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729a7af30540fd5bba83aa8e50deb37c | I guess, Allan, what really has changed in the mind of some of your existing customers? I know really that from your perspective, you haven't been forcing these customers to shift over from an on-premise model to the cloud. But to see this magnitude of conversions. I mean, what is really changing there? Are you startin... | Great question, Zach, and thank you for joining us. We've not shifted our thinking or any incentives in a way that would encourage them to do it from a financial standpoint, that we've offered any extra spiff or anything like that. It's truly what's happening is that -- even our existing customers, as well as they're r... | direct | [
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c91e1507a9683cb1fb2dde4e4eeb1ba3 | And then in terms of your sales and marketing capacity. I mean, just given the demand that you're seeing, do you feel like you have enough capacity in place right now and kind of what is the approach for when it comes to investing in headcount and your go-to-market approach? | Yeah, I think -- well, of course, we have two channels that we've talked about in the past. We've got our direct sales model, which is for large enterprises, organizations in North America and Europe. We think we're in pretty good shape in that environment. We -- during the pandemic, we didn't pull back. We continued t... | direct | [
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2f085c4d360e3ae708b5874a7bc5fb06 | Can you give us an update on the overall competitive environment? I mean, with Blue Yonder in the midst of being acquired, I'm just wondering if you've seen any sort of changes in the dynamics of the environment? | A couple of things that are probably most significant. One is really around the ERP players where we're continuing to see the likes of Oracle and SAP, and maybe even to some extent and a lesser extent, they're not quite so prominent in our space, Infor and some others, they just don't have the depth of capability and b... | direct | [
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d4a211eae051d185ab4ddac0f43386fd | I know you don't provide formal guidance. But, Vince, I was wondering if you could just give us a sense of -- I mean, your overall targets for revenue growth and adjusted EBITDA margin as we progress in the upcoming year? | Was it -- Zach, yeah, as you know, we don't give guidance. But generally, we're hoping to grow to maybe the low double-digits rates on the revenue side. And with that kind of growth, we should be able to get closer to maybe somewhere between 12% to 15% adjusted EBITDA percentages. | direct | [
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d7859b6c3fcabedb1e0c53fe5f01b7a8 | I know you mentioned caution a lot on the call. The flip side is you had another -- a second straight, really strong quarter of bookings, your backlog is back to pre-pandemic levels. I know there's a ramp to it, but how can we think about 2020 -- I know it's only February, but how can we think about 2021 sales compared... | Let me just make an introductory comment, then I'm going to ask Rajiv to elaborate. In Ken's remarks and Rajiv's and in mine and in yours, you referred to uncertainty in the difficulty of forecasting. We have the pandemic impact. And in many ways, it's changed the level of economic activity in terms of its impact on di... | intermediate | [
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d538140e5cbf229f9ba8fe3e6a6ee61b | Ken, in the past, you've done a pretty good job of trying to quantify what you did last year in terms of the cost savings, with the temporary cuts. I'm just trying to a sense of -- did you talk about some are back, some are not. It's also the restructuring. Do you have a sense of at least the percentage of the costs th... | Yes. I think -- I would characterize it is the largest portion of those cost savings programs were the ones that we have brought back, the salary, incentive, benefits. Those types of programs that were sizable. So it would represent a significant portion, but I don't wanna underestimate the efforts that we're making to... | intermediate | [
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9e42875bbd60f74f5f2ef064cbb72e83 | Hi, thanks very much for the call. I was actually just about to ask the similar question on about geographies you're focused on for Nuvera. I guess given that you answered that, my -- the only thing I just wanted to just state was in we believe Nuvera is a tremendously valuable asset with proprietary technology and cap... | I'd just comment that our Board always actively thinks about the best way to build value for our shareholders. And they certainly do that in the context of Nuvera. But Nuvera is a young business. It needs a lot of sophisticated support and professionalism in order to build on its position so that it's durable over the ... | intermediate | [
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a00fc13a68d0921f7905e72cb0565b05 | Hi Al, and thank you for the comment. I actually had a little bit of a follow-up to the previous question. I guess we're at a very interesting environment from a financial market perspective in that there's just so many of these special-purpose acquisition vehicles seeking something exactly like what Nuvera has to offe... | We're in the fuel cell business for the long term. One way or another, we think it's a tremendous business. And we'll be attending to it in the way that the management and the Board collectively think is the best way to manage the business for the long term. So again, I'd leave it at that. | intermediate | [
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fd6864cac8ddbc5507e7115bb30e7cdb | Just a couple for me. As most investors are eager to find out additional data on your next cohorts in the ongoing Phase Ia/Ib study of 729, wondering if you can tell us for the multi-dose data on the 60 and 90 that you're expecting, how many doses or number of weeks we can expect, given the cohorts both include patient... | Yes. Good morning Ed, its Bill. Thank you very much for that great question. Yes. I think as we've outlined in the past, we've been operating these cohorts very diligently during the COVID situation and really trying to make sure that we can work in areas where we can select patients and move them forward with full fol... | direct | [
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c432641c4d4e98362defdcd81f354c9f | Excellent. OK. And then, I guess, the follow-up to this. And I know, Gaston, you mentioned this numerous times in the past, the importance of having sufficient data to fund or at least to predict a level of plateauing on the different doses. Is this something that you're hoping to determine with this next data set? | Well, I mean, I will be able to tell you that once we see the final data. But, yes, we were hoping that with at least 48 weeks of dosing, we will be able to get a better sense of how S-antigen and other HPV antigens are progressing over time. | direct | [
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4d25883ba8a2187454a5b0e825e36c0a | Yes. Good morning. Thank you for taking my questions. Just a couple on my end. I was hoping, can you speak to the preliminary data you'll have for 836 in the second half? What will that be? And I guess, in the big picture, on what metrics are you hoping to see differentiation compared to the other capsid and core inhib... | OK. Good morning Kelly. Yes, I think in our corporate update, we've got the structure of the 836 Phase Ia/Ib study, so it's, I think, a fairly usual clinical structure with healthy volunteers and then single doses in HBV patients and then multiple doses. We are unlikely to get all of that data by the end of the year, b... | intermediate | [
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d161825941053bf577b97fb171b5737e | Thank you. That's very helpful, and that's a great segue to my next question. Just wondering if you can speak to enrollment in your various trials, the 836 study as well as the combo study with 729 and Assembly's core inhibitor. I guess, how is enrollment been going in? What steps have you implemented to ensure you're ... | Well, we haven't commented. And, obviously, we can't comment on that without our partners at this point in time. But I mean, our partner, Assembly in the combo study has done everything possible to really to speed up enrollment and ensure the timelines are met. So, so far, I mean, we haven't provided any additional gui... | intermediate | [
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f795c5f1a7c19028c8ef21b6addca87b | Good morning everyone. Thank you for taking the question. On 729, you've seen some really good reductions in S-antigen levels below thresholds that, at least in some Asian countries, it wouldn't be unusual to stop NUC therapy. And we sort of discussed the potential for evaluating what it would look like to take patient... | Yes, Brian, thank you very much. Good question. I think our belief is that we need to get multiple drugs onboard before we start reaching criteria where we can start peeling some of those drugs away, so really understand the basis for the question. Gaston, do you want to comment further on? Yes, sure. Thank you. Thanks... | intermediate | [
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e7b3c90464ea1bebf8678316e1ae2c12 | Great. Thanks for taking the question. So the first one I wanted to ask about the collaboration, you guys recently announced for SARS-CoV-2 with X-Chem and Proteros. It seems like the DNA-encoded library is kind of a burgeoning space. I just wondered if you could speak a little bit more in detail about what makes X-Che... | Sure. So as we sort of scour the landscape for sort of DEL screening technology, DNA-encoded library technology companies to evaluate who we wanted to partner with. And really X-Chem stood out among all of them, not only because we felt that their expertise was industry leading, they clearly have demonstrated through m... | direct | [
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6778fb992506f8f1194abecb43a23d7d | OK. Great. That's helpful. I mean, just any idea on timing from that partnership for when we could see the first results? | Well, obviously, we all agree that the coronavirus issue is front and center on everyone's mind globally. We are driving this as aggressively as we possibly can. And our partners know that. They're fully committed. This is really a collaboration. It's not a typical CRO relationship. So we hope to have something sooner ... | intermediate | [
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99910754b6cc7e6243c9a8cbc5fa15aa | Yes. Great. OK. Thank you. And then just a quick one for Dave, has there been any ATM use since the end of the first quarter? Thanks. | Yes, Hi Roy. So our typical policy is to disclose ATM sales through sort of the end of the prior quarter. So we'll update everybody on next call for the ATM activity this quarter, Roy. | fully_evasive | [
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a193e375c5af4cfaddf580ce8457c8e7 | Good morning Dave. Thanks for taking my questions. Yes. So on the Assembly trial, if I could clarify, I believe you're starting with the 60 mg dose. So could you maybe talk about the 90 mg data that you continue to generate? And what, if any, implications you could have to the protocol as you think about balancing S-an... | Hey, thank you very much for the question. Good morning to you. The Assembly collaboration trial, we've set that dosage for 729 at 60 milligrams every eight weeks. But as you know, we're continuing to look at 90 milligram, eight and 12 weeks, which would potentially allow us to look at that dosage, dependent upon the d... | intermediate | [
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564895abdd5d8f0dc2dfe1d8ade640f5 | Got it. And sorry, if I missed this on 836. As you're thinking about just longer-term developing this agent and maybe sort of differentiating on the enhanced resistance profile that you have good preclinical data. How, if at all, this program could be developed maybe differently than how current programs are going, com... | Sure, Bill. So yes, I think when you look at 836, it has a number of different differentiating characteristics, right? One is the resistance profile that addresses a number of the emerging resistance issues in the capsid field. The other issue is related to the sort of second mechanism, right. That being able to engage... | intermediate | [
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3ec9816e35fb65448dd93087d1b8024c | Great. Thanks. Thank you for the comprehensive answer and maybe just if I can squeeze one in for Dave on the IP situation with Moderna. At least from public filings from Moderna it seems like they are taking a relatively different approach from before. Anything you guys can comment from your end or from Genevant's pers... | Well No. We can't comment. We would not lead that effort, Genevant would. But I would say, look, we take our IP very seriously but in terms of sort of the play-by-play with the interactions of the companies, we can't comment on that. | fully_evasive | [
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cee6d6f13f2c97411b76341c138df4ac | You just said you ended October with $91 million of liquidity. How are you thinking about what is the liquidity cushion that you guys want to maintain? So how should we think about kind of the "excess liquidity" position today? | Yes. I mean -- Doug, it's T.J. We obviously sort of have our internal risk models to maintain liquidity for margin calls and the like. So I think we're well through that given the amount of cash we generated during the quarter.
So we think we can further spend that down by a decent amount as we look into kind of year ... | direct | [
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4a1c9f3d316a1506fd505c10b34e47c2 | Got it. And then I guess how do you think about the timing of future sales in the NPL market, which is -- that market's quite strong today. How do you think about taking advantage of that, but maybe it's a little bit a ways away until you actually need the liquidity? How do you kind of balance those two factors? | Yes. It's a couple of factors. One, it's -- we've financed a lot of that asset class through various securitizations. So some of it is getting to -- getting through periods of where we can sell the assets or where we can either collapse, refinance or sell out of traditional sort of NPL securitization.
So some of it is... | direct | [
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cad28ed9207ed242c0b0d7a5bb9972c1 | Got it. And then just from a REIT standpoint, is there any -- or liquidity standpoint, any amount of agency that you would kind of want to hold long term as you can kind of continue to build toward the future? | Yes, Doug. The way we think about it is the assets that we're currently acquiring with the new origination or qualified assets for retest. So the idea would be to wind down the agency portfolio, and we would need to be relying upon it for REIT and the AG Trust. | intermediate | [
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2c58846eaee58941b0913b06fc3178c4 | Actually, I just wanted to go back to Slide 18. I guess it was where you had the GAAP reconciliation. Can you just go over that $15 million again sort of the different drivers of that? | Yes. So that $15 million is the -- we refer to the RPL/NPL sale. So upon selling or liquidating those assets, we held bonds that were recorded at a discount to par, and we received par on those bonds. So that's the accelerated accretion. | direct | [
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e4215b4f619541224961e8f29b2e868e | OK. That makes sense. And then the investment in affiliate line item on your balance sheet, can you remind me what's in there? I assume Arc's part of it, but what's -- yes, what's -- and it's kind of come down over time. Just wanted to figure that out as well. | That's correct. Arc is approximately $52 million of that balance. The remainder is what we refer to as land-related financing, and we also have a small joint venture that has non-QM loans that we invest in. | direct | [
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7fa0d38e0f15e7b34116b1f7d0c4def2 | OK. And the decline there is -- are those investments just going down over time because it's kind of gone down over a few quarters? | That's correct. And that decline also related to the RPL/NPL sale because the loans we sold were in that line item. | direct | [
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4bd636c46ae4846037dc180df03e1ab0 | OK. Great. And then just one more for me. The 14% to 18% ROE on the purchased loans, can you just go through a little bit just the leverage structural? And then what repo on top of that you're assuming? | Yes. So when we quote the 14% to 18%, that sort of post securitization. So obviously, during the gestation period, we're highly incentivized to turn that -- to shorten up that ramp period. The leverage we're taking out on the securitizations is, call it, mid-90s percent, it could be slightly higher, could be slightly l... | direct | [
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721670e70f8e486edf84f75b50f6dc50 | OK. So just excluding the repo do you get to the 14% just structure -- with the securitization leverage. Yes, I was just wondering what that would be excluding like if there was no repo at all on it. | Yes. We're probably slightly lower than that.
Slightly lower. | direct | [
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cf1123f5a0dac6336324a86c07ed0cba | A couple of questions. Can you highlight some more detail around how you think about the trade-off between potentially raising the dividend and buying back stock? And then can you also describe the profile of the non-QM loans that you're buying at this point how the credit has maybe evolved over the last, call it, year... | On the dividend point -- it's David Roberts. As we've said in the past, we look at our dividend policy based on the current quarter and our go-forward look, and we will continue to do that. In terms of repurchase versus dividends, I would say that we are -- one is the repurchase is an opportunistic episodic type of inv... | intermediate | [
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e96dd4aafea4d393aaf036bbfee968b9 | Nice quarter. I wanted to get your updated thoughts on Arc and given the strength in that platform, if there's any new thoughts about continuing to be a JV or if it makes sense to be a separate entity at some point? | We have no current thoughts of changing that structure. I think that answers your question. | direct | [
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177430d5ff1d21f3d6b63de90971c31b | Yes. No. Sure, does. OK.
Fair enough. And then just switching to FHFA and thoughts around product structure that potentially could be evolving with Sandra Thompson and any sort of thoughts around the credit box changing and what that market opportunity looks like for Arc would be helpful. | So the current administration I don't think is going to be the sort of changes out of there will impact sort of our ability to source assets. Obviously, the suspension of the 7% cap that's already happened. And as mentioned in the presentation, we've already seen a slowdown there, albeit we're still sourcing those asse... | direct | [
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03db81f7e38746f9133404398ef2729f | Joe, can you just -- housekeeping on the synergy delay or whatever you guys want to call it. You've got -- you called out three different buckets. Can you kind of just size up those buckets for us just so we have a sense of you know, kind of timing on all that stuff? And how it might filter through, and what actually s... | I guess, Dan, if you walk through kind of the numbers I gave and compare those to what we've said in previous calls as we've arrayed the synergies, there's about $20 million that we would say -- would push from 2019 into 2020. I broadly put those in a couple categories. One, the asset sales obviously have taken us long... | direct | [
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9b9b654513ab5048dd3e1f47e5fc6b80 | Just on the sales process, obviously you guys have talked about, you know making this one or two -- making this two stand-alone, does it go to six? Because obviously, Viant owned XUMO, you've got fan-sided within SI, I'm assuming that's probably what's dragging this out. Is there just -- I mean is there any thoughts on... | Yeah, Dan, you hit that on the head. And even though we say SI and Viant, there's actually four separate processes going on with the -- I'll call them the sub brands under SI with fan-sided, and with XUMO under Viant. So that is adding to the complication. And also, most of these, just like we did with FORTUNE and TIME... | direct | [
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1cc353ac9454f11452c38e6404ed9eee | Jon or Tom, I do -- I'd love to get some more color on the circ strength in the quarter. In National, it was -- that was, I think, where most of the upside came versus our expectations anyway and seem to drive some margin accretion there. Can you just help us a little bit understand better was it renewals of TIME produ... | Yeah. I think, I think, obviously there's a lot of things that go into the circulation business. There are a variety of different things and actually there is -- this year, we faced a little bit of an accounting change from revenue recognition and how we recognize some of the revenue associated with our subs. Historica... | direct | [
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e78ea30c5a08af173a1a512af376a1be | What was print and digital on a comparable basis? The decline and the growth? | Q4 -- I'm sorry, Q3 as a combined portfolio, print was down minus 7% and digital was up a couple percentage points. That's how you got that kind of 4%, 4-ish down, but significantly improved. When you look at the last two-trailing quarters for the print combined portfolio, it was down 16%. So from 16% down to minus 7%,... | direct | [
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ada185fd5ce76594b31b36a120ac94d7 | Jon, maybe a little bit more on the underlying trends in the national media group. An update on pharma and other key verticals? And then you also mentioned the challenging digital backdrop, could you provide a little bit more detail on what you meant by challenging? | Sure. You know obviously, there's more -- there's a number of trends that we're seeing in the marketplace from shift to performance from a more of a branding perspective, from video continuing to be in high demand across platforms, from a desire for greater transparency, and demand for higher quality first party gated ... | direct | [
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9e8749f840e600f6c87005935b327cf4 | Maybe some commentary on core in the quarter. Could you please quantify the Super Bowl since we're going to be backing it out a year from now? And then talk a little bit about the pacing in the current quarter? And then also just phasing on the 60% of renewals on subs? | Sure. Got it. So core for third quarter was up plus six, and you know, that obviously was heavily impacted by the Super Bowl because we're a CVS-heavy affiliate group. So I'd say without the Super Bowl, it was up slightly. The retransmission 60%, we have 60% of our renewals coming up in fiscal '20, and that's spaced th... | intermediate | [
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f64c6fa9a55ea8c1f64b6e4cc93f9444 | And then lastly, auto and the LMG. Where it was last quarter? Or where it's pacing in your outlook for the calendar year? | Yes. So auto last quarter was minus six, and that's -- breaking that out domestically and foreign, domestic was flat and foreign was minus 10. And we really see that pacing continuing into the fourth quarter. I think right now we've got auto down seven. Yeah. But it's offset by professional services, which was up 18 in... | direct | [
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088ff913a34b83f2b48f39f291c6a39e | It sounds like there's quite a bunch of exciting things going on your product offerings and with regard to investment. So I'm just trying to understand how much of this is new versus maybe originally built into your guide? And how much is I guess incremental versus maybe repurposing your typical organic investments? An... | Yeah. So this is Tom. So I think when -- not tying it out to the penny, but I would say that, you know all or almost all of these investments that we're talking about weren't in our original guide. Obviously, we gave that guide at the beginning of the fiscal year last August and when things come up, we're running this ... | direct | [
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c02fcae7c1fc4bae43d625f1d8cabff4 | I know you've historically said you were a buyer of TV stations and there's been some speculation out there that you're looking to potentially sell now. Is there anything that would cause you to sort of rethink your strategy on the broadcast side? | Well, we were expecting that question. So there's -- I know there's been a lot of rumors out there, there's been some stuff in the press, but you know we are not, and I underline not, pursuing a sale of our broadcast business. We continue to be excited about both sides of the business and we continue to have long-term ... | direct | [
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ddeb96453c08808df429e64660d9e32f | If we look back at the 2019 quarterly progression chart on sales and revenue that you provided in the 4Q Slide deck, you set the bar for the 1Q margin to be pretty well below the 12% level, but you clearly beat that in the quarter. However, you've maintained your full-year margin outlook for 2019 at around 12.3%. So my... | Good morning, Aileen. This is Jonathan. Yeah, the chart that we've put out indicated that we would expect the first and the fourth quarter margins to be below 12% and then obviously the second and the third and we still believe that, that's largely, that it will play out. We ended up being a little closer than 12% than... | direct | [
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b1100b4588d1375d54465d078d2f7e37 | Second question focusing in on the power-tech business. That's been somewhat of an under-performer in terms of growth and decremental margins. Can you remind us what the issues, the key issues are within that business? Is it just a function of FX in commodities? And if we look at your two other -- two of your other seg... | Yeah, you certainly touched on the two factors that were the primary drivers of Q1's performance. We do a meaningful amount of our business in the power technology segment in Europe. So when the euro is soft, it's a bit of a hit to the top line and had some profit impact as well too.
Commodities has been the biggest i... | direct | [
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9b9133954d179bbbd8c3b2cb2fb7e307 | On the commercial vehicle segment, some of the suppliers in the space as well as sources like ACT had struck a more conservative tone on volumes as we head into the fourth quarter, which it sounds like you largely endorse as we're lapping tough year-over-year comps. However, one of your key customers on CV had a bit mo... | I think we're seeing some of the same things that you've seen in the last couple of days. And it's early in the year for us to take a different perspective, but certainly if demand remained constant through the balance of the year, there'd be a bit of opportunity for us on the top line. But I think we're cautious at th... | intermediate | [
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e2f8a2b3f9d6da4098cce49c6588ad60 | I Just want to focus on the commercial vehicle segment to start. It looks like your incrementals continue to be pretty solid there whereas a lot of other folks are showing a lower trough just due to the industry's elevated volume. So curious what might be driving that for you. And then given the expectation for the Nor... | Thank you for the question, James, appreciate it very much. This is Jim. I would tell you it's kind of been steady as you go overall. Operating focus and improvement would be the biggest thing for us in terms of your first part of the question.
You know we've been able to leverage actually off of Aileen's question a f... | direct | [
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c163e3f2ec910a200978f6891341e215 | And then, just thinking about your new business backlog, just wondering, where's the most exciting quoting activity that you're seeing for Dana now to continue to generate strong new business backlog contribution going forward? Is there an opportunity in off-highway that you're seeing as you continue to expand your add... | Great question. Thank you for the question. This is Jim again. I'd say it's a little bit of tongue in cheek fun, if you don't mind me saying. It's how you define exciting. Exciting from kind of new technology and those type of things, as I mentioned earlier, all the all-wheel drive, new products that we believe are -- ... | direct | [
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ff2139a7b02dd97300feae2a197bdb28 | Can you please elaborate a bit more on some of the market outlook observations on Slide 9? In particular, what do you think has driven the maybe stronger-than-expected start to commercial truck production in North America this year? And then also the tapering toward year end. Meritor yesterday increased market expectat... | I'll take first swing at that, Ryan. Thanks for the question. Good morning. I would tell you maybe if you think back on Dana the way we think about commercial vehicle and arguably the same thing for off-highway we probably are a little bit more cautious than others, don't really want to get out in front of our skis tha... | intermediate | [
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b804e4914f9579d2356968c2c17b588a | And then the commercial vehicle electrification opportunity, it's seemingly getting a lot more increased attention in the media, by investors, by some of the more established players, Allison, Cummins, etc. I think making your TM4 investment all the more prescient in this sort of earlier than pure organic investments y... | Yeah, I mean, it's in the press, it's free, it's out there, right. There's some of those people that you mentioned that or companies you mentioned that are pushing back into space to some degree potentially. Obviously, we feel very good about our position. Our customers, I don't know if it's PACCAR that we've been with... | intermediate | [
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1612654ac820608fa81395653dd474c3 | Hi, this is Jason Stuhldreher on for Brian. Just a few quick questions. One, on the acquisition impact in Q1. The benefit to margin was better in Q1 than I think it's forecasted for the whole year. I think the flow-through is at about 15% or so versus the full year guidance of 13%. Is there anything we should read into... | Yeah, I mean, I wouldn't read too much into it primarily because you typically don't see our results on a monthly basis. March has more work days than the other days in the month as well too, so it's typically better for most of our business. I will note to the fact that after we've been in the business for almost two ... | direct | [
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012a1c6b4c41fe5424111feb14b5ad1a | One other just financial question. Regarding the 10 million of EBITDA that was taken out of the organic growth, I think you covered that and we're going to see about 30% conversion-ish. I apologize if I missed it, but can you just go over the factors giving you confidence to hit 30% conversion in the last three quarter... | Yeah, sure. So, I mean, one of the factors is that the sales decline related to the old and new Jeep programs overlapping last year won't cost us an impact on the bottom line because the loss contribution margin will be offset by the launch costs not being here in 2019. We've also highlighted the fact that we took some... | direct | [
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747877d82dc47da73a783ac0ba1a9431 | Ted, how much is the escrow outstanding for Rockdale? | I will tell you, I believe it's $1.8 million to us, for MRCC, the escrows merger, but that relates to other forms. But the MRCC portion is $1.8 million.
And that's at fair value. So that's our expectation of recovery. | direct | [
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c8c3331fbb0ed2de9debbc06205185a8 | Got you. And by the way, great job on Rockdale. I guess strategy-wise is the strategy still to further pay down revolver debt and lower the leverage ratios, and I know it's below your targeted range, but what's the leverage strategy going forward? | Good question, Chris. Let -- we're at where I think we want to be today. We're on leverage -- I know we've talked -- Aaron has talked in the past about guiding to a 1.2 to 1.3 times. We're about a 1.1 times leverage today. So we don't have any qualms about taking it up a little bit higher, but that's going to be depend... | intermediate | [
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43d90989996747035af962038903fefc | Great. Final question, any other material recoveries in your non-accrual list, which compared to Rockdale or anything similar? | Nothing that comes to mind today, but I told you on the call and prior calls, we're very committed to recovering March loans. One of the ways that good asset management firms differentiate themselves is by recovering on loans that mark -- very often we don't have control over the mark process and we've got a pretty rob... | direct | [
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abadfa86e15bf8f42353b4622c237530 | Hey, good afternoon guys. Hope you're doing well. My first question here, I just want to pick on the investment opportunity here, and your appetite to invest that you have brought down leverage little bit. I know you're being prudent with investment now. [Technical Issues] activity picking up relative to this quarter g... | A good question Tim. You traded in and out a little bit, so I heard most of it. But your question relates about mostly the investment opportunity set and I will tell you that we've got a strong pipeline. We did a number of add-on transactions across the firm in the last quarter. The private equity platform transactions... | direct | [
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d44e71140b896408fb463db3ed5e4365 | Thanks for that. That's some good color and I just want to confirm you the color you provided about kind of leverage levels and spreads. Is that just on the lower-middle market portfolio you're talking right now? | Yeah, that's primarily lower-middle market. Upper middle market has moved as well, but we're still seeing high leverage rates. In upper middle market, we've seen pricing expand a little bit. The challenge is that the upper middle market is really competing for deals with the high yield market and the investment grade m... | direct | [
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eb61bc2465ddc5afec0079e5728d7068 | Right, got it. Okay. And then I don't know if you have these stats in front of you here. But you -- would you be able to disclose the average LTV or leverage multiples on the lower-middle market debt portfolio? | Yeah, we don't have updated stats that we provide for the portfolio. Specifically, but what we can tell you is kind of where things look, when we started on these loans, sort of where Monroe originates middle market loans in the BDC, MRCC would have a similar starting stats and so typically you will see our portfolio a... | intermediate | [
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7e23bf3cfd257da18fe5ddedc7b84d6b | Okay, got it. And then you mentioned the -- I think you have about $109 million of capacity on your revolver. Can you just -- would you be able to disclose your borrowing base and how much of the capacity that you have access to at this point? | Yeah, it's difficult to disclose that. First of all, we don't disclose that. Second of all, it moves, right. So if you may have a certain amount on your borrowing base today that's available based on the current assets. But if you originate an asset, it expands your borrowing base. So it's a bit of a moving target all ... | fully_evasive | [
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cd24337b0764ef4b91d54a9790d2d86a | Okay and then just on your comment on how that can move around a bit. I'm just curious if you've seen a -- whether it's a significant amount of assets, or maybe just a modest amount fall out of the borrowing base is leverage multiples either increase or credits have been added to non-accrual, or is that just not really... | Yeah, I mean you're not really seeing a major change in eligibility as a result of COVID-19 right now and we're monitoring that very carefully. But now, we're managing through pretty well and the borrowing base is continuing to be pretty solid and we haven't seen a lot of things fall out. | intermediate | [
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db0c137489675b1f2e058a6a888b6499 | Hey, guys. Good afternoon. Good morning. I just wanted to talk about the terminal. Obviously, it turned to profit officially this quarter, which gives you a nice visible stream and can be counted on while the trading fleet can be a bit more volatile as we just saw this quarter. You mentioned in the release that the hur... | I think during -- the point, Omar, the issue with these hurricanes is plural, is that the production capacity shut-in took a long time before they returned or are returning back to normal. So the impact of months have been kind of second-half August, September or October. We've seen stronger throughput in November and ... | intermediate | [
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cf215fca2b212db0451ca9cb3233c014 | OK. And if we just think of it in terms of numbers, in the third quarter, you got $4.4 million of EBITDA, $3.1 million of earnings. Is that repeatable, you think, with what we've seen so far for the fourth quarter? | I think it may be -- given what we've seen in October, And the early part of November, that might be slightly on the high side, but not significantly so. | direct | [
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dc36702c30e55fa3053b83866fd9fbcc | OK. And then generally, how do the terminal contracts work when it comes to like these types of events, storms, hurricanes, are they take or pay hell or high water-type contracts? | Yes. They are. | direct | [
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3b32603a0cb6faf895082e96c3b2460c | OK. Great. And then just sort of one other follow-up. I just wanted to ask, it's been about six to eight months since you guys formed the Luna Pool, and just wondering if you can give an update on how that's working. And also with the disruptions that we saw in the third quarter, hadn't that pool actually proved benefi... | Yes. So the Luna Pool, as we discussed last call as well, it's fully operational. It commenced 1st of April. And today, all the 14 ships are in the pool and performing accordingly. So it's the Luna Pool consists of ethylene ships, specialized ships. And of course, the pool is formed in order to better service the ethyl... | direct | [
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bbcaf105f87dd81180539adc95f5b146 | Hey, guys. Actually, I wanted to -- it made me think there, a follow-up on Omar's last question there. In some ways, was the Luna Pool a little bit -- or did it drive down utilization across the fleet a little bit? Because, obviously, the Luna Pool is carrying ethylene specifically, and so you have to have vessels dedi... | I don't think so. And it's a complex question. With the 14 ships, clearly the ambition is to trade with ethane and also ethylene. So whether the pool was in place or not, and you are facing this volatility that the hurricane caused, less exports in that one particular cargo grade, with the pool or not, we would be chas... | direct | [
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9e3b5e309bcdbe400d5a6f5d51b10963 | Were there -- in the release, you had mentioned a new multiyear contract on a vessel, I believe, with a Chinese counterparty. Any color that you might be able to provide there with respect to rate at all? | This was in our Q2, actually, announcement, I think we put it in, where it's a three-year contract at higher than mid-$30,000 rate per day. | direct | [
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d6f03e90ab748a459bb8ca4004b41c0c | Gotcha. OK. So it wasn't incremental to 2Q. OK. That's helpful. And then lastly, from me, this is a little bit more strategic, I guess, David or Harry, As you look at the company, and you've made a lot of progress taking delivery of a lot of ships, obviously, the terminal has come along nicely, but yet the share price ... | On the contrary, if you think about in the last couple of years, what Navigator has gone through from sanctions, through tariffs, through the coronavirus shutdown, global shutdown, negative pricing of oil and then back-to-back hurricanes right down the mainstream of where the petrochemical complex is located, and yet w... | direct | [
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32b1c421b663f8186ebeb51964a19153 | Hey, David. So I think one of the things you said in your response just now that you kind of view yourself as a value but also a growth company. And we look at the sort of CapEx and cash requirements, three vessels that need dry docking, and then probably, I think you said only $4 million of additional capital needs to... | Well, one has to be prepared for the rainy days. I mean, we've been just hit so frequently that these black swans are commonplace. But no, look, balance sheet strength and building up is obviously key, and yet being prepared to have additional capital for these potential expansions clearly, I mean, the most obvious cap... | intermediate | [
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282a6375f781e8c2191b2cda743873ae | Hi, gentlemen. How's it going? Hey. I guess two questions from me. First, any updates on Repauno or Pembina? I know those have been kind of in the pipeline for quite some time here. So seeing if you have any moves on those. | Yes. So the Pembina, Randy, has been long scheduled to commence operations back end of first quarter, maybe April next year. So no change there and no change in the volume or the specifications, requiring then four to five or six, depending on the destination of that Canadian volume, the incremental demand of handysize... | direct | [
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b3776f67b1cecaa513cb5bfaa6826ff9 | Got it. All right. And then I guess, one more quick modeling question. In terms of interest expense, that continues to fall here in the last three or four quarters. So is this kind of current number, the $9.8 million or so, a fair run rate, which we use for the fourth quarter? And same for G&A, that has certainly bounc... | Yes. So the interest charge should be something similar to Q3. There's been a slight further reduction in interest rates from Q3 to Q4, but then they have increased debt on the terminal that we mentioned. So there's further interest on that. So one will generally offset the other. So it should be there or thereabouts. ... | intermediate | [
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250910d5be0a11eeb86de06f348273b4 | I was hoping you guys could just provide some color around the expected annual revenue contribution from the Slovenia countrywide win. And kind of when do you guys expect that to begin just -- expect to begin recognizing revenue from that contract? | The revenue recognition will likely begin in our Q3. And we haven't put out in the public domain, Brian, the economics of it. | intermediate | [
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81a54b56cd0a0140625ba1287e3c282c | OK. Got it. But in terms of, I guess, how it's structured, is it -- I think in the past, like maybe in Australia, a good portion of it was recognized as services revenue and then the remainder as license revenue. Any color on how it's structured? | Yeah. There was professional services required upfront. It's not nearly as complex as Australia, however. So where Australia took a full year, this is only expected to take a handful of months, and then it would turn over to a recurring revenue model. | intermediate | [
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241872ea70046db464bf6c90e5dc248d | OK. Got it. That's helpful. And do you expect the Slovenia win to lead to additional follow-on business with companies and local governments within the country? | I do. And I think it's throughout Europe, that opportunity exists. | direct | [
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130f7e959f5a5bd8ead643b29aef79ab | Got it. And then I was also curious, are there additional countries in the EU that have RFPs out right now? And do you feel pretty confident that you can win additional customers this year in the EU? | Yes, I do. And there's at least two countries with active RFPs right now and several right behind them. Brian, we have seen a good uptick in activity in the EU in terms of getting compliant to the directive. So there's an awful lot of RFI and beginning to be an awful lot of RFP activity going on. | direct | [
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a08a4b8ff8d2887e05f395912aafed6c | Got it. OK. In terms of the guidance, is it still your expectation for over 50% SaaS bookings this year in addition to the $9 million to $11 million increase in operating expenses? | Yeah. The opex is still on track with what we talked about before. The 50% -- our bookings for SaaS will substantially exceed 50%. It takes some time for that to ramp up as revenue. But bookings and ARR are expected to go up substantially from what it was at the end of last year. Yeah. The 50% would be year-over-year g... | direct | [
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7a124a8873cc6ff5832d6702751a88f4 | Just in terms of the software pipeline, is there one category that really stands out and should be the leader this year in the software bookings? Is it Zonehaven? Is it the EU stuff? Is it enterprise? Just what's sort of the biggest potential software driver this year? | It's the SaaS offerings from Zonehaven and GEM. They have different cycles, Mike. The Zonehaven bookings have a much shorter lead time than the GEM ones do. So our pipeline is quite full and getting more full every day in both areas. We still enjoy a no-competition kind of scenario with Zonehaven, whereas with GEM, the... | direct | [
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d1bca5c1f395b6bf6ed874b8d3e06dbf | OK. And then in terms of the Zonehaven business, well, I guess, first of all, you announced a number of wins recently. Were those all going to show up in March quarter bookings? Or were some of those booked in the first quarter? | No. For example, a couple of weeks ago, we released the Los Angeles Zonehaven award. That was a Q1 award. We needed to get the requisite authority and approvals to put it out in the public domain, which we did receive. But the notification went out in Q2. | direct | [
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eddeacdc7fe2706d46e35bab2561de80 | OK. And any comment on what percent of that was kind of in the software category? | We haven't put that out there, but it's a much bigger piece than it used to be. That's for sure. | fully_evasive | [
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65f3d654a17c9d2cd7c4f09f5ccced4a | Great. And then it sounds like you're guiding to gross margin being about the same this year as it was in fiscal '21. I think you said about 50%. And so do you feel good about that despite the supply chain constraint? | Well, we're managing through the supply chain constraints. We're seeing price growth and availability issues across the spectrum of parts. But so far, the team has kept up with it, and that's my expectation that they will continue to keep up with it. 50% gross margin, Dennis mentioned, and it's correct, it's historical... | direct | [
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0898bdee64b1a6c65dda3949d6f8198e | Great. And then just last one on Slovenia. Did you win sort of everything there, meaning the government business -- the government front end, all the mobile operators and whatever feature set they needed, cell broadcast, location-based stuff? Did you get kind of the full suite there? | No. The RFP was issued by the Ministry of Defense. Our obligation under the contract is for the front end and all of the location-based data. So we will be able to display where all the phones are in near real-time and how they're moving. | direct | [
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43b73163fed19f1d6c08743c126a9161 | Hi, good afternoon, thanks for taking my question. First question is -- can you maybe give us a little more context on the Slovenia win? What was the competitive situation? And how much weight was placed on pricing versus technology? | Martin, all the usual suspects were there, including Everbridge. Pricing was not the principal award criteria; technical was. | direct | [
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6926a69567c493a7d6353b233176ba13 | Got it. Thanks. And also looking into maybe Zonehaven and GEM pipeline and ongoing customer engagement activities, which would you say is a little stronger at the moment? And do you expect that -- how do you expect this fiscal year to shake out on the respective strength and customer interest on those software products... | Well, we've seen a significant uptick in interest for both Zonehaven and GEM. GEM has a longer cycle because of what I mentioned a moment ago. They're longer because of the competitive nature of them. When you get into Zonehaven, there's a recognized urgency to get the systems in place to the counties that we have sold... | intermediate | [
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36263bcbdc7f61894d141bda96c70aa1 | Thanks for taking my question here, gentlemen. And I just had one question, most of my questions have been answered. But I wanted to ask about your investment in your SaaS offerings. Is that largely going to be going to like expanding headcount for your engineers? Or is it more on the sales side? | Both. We saw a 40-something percent increase -- 42% increase in engineering in our fiscal 2021, sales and marketing. What was it, engineering? It's in the 40s as well. So rather significant like a 40% to 45% increase in both sales and marketing and engineering, '21 to '22. And that growth will continue in this fiscal y... | direct | [
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18a906ff45bad4a47f958191071ecb67 | And how is the M&A environment? | It's up and down. But it's -- as you know, we're always active in looking valuations have actually come down a bit, which makes them more affordable, which is good. But yes, they're an important part of our growth levers. And we'll continue to be opportunistic with additional M&A. | direct | [
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53472e6005c030a7a4ab30cec27c5d03 | Great. Is there any particular focus, either international or technology or customer reach that you're looking at? Or is it just whatever opportunistic will come by? | It's generally in the critical communication areas, software and recurring revenue focus, SaaS-focused. | intermediate | [
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0a992fdd6cda0a582770b6a4593909ac | Yes. First, let me add my congratulations on the Slovenia win. And a lot of my questions have been answered, but I do have a couple. With regard to the supply chain disruptions, do most of them relate to areas where semiconductors are in short supply? Or are there other materials besides that that you're seeing supply ... | It's beyond just microcircuits. Raw materials, resins, steel. Even plywood for a while was hard to come by. So it covers the gamut. It's -- nothing's immune to it right now. | direct | [
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a9cfc8df3a8c3e4d96ecefbe974f72c6 | Which implies that it's likely to continue for a while. The other question is with regard to labor -- | Absolutely correct. That is correct. There's no signs yet for that tailing off. | intermediate | [
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8b637f111f4081cdeba28f91f64cfabc | Yeah. The other question is with regard to labor availability and compensation cost pressures. Could you sort of talk what you're seeing there? | Labor availability, we've been very fortunate, both in the U.S., Canada and in Spain, particularly Spain, we've substantially increased the head count over there. Here in the U.S., it's been sales and marketing, mainly growth. And we've been able to attract the necessary folks we needed to do the job we're trying to do... | direct | [
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9d77455f3969d4ec736bc67d7cae653f | Thank you for taking my call. Most of my questions have been answered. Richard, do you feel that you guys have enough cash? | Yeah. We have plenty of cash, Paul, our working capital. If you look at our cash consumption in Q1, it was 2.7, I think, in total from an operating basis. And it's all in inventory. And that was a tactic. I think I even announced we would likely be doing things like that in the last conference call. But in order for us... | direct | [
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5d5fc7a7dc86970c2f5348971f2cf263 | Thanks for taking the follow-up here. I was curious on the decline in software revenue. What drove the year-over-year step-down in services revenue? Was it just a contract ending and not renewing? Or was there kind of higher onetime -- | Yes, there was that. So a year ago, we had a substantial development activity for Australia. Australia went live on September of last year. So that's nonrecurring completed, and now it's into a recurring revenue model. And we had about a year's worth of development work. I think it may have been 10 months of developmen... | direct | [
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e687b2a6cae10a74e5300dda0bff2ac1 | OK. Got it. I mean would it be your expectation for that -- for software revenue to increase sequentially moving forward for the rest of this year? | Yeah. So it will follow our bookings, Brian. So you keep looking at press releases, we'll try to announce all wins. We've seen a substantial uptick in RFPs and a substantial uptick in SaaS bookings. | intermediate | [
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8a9bf14aac6bf1da88c4ae027b903140 | First, the question is for Chairman Leaf. Just wondering in the future, three to five years, how do you see Futu different from now? And second question is about just another guidance given on the paying clients. Just now, the guidance for paying clients is around the 700,000 addition for new -- for 2021, I just wonder... | In three to five years, a little long in comparison to how we plan our business. And I think our about -- our business will evolve in three effect and for one, you will see Futu as a more international platform and as we mentioned just now, internationalization is a key priority for us this year and in the years to com... | direct | [
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0f87988edf0bbc183e72f9e7fdb1ad46 | Hi, management. Thanks for taking my question. I'm Xue Yuan from CICC and congratulation on the exciting results. I have two questions here. The first one is about the revenue breakdown. We see the other income has experienced a strong growth. And I want to -- would you please give us more information on the breakdown?... | Thank you, Xue. I will answer your two questions. I think number one in terms of breakdown income, the most part of our other income still come from the our IPO subscription service charge and also the currency exchange service charge. The things you mentioned such as the ESOP business revenue and also the wealth manag... | intermediate | [
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ffcd7331c98a2d98a6a6ec0a92f34cc6 | Thanks management for taking my questions. I have two questions. Number one is about our guidance. So I think the 700,000 new paying clients guidance exceeded most market expectations. So, just want to check what is the current run rates of our paying -- new paying clients as in the first quarter and what do -- what is... | Okay. Thank you, Jackie. I will lead Leaf to answer your first question in terms of, give you some qualitative update about year-to-date situations. Frankly speaking, we cannot share any quantitative numbers about year-to-day run rate, which I think will give you more color during our first quarter earnings call.
For ... | intermediate | [
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ff54effecf9fa73c434d46848552f268 | Hi, management. Thanks for taking my question. This is Zoey from Jefferies. I have two questions. First, could you please provide some color about the brokerage commission and handling charge income from US Stocks, Hong Kong Stock and China Stock respectively. And how should we think about the trend in the commission f... | Okay. Thank you, Zoey. Let me answer your two questions. I think the number one in terms of the trading volume. Just to give you some breakdown in terms of our fourth quarter trading volume, US markets roughly accounts for 65% of our total trading volume. The remaining 34% came from the Hong Kong local market and we ha... | intermediate | [
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30c71d1ce08e108860d925ae3eb20ab9 | The first is, following up on your paying client guidance of 700,000 net new paying clients for 2021, off those 80% are from Hong Kong and Mainland. What's the expected contribution from Mainland China versus Hong Kong local? On Singapore specifically, what's the marketing strategy for that market and how should we thi... | To your first question on breakdown. As we mentioned, 80% of our new clients will be from Mainland China and Hong Kong, and then on those 80%, we think about 50% will be from Hong Kong and the rest from Mainland China.
And to your second question on the Singapore market, based on our own observations, competitive land... | direct | [
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521d15c1eb3855a14f9de220157becbb | There's been some commentary from your peers on push-out of defense orders. Obviously, you're doubling manufacturing capacity and stocking up on inventory, so you're not seeing that perhaps. Can you just talk about are you noticing any programs with delays, go over your top programs once more if that's possible. | Yeah, we see when we contact our suppliers, component suppliers, we see prolonged delivery dates, and luckily enough we are protected because our strategy handling the inventories long ago when the COVID started, and a bit before that, was to deliver to stock and avoid any mishaps, so our inventories are preventing any... | intermediate | [
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7700b7b44453ce2d3368e69a309de72c | Is it possible to go over the top programs for the quarter, what drove the growth, how do you expect that to trend throughout the year? | Well, we reported the new business of $60 million in 2020 with significant new business in the fourth quarter, and we actually delivered -- our delivery cycle is less than six months typically, sometimes it's even a few weeks, depends on the urgency in the program. The first quarter represents all that new business tha... | intermediate | [
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"fully_evasive"
] | B |
dfafcf3586bb2c8bc3ebbc26fd23ba5a | Dubi, in your presentation, it looks like you increased the total addressable market by about a billion dollars from the last time I think you had a presentation out there. It seems like that was tied to the air defense and short-range surveillance radar market, so I know this is a TAM over a 10-year period but what ar... | Yes, I think that the introduction of the new radars, especially the XMHR that widens our offering, is essentially doubling the range of the most powerful radar that we currently have, which is the ieMHR, and we have deployed already hundreds of them, but we see the needs around base defense, around C-RAM, around force... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
81cbc32ba089e214a9d43e440f4fa0db | Ok, that's helpful. Then are you still on track for adding additional [Inaudible] chambers that you'd talked about previously for your capacity this year? | Yes, absolutely. In Israel, it's already alive and kicking, and in the U.S. the renovation of the land is toward the end in a few months available as well. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
cf2958f8f8de9af5706198d7a72843f7 | Ok, very good. Just lastly, your thoughts, Avi, on potentially being cash flow positive this year, just given all the growth that you're showing, does that still look like it's tracking? Obviously, you had great operating leverage this quarter. | Yes, as you could have seen, compared to cash balance at the end of the quarter with the one at the end of the year 2020, take out the money that was raised in March, we definitely see a very powerful cash flow positive quarter, so hopefully, we'll continue with this track. Let me remind that what Dubi said, that we pl... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
da78b6365c55468ef3ee55d6ec76114f | Hey Dubi. Just wanted to follow up, did I hear correctly, you're still expecting the next SHORAD contract in the second quarter, or how does the timing look for the subsequent -- the 59 units you talked about? | Yes, we expect them on the verge of the second and third quarter, and we do believe that we will deliver that this year. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b3c1f8aa27c14040b5c706591f2ce70e | Ok, that's great. Can you provide any more detail on the growth you're seeing in Europe or other parts of Asia? I know you've clearly got some work going up in the Netherlands and other areas, but can you provide any more details on any of the contracts or how many? Are these opportunities getting pulled to the left, a... | We anticipated that, let's say, NATO--let's talk about Europe as a target end-user market, and through Europe to other places in a separate sentence. For Europe, we anticipated that Europe itself, NATO countries will adapt the U.S. concept of mobile SHORAD counter-UAS C-RAM and so on in a phase, and we start to see tha... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
cd1febe8eeff7e86d90e40d1d57449e1 | That's great. Can the European or Asian markets for -- can they be as large as the United States market eventually? | Yes, we believe that the U.S. market is about 50% of the addressable market, and the rest of the world is another 50%. We do believe that India is a big potential, maybe 15% out of that 50%, and India is waking up very slowly. We all know what's happening there around COVID, but we are doing some active bidding in Indi... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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