simply saying no, we do not believe so. The copay card, what we're going [Technical Speech] in the past, it included additional months of benefit. And what we want to do now [Technical Speech] to normali... | intermediate | [
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] | B |
60708b0732877db77b4c8a3c43f76103 | As you think about kind of the easing of COVID restrictions and more people kind of going into the offices, do you have any specific commercial initiatives planned as you kind of move into that timeframe and certainly into the second half. | Great. Yeah. So [Technical Speech] what we'd be doing as we emerge from COVID, obviously the [Technical Speech] it is on pulling through our new strategy and also going to position [Technical Speech] redefined our targeting list based upon our new positioning, this [Technical Speech] effective May 1st a few days ago. S... | intermediate | [
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e9ffb2c796841919e7196650c665ef07 | You talked about the milestones that you piled up here through some of these transactions and deals that you've done. Any color on when we could see another milestone, it would it be more commercially driven or would it be something regulatory driven around the outcomes data? | [Technical Speech] and Derek cover off the question on the collaboration milestone of the completion of this expanded relationship with Daiichi over 1.2 billion [Technical Speech] you expect in the future. In terms of context, there is a mix between [Technical Speech] base. But then there's also a healthy portion relat... | intermediate | [
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c0fd9c792fdf9a5a26730d943b142e20 | You mentioned plans to adjust the copay card going forward. Would that decision point be triggered by some metrics like time on market or a number of scripts or is there something else? | Okay. [Technical Speech] your question. As it relates to the co-pay card program, the program [Technical Speech] to provide access to patients. We kept it going [Technical Speech] there is economic pressures hardship, et cetera. Typically, the co-pay card [Technical Speech] extended months beyond that, months beyond wh... | intermediate | [
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6cf1b133e8e77cfe1a440e9b0ec6135a | Can you talk about how the DTC campaign is going relative to your expectations and what kind of decision factors remain to determine if you might run a traditional consumer TV campaign, if that's even something you're considering? | Sure. Yeah. [Technical Speech] And I think there is a time in the place for DTC but now [Technical Speech] active DTC campaign currently ongoing or planned. We're really just focusing on [Technical Speech] to pull through our products. | intermediate | [
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] | B |
6d88b5acd5c5144ef101a1a159e0f6b1 | So first question is just on the prescription side, can you update us on what the current refill rate is and just how it's been trending over the prior quarters. | Yes, hi, Paul. Our refill rate actually looks comparable to other products. We've benchmarked it to products such as Entresto, Jardiance, Rebastinib, et cetera. And it's in the high 50s. Of course, you're never going to get a 100% from a refill perspective, but we are encouraged by our refill rates. | intermediate | [
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] | B |
31e56e4351aa34eef99715c2f661cbce | Then as a follow-up on the co-pay program, given the -- sort of framework you've laid out with 90% commercial and the 60% in growing Medicare. Just in terms of the timeframe for the first sort of the phasing or transition of the co-pay program, is that over the course of '21 really the right time frame that you're tryi... | Sure, let me just speak to the co-pay card itself. And I'll ask Rick if he has any additional questions. But as it relates to the co-pay card and what we're doing to essentially better align it with industry standards, that's happening immediately. We're doing that right now, we're working on that and that's something ... | fully_evasive | [
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e55d0602ce624abe2e98593458c08d35 | So on SAO, it was another great quarter there. Was there anything unusual or beneficial in the margins that was driving that? Or what were the kind of big -- or mostly just kind of product mix and more additional production moving to Athens? | Yeah. Good morning, Jeff. This is Tony. There were no special items in the quarter from a negative standpoint or from a positive standpoint, and it's us continuing to drive productivity, a richer mix, trying to open up capacity, and also, the impact to Athens is became -- becoming more and more positive for us each qua... | direct | [
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b2d9f41a05c16b2ffa44cf0ff70f5ce5 | OK. That makes sense. And so, this business is performing exceptionally well, where is the new margin bar? You know, can we -- about 20% now a new norm? | Jeff, it didn't take you and Gautam long to move on from the 20% target. So, we fit that two quarters in a row. We're not giving you a specific, right? We're not giving you a specific number. I said in my opening comments, I really believe we're scratching the surface in SAOs, as we visit the plants and work there. The... | fully_evasive | [
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465e34f054be76837a9f9fe42f9f5f6f | OK. That's fair enough. And if I can just ask one more here on Athens. First off, congratulations on another qualification. I know I wouldn't think that each one is the same size and volume. You know, if that's true, have most of the larger volume calls being completed already? Or there are some large -- or are there s... | Yeah. You're absolutely right, Jeff. I mean, not all the qualifications are created equal. With that said, this one that we received this quarter was important, but to the second part of your question is, no, there still some significant qualifications that are out there that we're working on. And you know, the number ... | direct | [
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5eec50479a7295ac24873bd21e91429d | OK. That's helpful. And last follow-up from me, is there like a total qualification as your target? Or is there any other way you can -- we can kind of frame the potential there? | We don't really target a specific number. We're looking at, obviously, the primary grades and the primary customers, trying to open up as much capability as possible at Athens. That's how we look at it. | direct | [
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3f729782ebc56fee6ff37f2182b07cbb | Do you guys talk a little bit about your exposure to the 787 program? I assume that Dynamet does some business there on the titanium side. Do you have any content? Or can you talk a little bit about maybe your exposure on the Rolls-Royce trend engine or the GE alternative? | Well, Chris, as you know, we have come across all of those platforms. The strength of Carpenter is that we're not overly weighted to any of them. So, there's always going to be pluses and minuses in the market, and with the way the strength in the market today is, we just don't see those types of negative dips. So, we ... | intermediate | [
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e2bdcadf1bc12ff396297693f2df79ab | OK. With the same goal for the 777X and the 9X engine like you'd consider that kind of [Inaudible] lumpy? | Like I said, we're across all of those. The strength of Carpenter is that we're across all of the platforms, across all of the applications. And as you all know, you've been around long enough. There's always going to be pluses and minuses in some specific program. And right now, we're in a -- in the middle of a peak c... | fully_evasive | [
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8aa6d6ed6c30997be7418d0d808fdcc8 | And just to be clear on Dynamet, in the beginning, you said fasteners were pretty good during the quarter, but it underperformed versus expectations. It wasn't a clear -- like, why exactly did it underperform? Did it have to do with bottlenecks? | Well, when we set the guidance last quarter, I mean, I really pushed that business to take to the next level. Keep in mind, we're in the middle of expansion projects at both of those locations, that adds an extra bit of complexity. So, with similar that challenges with that, they didn't quite hit where I -- where we gu... | direct | [
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44a07b3bc7cae335b08fc52e6c0d2af6 | You mentioned, you know, there's still a lot of room to grow on the Carpenter operating model, can you highlight what some of those actions might be and what might drive that? | Well, it's really -- good morning, by the way. It's really the same thing across the board. When we implement the Carpenter operating model, we don't go across all of our work centers at the same time. We really target the high valued target -- work centers that will benefit us the most. So for us, it's really spreadin... | intermediate | [
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82782ee1dd6a4f3062fef38d61d53da5 | And then just within the medical market, you know, you mentioned you're gaining some share here. What do you think that share opportunity could grow to? And maybe where do you think your share is right now? | It depends on the application. In same areas, we are, for all practical purposes, sole-sourced, and in others, we have less shares. So, it's not one number that I can give you. It depends on the customer, it depends on the application. | intermediate | [
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] | B |
bf27154c88824c09368536614b4e33d1 | And then just lastly, on the consumer electronics growth, you mentioned in your prepared remarks, you know, is that related to the soft magnetics market currently? And then, as you think about the capacity that's coming online with the new mill here, what portion of that do you think will be consumer versus auto versus... | Yeah. So, I'll take the first one -- or the last one first. The majority of the volume coming off of that new mill will be aero and transportation, just because those are much larger markets. I mean, consumer is probably a 3% or 4% of total revenue for Carpenter, albeit a very high margins. So, in this case here, to an... | direct | [
"direct",
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] | A |
6b9cdfc3eebade0fd5046be8713ed4c0 | Just my typical question here just on the engine sales. Can you give us just an idea, how much engines' revenues grew on a year-on-year basis within aerospace? | Well, year on year, engines were relatively flat, but I'd say in total -- from a total aerospace standpoint, which engines is 50%, roughly. We had the highest sales ever for first quarter. So, flat from a year over year, but the high sales rate ever. | direct | [
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ca731d0270be632cbd007d873a124f3f | So, then did the other submarkets performed better, I guess, is the implication. So, is that defense or avionics or sort of all above? | I would say, all of the above. | direct | [
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a406166cb85e3c9debb186b3636dad94 | And Tony, when we're looking at just trying to think about the electronics color that you provided, it was a little bit refreshing, because you see a lot of kind of downturn and commentary around the electronic supply chain and semiconductor supply chain, but you said you're picking up some orders. You're seeing some g... | Well, that's an area we really want to grow. I don't have any real specifics, and like I said, in the previous questions, it's a relatively small part of our overall portfolio, but we see that as one of our, quite frankly, fastest-growing submarkets going forward. | intermediate | [
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] | B |
304989f34bf161a569e5afad46e83c4a | Is that more so in the handset piece? | That's a big part of it, but there's other areas as well. In all of the electronics, we see an opportunity for us. | intermediate | [
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] | B |
5919e2a4d86e3adccff8ca27947c9109 | And then on the maintenance side of things, I know you typically have some maintenance, and Tim you alluded to it in Q1. Any sense of the magnitude of the outages in Q1? And whether or not, you're going to have continuing in the second quarter? | I can just say, you know, Phil, from an overall standpoint, we're trying to get better and better the way we performed preventive maintenance. Obviously, it is critical and necessary, and we just developed a more rolling program, as opposed to taking that one big large shutdown, as we've done for decades here at Carpen... | intermediate | [
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eea33ba6290bb25a695392562272a6d8 | Regulations on the revenue increase, I guess we're all surprised the cost increase was so great. I was asking about costs, where do you see going forward, because it was all the G&A line. So what do you expect in 2021? | I'll let Joe I guess attend that. Obviously, we expect to see continued expansion in our margins and overall profitability. But Joe, you want to give a little bit more color to that?
Sure. Hey, Steve, how are you doing?
I'll tell you, directionally, yes, we expect because I noted in my comments that we may have some ... | intermediate | [
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6372c23fd04eb920c415607dbfa81c02 | It does. It does. And once Korea strengthens itself out, what do you -- can you give us, I mean, you're getting better with this. Can you give us a range of what your expectation is for top-line growth in 2021? | Well, again, I won't necessarily give you specific direction, but as we've seen in our other markets when the COVID-19 restrictions are eased in Tennessee, the unleashing of our potential in Korea, we've got such strong field fundamentals and such a strong kind of operating machine there that is built on relationships.... | intermediate | [
"direct",
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] | B |
a2a8e22b91c30e314e2ba02f124e7427 | What's the status of that market now? Is it still closed up? | They actually have some additional restrictions put in place and largely on meetings and just how people can get together. And again, as you know, that sets a large part of the Korean -- South Korean business and the dynamic that they have in place there. They are working with some again, some -- they've just launched ... | intermediate | [
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e00882d0fd8818ebcec0155bc1b3ac2a | Ok. I do applaud the board's decision to pay a special dividend and buy back shares, as you know I've been looking for that for a long time. So with $90 million in cash, I think that's a great use of cash and I hope you're reasonably aggressive about how to use the buyback. One other question on debt.
You took out tha... | Well, I mean, we have an equivalent line, we have a couple of lines of credit, Steve. And given that today -- at the end of the day, we're trying to give -- maintain our banking relationship and the money is very, very cheap. So, given that we pay back the PPP loan, we turn around and build a little bit against our equ... | intermediate | [
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] | B |
b523ef22cbd370abfcca052c7b7a18e9 | Ok. And capex thought for this year? | Well, for 2020, there are still consistently 2019 somewhere in that $5 million or $6 million range. Again, directionally, I would say that, because of the number of initiatives that we have that it's certainly possible the capex for 2021 could be 1x, 2x times what it was in 2020. | intermediate | [
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] | B |
dc0710a924ab392901fc13fd1ae39409 | Got it. And are you guys having any supply -- there are a lot of shipping supply disruptions as a result of you are doing most of your manufacturing? Are you guys experiencing any of that? | For the most part, no, we're not. Let's not say that we haven't had to experience a hiccup or two. And sometimes those have been a domestic strike, trying to get a product out of Westport facility and on the water to one of our markets. I mean, we've had a hiccup or two, but for the most part, we've been relatively uns... | direct | [
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] | A |
9e28dd99a4e8584ed8e6cff37ca1d843 | Hi, Guys. Thank you for taking my call. The first question to you on the metric that you use to manage your business, through Q2 of 2020, your earnings releases improved the numbers of distributors and managers. Those numbers have been removed for Q3, and again, in this earnings.
Can you give me an update on what metr... | Well, first off let me -- in regards to removing some of the distributor information that we've had in prior years, it's not required data. And frankly, based on the implementation -- the introduction of our new business model back in September, we consider some of that data just less relevant. And there's much more of... | intermediate | [
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] | B |
af994535dda7bf3a7b4125e9a2971abb | Ok. Can you give any data points as to what percent of your sales are coming from the digital side, I guess, digitally originated? | Those numbers are still somewhat presented sales from digital. I'd say that percentage is still relatively low in the 10% range. However, having said that, most of our distributors now aren't doing business with us digitally. So, the volume of digital transactions overall is very high.
The amount coming from consumers... | direct | [
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] | A |
adb46f2aaf22be4ecf58da487eccb8a1 | Ok. So I assume you guys don't have any metrics such as customer acquisition costs, or like on value cost or other quarters or anything that from the consumers? | Yes. Not yet, we don't. Again, we just started our general test doing some of that type of work the database marketing work in the November timeframe. And we'll be rolling out some additional initiatives going forward.
So that's all kind of part of the digital campaign or force of Nature campaign. And then it's the ot... | direct | [
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] | A |
c858528d7ebea929daf75ef3b7672936 | Ok. That's helpful and thank you for that. Can you give me a quick sense of how you think about working capital? | So we think about working capital, as far as going forward, what I'd say is, obviously, if you are breaking particular components obviously, as we discussed earlier, you know, we are doing a lot. We had a decent year growth-wise in 2020. We do believe it will continue to grow going forward. We'd like to see that growth... | direct | [
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e3d063d760d6c6b47965085ed6e739a2 | Ok. So obviously, we're already near the end of Q1. I was hoping on the discussion we just had about Korea, about the other geographies in Q4. Can you make any comments on how things are trending for Q1 because we've seen some reopening worldwide post-COVID? | At this time, no, we're not going to provide any comments regarding Q1. Obviously, we've already provided a little bit of that. As far as how we believe 2021 shake out, we clearly believe that we're going to experience growth, clearly believe and expect, that we're going to see improvement in our profitability, and so ... | fully_evasive | [
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75ae9198f5fb691e7360145c20e0a287 | Ok. And as one final question. On the cash flow statement, I've noticed the line item for non-cash lease expense. Can you please comment on that? | Ok. If your question is specific to adjusted EBITDA the other non-cash -- non-cash items for us are primarily depreciation and stock-based compensation. And there's a table at the earnings release that breaks...
The amortization of the brand expense and that probably standard change accounting?
So we'll be -- the oth... | direct | [
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24aca00e5d5b2c71ad3f017b6b64692f | Roger, what level of passenger traffic in the US does Hudson need to experience in order to breakeven? | I think that's a real tough question to benchmark, primarily because the passenger flows in every airport are a little bit different and as you know the structures across many of our contracts are very, very different. So it's difficult to kind of put a broad brush stroke across a universal snapshot of that. I would te... | intermediate | [
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dd55439a6b2eb5d5465eba6509a90b50 | So 1 million and are you expecting that it will gradually build over the course of this year to that level. I think there was 500,000 people who recently passed through the TSA lines so versus 2 million a year ago. So, is it reasonable to expect we'll get to 1 million by the end of this year? | Again, I don't have a crystal ball and I would be remiss in trying to forecast where I think things could end up. We are optimistic that the return continues to remain steady. If you look at the passenger flows, those TSA numbers you just mentioned and take a look at the trends of how they have evolved since the end of... | intermediate | [
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4a52ae926069e476c168519c70639806 | Okay. My follow-up question is on the nature of the traffic -- is more of the traffic is dominated by leisure travel versus business travel or one of the other Florida [Phonetic] to come back. How does your spend per passenger compare leisure travel versus business travel? And if airline are going to be reducing the am... | So, typically our analysis has shown that the spend between business and leisure is pretty historically on the convenience side of the business. It's been about the same. And yes, reduction of any Food and Beverage served on the planes, served in the airports will enhance our overall spend as is the new opportunity of ... | direct | [
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5af1b1cb6a5d145e674f9d6cb24564cd | And my last question is, Roger, recognizing that it's only been a few weeks in some of these, the heart of some of these changes have been made. Have you noticed a rise in spend per -- spend per passenger is a result of some of this? | So once again, overall, remember a good part of the stores that were closed were a lot of our specialty stores, that when we -- and the duty-free stores that when we look at a blend overall as an organization, because right now convenience stores are a big part of what's driving our business that is not true overall. W... | direct | [
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56840e194eb96f998852ff2e79bfc9de | Can you quantify that, Roger, just in the convenience piece? | I don't have those numbers right now to know what the latest spend on that convenience side is right now. Sorry. | fully_evasive | [
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4fa52a2397908185e1b064aae3b33655 | I wanted to start a little bit with the cost structure and thinking about the decremental margins. I think we talked about 30% to 50% decremental margins for the full year previously. How should we be thinking about that for the quarter and just given the rent waivers and obviously stores were closed for a lot of the q... | Hi, Seth, this is Adrian. I think the 30% to 50% is still valid. I would expect it to be a bit better than in the first quarter taking into account, rent waivers we have received. We expect around $30 million to $50 million in rent waivers -- to receive around $30 million to $50 million rent waivers in the second quart... | direct | [
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bdd94826db93dfa1ab49eda3973050b7 | Okay, got it. And then maybe just an update on the Food and Beverage strategy? Specifically the OHM deal not going through. Can you just remind us how you're thinking about that? What's some of the options are? I think the release had talked about maybe exploring some alternative options with them. So I'm just curious ... | Hey Seth, this is Roger. I think from our perspective, Food and Beverage is still something that we're still very, very excited in, and are aggressively looking at as part of our long-term growth. I think you hit probably one of the greatest challenges that we're looking at is what does COVID-19 mean to the overall Foo... | intermediate | [
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96228fe263a6a475196fa9d0e95a5721 | Thank you for that. Could you just update us on OHM? Is that something that is still being explored? Or is that dead at this point? And then anything else on the pipeline would be helpful? | I would basically just comment that the deals that we had structured was turned back on April 1. We are keeping -- any and all options open as it relates to M&A, but clearly want to have a better insight into how Food and Beverage is going to develop in the future to ensure that we're targeting the correct targets. | intermediate | [
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e42867ab84970d9d65966c53b71e555f | Great. Thank you so much, and thanks for all the commentary today. I wanted to ask the 85% you indicated in your press release that in through the second week of June, you're seeing approximately 85% below last year levels, and I wanted to know is that a quarter-to-date revenue number? And if not, if you could just hel... | And I think it's a little premature to -- hi, Kimberly, it's Roger. A little premature to start talking about quarter-to-date. What that number reflected was where the current TSA passenger trends were running 85% below last year. And as Michael Lasser commented earlier on, obviously, if you take a look back to early A... | intermediate | [
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e4ef00de2f346eec197ce0f175720901 | Great. That's really helpful, Roger. Thank you so much for that. And then, I'm wondering if you can just help us think about your business in terms of -- and I think there are three primary categories, but please do correct me if I'm wrong? We've got the duty-free business, and then within duty-paid, you have specialty... | So on the duty-paid side of the business. I -- we have never really broken that out from the point of view of separating what portion is in specialty and convenience. Clearly the duty-free, we have over the past year or two, particularly because of the Asian impact to that particular part of the -- or component of the ... | intermediate | [
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] | B |
9912b52a5a38ddc57ad34393199ad065 | Great. Good afternoon and Congratulations on a really good year and a very challenging environment. Could you maybe just -- I know you don't guide by category or by segment. But with the sort of 20%-ish targeted growth and coming off of a really remarkable year on SSG, can you maybe just give us a little bit of color o... | Yes, sure, Larry, this is Mike. Good to hear from you. We see both segments having some significant growth opportunity. They're both challenged with some different risks associated with that growth. SSG, as I've said to you in the past and continue to say, has seen remarkable bookings that go throughout 2021. And so we... | intermediate | [
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2039918e3a912a2c04838578f0b657d6 | So it sounds like the concern maybe if there would be one or the challenge might be more on the supply side than demand and what your order book looks like today. Is that fair to say? | That's fair to say, Larry. I think this really isn't a demand problem so far. This is really about supply chains and all the pieces that have to make it all come together. | direct | [
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9baf897226a5a600f8f7877d3018808b | Right. And you -- you mentioned the Georgia facility briefly. And in your prepared comments, I know you talked about that you actually expect some margin improvement in the back half of the year. And from that, and it does look like, I guess your Q1 guidance versus your full year guidance, your flat numbers are a littl... | Yes. It's a good question, and I'll let Scott comment as well in terms of what we see improvements in margin. But I'm still committed to -- we're still committed to getting that margin improvement in the back half of the year. And things have to shift a little here and there relative to -- as an example in my prepared ... | direct | [
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e80134ac77951e04c813aa15a2a0316a | Hi guys. Hopefully, I'll do it well.best wishes to Larry, and congratulations to I imagine they're listening. I want to start on specialty sports guys. Can you speak about the backlog and the runway of visibility that, that provides you? Do you currently have visibility well into the second half of the year in that bik... | Jim, this is Mike. So thanks for the comments on Larry and Dudley, they are listening. So I'm sure they appreciate that. In terms of SSG, we're seeing backlog or order book, if you will, probably the other side of that equation into 2022. So we're seeing a much further view of what the demands are based on the current ... | direct | [
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0aae50778878a3c2b8837e7b3c940ed3 | Okay. And another question on just inventories and supply. Mike, your inventories look super tight. What's the path to delivering on that strong first quarter guidance given how lean inventories are? And then I'm curious if you could speak to the outlook for SCA, and what you're seeing in terms of availability of chass... | Yes. two really good questions, Jim. So our inventory is tight. We're shipping pretty much where we can make as a general thing. So we're working really hard. We've had some improvements. In Q4, let me give you a couple of numbers just to kind of give you a reflection of what the chat rate is. In Q3, we had, as a compa... | direct | [
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2d1efd8681a9d20ba4a22d7944028c38 | Hey guys, good afternoon and good evening. I guess, Scott, just wanted to follow-up on the comments you made earlier. Just -- I think you said 250 to 350 basis points improvement once the Georgia facility is fully transitioned. Were you talking about that level of improvement on the consolidated margin? Or was that jus... | Yes. Really just talking at this point, Mike, about the actual business that Gainesville is contributing to. It could be better than that once we get over there and see it in action. I think at this point, we're running numbers and spreadsheets and not seeing it in person because we still have to make those transitions... | intermediate | [
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9309466acd68736c6117c44b80a8cb94 | Okay. That's helpful. And I think in your prepared remarks, you also made reference to increased some corporate overhead and corporate support costs. I guess, how should we think about that playing out through '21, maybe longer term? I mean, what are some of the capabilities that you need? And how impactful from a marg... | So good question on the impactful on the margin standpoint. I'm not prepared to talk about opex as a percent of sales in terms of guidance, I think we'll be in the same range of percent of sales on opex that we've been in, in the past, and so growing with the business. But I think it's going to be lumpy at times. We mi... | intermediate | [
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0491e860bae3f98bab3e83632ddc8cba | Good evening guys. Taking my questions. Hey, The last couple of quarters, you guys have talked about how the bike business, at least your air has been benefiting from shortages of less expensive bikes. So are you guys still seeing that trend in the fourth quarter? And is that -- it is continuing? Are you expecting that... | Scott, this is Mike. The answer is yes and yes. So we're seeing a move for people to upgrade bikes is a developing trend. So people want a better bike than the bike that they may have ridden a year or two, three years ago. So a lot of the current demand going into the dealers, going into the OEMs. Those are most higher... | direct | [
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01e5bb2d5ed0374cbfbe5b974129e9dc | All right. And just regarding some of the individual segment, you talked about Powered Vehicles Group, but I think you called out SSG, I mean SCA and Powered Sports Just wanted to see how some of the other segments are doing, whether it was aftermarket related, whether it was the lift business that you have or the Ford... | They did really well. Our challenge in Q4 in the aftermarket space. I think sport truck, our Lyft business and our aftermarket legacy business. Our challenge there was meeting demand, keeping up with demand. We carried backlog in both of those businesses into Q1. We had carried backlog from Q3 into Q4, if you recall, a... | direct | [
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b9fabb4dcfa0a9aacec63b44f894824d | Thank you. Guys, thanks for taking my questions. So can you discuss what you're seeing in the by channel overseas right now? And how the manufacturers plan to restock inventory this year? | Well, we're seeing overseas -- are you referring rudy to the manufacturing in our Taiwan facility or end customer demand overseas?
Yes. So you know we're not a big player in Asia. So that's not a big part of our bike market. We don't sell a lot of bikes in Asia. In Europe, we've seen the demand continue to be incredib... | intermediate | [
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a0cb9cd4f4fb821e6d4b1e4e5ba136d2 | Got it. And then with respect to higher freight costs that we're seeing everywhere, do you expect those to have an impact on your bike part margins or on the bike manufacturers ability to fulfill demand? | I don't have -- I don't see it as an issue on fulfilling demand. I know our OEM partners are paying higher rates for both containers and just freight costs in general. Freight has been extended. We started to use or at least test the usage of the rail between China and Europe as a way of getting our product to market i... | direct | [
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1cb72419870e3626f5b9b8966036f457 | When we think about the transitioning of the 108, senior living facilities, have you identified any in there that you are just planning on selling and not transitioning? Or is the goal to transition all one away? See how they go and then make a sell decision? And if so how long are you going to give those properties to... | So we have not identified any predisposition at this point, Bryan, we feel very positive about the operators that we've met with. You know, we're in varying stages of of transition, we we've talked to dozens of of operators, and then issued RFPs, to probably you know, more than 20 operators, we've interviewed 10 but ar... | intermediate | [
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a5f1585968ccc9a604ab033e740f1280 | And how should we think about the new contracts on those properties? Will they be similar to the Five Star contracts? Or will they vary and some degree that we should be thinking about? | It's early to tell, I think they'll be pretty similar to Five Star's. You know, at this point where we're just starting to, you know, as I said, we've issued RFPs, we've we've received proposals. So we're starting the stage of negotiation of those, but they will all be management contracts, and then fivestars contract ... | direct | [
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51e86d0a3cc4e29773c5ba80177bca03 | Okay, and then on the property that you bought next to the MLB. In Maryland, you've been a little vague on what you might do with that property. Can you give us a little color as to, you know, maybe two or three options that that you might convert that to? | Sure. So I think it's important to note that the property that's under agreement, and we're currently in diligence, is one unit of a two unit condo building. The second unit is the 92,000 square foot, m ob that we currently own. And this is a situation where the whole is greater than the sum of the parts so well the ML... | direct | [
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60d9b89413492a00b156c79356e90ec0 | Great, that's some good color. First of all, thank you for the shop occupancy per month in your release that goes through March where we see the uptick sequentially. And I think you made some comments in your prepared remarks regarding April. But I didn't catch that. What would that number for occupancy be in April? | Let's say for April, our spot occupancy at the end of April, or I'm sorry, the occupancy was 71.8.
No, Bryan, we have to on a go forward basis, we made the announcement of their restructuring with Five Star on April 9. And as you can imagine, once we announced that they were exiting the skilled nursing space and that ... | direct | [
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b38bcb30fe2da013c9812539b52f7ced | Right. So there's a lot to unpack in what you just said. But to kind of dumb it down a little bit. Would you say that kind of no matter how you slice it, March to April was positive? | Without a doubt, Bryan, in addition to that, just activity leads activity tour activity has been very strong. We had 400 move ins in our shop portfolio in the week beginning April 25. And that's the most moving that we've had in the portfolio in 14 months. So occupancy is growing, you know, move ins are growing, you kn... | direct | [
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79e0e829a9018ead5d58ebcbb58d3f0c | Hey, good morning, guys. I just wanted to ask about how you went about selecting the 108 properties that you're going to be transitioning. So based on your comments to Bryan's question sounds like those might have been some of the weaker operating properties. So I guess what gives you confidence that a new operator wil... | Yeah. Thanks for your question, Jason. You know, they're, I would say that they are. They're not weak communities, we've spent a good deal of time with Five Star talking about their strengths, they've obviously spent a long time or a lot of time thinking about where they can excel. And what the determination was, is th... | direct | [
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bc87de354e931abfa7e891299e22e613 | Yeah, OK. And then what would slow down those transitions? I mean, it seems like, I think previously, when you guys were transitioning to mouse ups, there were some delays with licensing switches. So just what are your thoughts on any potential like administrative to the lawyers that could be caused by COVID, or anythi... | Yeah, we've got a team of folks that have been working on that for some time. And, you know, these are managed communities, when we transitioned from a lease to manage relationship with Five Star when Five Star lease communities from us, they held the license. And when we transitioned, it took that year to transition o... | intermediate | [
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0423552841e09faa0e73e8dc96d4faf3 | Got it. Okay. And then my last question is, how did you guys think about the new management agreements, obviously weighing taking the incentive fee cap off and out of kind of a point where we're at a trough in the business, and then also not having to pay the termination fee and having a stake in, in fivestars business... | You know, there were a lot, a lot of puts in takes and so this was we spent a good deal of time coming up with the changes to the management agreement, you know, with, you know, the negotiation of, of any agreement there are gives and takes and, and we just you know, this is this is where we settled, and we think that ... | intermediate | [
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"fully_evasive"
] | B |
81f979ce8fe685fb21c0e6b736156133 | Okay. Sorry. And then I do have one other one. So did you mention what the 2020 or the targeted EBITDA level was going to be? I think you did in your prepared remarks. But I would just be curious, I guess, how did you guys come to that number? | Yeah, it was it was based on budget. And the budget is, you know, the way the budget process works is the Senior Living asset management and fivestar work closely together on establishing a budget for the coming year. So in the late spring, early summer of last year, they met and talked about every community and so the... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3fa95a8f255065c1faed0e4da13694a9 | We seen some recent public the public m&a activity across the read space. And a few of those were scenarios where the target is a company that just hasn't worked or had structural headwinds, and the merger was a win win for both shareholder bases. So they look at DHC where the 10 year total return cager has been negati... | I think the board weighs, has conversations and weighs all options on a regular basis, our focus is to stabilize our portfolio. And we feel, you know, obviously, our MLB Life Sciences portfolio is, is pretty strong. And in some instances, we put capital into those buildings to reposition them, we're really focused on s... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e699431d04f44de51919a503784a8a92 | I mean, I, I hear the comment, but I mean, the same story and a why and life sides and mlbs has been negative for a couple times now. And we haven't seen that at any of the peers. So, you know, maybe, maybe this is a question for the board, you know, where's the accountability for the performance, and frankly underperf... | Jonathan, I, I just I want to I'm struggling a little bit with the 10 year period. I mean, if you look back, there have been a number of actions taken to try to be more shareholder friendly, and to enhance returns for our shareholders. The 10 year number is, you know, if you look back with a very different business 10 ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
7a294b1e1a1e1f2e4d3120d67e5c5761 | What is the breakup fee payable to RMR if they were to be terminated as manager of DHCP and a change control transaction? | Again, we are focused on the business and moving forward, that stuff is disclosed in the SEC filings if you want to dig through it, but that is that is not what we're what we're focused on. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
91ad20062f226538b04026c02c8564d3 | So Ken, given that this is the first time you've broken out the digital piece of the business, I wondered if you could walk through a little bit more of a description for folks relative to the target market for that offering, who you view as the comps, possibly the orchestration layer and how that works? But I think th... | Sure, George. So really, the focus of digital is really in what I would call the enterprise and mega enterprise marketplace. We're tend to really be focusing primarily on the -- what I would call the Global 1000 and the Fortune 500. That's really been the legacy of the group for many, many years.
And as more and more ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6d3d92ee5b71085b3e5ab154d1b8b28b | I wanted to move on to NPS scores, which I you know you have a lot of customers with very high NPS scores. We certainly appreciate how important that is to customers. Have you done anything relative to marketing, your ability to drive these very high NPS scores? Does that make its way into your sales process? | So it makes its way into our sales process as it relates to the references that we give to prospective customers where they can contact our references and see the impact that we've had on their Net Promoter Score. What really hasn't been done and at some point in time probably needs to be done is SAT metrics, which inv... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b95db227f26119e24bb0a7161a0b2a17 | If I look at your bookings which remain very strong. And to get a sense of your pipeline, which I believe remains very strong. Are there sizable deals within there that we should be aware of both either in what you have booked or in what you see in your pipeline? | Well, I mean, we're always working on sizable deals. As to whether or not we're going to win them is another story. So what I would simply say to you is, yes, we have a really good pipeline on both aspects of our business. But it's no secret that -- and it's one of the reasons why we give annual guidance versus quarter... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ff283ad5f353b9ce26f5e7a82dd86b1e | So I just wanted to ask about capacity utilization and maybe you could talk a little bit about how trends are going with new seats being added? You're adding a lot of business. You're adding a lot of seats. How is capacity utilization trending today? And does that create an opportunity to increase margin further as tha... | Yes. This is Regina. So what I would just say, as you saw, the utilization is down year over year. The driver of that is primarily the build-out of new sites, some domestically.
But as we expand Europe, we're needing to standup space. European bookings increased 50% in the first six months versus last year. And so as ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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