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f5f3cc9dbace6f752790acce1aa3db74 | Maybe you could give us a little bit more color on the grain and seed performance versus the protein performance. And what do you think that the outlook for both of those businesses are; a, on grain and seed, given global expansion of production of crops? And then on the protein side, you don't -- given what's going on... | Yes. Okay. Ann, so as we mentioned in our comments, what we're seeing is, we had some increase in sales in our grain side of our business and declines in protein equipment. What's unusual about that or I want to make sure you understand is, a lot of the growth in grain really came from outside the U.S. So it came in Eu... | direct | [
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2b331139e34f92f3b12211cc990bcd8f | Could you give us some more color around what you're assuming by segment for the year? I know you said in the prepared remarks, margin expansion across all segments, but any more color on that? And for South America, in particular, are we still looking for it to be breakeven in Q2? | Okay, Themis, good morning. In terms of our regional margins, we are looking for, as Andy said, expansion across all the regions. Normally, as we looked across in the 50 to 100 basis points across the regions, it will be more than that. In South America, we're -- right now we're saying it's probably going to be closer ... | intermediate | [
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23d2252348fe24af98303093ae3533ca | I wanted to see if you can give us an update on the performance of precision plans in the quarter, as I believe the first quarter is usually a seasonally strong for that business? | Sure. We had good quarter and Precision Planting sales were relatively flat in the first quarter, and our earnings were fairly consistent. We are making some additional investments to grow the business outside of the U.S., and we are expecting and did see growth in both Europe and in South American, our sales in the fi... | direct | [
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d1d7c6501027d6ff617f886cac111d1d | Just on Europe. It continues to outperform on the margins. I think you said that there was some benefit in production on timing. You mentioned in March, I think, the orders were potentially down. So can you just help give us a little bit more color on how we should think about that margin expansion going through 2019? | We have a major initiative we work on globally regarding margin improvements in all markets. In Europe, we are maybe performing little better, and the reason is our strong market share and the very good brands we have there, and the very good, also, reliable distribution network. So, therefore, I think Europe shows a l... | intermediate | [
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06fe2a3ebefeba600e8871bbfebaaf00 | This is TJ Toro on for Joe. Just in Europe, it's another quarter of impressive organic growth relative to the market. You've introduced a few new products last year to build out the offering and an IDEAL combines next year. I guess, is it fair to assume this level of outperformance will continue through the rest of the... | Yes. I would agree. So we can expect something -- hopefully something similar for the rest of the year. And the IDEAL in testing and with the first results we get from external expert, but also from our dealers is really outperforming the industry. | direct | [
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149d06ef4224ea9f07ce39fc81df8e7e | I wanted to ask about the impact of the flooding in North America in terms of how that impacted trends, how you see it trending in the second half of the year? And also anything on GSI margins relative to last year? | Sure. A lot of that flooding, George, was kind of along the rivers. If you think about the Missouri and the Mississippi rivers that border like Nebraska and Iowa and then in between Iowa and Illinois and so there is around those rivers definitely saw some extensive flooding. If you look at the overall acreage or percen... | intermediate | [
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950d872c46bb5dd11696fe89598d32c7 | Just first question on the dividend, appreciating the color on the earnings impact you gave with leverage and LIBOR. These are, of course, transitory impacts and you want to pay out your taxable income over time. So, how do we think about what might change fundamentally? Is there a degree of more permanent analysis int... | Yes. I think it's a good question, Fin. And I think you're right. I think the core elements -- if you're looking at Page 17, it's probably the best way to think about it. The de-leveraging, the lower fee income, the lower rates those are probably transitory, although who knows maybe rates will be low for the next five ... | direct | [
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2bbf390d6cdb7e9eddb7cdac7d1f4657 | On your capital position, you touched on a couple potential reorgs. I think you have -- you highlighted 12% of the portfolio severely impacted. Question is as you prepare for more loan modifications, amendments, deferrals, etc., how do you feel about the flexibility of your capital structure, appreciating that it's mar... | Yeah. It's a good question. The answer is yes. We do believe we do and when we think about some of the things that are going to move around even in that severely impacted area, if you look at Page 11, a lot of that is in the A Category where you're dealing with businesses that have very significant liquidity. And so, w... | direct | [
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ab50d4c4cb55d648a9ab77f0d40f3250 | In the event where more equity is ultimately necessary to support the business, can you give us any high level thoughts on what would be the ways to go about this? You have a pretty good Petri dish, right now in the BDC market. We've seen a lot of different creative ways for managers to support the capitalization of th... | Yeah, I mean I think you're right. There are a lot of different tools out there and you see new and creative ones every couple of days. And I don't want to, I think a, whether we're going to need that or not is not obvious to us at this point. I think we feel we've got a pretty good path, but obviously the world can ch... | intermediate | [
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22d21a769b2d085bf9999b6ae35aac67 | I guess, just to follow-up on Fin's question. I mean, under what circumstances would you raise equity at a meaningful discount to NAV? Is that a scenario you can envision or... | Listen, we don't see that as necessary at this time or based on the current state of the world and reasonable future states of the world, we just don't see that as necessary. The world can change and we have to be aware of, again, all these ways to access different forms of capital. But right now, Chris, we just don't ... | direct | [
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db30b7728f2be734f8b8fecb7496fba1 | And then, on your chart on Page 17, the drags add up to around $11 million, and I'm wondering if you can kind of deconstruct how you came up with a $5 million benefit. I guess your 20% incentive fee of the $11 million would account for $2 million of that. What accounts for the remaining $3 million? | Yes. So, there's the slightly lower asset base that rolled through the management stage is close to another $1 million. There's the less lower SG&A in terms of some of the allocations that we likely wouldn't put through. And then there -- a little bit of a fudge factor that we're going to -- we certainly have the capab... | direct | [
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816fb4d9d1edaae929069bf578c5a563 | And I guess -- excuse me, 10 and 11. And if you look at sort of the box A on the lower right Tier 1 is the main thing you are relying on there. Is it the strength of the private equity sponsor in most cases? | It's actually, that's the second thing. The main thing is that these businesses while obviously you're severely impacted in terms of being broadly shutdown, although not entirely shutdown. The main thing is that we're talking about companies with liquidity in terms of actual cash sitting on their balance sheet of one t... | direct | [
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b6fded988dbc5b6a78d1b9d3b323ab9a | Number two, can you maybe decompose your liquidity position, if you guys provide of a $130 million as of early May. I was just a little bit confused by that because when I look at the 3/31 numbers, it looked like you guys had about $22 million of cash on the balance sheet, $130 million of capacity on your wealth facili... | So the $130 million is -- the composition of that is going to be largely cash, the $50 million undrawn manager facility. And then Shiraz, keep me honest here, but there's a little bit on the Goldman facility and those are going to be the main components. On 3/31, we shut down the cash to repay wells [Phonetic] and we d... | direct | [
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f4605f9bcd511e844f34ae8844f96477 | Do you guys, I would assume the answer is no, but are there any additional unencumbered assets given the level of unsecured debt on your balance sheet that you can put into those facilities to increase that borrowing base at all? Or would you guys have already done that if you could? | We've largely done that. There are some things that are unencumbered -- there are some things that are -- there are clearly some things that are unencumbered. We haven't put those into facilities to the extent they don't fit. There are some ways to -- there are some things that could be made to fit. So we have that pot... | direct | [
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f5f11c9cdc50b10e9e2f22fc07b51fc8 | In the past you guys, the advisor has made a lot of supportive actions to the BDC and including waiving fees regarding leverage associated with some of those first lien assets that were going to fit your original senior first line facility. You guys have bought the stock up higher to increase the price when you guys ar... | Yeah. So, I mean -- I guess we haven't technically received anything, because we've left that -- all that fee in the company and not just the Q1, but also the Q4. And I think we're considering a lot of things as the crisis continue to unfold and we're -- it feels like we've been kind of stuck in our houses for a year, ... | intermediate | [
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002475078bf0850e61194f98705d5ee8 | Can you talk about particularly the Tier 1 columns of the companies and really within that column [Indecipherable] some of the retail healthcare? Can you talk about the conversations that you've had with the caveat that we know that we're early on, this is a very fluid situation, but can you talk about the conversation... | Yeah, absolutely. So, just maybe working up the column, so on the four retail healthcare companies in the Tier 1 A, the yellow circle, again two things just as I mentioned with Chris. One, there's a very, very significant liquidity in all of those companies that it's not -- it's highly unlikely they will need support u... | direct | [
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2003c427b52b4b9275c3f003855430fe | So in terms of your chartering strategy, looking at Slide 6, shows you have a handful of vessels with charters expiring here in the coming months. So I guess two questions around that. How soon in advance of these charter expiries will you likely book the next charter? And how will you balance kind of maximizing rate v... | Our chartering strategy. We've got roughly 12 ships coming open during the balance of 2021. And in a more normal market, you would expect to start talking about rechartering such ships about a month or possibly two months in advance. Today, however, such as the demand from the liners that discussing charters many month... | direct | [
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6cd3414f21d3c43eb00c35d17979cf4b | Obviously, congrats on that deal, seems pretty attractive and accretive as George was saying. With that, can you give some more color on maybe how you decided on that acquisition? And then looking ahead, are you going to remain focused on that 20-year asset or start looking at younger second-hands? And I agree with you... | The deal we looked at was a deal that was a private deal. We usually do private deals. We don't tend to go into the market and compete with others. It is a deal, a very strategic transaction for us. It grows our relationship with the No. 1 charter. We're getting assets that are very much in demand. These assets have a ... | direct | [
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c8217740e97c303e1e54cff900ce9dd3 | Yeah. No, that's fair. And so, I guess, just finally, with your balance sheet being in, as you stated, kind of the best shape it's been maybe ever, further acquisitions, is that kind of the game plan here, the focus in the coming months? | Yeah. Growth -- further growth and continued deleveraging, focusing particularly on seeing what we can do to reduce the cost of some of our more expensive debt. And we've got a couple of pieces of junior debt. It's not huge in terms of totals. It's around $80 million, I think, at the year end, something like that. But ... | intermediate | [
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8fa44b71295b4043be23d2e5eda2281b | George or Ian, you bought 20-year-old vessels. Could you help us out where you're looking -- they come with existing charters, but when you have older vessels, how do they compete vis-Ã -vis what are perceived as newer, more fuel-efficient vessels? | In this market, the difference with the fuel price at the levels they are, it's immaterial, the differences in fuel. Of course, it always is reflected to the charter rate. So probably $1,000 or $2,000 more if the ships were brand new, very fuel efficient, but imagine what would be the residual value that we would have ... | direct | [
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610bb178a07ea45ff395677300b5bc3b | OK. Fair enough. And on the acquisition, you -- that acquisition of seven vessels was wildly accretive. You've highlighted the fact that the supply is going to be a driver of the value of the fleet. What do you anticipate pricing would be on future acquisitions? Can you still make them and still create value for the sh... | As we -- we always look at deals. And actually, we only do, like I said before, private deals. We don't go into the market and buy, competing with others, what is out there. We have a very strong deal flow, maybe one of the strongest out there. And that gives us a first look on many things. So we always try to create v... | intermediate | [
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a3b7c853a49814197464d94d796927e9 | I had a specific question about the ATM program for the 8% senior notes. You raised additional funds last year and in the first quarter. But with the liquidity on the balance sheet, I wonder if you plan at this point to continue issuing those notes in the current and coming quarters. And I'd also like to know what the ... | I don't have the exact number outstanding. I'm afraid Tassos might be able to dig it out, but we'll obviously report it in the second -- sorry, in the first quarter balance sheet as and when. In terms of a continuation of the ATM program, the program for those 2024 notes and also our perpetual preferred shares has been... | intermediate | [
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b4685df746c448de556c5c44882417d3 | There's been several comments on the call as well as questions with relation to accretive growth, and I thought it would be helpful to drill down into the math of the accretion, specifically as it relates into review and confirm the accretive growth from the purchase with Maersk of the seven late-vintage Post-Panamax 6... | More or less, although when we're doing our model, as you can understand, we are a little bit more conservative in the approach. The figures and the calculations you have mentioned is, more or less, correct on that case. And of course, on the assumption is that there is more value if everything goes well and we make fu... | direct | [
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f1bcdfe49df91295ecf81c6749f4abd6 | So can management share the cost -- the strategies regarding the overseas expansion. And my second question is about IP development. So, we are seeing that for MINISO brand, there are new -- there are some price adjustment for the IP product. And can management share whether we are aggressively expanding the IP product... | OK. Hi, Michelle. This is Jack, the CEO of MINISO Group, and thank you very much for your questions. And for your first questions about our, you know, strategies in the U.S. market specifically on the $10 N' Under new concept. Here's my answer. You know, we opened $10 N' Under concept in MINISO stores in the U.S. in Oc... | direct | [
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a8601d2f6d59200bb1e275d5e2d25bb8 | So my question is regarding fourth quarter and quarter-to-date sales momentum in both China and overseas markets. And the second question is regarding the guidance for the next quarter of 2.5 billion to 2.7 billon. And could you please give some quick breakdown by China, overseas, as well as, TOP TOY. Thank you. | OK. Hi, Lucy. Thank you for a question. This is Steven, CFO of MINISO. And I will answer questions about, you know, the update on the October operations. You know, as you ask me -- you have known that the latest resurgence of the pandemic is reported to be the most widely spread wave since the March of 2020. And, you k... | intermediate | [
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d702ef3d38b3a70c319ee847cdaaab3f | The first is that we can see that the overseas business improves month by month. So what's your store opening plan for the next year, I mean, 2022? And to what extent can the overseas business to be breakeven or profitable? And the next question is that are the newly opened overseas stores mainly from old franchisees o... | OK. Hi, Wenhui. This is Steven. So, I'll answer you first questions. You know, traditionally, MINISO will review our whole year performance at the end of calendar year. And based on that of review, we will make a detailed working plan or budget for the next year. So, as of today, you know, we do not have, you know, a s... | intermediate | [
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7fdcde82f7be8ff86976fdacbdf991d4 | Could you please give us more detailed information about the expenses of TOP TOY, that is the operating expenses and other expenses? When can we make profit on TOP TOY, in the coming half of the year, or it may be need year or more years? | OK. Hi, Xiaofang. Thank you. Thank you for your question. This is -- hi, Xiaofang. This is Steven. I will answer your questions about the TOP TOY's margin profile. You know, for TOP TOY, it's still at it's, you know, early stage of rapid growth. So we are continuously make some investment of TOP TOY, including its team... | direct | [
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0004342c2768fbe3c5f565125629948b | Maybe first on the fund-of-funds product that you just phrased, I think you said $278 million. That's a fair bit smaller than what we've seen in prior funds. And I think as you acknowledged, this is not really where you see the biggest direct opportunity, but I thought there were a number of ancillary benefits you rece... | Sure, Ken. This is Jeff. Thanks for the question. So in the second part of your question, you're exactly right. In terms of the ancillary benefits we get around things like co-investment come from having significant primary dollars that we commit in the marketplace. And so, from that standpoint, yeah, we need primary d... | direct | [
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e1a0b70bce52a33817be590904625212 | And then maybe on performance fees, can you talk about how you see the crystallization of performance fees, especially in like Co-Invest II. That's already generating performance fees, but it seems like it has a lot more to come, but what is the -- I don't know. You don't know the exact timing, but how should we think ... | Sure. Ken, it's Erik. Thanks for the question. I think what you're seeing with both us and the broader market is that liquidity is simply not occurring at the rate that it perhaps that occurred out several years ago, I think, driven by a few factors. One, a lot of volatility in the overall economy right now and it has ... | intermediate | [
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7e3d93a5e8b4d6271c7d41cb35f336a0 | Just curious on the broader fundraising front in the backdrop where interest rate expectations relative to say 6 to 12 months ago or a lot lower here in the US and around the world. So, I'm just curious what sort of impact is that having on conversations that you're having with clients compared to say a year ago? Do yo... | Sure, Mike. It's Mario. With no surprise -- with interest rates lower, I think, it increases the hunt for [Phonetic] higher returning assets and the discussions we have with clients and prospects whether around equity or credit or Real Asset is probably heightened a little bit in terms of, OK, if I don't expect interes... | direct | [
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9f8aeca480af34eea6a709ea2a93975f | And just maybe as a follow-up, as you guys are raising more assets, bringing in more client dollars more clients, can you just talk about maybe how you're building out the platform to be able to deploy capital at a faster velocity, whether it's across different verticals and in asset classes? How you guys are building ... | Well, I think as you've seen from just the growth in the number of people, the growth in geographies, I think it's what you've said. You build it out across a number of different ways. One is, within the verticals we have, you have to build the resources and the team to take the volume. The back office needs to grow in... | direct | [
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07fe3b612789eaeca806de365fee333a | You guys had touched on the fundraising for white label strategies as a helper to AUM growth. Can you just help us think about kind of size, the contribution to fee-earning AUM, over let's say, the last 12 months, something like that? And then just going forward, help us think about what that opportunity could look lik... | Sure, Dan. It's Erik. Thanks for the question. I think as you've heard us sort of note a few times, this is an area that we are excited about. I think this reflects the asset class move into having a larger portion of capital coming from both high net worth individuals as well as mass affluent. We think as a provider o... | intermediate | [
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ea2cfb57cdcbf3614f66637107da394c | And then just as a follow up, just maybe if you guys could provide a little bit of color on the expense outlook, how we should think about kind of base compensation, the growth in that line and kind of where this quarter was relative to the run rate? And then same sort of thing on G&A, the growth outlook and kind of wh... | Yeah, Dan. It's Erik. I'll stay on that one. I think what you're seeing is what we said in the past. I think we're growing the business. We do continue to add resources because we view ourself in sort of a high-growth mode. That said, I think there is nothing abnormal occurring this quarter versus sort of prior and wha... | intermediate | [
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69c16a2edb9918c8038148e0c6c91629 | Maybe talk a little bit about this separate account business. I'm just kind of -- maybe update us a little bit on and how you think of the competitive environment for that type of business and if that's having any kind of impact on fees there. I mean it does [Phonetic] look -- I know it's a moving target depending on h... | Hey, Rob. It's Mario. I would say -- I don't know if there are more competitors. Some have drifted away, others have come in. It's a competitive environment depending on what the particular clients are looking for. So there is usually a handful of people that are competing for any particular mandate and it really depen... | direct | [
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ce56c43d9c6b5ee2dbfbdd939c7cc715 | Okay, great. And just maybe a quick kind of maybe more modeling questions, the $2.8 million catch-up fees, that was year-to-date, not in the quarter, correct? | Rob, it's Erik. Yes, that's correct. That's year-to-date. | direct | [
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d90e5e91547f98bdb1b3040585c422d8 | Since your last call, I guess, private equity has become kind of a political football, certainly in this country. And I mean, I don't expect you to comment on it, but as I read Senator Warren's proposed legislation, it seems to want to do away with the concept of limited liability companies. And again, I don't expect y... | Sorry, hello. Let me take a shot. It's Allen. I think it varies. Remember a few years ago, I think, it was in Germany the private equity industry was called the Plague of Locusts. So, it varies. You have deals that go bad, which then are very high profile and so it becomes politically easy to pick on them, but these th... | direct | [
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0cdf12c5420f4a1399918cf9d67d0abf | And clearly, a lot of good stuff going on this quarter. I just want to look at, I guess, the quarter-to-date investment activity. The weighted average yield of debt and other income-producing securities at amortized cost was 7.4%, which is down a bit from recent quarters. And I just want to get a little more flavor aro... | Yes. I think it's nothing necessarily by design to hit on the second point. Look, with the economic recovery, we've definitely seen spreads compress from where they had been over the last six to nine months a little bit. The good news is we're not really seeing much of that continue. I feel like it's sort of plateaued ... | direct | [
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789e6a34ca1ee4fc2c1d6e5645e0761d | OK. Great. Very helpful. And then I guess, a related question. So looking at the pipeline, you're very healthy here. Software and services is notably making up more than half of the pipeline. And so I'm just curious if that's kind of reflecting the mix of deal flow so it's commensurate. Or is that an area that you're m... | Yes. Look, I mean, we kind of follow along with the general backlog and pipeline deal flow, right, particularly that of private equity firms, which still represents the majority of our financing opportunities. I would tell you that because of the attractive growth elements in the software and services space, there's ju... | direct | [
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83dba6b002082e8671b1e840d88fd262 | First question for Kipp on the higher level of investment income in Ivy Hill. I know that BDC invested more during COVID, but drew some back last quarter and the investment income still appears very robust. Is this an improved trajectory or more transitory for that vehicle? | No. I mean, we've continued to invest in Ivy Hill. And with that, obviously, we generate typically more funds under management, assets under management there, that obviously increases the management fees of that company. As you know, we also invest securities in a lot of the funds and vehicles that they put together, w... | direct | [
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3240d33b4738ab09b46e852a16b0ae9b | Great. And then just a follow-on on that. Origination this quarter. FeraDyne future, without getting into issuer-specific items, is this sort of an idiosyncratic situation that came to you from your network? Or are you peering into opportunities that you may see or may derive from the SPAC ecosystem out there? | Yes. This one was a little idiosyncratic, came in through a banker, obviously, involved with a particular SPAC. Yes. We don't have to bother with the nature there. I would -- it's not something that I would say we're seeing consistently, i.e., financing opportunities from SPACs. | direct | [
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93edf5f448624bba73ffc1551d229242 | Hey. Good morning. First one I just had was, if you look at term structure leverage in the broadly syndicated loan market, it's pretty much been on a straight path getting more and more borrower friendly. And obviously, that trickles down into the upper middle market and the middle market where you all invest in. I'm j... | Yes. I mean, look, with the, again, I think, rebounding economy, optimism from investors and a fresher year when folks were obviously frustrated with yields in non-sub-investment grades, so other portions of the portfolio, we were seeing a lot of activity in credit spread tightening here in the early part of the year. ... | direct | [
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509c5466c5928f6258996d9e910ea49d | OK. That's helpful. And then going back to kind of the backlog and pipeline question, you kind of discussed that earlier with the high concentration, kind of the software, healthcare. And you said that, that's a little bit more of a reflection of kind of the private equity sponsors and what they're focusing on today, w... | Yes. It's possible. I mean, I think that when you go back to this time last year, a lot of the deal flow was around COVID rescue type stuff, which I'm thinking is, for the most part, behind us. I understand where your question is coming from, but don't have my crystal ball today. You'd think a good solid economic recov... | intermediate | [
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4382b2281a61120e4e5fa05aa150f455 | Good morning, guys. Thanks for taking my questions today. Actually, a lot of them have already been answered. But I thought I'd switch over related to the activity questions that you've been getting. Certainly noticed that the April-to-date activity -- the exits have lagged the new investments versus outpacing them sor... | No. I think is the easy answer. We saw a couple of really large companies get refinanced as exits in this quarter, right, which is sort of the rationale for the next quarter. But, no, I don't expect any changes. | direct | [
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2bb9c505a041f946088f238b51b4e8b8 | Good morning, Kipp. I'm fine. Thank you. A couple of questions. One is hearing that you financed a company with $300 million of EBITDA, it used to be that the company thought in terms of larger companies as being second lien opportunities. Is that still true? And when you're talking about companies of that size, has th... | Yes. I mean, typically, a company that size will do a syndicated first lien deal more often than not and place junior capital privately more -- that's more common, I guess, than it used to be, right, where you had smaller high-yield deals getting executed, etc. Now Ares, and obviously, a handful of our competitors have... | direct | [
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4450d6d4f2a7a3d85a9a2efd1c80446e | All right. Great. My follow-up is I read some comments from Michael Arougheti about government stimulus has delayed sort of a default spike, a default cycle by two to three years. And I'm just curious, given the economic growth that we're seeing, why that would even be delayed two or three years? Why wouldn't we just b... | Yes. I didn't see that. But I think the common wisdom out there these days is sort of that defaults have peaked, right, and that they're starting to come down. To me, that would play more into your thinking that we've gotten through this last 12 months, and there seems to be a pretty solid economic rebound which, to yo... | intermediate | [
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4e3b6363d58b0d0a0f3f95e255461492 | Morning, and congratulations on the quarter. Excuse me. First one, I'm kind of focusing on credit quality. It looks very robust right now. I mean the weighted average grade of the portfolio, no change at three. But Mitch then gave seven-to-one upgrade to downgrade ratio in number of companies. So that tends to imply th... | That's a hard one. I think some of it is some composition just in the portfolio where we've got some smaller equity positions that are getting upgraded. So it's not necessarily representative, I think, if you make that generalization. Look, I mean, I think, Robert, the thing that we're most focused on, as we've laid ou... | intermediate | [
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7a725541a0aaca18b554e9cca4558705 | Got it. Got it. I appreciate it. It is a tricky one. Then just the follow-up kind of this quarter -- I mean, a lot of discussion about dealing with bigger businesses, reviewing larger EBITDA businesses. I think you basically answered this question indirectly in response to Melissa. But your EBIT -- your weighted averag... | Yes. We did. We had two very large companies get refinanced out. Athena is one of them and Coinmark was the other. Both had north of $300 million of EBITDA. And I do think your point, Robert, is some of these refinancings were occurring at the upper-end EBITDA size of our portfolios because folks were finding a pretty ... | direct | [
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a0fc8860b6f67b50997ff3d2bd0577b9 | Hi. Good morning. I wanted to ask more details about the leverage you made. Is there a scenario where you would not be at the upper end of the leverage at the 1.2% that you cited? | No. I mean, I expect -- and Penni can jump in too if you'd like to. I mean, we sort of see it being ordinary course somewhere between one and 1.2. And as you know, we just the more active we are on a net originations basis, the more we have to draw the revolvers to fund that. That's typically just the way we do things.... | direct | [
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089214553d29511bff271eb038b45998 | Hey. Thanks for taking my question, and this is going to be a follow-up to a previous question regarding the investment backlog. Should we expect to see more of a mix shift toward second lien investments over the near term, especially as you start to gravitate emphasize more on investing in larger borrowers? | Yes. I don't think the mix has shifted too much, and I wouldn't expect the mix to shift going forward. Right? I mean, one of the hallmarks of the strategy is that we want to obviously go out to borrowers and counterparties with a complete set of products. Right? So we're happy doing everything from first lien all the w... | direct | [
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552ce7832f5f4065aebb7d1fa8cf0c40 | Great. That's very helpful. And just one follow-up, if I may. Was there anything notable that was driving the portfolio dividend income that was reported in the quarter? | Penni, I might let you take that one. Is there anything that sticks out? I think we had a special dividend from one company in particular that we've been restructuring that we now own. But beyond that, I can't think of anything other than that special dividend that came from one portfolio company that we're sort of in ... | direct | [
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262099fbc742c481f61ab3635ad42848 | I guess for my first question, you mentioned as it relates to the aviation business that you've done pretty well on the government contracting side. I know that's always been kind of an ambiguous number or somewhat of an uncertain outlook and it's hard to pin down, but how are you feeling about the continuation of that... | I'll start. Mike can chime in. How are you doing, Ben? Thanks for the question. That's always very, very difficult to predict long-term based upon a lot of the factors that were all equally exposed to dated today in terms of what's going on in that part of the world. We've been pleased that our relationship remains str... | intermediate | [
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673374db6bf837ba446e567b260708b4 | Okay. It would theoretically make it a little stickier but also more diverse, I guess is kind of the idea, right? | Exactly. The reputation, obviously, it's serving a very demanding client, so, having that reputation and being able to handle that -- again, I've said it in the past. Make it analogous to Formula One racing to passenger car. So, that capability to be able to deal with that has really strengthen the logistics capability... | direct | [
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099fc3c2ce9a4eb162e53ca79649359c | Okay. Great. My second question is to related to sort of capital allocation. I know that in the last call, you talked about the idea that maybe you're sniffing around, perhaps, a little bit more at some M&A opportunities. I'm curious if you have color there. Also, I noticed the inventory levels are rising as you're sor... | Well, step-by-step. Obviously, the returns are what keep you in the right place. So, you need to manage that carefully. If you get the returns, you're going to be able to grow your balance sheet. So, blending that within a combination of asset-light inventory, lots of services. We like the services side. So, growing th... | intermediate | [
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2b46adb1674a082c936ac31fed5035ce | Thank you. Good afternoon, gentlemen. You guys mentioned, I think, for Q2 we should expect organic growth in aviation. How should we think about growth in marine and land? I know Ira, I believe you said gross profit improvement year over year in marine, I assume that's mainly coming from price, not necessarily volume. ... | So, within marine, we've got 2020. There has been a lot of wait and see on that. The forward curve isn't really showing very much. But there have been a couple of select deals, but if you look at -- and I've said this before -- aviation being a manifestation for the entire company in terms of a combination of asset lig... | intermediate | [
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1194ae0072b71a4882034a34fbceca18 | Thank you, Mike. I guess I'll dig in a little bit deeper into marine. You guys have done a good job exiting some of the low margin business there, getting out of some of the Asian ports. How much more do you have left to exit? Is it possible to quantify it or ballpark it? You can see another quarter or two where you co... | I would say we've been through -- if you put it in innings in baseball vernacular, we're probably in the eighth inning or so. So, if you look at it from a volume perspective, I would hope with no guarantees that we kind of bottomed out in the first quarter. I don't expect that volume number to grow materially in the se... | intermediate | [
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86f7f5d93840853b5a9907e1869cc5d0 | Thank you. Last question here -- Mike, you briefly touched on this and I'm going to ask, if you don't mind -- you talked about M&A opportunities. Obviously, you mentioned the balance sheet leverage is low, it's probably one of the lowest levels I've see in quite some time. So, how does M&A pipeline look. If that doesn'... | I'll start on that. Mike, I think we get that question on every call, so, we should probably record our answer. Look, great point from the standpoint that we've done a good job with the balance sheet, maybe a little more conservative in trying to clean up that balance sheet over the course of the last 12 months and put... | direct | [
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2934b0d6f70c09ae3b23d0388176bf2f | Ira, would you say most of your M&A opportunities are in land or is it spread across the board? | Land.
If you look at it mathematically, obviously, we have the lowest market share in the largest business by far in terms of the overall markets worldwide. There are clearly more opportunities in land than anywhere else, but we're not only looking at opportunities in land. There are always opportunities to look at in... | direct | [
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7b4635410fd38cdb727159695724f770 | I'm curious if you can talk about some of these improvements that you've made. | Ari, we can't quite here you. | fully_evasive | [
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9c1579b2a4472c787daa3006d06e79f0 | I apologize for that. Just asking to what extent do you think some of the improvements you made put you in a position where you're less sensitive to swings in the environment or the macro economy? | I'll take a crack at that. One of the beauties of our business model is we're still primary an asset-light business. So, we're diverse. We're doing business in lots of different geographies and we're doing business in lots of different end markets. We don't have concentration in different business segments. So, that gi... | direct | [
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2e25816afc0a1787f2d95ad142a3f1ac | That's a terrific level of detail. Hopefully you can hear me a little bit better. I'll just ask one more. As you talk about acquisitions, maybe you could talk about what you've learned from some of the past acquisitions that you've done where maybe there have been a couple of hiccups and how that's influenced your thin... | We've learned. Yeah. We went to the best school going. So, anyway, as we look at sharpening our portfolio and looking at the organization, at the end of the day, it's very much about the people. It's very much about the process and the platform. So, having a more streamlined organization, having a clearer idea of what ... | direct | [
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98a185672c4ff1767a500debd68f7753 | Can you just talk a little bit about Cavallo Point and the 6% RevPAR during the quarter. I know it's just one quarter and it's your first full quarter there, but how should we think about compression coming to that property when there is strength in San Francisco like there was in the first quarter and kind of help us ... | Yes, I'll start, then I'll turn it over to Tom. So this is Mark. It -- we closed in December on the property. Yeah, the first quarter was really similar, I would do the analogy of The Palomar where we took it slow, but we got all of our systems, programs implemented and now we're seeing enormous increases at The Paloma... | direct | [
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1daef4aefa957f20716b217efbb312bd | Got it. That's helpful. And then just sticking with revenue management. Have you guys continued the rate trade-off for higher rated group strategy into April and May? And any color you can provide there about recent trends? | Sure. So we've estimated in New York, which is really a transient strategy there, RevPAR was up 5% in April. And so that's not a group strategy, that's a transient strategy in April and benefiting from the Easter shift really in that particular city. In April, the real strength in our group, if you look month-by-month ... | intermediate | [
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de03b0140306d02e40039ca8022d8dda | Hey. Good morning, guys. I wanted to ask you on the insurance with St. Thomas. Is there the reason why the negotiate -- why they're combining the BI with the other proceeds and, in other words, is that some kind of contractual situation where they're not going to negotiate on the usual BI until the whole thing is settl... | Sure. So we have a big insurance policy with $360 million limit. We're -- yeah, the first, the weather syndicate works is the -- the first $100 million was held by a variety of different folks, mostly related to London participants. They pretty much have all paid out pretty readily and then one -- primarily one excess ... | direct | [
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d7d1dfd1ca08752ac9ef98d8f5c9ceee | Okay. Fair enough. And then you mentioned potential repositionings, upbrandings in Sheraton Key West and Sonoma. Will those both stay within the Marriott brand family? | So a little different situation. Sonoma, we have a long-term management agreement currently with the Renaissance brand. So we are looking at that situation. If you compare the rate that we're getting versus the luxury, Tom said, within that market, there is a $145 delta. So we think if we can get into some of our luxur... | intermediate | [
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70c2ab6a92c4058b4a8dbacc59788f2f | Hey, good morning. One broad one. I guess with the consolidation in the space, how do you assess any impact of the competitive environment from those actions? Does -- I guess, if you didn't think about the benefits or lack thereof and you think about your own positioning going forward? | It's a complicated question. So, this is Mark. I'll take that one. So, we're a fan of activity within the space. We're a fan of people making statements about valuation, we believe that activity within the space adds interest and in some ways having one less similar size peer out there is probably advantageous to us. A... | intermediate | [
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c6c5b3c44d403ace485b16ea4c77507e | That's good color. And final follow up to Chris's question. Do you find that the math in evaluating the benefits of being branded versus independents have evolved within your portfolio, whether it actually the distribution cost, capital requirements or otherwise? | I think everyone's -- it's own business case. So we've seen a case where we bought independent hotel in New York, but the Koryo (ph) brand and literally the rate went up $50 the next week. And then other markets like Key West, where the market runs over 80% occupancy and it's a resort destination people like to really ... | intermediate | [
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44b00165294e658fbb47ddb9953cc513 | And maybe one last quick one, if I could sneak it in. I know you talked about the impact from Starwood and Marriott, the integration there. I don't think I caught anything on the Bonvoy launch specifically, are you anticipating any revenue impact rather surprising changes as that is being rolled out in market now? | Well, so they're rolling out a lot of them and they're -- you would you hope that your brand partners are being proactive in thinking about the future and -- but they're moving fast on, boy, probably a dozen different fronts. So on the Bonvoy and rewards program, they've made some changes and like you would expect when... | direct | [
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51f2992ce60d612b94f56737f1a5bad7 | Thanks. Hey, guys, I just have one. It sounds like the booking pace looks pretty good. I'm just curious what the prospects are for translating that into EBITDA growth? | So stepping back, I think we are very encouraged about the -- in the quarter for the balance of the year bookings, but we started given our citywide footprint for this year, which full up next year, but it's still -- we're still slightly negative on booking pace for the full year. So we're still implementing various st... | intermediate | [
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d2669f88903be3ceb74098b0e19116a6 | And I guess maybe my question is more directed to 2020 in terms of the EBITDA growth potential there? | Yeah. So we'll have a very strong set up in 2020 on the group side. So I think from that, we would expect substantial F&B flow through with banquet business, it's associated with that, but that's just represents a little over a-third of our business and they will still depend on the general economy and the transient ou... | intermediate | [
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59be4d640c9ba11271901f492189e9ea | Hi. Good morning. Mark, I got a couple of questions for you. First is, percentage wise, where do you stand at group as a percentage of your total business and where would you ideally like to see that in the next one to two years? | We're just over 30%, so we're between 30% and 33% depending how you measure it in group. We kind of like where that is. Yeah, we try to stay relatively balanced between business transient, group and then leisure and other. We'll probably increase leisure and other as we move more into resorts. But, as you know, differe... | direct | [
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77f67bbd4d1a62787a64dcf874911861 | Okay. Thank you. And then, perhaps, a modeling question here. I'm curious why adjusted FFO per share isn't going up after you had some pretty significant share repurchases in 1Q, but keeping the dollar amount of FFO unchanged? | Yeah. So on full year basis, Pat, when we think about it, it's going to be the weightage -- the weighted shares -- weighted average shares outstanding for the full year. So you'll see that impact a little more as we flow through out the full year and that's why you didn't see that significant impact that you're looking... | direct | [
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eea71b1b6517bb814852a07a2fafba3a | Hi, good morning. And the question on Frenchman's Reef and sorry if you have -- and if you've gone over this already. Can you remind us what the total proceeds have gotten so far from insurer have been? What the current, I guess, rebuild will cost? And let's say you get a negative outcome in the negotiations, how does ... | Okay. So there is a lot there. So we tried to get back a little bit. So we're fully committed to rebuilding the resort, it's under way, there is a 100 people probably on site this week and we'll ramp up by end of June, we'll have 300 people in site rebuilding that resort. We're going fast, we're very excited about the ... | direct | [
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ee2cb9f8b5e31fcf8c5ae381b642d5d8 | Got it. Okay. And I think there was -- you have some USVI guarantees and some, I guess, propose, I guess, brand investment, how much would those total? | So the -- we did an RFP process for the brand and we got several proposals with more than $20 million of key money. So that's a reasonable anticipation by our investors, expectations to be more in that. And then we're working with the USVI government partly to rebuild the infrastructure to a hurricane proof level and a... | intermediate | [
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b0338b250d07e6795b4bcc50d98a0a28 | Thanks. Okay. And what you comment or what you read on the Marriott/Expedia deal and how that's turned up owners and I think there are some provision in that deal about transient bookings and short-term bookings, so if you talk about that opportunity that would be great? | Yeah. I think we're excited that they reached the deal, because we think that as long as there is control of the deal and we have more ability to yield out their OTAs when we want to yield amount, which was really the problem we had before. We think that's a win for owners. Frankly, there is many details of the agreeme... | intermediate | [
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e8e6b43aba1d677ca261bde0c16c6821 | First off, I just wanted to ask a little bit about the management of the balance sheet. You guys put on a good chunk of securities this quarter. Where are you in the process of laddering cash into securities? I know you expect some deposit outflows. But are we going to expect -- should we expect some additional securit... | It's Michael Schrum. So I mean, you can see from the cash position that it's still very elevated, and it's obviously driven by -- partly by inflow in retail and inflow in commercial. So it's about half and half. Some of that is probably search deposits as we've seen elsewhere in the financial system. And so we do expec... | direct | [
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c345cf63cb0d9f0535d0dcb7c472190a | Okay. So $150 million per quarter is still a good rate to assume for the next few quarters? | Yes. I mean, we want to monitor, obviously, deposit levels. As you can see, that's had an impact, obviously, with the OCI on the TCE ratio as well. So we continue to monitor. We're not quite at the point we can behavioralize those new deposits. As I think we've talked about before, we expect positive growth in the GDP ... | direct | [
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c9dd5730312b79a6324381b5aebe7d8d | Perfect. And then, as I look at the TCE level, which I know is the capital ratio that you guys manage to and just being below 6%, does that limit your appetite for share repurchases until that TCE ratio goes above 6%? And does it also impact your ability to do M&A in the near term? | Yes. Good question as well. I mean, capital management really has remained the same. So we support dividend rate that we currently have and have announced again, plus organic growth in our home markets. So obviously, then, we look for accretive acquisitions. There's clearly been a bit more dialogue in that space. And t... | intermediate | [
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ec18a64733f5d0c305105a903a6d4a9b | Great. And then just final question for me. We have some potential tax changes in the U.S. coming down the pike, maybe changing from a regional to a global tax system -- I guess, going back to a global tax system. Can you just remind us, is that something that would have a meaningful impact on the economies of Bermuda ... | It's Michael Collins. I mean, any U.S. tax changes actually would have some impact on Bermuda, Cayman and even the Channel Islands. I'd say, going back to when we had the new bill, which really changed the way reinsurers were able to transfer risk from their U.S. entities to Bermuda, I think the fear was that would shu... | direct | [
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fa8b339f4d05dce8a7662e14b799b39e | Maybe first for Michael Schrum. How big was that loan that repaid, have paid down in the Channel Islands that you mentioned? | About GBP30 million. You can see that in the segment note. Some of that was made up by the new mortgage rollout in the Channel Islands as well, but it was sizable and profitable. Again, we're not a big loan growth story. So pretty stable asset quality and stable balances. | direct | [
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5133d41bd95ca06121625487b4dfb9eb | Okay. Yes. And then that kind of dovetails to my second question. So the launching of the retail products. I guess, when can we start seeing that make more of an impact on the balance sheet? And it looks like the deposit growth out of the Channel Islands has been quite strong over the past couple of quarters, especiall... | Yes. I think we've made a good start on the mortgage lending in the Channel Islands. And as we've talked about in the past, what we're trying to do is make Channel Islands a full service bank on both sides of the balance sheet like Bermuda and Cayman. We started off with staff lending, which actually is a big part of t... | intermediate | [
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d0a0c4089f226a255ac63970605aec49 | Okay. And then just the last question for me. Looking at the deposit book and how healthy those balances were in the first quarter, maybe if you can just quantify what your expectations are for deposit outflows. And is that a 2Q event? Or is your borrowing base still -- or your customer base still in liquidity buildup ... | Yes. Great question. Difficult to say, really. I mean, as we sat here, I think, after Q4, we definitely had some visibility around outflows coming into Q1, which actually did happen but were replaced by other commercial activities, such as premiums cycle on -- as you know, the insurance market is hardening quite signif... | intermediate | [
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6774358b5a907edc6b2952adb1e038e2 | Maybe I could start on just some of the moving pieces of the net interest margin. I think -- so one, I think the consumer loan yields came down a decent amount in the quarter, if I'm seeing that right. I'm just wondering if you could kind of speak to some of the mix shift between jurisdictions that you're seeing and wh... | Yes. Great question. There's quite a lot of -- some more detail on the balance sheet on the segment reporting as well. As you know, the Cayman mortgages new -- so the front book, both in Cayman and Bermuda, obviously, at lower rates than the back book. And Cayman, in particular, is tied to U.S. prime. So with more Caym... | intermediate | [
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96c148895fba108cc21a4bc4c9c7505a | Got it. Appreciate that. And then just on the securities reinvestments that you're making. I heard you on the average security yield in the quarter. Wondering if maybe like the exit run rate, given the kind of backup in yields over the course of the quarter, if the exit run rate was a little better than that. And the f... | Yes. Yes is the answer. The exit yield was probably in the 1.85 or 1.90, so higher than the average, for sure, and a lot closer to the running book yield in the investment portfolio. So obviously, that's helpful. We focus a lot more on NII, obviously, given the search deposits and the impact that it has on the NIM over... | direct | [
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d0928afcb6cfb23a683d65c443f66c11 | Got it. That's helpful. And then if I could squeeze in one more. Just as you look at kind of capital management and obviously, you're buying a lot of securities today, how do you think about OCI risk going forward? Any kind of sensitivity you provide? And are you thinking about any ways that you can maybe hedge that ou... | Yes. Yes. So we've seen, obviously, almost an elimination of AFS OCI gains. We still have a gain in our book. And obviously, we're booking about 50-50 of new money between AFS and HTM, which is not necessarily a hedge, but certainly gets different accounting treatment. We still have significant gains in the overall unr... | intermediate | [
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faf3e0a1ce1397e49bf1fe24f32d2bee | This is [Andrew DeFranco]. I'm stepping in for Mike today. So I was just wondering, it was good to see expenses tick down after some of the actions you guys took last year. Any updated thoughts on where that trends near term? Or is there still some upward pressure potential as things return to normal regarding travel a... | Yes. So just touching on the last year, obviously, we reduced headcount by about 10% of the workforce or about 130 positions. Clearly, that's not something we can do again this year. We're very focused on operational risk and making sure we've got enough people to have the controls that make us comfortable. So that was... | direct | [
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5fd8e8a9fbdb66ef8052e2ac6a8b10ab | Has the pandemic noticeably changed the competitive landscape in any of your markets? Have any banks pull back any further? Or any new entrants looking to diversify away from [Indecipherable]? | Not noticeably changed any competition. Just to give you a quick summary, Bermuda looks like is going to open up or the government announced on June 26. And it looks like the Channel Islands, early July. And then although the gaming government, which they just had election hasn't announced it probably September. So eve... | direct | [
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de24a4dd1e957334140488df58be465f | You have reportedly some forward sales into the third quarter of MAP and DAP at prices with the five in the funds that seems like a fairly lofty price. But I have no idea whether the volume is really light. Can you comment on how much forward sales you have into third quarter right now? And maybe compare that to histor... | Yeah. Thanks, Steve. And again, I apologize for the loss of connection there for a few seconds. In terms of the forward order book, if you will, I suspect what you're referring to is, I think, late last week, we started to have people come to us with summer fill needs. So, the spring season is basically finished from o... | intermediate | [
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31a913f0e6ddf194984a6b6927a7eae9 | Maybe along a similar line, Joc. Just trying to think about your phosphate realizations and the gap in your -- kind of what you're talking about in terms of your second quarter price improvement versus what we're seeing in pricing out of Tampa or NOLA, it seems like the benchmark prices have gone up more. Is that a fun... | Yeah. Thanks, Adam. Well, I think there's a couple of things there. Of course, there was great demand earlier in the spring season than usual, I think, because of the low inventories we started off with. So, there's always a big lag in this as we sell early Q1, even Q4, we're not rev racking them until well into this q... | intermediate | [
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1363030803c98f41eb3d5ac4f90d9f93 | It sounds like you're not thinking about any big investments. But since conditions are improving, when that time comes, do you think it will first be in potash or first in phosphate? Or the distribution acquisition? Or maybe back in -- further back integration into ammonia? Where do you think your big opportunity comes... | Yeah. Well, look, the way I would probably characterize this is I'd like to see the money in the bank before we talk about how we're going to spend it. So, our first priority is continue to be that. We've talked about the paying down debt. We've talked about the priorities being the returning money to shareholders. And... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
8b11f612f41bc68e0121f5f32261d1ea | One of my questions is if you look at OCP and Russians, at today's prices, they can import here, pay the CBD and still make more money than what they did a couple of years ago when they were exporting a lot. Do you expect that those volumes to come in here as the market remains tight? | Yeah. Thanks, PJ. Let's start by saying there have been a number of new importers into the U.S. such that I think Quarter 1 volume of imports into the U.S. were pretty much on par with what they were here. So, it's not that we've got less imports, it's just we have different importers or different people coming into th... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6920624491877f28b78d3a3a9543446e | In terms of a capital allocation, the lockup for the Vale shares have been over for quite some time. How much priority do you put on maybe saving some cash, getting some dry powder to kick out those shares -- to clean up the share in one day? | Yeah. Thanks, Joel. Well, I think we said before that we would certainly look at participating if Vale shares came to the market. And, I guess, the way I would look at that is, although they're really no different than buying back anyone else's shares, the reason for participating would be more to make sure that the --... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
4035f93ad46fddc6ae50107fd02acede | Joc, I was hoping you could talk to us a little bit more about your aspirations for biologicals. We usually see seed net chem companies focused on that. You've got a couple of partnerships now, you talked about nitrogen fixing soil enhancements. Can you give us a sense of how broad your interest there goes because thos... | Yeah. Thanks, Mike. But look, what we're looking at with that is how do we extend our product lines, how do we use our beneficial distribution system. I mean we've got a big distribution system, for instance, in Brazil, where we can really help these products get to market. But I would say, look, it's early days. We ar... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6ca81add7f115289403fb2c72a77aa4b | A question on the phosphate division, please. Can you comment on expected evolution of utilization rates of U.S. phosphate assets going forward? | Sorry, I missed -- utilization, the utilization rate, did you say, of phosphate? Yeah. Look, the U.S. is a relatively stable, mature market. But what we are seeing and particularly with the advent of the precision agriculture, actually, the farmers are really looking hard at what they need to do in terms of putting bet... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3d5d48ee80579e7800de210979f53686 | Joc, I was wondering just with the improving kind of market outlook in the potash space, how you maybe kind of restarting or bringing back some of the idled Colonsay capacity and what it would take from the market to think about bringing that capacity back on? | Yeah. Thanks, Adam. That's an important question that we're spending actually a fair bit of time on right now because the demand for potash has been strong. Now, look, we fully expect to meet the demand of our customers, and we're seeing an increased demand, particularly internationally. So, when we can legitimately br... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
d7ddece88b753c13e42a18ce0380d371 | Thanks for the follow up. Sorry. Earlier, I was referring to the utilization of your own operations in Florida, not in the market. It was down to 77% in Q1 -- yes. | Yeah. Yes, our expectations, Adrien, are that we will run those plants probably pretty hard for the next six, nine months because -- and the limit will be, like we've said earlier, I think the limit to production may be, at least in the near term, will be the sulfur availability. So, we expect to run those with allowin... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ea1dda8ab89721ba36b19482a35bad99 | Given your sulfur shortages, you said that your second-quarter tonnes would be about equal to your production. What's your current level of production? And then secondly, in terms of the tariffs on phosphate in the United States, can they be changed over the next few years? Or are they in place for the next five years ... | OK. So, yeah, let me answer, first of all, I think our sales in last quarter was about 2.1 million tonnes of which -- and I think production was in the range of the 1.9 million tonnes. I think what we can be looking at in the second quarter probably is slightly down from that. We may drop inventory slightly, but I woul... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c0b22911a701482306adb6849b1e883f | Good morning, and thanks for taking my question. Just one on potash, with your upgraded shipment guidance for 69 to 71 million tonnes, I'm just curious what sort of puts and takes are required to get you to that 71 million tonnes on the upper end? And then maybe just more broadly speaking, on the Phosphate business, gi... | OK. Thanks, Rikin. Well, let me start with our potash. If we look at the expectations on potash this year, I'd start by saying the North American demand appears to be very strong, and that's one of the gain areas. Brazil will be strong. Again, we're expecting record use of fertilizer in Brazil since year after year. We... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ae5eaf5b7c1b87fc6d37e0c8a16cefea | Just for Burton, the new sales plus 9%, thank you for sharing that. I know that's a focus number for a lot of names we cover, so anything that you can say in terms of where that came in versus plan? Where do you see that improvement to, Burton, as you get back a little bit more normalized sales? I know you have your bi... | Absolutely. So thanks for the question, Tien-Tsin. We're emerging from COVID in a really strong position. This is the quarter I was looking for, as I assume you could tell from my remarks. What I believe is, that we have the right focus on the verticals, the right customer base, and the continued customer selection. So... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6ed1085f40d68f0673c527bba2a368e3 | And then for Kelly just on the plus 9% on the rates. How much of that would you assign to the raising of the minimums for the smaller clients? I assume that was contemplated in guidance? So does the second half imply maybe a little bit of attrition impact from the change? Just trying to understand how sustainable or ho... | No, I appreciate the question, Tien-Tsin. Really of the 9% rate increase, about 3% of it was raising the minimum in general. And while the growth -- you went to the same level of growth. We probably will see it for a quarter or two more, because we delayed those rate increases due to COVID, and what our customers were ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4724cd4f9cb2e6f2b105281facfaca51 | First question I had was, just hoping you could put some numbers to the sequential change in WSEs? Just wondering if there's any detail you could provide, to kind of help us size how much of that growth was attributable to the client base versus maybe better-than-expected retention? Just trying to get a sense for what ... | Andrew, this is Kelly, I'll be happy to take the question. In general, retention was around the range that we expected. Hiring was better than we expected, and new sales, roughly in line. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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