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b96a041d39e4669a38059bd7d286abd7 | Did you give a net bookings number? I thought I heard it, but I think I got the wrong number. | Yes, $36.7 million to be exact. Yes. Sorry, Matt. Yes, $36.7 million. Yes. And Matt, I finally found that same figure. And just for completeness, we also said that the first half total net bookings figure was $72.7 million. So as Doug said, in the second quarter, its $36.7 million. And for the first half it was $72.7 m... | direct | [
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da5ced409cea152cefac3c0c51bdc99d | Did I hear correctly that the Virginia 511 contract was part of the service bookings in the quarter? | No. No, that was not the case, Alex. There was a separate â there was a project generally related to systems integration, but it's not specifically the 511 contract. | direct | [
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c3f02fd2101250c8f75117fe687dba41 | Got it. OK. And can you tell us roughly how much of the revenue increase was TrafficCash in the quarter? | Yes. Alex, it was about $3.4 million in TrafficCash revenue in the quarter. | direct | [
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eda688b9c6e827d047bfc86469d25a3a | OK. So as we sit here and we look to the second half of the year, pretty wide range on guidance. Not a lot of organic growth in the second quarter, you would have to think that the lower end of your guidance is probably the appropriate place to be, no? | Well, we didn't bring down the top end to squeeze it to the middle. So we held it the same. So again, it's a range by design. But we still think that as we look at the second half and some of the opportunities that are ahead of us that, that range is still appropriate. | intermediate | [
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dde477c2090cf743001ab36402d6d98b | You guys have talked in the past about the timeline of medical and adult-use states of evolving and eventually becoming attractive opportunities for real estate investments. With the recent legalizations in New Mexico and Mississippi, and eventual rollouts programs in New York, New Jersey and Maryland and Delaware, lik... | Well, Tom, I think, that's a really good question. I'm going to start with first off, the cannabis industry continues to experience tremendous growth, and is expected to double by 2025. I'm going to turn it over to Paul and perhaps Ben to perhaps directly answer which states go ahead, Paul.
Yeah, thanks, Alan. So Tom,... | intermediate | [
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314ddca5d15eb83cdcbf5ba600abccf3 | Got it. Appreciate that. Maybe if we look at the cannabis industry, in general, public operators are seeing their cost of capital increase, especially at least on the equity side. And at the same time, investment opportunities seem to be accelerating.
We saw a similar pattern to this in late 2019, and operators turn m... | I'm going to turn it over to Ben to really talk about our pipeline. But I think, you have identified a unique aspect of the industry is that, as their ebb and flows in the -- in our tenants cost of capital. The demand for our unique and specific capital does ebb and flow. We've seen, obviously, 2021 was a tremendous ye... | intermediate | [
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162d00885456cf0049b3487473223107 | Appreciate that color. That's really helpful as well. Kind of building off of that, Ben, you've all talked in the past about M&A activity driving sale lease backs, Alan, you mentioned it was a record year for those and cannabis in 2021. As you sit right now, how much of your identified pipeline is more M&A-driven, as c... | I was going to say, I don't think we have bifurcated our pipeline in that way. I think, the real exciting aspect of our program is that it provides for -- and allows companies to develop over time and know that they have the capital available to them, when they work with us. And I think, that that will continue. So I d... | fully_evasive | [
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b9aa1e6157b02d0717cb4732bc1cb6d9 | Understood. And then, the last one for me, what headlines around record cannabis harvests in the western U.S. this fall, and then how that put pressure on cannabis pricing. Your exposure is small in these markets, I think it's less than 20% of your portfolio overall.
But can you talk a bit about whether kind of that c... | Yes, this is Paul, I think, that's exactly right. We said at the end there is such a difference between as you know, the outdoor grow product, and the indoor grow product that our tenants to cultivate. So when we see those headlines, I think a lot of it is coming from outdoor grows in California, Oregon and Washington,... | direct | [
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96879029316a00b700cf8e14b750f417 | Good morning, and thank you for the questions. I want to dig in a little bit more on the pipeline, and what you're seeing. Obviously, we've seen some delay in some of these new states coming on board and are pushing out and that puts a little bit pressure in near-term, especially for the MSOs. But it seems like the MSO... | Yeah, I mean, before I turn it over to Ben really, maybe to dig a little bit further deeper, you know, first, you got to remember that real estate transactions in general are very lumpy. And we had abandoned year closing a lot of transactions, specifically closing a couple of transactions at the end of the year. We thi... | intermediate | [
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3da46c0d50d601e5d915f50fd8734cc0 | Alan, I appreciate the color. And then, a kind of follow-up on that. How is IIP looking at the capital markets here, weighing on the different opportunities from a capital raising or financing side of things in this rising rate environment? I appreciate the color Alan, on the consistency that you are able to hit with y... | Yeah, I think, we still have one of the strongest balance, we have a very, extremely strong balance sheet with less than 15% debt to total gross assets. We have, obviously, access to the equity markets and we have a variety of other forms of capital debt, sort of convertible debt, straight equity issuances, and even so... | intermediate | [
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f7f75c0d6e9e95f0d2adffe09b788c7e | Well, then one quick follow-up on price for Catherine, you're committed your short term cash needs and cashier that's committed for your acquisitions and TI going forward, kind of what's leaving you as far as the balance for potential acquisition transactions going forward from a cash level? | Yeah, Scott, so we have over $400 million of cash on the balance sheet. And as you said, about $300 million of that is earmarked for eventual tenant improvements and redevelopment at the projects. But especially these large projects that we've entered into over the last us several years sit on our balance sheet for an ... | direct | [
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602571ba9286f7d7a248e5ea77d0b8ca | Hey, good morning. Good morning out there. Cat, maybe just sticking with that. If I heard you correctly, you guys have 400 million of cash, but 300 million is earmarked.
So it sounds like capital market activity is definitely on the horizon. You mentioned Preferred, there was also that debt offering that you guys were... | Before I turn it over to Cat, the market is choppy, we're going to -- we're navigating what I think is one of the unprecedented periods of time, where a lot of things are changing and changing rather rapidly. And we are looking at all our options moving forward. We think our cost of capital still provide for very accre... | intermediate | [
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d953b0f80fc44c812f77f122dc01cba7 | OK. And then, the second question is, Alan, you mentioned all the stuff going on in Congress, different ways that people are trying to either reintroduce the SAFE Act or maybe full legalization. And it's interesting, because you look last year and it was Schumer and Booker that killed SAFE Banking at the end of the yea... | That's an interesting question that it's a double edged sword. I mean, right now things are fantastic. We have got great pricing power. We are the only New York Stock Exchange Traded REIT with a balance sheet -- really super strong balance sheet that exists out there.
We are probably 10, 20 maybe more times our neares... | intermediate | [
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ff9c1335d0b0128f72a820b535d2b705 | Great. Thank you for taking my question. So with more debt capital entering the space, you mentioned, you're going to look more closely at MSO debt profiles. You also brought on six new tenants in 2021.
My question is, as more capital comes online, and naturally ways on tap rates, would you guys prefer to be flexible ... | Another interesting question. I mean, yeah, I mean, I think that -- look we're agnostic as to really how much or how we generate great returns, if we can generate great returns with a different tenant mix. We are certainly going to go down that path. If we can continue to -- generate great returns, providing capital to... | intermediate | [
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36b9c56706c23632b8112527bb37f38b | Just a question on the atezo combo. Just wondering, was there any scientific reasoning behind picking a PD-L1 as opposed to a PD-1? Does it matter which way you do that when you combine with milademetan? | Yeah. Thanks for the question. At this time, no, we see no significant scientific differentiation between PD-L1 and PD-1 or significant differences in clinical activity. So at this time, we don't see a reason to distinguish between the 2 for the purposes of the combination trial for MANTRA-4. | direct | [
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e7ae6b160cb1a8d9ecba5fdd9c5b7257 | OK. Got you. And then, Avanish, since you're beating the target on site activation for MANTRA, just curious if you're able to narrow down, at all, whether we're going to get the top line in the first or second half of next year. | Yeah, it's a great question. We're not going to refine the guidance just yet. We will do that when we can, and -- but we're not doing that just yet. | fully_evasive | [
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2e18cc0c5a90b6c06a12ead4b813d2ee | OK. And then one other question. Just I guess, I want to get your thoughts on the competitive data from Kymera, the MDM2 degrader, the KT-253. I'm assuming you saw the latest slides where they're showing some data in comparison to the MDM2 p53 small molecule inhibitors. They're arguing that MDM2 degradation is a better... | Yeah, happy to address that. And I think, first of all, it certainly does further validate that MDM2 is a target of interest and certainly has broad utility. So we're not surprised that we're seeing other competitors enter the space, and we certainly weren't surprised to see them benchmark their early data against the ... | direct | [
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7d20ebd38c9f718580e84089f8360b07 | OK. Thanks. And then regarding the cash preservation, Avanish, any more details on the steps you're taking there to preserve the cash? | Yeah. I think the color we can provide is we've, of course, always maintained a pretty close eye on the cash burn. One of the comments that we did make was that we minimized the expansion of the headcount of the company as one of the ways that we're moderating expense. We're still a modestly sized company as a Phase 3 ... | direct | [
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a67ffa18f19d8d93c18e7c6c4711a533 | According to some recent literature, CDKN2A sometimes co-deletion with MTAP. So first of all, do we know how frequent is the co-deletion? And in that case, how would targeting CDKN2A through MDM2 inhibition position relatively to some of the other strategies to target MTAP deletion? | Yeah. Thanks for the question. The co-deletion of MTAP with CDKN2A is thought to be incredibly frequent, probably approaching 100%. It's actually the next adjacent gene to CDKN2A, so it's probably co-deleted in the vast majority, if not all, CDKN2A loss tumors. I think the relative contribution of the two genes is stil... | intermediate | [
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a0659995e7b3b093fc51877f875d9cca | Maybe the first one on MANTRA-2. I'm wondering if you could speak to the early experience around screening and identifying patients with MDM2 amplification and where expectations are currently for the interim readout expected later this year in terms of number of patients and extent of follow-up. | Joe, thanks for the question. So MANTRA-2, as you recall, we kicked off in November of last year, first site activated, first patient in. We're still in the process of activating sites, so it's still very early in the game here. Most of the sites really won't be open until the end of this month, so it's still a little ... | intermediate | [
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0bf51b32e25af38a0b3848c754d851cd | OK. Thanks. That's helpful. And then a follow-up on MANTRA-4. So Richard, you mentioned the dose deescalation sort of built-in design there. I'm wondering if you could speak to maybe what gives you confidence that you could achieve the full monotherapy doses for each and whether the FDA needs to sign off on this design... | Sure. No, that's a fair question. So I'll answer the second part first, which is that we will obviously submit the protocol to the IND, and the FDA will have the opportunity to comment, but we don't explicitly need FDA buy in to the design. That's something that we do at risk. The precedent has already been said. I'm s... | direct | [
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8646a7128ede34961d964306e171f165 | On MANTRA-2, I wanted to ask about what your plan would be [Inaudible] post the Phase 2 data, if you would be looking to go to FDA to see about the registrational trial? And also, are you thinking about expanding the specific cohorts there? | Sure. So thanks, Corrine, for the question. And regarding the second part, so the study is it's currently designed, as I think we're well aware we've announced before, is 65 patients. We have a cap on the number in any particular tumor type that comes in, and that's around 12 or so. And so really, what we'll be looking... | intermediate | [
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c864c8c2e0b71f257e41ef46a91602d9 | Thirty three million of shipments to be recognized in the second half of '19. Does that provide you very good visibility into the remaining '19 guidance or whether there would be a meaningful portion that would be out into the 2020 time frame? | Yes. OK. Suji, actually, look at our -- as I said, in the second half, we have a very good order receiving. Also, we have a very high kind of a delivery schedule, too. So obviously, we look at the second and third quarter and the fourth quarter. We think the third quarter will be heavier than the fourth quarter, right?... | direct | [
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db52d8ae3bc51fae4ef83e1dd7d808fe | OK. R&D costs, are they going to be trending up for the rest of the year? | Yes. I can hit that, Mark. So yes, we expect our overall opex to trend up a little bit from the first half of the year, and it'll be weighted to -- some of the growth will be weighted more toward R&D. Yes. | direct | [
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1687b4243312f1142cb3054057d149ae | Could you talk about -- on the quota share presumably you'll be getting a ceding commission. Any sense of what the impact of that will be? I assume that will be an offset to operating expenses. But could you give us a little insight what that could do to the margin? | Yeah. So we will be getting a ceding commission. There is -- it will be an offset to operating expenses, but we don't want to get into the terms of -- and conditions of it because it's a private transaction principally with one party. And so I think it's best to just make mention of the fact that we have it. We're happ... | fully_evasive | [
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ff204253c66813e921a292f244db4c65 | The share of the risk you're taking now with your large client, are you taking the majority of the risk? Or is it still a less than half? | Well, as I know you know, we haven't gotten into the forever sort of talking about the share of the risk that we actually take. I mean this is obviously increased than it's more than it's been -- more than it's been in the past on a gross basis. But there still is meaningful risk sharing between us and the client. | intermediate | [
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22ad84a5df21deb61b3eae9a04781f98 | The current accident year loss in specialty admitted, I'm not sure if you touched on that in your prepared remarks, but that was up a bit year over year. Would you expect that to stay at that level or that kind of return to perhaps where it has been last year or the year before? | Sure. And that -- thanks for the question, Mark. That talk is around a fair amount, we don't have count -- premium in that segment. So 74.5% this quarter is improved from the 77.5% in the fourth quarter of last year, but up versus the first quarter. So I think the point is there's not a great trend there, but I would t... | direct | [
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813edd723b34d56363c460e5fa2e507b | Sarah, maybe first question for you. Just you mentioned some color on the reserves and largely the lack of movement in the quarter. I was hoping you could maybe tease apart the E&S movement a little bit. I think it was pretty small. Let's call it nil overall. Were there any notable movements on one side or the other ki... | Yeah. I appreciate the question. Thanks for asking. We know this is going to be a big focus. So clearly, we're pretty happy to come out the quarter as we were hoping at the end of last quarter with a very stable reserve in that segment in particular. I would say, there's -- they were small movements in a lot of differe... | direct | [
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a217bc3eb37beb350fae7bcc12a91c88 | And then shifting to core E&S pricing. You mentioned how the growth -- because Allied Health had a really good quarter a year ago, and so you gave kind of the corresponding growth figures. Would the story on kind of top-line pricing be similar, that if you excluded Allied Health, that I think it was a 3% number, would ... | Yeah. A little bit higher, Matt, when you exclude it. Although it sort of moves from like 3% to 3.5% when you look at the rest of the divisions. I guess a couple of things come to mind here. First, we've been getting meaningful rate increases now for six quarters, and we are up 13% I think it was Q1 a year ago, right? ... | direct | [
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de821f722daa58fc551fe8e9e72d659f | And then one last question if I can, just around capital. Kind of what's your current thinking on capital and operating leverage? I mean we've kind of shifted from what was a capital return story for many years to an environment where you're seeing some nice growth. And so just hoping you could update us on your views. | Yeah. Thanks for the question on that, too. I think for right now, we're very happy with having moved away from the special dividend in the third quarter of last year. We're seeing great opportunities to put our capital to work. So I think we continue with our above-peer 3% dividend yield and look to put as much of tha... | direct | [
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4af2c407ecac4adfcdb5efc234f7d04e | Going to the Allied Health division, was -- the drag on the growth, was it completely just a tough comparable? Or was there any nonrenewal activity there or anything? | Well, it was a really tough comparable. That was a market that got really hard at the -- in Q1 of last year and a substantial amount of flow from business come out of the admitted market. And that has sort of moderated as the year went on, I would guess, I would say, both in terms of flow and pricing, and the like. So ... | direct | [
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97296e4df62f9a0e0c2877249e1324ca | And then overall, on core E&S, do you guys feel comfortable with where rates are versus loss trend? Or do you need another point or a couple of points to really feel comfortable or where's that at? | Yeah. So you know, the rates that we've gotten over the last six quarters are definitely outpacing the loss trend. I think that we -- it's a good question. We certainly do think about it that way, but I also think that we have been out seeking rate increases and achieving that for over that six-quarter period of time. ... | direct | [
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ca74906163f728163b5884fa54ce4cde | All right. Thank you very much. And for the casualty reinsurance, is there anything that's driving the lower accident year loss pick? It looks like it's been consistently improving over the last five months at least, if not longer. | Yeah. Another great question and the biggest thing is really just mix. When we pared the book down, for example, from '17 to '18 and now into '19, we really moved from -- a fair amount of what was not renewed was nonstandard auto business, which had a higher loss pick and a lower expense ratio or ceding commission asso... | direct | [
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bf47ab682e329a279ba63d822112cea3 | OK. Thank you. That's helpful. And then finally, on the growing portfolio. Sarah, I know you said that it should slow down. But in terms of the growth of the portfolio, and it has been growing pretty -- at a good pace, and if that were -- happen to persist at all, would that change the trajectory of the tax rate moveme... | Yeah. I don't know if the growth rate is going to necessarily impact the tax ratio -- tax rate. I think there are lot of things that play in the tax rate. The movement of assets onshore is one, but we still have the majority of our assets offshore. So I don't think that's going to cause a change to that existing trajec... | direct | [
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fd6ddcae59f1f916748f8c40ad76b021 | Hey, guys. Seth here jumping in for Brian. Really appreciate the color on habitation. I thought the two examples are really interesting. But it's a line that you certainly heard a lot of other companies talk about as challenging. And one of the large E&S wholesale brokers kind of highlighted it as the most problematic ... | Yeah. I mean, I think, we wouldn't put anything on the books without feeling like it's going to be profitable when we do. It's so -- and some of these are larger accounts, and so they're not necessarily decisions that are made based upon the individual underwriter at the desk. When they start to get larger, we start to... | direct | [
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1f32aaab75113ff2d37cc9d8d8d69bdb | Got it. OK. That's a really -- that's a great answer. And then maybe this is too simplistic, but is there a way to think about terms and conditions sort of as a renewal pricing benefit? I mean, are tighter terms and conditions sort of like an additional point of value when you think about rate versus loss trend? Or is ... | Well, you know, there is -- I'm not going to be able to give an example -- perfect example. But one clear example obviously is a higher deductible or a deductible or a self-insured retention that didn't -- wasn't in place in the expiring policy and our underwriters look at from an increased limit factor perspective. Ev... | direct | [
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8007a4f5a8b7dd13a45813a629ba4272 | Got it. OK. Great. And then I think you said, six -- quoting -- or sorry, submissions were up 68,000. How much of that business do you guys on quoting? Is that -- and is that sort of limited by just your underwriting capacity? Or is there a lot of business that you just pass on? | Well, so to be clear, we got 68 -- over 68,000 new and renewal submissions in the quarter, and that was up 17% year over year. So that wasn't the growth number. That was the actual number of submissions. And then I think the second part of your question was around, do we have the capacity to handle that? Is that what y... | direct | [
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1a921dc72b37c8dfacf01e39806f472d | Hey, good morning. So I mostly asked and answered. But I guess back to the commercial auto book. Understanding kind of the claims discussion you've gone through and reserves more. But from a -- I guess, from kind of like a real loss perspective and from a loss mitigation perspective, how is claims management going in t... | Yeah. So good question, Randy. I would say that, yes, there's been a significant number of safety initiatives implemented by the insured, and part of that is definitely working to improve the driver pool based upon driver scoring, commentary that they get from riders, accidents and so on and so forth. So they have work... | intermediate | [
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7e5b9645ee8995c5fe9e51a932c17936 | Just on the quarter, if you could give us an update on gross margin. Was China accretive to gross margin in the second quarter? And give us an idea of how far Model Y gross margin was versus Fremont Model 3? And then just more broadly on strategy, it seems like your approach to insourcing is varying by region. You're i... | Yes. Just to start with the gross margin questions. We did see progress on gross margins in China, and that was despite pricing action that was taken. The factory is still not running at full capacity yet as it continues to ramp.
So we think there's a continued opportunity to optimize the cost structure there.Model Y, ... | intermediate | [
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b527853f1ca2c0ed0fcb360de5fa6f8b | You mentioned in the slide deck a couple of times that you were pleased with gross margin with PTI margin progress, and you expect it to achieve industry-leading operating margins over time. Maybe you could shed a little light on that? Industry-leading for luxury vendors is 8% to 10% PTI.
For Porsche, it's smaller, at ... | Sure. I've mentioned this before in terms of regulatory credit. We manage the business -- said differently, we don't manage the business with the assumption that regulatory credits will contribute in a significant way to the future. I do expect regulatory credit revenue to double in 2020 relative to 2019, and it will c... | intermediate | [
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b40c04c557f40e2d26c8b0c6f335dcfc | Could you please characterize the current near-term demand environment for your vehicles? These are obviously unusual times. I think back in Q1, you had indicated record backlog, I guess, at the beginning of this past quarter.
I haven't seen any specific comments about new orders or backlog in the release today. So can... | Demand is not a problem, definitely not. We do have some production supply chain challenges we're trying to slow right now. For example, the Model Y, we're body casting, obviously, because it's new technology. It's been tricky to maintain rates and keep growing the rate for Model Y casting, which is -- it's a two-piece... | direct | [
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1f40647ef83c34aa199905fddef887a5 | You mentioned a few times the constraint to growth is battery capacity still, and I was hoping you could clarify the scope of the Berlin plans for building right now.
Will there be the battery capacity consistence with the amount of assembly volume you expect to come out of the -- And if not, would you be able to sourc... | OK. We can't say too much about this, except that where there will be local cell production and -- that will serve the needs of the Berlin factory. Drew, is there anything -- Berlin factory. Drew, is there anything -- yes?
I mean, no. That's straightforward enough. I think just adding to what you said earlier about tal... | fully_evasive | [
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721575d1f7d1dfe88ac93d51b145c270 | So just -- I know a lot of moving pieces, but I think, Milt, you mentioned the 6% to 10% growth from a pro forma standpoint. Is that kind of the way to think about core sales? Or can you give us kind of a core sales range, kind of adjusting for Alluxa coming in and some of the businesses coming out and any FX in there? | Yes. That's a good question, Jeff, especially given all the changes that we had in our business over the past year. The best way to look at us for the baseline going into 2021 is exactly what you pointed to, and that was the pro forma information that I provided, and you see a slide summarizing that in the presentation... | direct | [
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02155ed529ef6031735db871eac319e2 | And as you look at the three segments, do you think the growth rates within each of those on an organic basis are going to be similar? Or is there outsized growth? Because I know, certainly, AST is kind of a long-term higher grower. But certainly, you got some cyclical juice in the other two. | Yes. Another good question. And Marvin, if you want -- I'll provide a little bit of color that might help you a little bit, think about it in terms of pro forma. And then Marvin, if you want to comment on growth rates because there certainly are some differences among segments when it comes to growth.
But with -- if y... | direct | [
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19bea484c1e1fda7b3328c67ce1cda0f | OK. And then just last one. So your pro forma EBITDA margin for -- in your slide, it's 17%. I think the guidance is just above that, like low 17s.
I guess, on kind of robust growth, I would have thought the incremental margins would have given a bigger lift than kind of flattish or slightly up EBITDA margins. | Yes. That's -- Jeff, it's a good observation. If we do get robust sales, we're expecting to be able to at least perform at the same level as we have on a pro forma basis. Once again, this is pro forma.
It's still a nice increase year over year. Part of what we have is we're planning on some of the costs that we took o... | direct | [
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67bc542d41b8560e94058cb1f10045cd | How much of the temp costs do you have coming back? | We estimate that we were able to take out roughly $30 million as a result of the initiatives that we put in place last year. And I would say that those plans were put in place kind of the middle of the second quarter last year. And we estimate about $15 million would be coming back. So $15 million -- we'll be able to h... | direct | [
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cd24fab87971c312ae4c531b55c66083 | Good end to 2020. Just had one quick follow-up question on the sort of growth guide or I guess, two sort of follow-up questions there. What currency tailwind are you assuming in the revenue guide? And outside of the sort of faster growth in Advanced Surface Technologies that you described versus the business as a whole... | Justin, this is Milt. Let me take the first question on currency. When we provide guidance or outlook, and this is true throughout the year. We're always doing it with the perspective of kind of where we are currently at the time.
And so if you look at our biggest currency exposure, it would be the euro, and I think i... | direct | [
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362d61c2d6ec221f49a8b76db5eeb3d3 | Great. That's helpful. Maybe with respect to just the portfolio reshaping, I guess, your comments on the call use the word sort of bolt-ons to describe your current M&A focus. The press release just sort of spoke to general inorganic growth.
As we look forward from the recent more material-sized acquisitions that sort... | That's a great -- that's a really, really good question. Let me just take a step back and just maybe give you a sense of how we think about M&A and I think that might give you a little bit of color, but I'll start, first and foremost, with what does a good fit look like for us, particularly as we think about material s... | intermediate | [
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ca2d31066cee95e300424b7b55c12b9f | OK. That's helpful. And then just lastly, I guess a lot of moving parts on the environmental and legal liabilities. I imagine the 10-K will have specifics.
But I mean, should I think of the remaining sort of unpaid environmental liabilities to sort of be that around $30 million, thinking about that $13 million in 2021... | Yes. Justin, we will have a lot of disclosure in the K. So yes, you're right. You can look at the details that we provide there.
Essentially, what we tried to provide or what I tried to provide on the call was just an indication of what to expect from a cash outlay over the next few years because we've had some pretty... | intermediate | [
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a05dade6ed6ee2a03ebfca917ff14a32 | Just a couple of quick questions on the quarter despite having some modest sequential revenue growth from Q3 gross margins did have a decline of about 250 basis points from Q3 sequentially. And just wondered to see if there is anything kind of one-time in nature built into that we should think about? | You know, Charlie, I'll have Keith give you some more detail but in Q4 we saw some continuing effects of COVID, and we continue to invest for the future and which is what's given us so much confidence going into 2021. If your question is, do we think that's a permanent change? We do not. And the forecast and the guidan... | intermediate | [
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476dbe75c60e0f70cd20c36727b5fffd | Got it. Okay, thank you. And then, on the Check business, I know sales were down 10% and if that's what would volumes look like in the quarter and for the year? | I think what we saw was consistent Charlie with every other economic slowdown where the consumption of Checks in the business-to-business environment slows, as there is just more less commerce being conducted and that's consistent, both in volume and our revenue. We have seen -- what we consider important green shoots ... | intermediate | [
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50e4544d5af72a101150df29e0dddcbe | Great. And just -- picking up on the new business starts, do you have any kind of data points about potentially how many small business customers you added organically in the quarter? | Charlie, we don't produce that statistic, but what I can tell you is, we had an announcement in December, where we talked about double-digit increase in the consumption of our incorporation services and that we're seeing a number of new business and corporations coming to us for checks and logo design and other parts o... | fully_evasive | [
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edd567bc5deac2dde0187856426ed5c5 | Got it. Understood. And then just shifting to the guidance you gave for 2021, can you maybe give us a little bit more insight into the assumptions forming that guidance and perhaps some additional color for Q1 in terms of the profitability in the quarter? I know you alluded that it will be similar to Q4, but is that ju... | Okay. Yes. We think that Q1 is going to look a lot like a continuation of Q4. COVID has not gone away and on top of that, we're lapping what you'll recall was a particularly strong Q1 where we're delivering sales-driven growth for the first time in a decade in the first two months of the year. So, we say that we expect... | direct | [
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f91dac0379c0f18ff2a5d06429329e1f | I guess just hitting on the guidance a little bit. Can you just maybe talk a little bit about your outlook for costs in the sense, just the operating cost or the corporate costs or however you want to lay it out in the sense that as things start to strengthen, should you see maybe some of the cuts that you took in 2020... | Absolutely. We're very disciplined in 2020 in adjusting our cost to the new reality and we took further actions in the fourth quarter for the material actions in the fourth quarter to position us for 2021. Because we were aggressive in the actions earlier in the year, we were able to deliver the financial performance f... | intermediate | [
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e0a8343738691d45f1ca34b4e969c9be | Great. And just one point on the -- I know you closed some of the main offices, you open up the others -- is that a cost saving differentials that come and offset each other once Atlanta gets up and running and get back to camp [Phonetic]? | Chris, this is one of the things that I think talks to the savvy of our team. We will actually have less operating expense as a result of this and have a superior workplace environment that gives us the flexibility for the future. So just that sort of by way of comparison or explanation, we have exited and sold our hea... | direct | [
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0e8dcc29c896341c3111584cb98fdb29 | Great, thanks for that. And then just winds on the check side, I think you talked about strength in your balance sheet. Are there still more opportunities out there in anything close to what you shared [Phonetic]. Congrats on that announcement. | Absolutely. We are chasing a number of material additional check opportunities, nothing that we are obviously [Technical Issues] guarantee or discuss today, but I will [Technical Issues] as the strength of our company's performance through this while short of what we all would have liked from a financial robustness sec... | direct | [
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c0705e33fdeb3939ae7ba66f23f1970e | Great. And just a few more questions if you don't mind, just around the data-driven management. You've talked about some new wins there, just timing of that coming on board. I guess just been talking to the customer base. Is that a mid-year kind of adaption? Or do you think that's later? If you woudn't mind shedding a ... | Chris, I wish I have a perfect crystal ball on that, but we expect, as we've said earlier, we are working on a number of large-scale marketing plans for a number of large financial institutions. Where exactly they will fall? We don't have exact precision on. We have a lot of confidence in the scale, on the scope of tho... | intermediate | [
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9083432114ef2d2cfb264b25cb9bbc14 | Hey, just a couple of questions. You talked about the possibly resuming M&A again, Barry. Just some thoughts on valuation. Obviously a lot of valuations accelerate [Phonetic] in the public markets. Is that something that could potentially make it more difficult to do? | Certainly. If we were to go after -- which we are not -- but to go after some of the ultra-high flying, ultra-high PE companies, that would be very difficult for us to execute on. But we think there are a number of good quality assets that we could reasonably afford, that will be accretive to shareholders and that prev... | direct | [
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e644a3fdcc26324bb9d55d56e196292a | Great. And just one last question on the M&A front; are you factoring in any acquisitions into your guidance for the year? | We're not.
It's a real break from the past where we said we're going to become -- again, we said we'd become a sales-driven rapid growth company, we are. We're not [Technical Issues] but whatever we've said we delivered the good old fashioned way by selling, selling, selling, forwarding and making our customers happy ... | direct | [
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5aac8b89ab83447077026e6d7548a5ad | Thanks for taking -- just one quick one. Can you give a CapEx number for 2021? | Sure. Our guide there is about $90 million. | direct | [
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42fd3138a70c13232467b8ac84c32b4a | So congratulations on the transaction, obviously a lot of moving pieces going on here. So on the acquisition, maybe talk about what you look at the relative outperformance versus market. You certainly have talked about those statistics in your core non-residential markets historically. The slide deck gives a 9% CAGR ov... | So, good morning, Mike and Higgins is going to look up the penetration piece of plastics in there. But I just would -- I'd like to give you that flavor on kind of how they grow and what happens there between sales and their margin improvement. So, one, it's a conversion story, just like ours. We convert from traditiona... | intermediate | [
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7577672771a8921fc4a2dc4562e79a15 | And the limitations that they've had from a penetration perspective historically, have those kind of mirrored yours regulation, distribution, expanding geographically, anything else behind that? | I don't think so. I would say the dynamics that we face in terms of converting from traditional materials are very similar in this business as well, another reason why we like it. We know how to go and do that through our market share model. They know how to go do that through their market share model, so really the sa... | intermediate | [
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3c17fd1bea494887e7c6bae5ba7d119a | Makes sense, and then can you help me a little bit with a two-pronged geographic question? One, splits domestic versus internationally, and then, secondarily, when you're thinking domestically in the States here, how does their footprint overlay with yours when we think about it on a regional basis? | So their footprint in the United States would be national. It's concentrated in areas that have higher onsite septic. Sales are concentrated in areas that have higher onsite septic, which might be places like the Southeast, places in the Midwest, but they have distribution in every area. I think their international sal... | direct | [
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e05329e6a9e0723c5da47de380b25412 | Good. And then from a synergy perspective, you guys laid out some pretty decent timelines, or detailed timelines around the ability to move forward. How are you guys prioritizing that relative to some of the other things? Does this change what you guys are -- some of the internal initiatives you're working on the legac... | So here's how I think about that, is the most important thing we can do is let Roy and his team execute their plan. And so, we'll really operate this as a separate company with Roy as its leader. And I think if they go and execute that plan, we're going to be pretty happy. There are a few very high-impact synergy progr... | intermediate | [
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a0b721d286aece50f85c8ec2be39f60d | Last one from my perspective. Could you just talk about the momentum that you saw in the legacy business through the quarter? Obviously, really healthy trends, but any signs of change from the underlying demand perspective of the consumer, anything the distribution's saying at this point? | So I really appreciate you bringing that up, because in all of this a lot going on, as you said. We didn't want to lose the fact that we had a pretty darn good first quarter. And I would say that there we see things moving at paces equal to or better than what we saw in the first quarter. And our order rate is good. Ou... | intermediate | [
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3291384e732ab95aeabef8d78a9ca2d6 | So I'm going to focus here just on the legacy business. So, on the guidance you guys have on the sales side, obviously looking at the quarter, the domestic construction markets, ag, both nicely outperformed. I think what you initially laid out in terms of market outlook. Maybe international was a little softer. But giv... | Yes, that's a very leading question, Matt. I appreciate it. No, I think I'd echo Scott's -- I don't think, I know I'll echo Scott's points. We're very encouraged by what we're seeing here in the first quarter in our order book and so forth. But I think that helps us firm up. It's the first quarter, right? It helps us f... | direct | [
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b469444eb708c0f641b8287dcd133c03 | Okay. Perfect. Appreciate that. And then, secondly, on the margin side, again I'm sticking with the legacy business here. You guys are guiding to about 40%, or perhaps a little north of that in terms of incremental margin for the balance of the year, looking kind of toward the midpoint of the EBITDA guide. Is that most... | Yes. I think it's volume, especially when you see kind of the growth rate that we're seeing on the allied products and the high margin that you have there. So that sales is definitely helping with that incremental margin. But it's more then that spread, is that favorability we saw in the first quarter. We expect that t... | direct | [
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32037ffcc0bfc13c61e4cba7cab01b30 | Can you give a little clarity about what you expect potash production to be in 2021 and 2022? There are a lot of moving parts as you bring back on Spain, higher operating rates, but you've got some outages in Q1 for the expansion work, as you're going to expand it, and you've got record production in Dead Sea. So what ... | Production in Sodom, the Dead Sea, will be between 3.9 million tonnes to four million tonnes this year, and in Spain 700,000 tonnes to 800,000 tonnes, depending on the degree of success of the consolidation, which is expected to be finalized either in March or in April. The next year after that, since we intend to exit... | direct | [
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e4364e0879bab3507d4258dbd6bf2e6e | Sticking with potash, so a lot of your competitors are outraged about how low the prices are in India and presumably China. You have a lot of Chinese sales. I assume you'll be going in at the same benchmark price, matching the price there with your buyers. And can you also comment on the bifurcation we're seeing betwee... | Absolutely. You know, the change in the prices has really been overwhelming. And if you saw on one of the slides that Kobi presented, you saw the spike in commodity price is actually not just potash in December, and of course, it continued in January. So as we were creating guidance for the year, what we saw in front o... | intermediate | [
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ac413e1538318d12e7ed91d160236c69 | So my last question would be on YPH. So in China, you're talking about adding capacity there, I believe. Will that be new capital? I think in the past you said you'd put no new capital in that project, but tell me what the new plan is or if it's the same plan just further along now? | Obviously, the joint venture has been self-sustaining in terms of capital for the past almost two years. Actually, it's been returning shareholder loans, quite significant amounts, in the past year-and-a-half. It's profitable, cash flow positive, $30 million of operating income this year, which were record third year i... | intermediate | [
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053bfcadf2dadbbbcc93910c33534c9d | Just wanted to unpack the very strong performance in Industrial Products, because your bridge shows there's very little on price in the fourth quarter. Is that something you are now expecting to capture? And just on that, you've obviously talked about annual -- about contracts and shift to contract, will that have annu... | OK. So there are few parts to your question. First, I'll try to describe the dynamics in the market. We saw demand softening during the second and third quarter, mainly electronics, automotive and somewhat in construction, mainly in the flame retardants market, and obviously clear brine fluids, a very, very significant... | intermediate | [
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a70d0f0dcf9bdf936e3e5d8e25a1c42b | And then secondly on phosphate solutions, obviously you note the strong recovery overall, kind of performance of the specialties business. I guess the -- if we think about the margin performance, and the fourth quarter, obviously very seasonally affected. So what should we be thinking about the kind of the underlying m... | Well, the plan we presented for 2025 was growing our organic margin to double-digit by 2025, and at the same time acquiring new business. It is over double-digit, so we acquired double-digit operating income and EBITDA business in Brazil. That will add to growing business with the growing margin in our existing busines... | intermediate | [
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bb672ffd7f08f4d9410ada59e667e0e0 | Let me start with the nice jump in pulp production. Have you seen any significant shift in where you're selling your pulp beyond the usual timing and seasonality stuff? And has there been any significant shift in where your best netbacks are? | Like I said, our four major markets which account for about 75% of our sales are China, India, Europe and Brazil. The only change in that is that there was some shift during December and January and now February to the U.S., given that the price levels in the U.S. have spiked more than in other places. So we shifted so... | direct | [
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c0eacbcaea37146218ac1c6c06ed0325 | And just -- you didn't call out automotive weakness this quarter. But we know that several automotive producers are struggling. Is that going to have any impact on your demand in the first half -- back to 2020, sorry? | Yes. Automotive flame retardants haven't returned to the levels before COVID, but we've spoken to some analysts in the U.S., and they telling us that there is actually a boom in the automotive industry now in Israel, and sales of new cars broke record in December, and they explain that because people don't want to trav... | direct | [
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e45160e75958986edd874ba3659d18ed | The first one is on the Fertilaqua acquisition, whether you can give us a little bit of color around sort of how it's going? Now, it's been part of the company for over a month and your, kind of, plans for the business this year as you get the opportunity to integrate that? | We're very happy with the management team at Fertilaqua. They've only been with us for one month. They're on budget for the first month, looking positive. That's about as much as I can say at this point. It's a new acquisition. We're taking it very carefully. It's our first acquisition in Brazil, but we have great trus... | intermediate | [
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0894f55eabb94c335ed27bd79cb6fcb0 | And maybe a broader one on the M&A plan then. Could you give us a sense of how that pipeline is developing, and whether sort of the rally in crop prices and, generally, sentiment in the ag space changes the ease or difficulty with which you can get your hands on assets? | I would say that we have a pipeline, so there's not a lot I can share at this point other than the fact that healthy balance sheet with plenty of liquidity came in handy during COVID-19, where opportunities that we didn't imagine could open to us opened to us. And whenever we'll be able to share the news, of course, we... | intermediate | [
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91a1802c005ac1236e94701ab1fab551 | Could you share with us what you're seeing in terms of credit available space as well as the competitive environment there? And I guess relatedly, how will low interest rate impact this dynamic? | Well, we can continue to see a healthy competition out there. There's still a lot of money available for subprime and deep subprime. So it is competitive. We do believe that our offering and the pricing of our offering is very attractive to consumers, when you look at the total cost of ownership, and our job is to educ... | intermediate | [
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43087eca9e5ba0db1c047b816c666b16 | Are you seeing any change in the credit health of your consumer? Obviously your credit metrics improved materially in recent quarters, but accounts over 30-day past due ticked up a little bit. What do you think was driving that? | Well, that was such a slight -- we don't look at that as a big deal, a slight increase in 30-plus. I'd say overall the health of our customers is pretty strong. The wages are up, the hours worked are up. We're attracting more repeat customers with the offering. We believe that the overall portfolio is healthier today t... | intermediate | [
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610425bb6534a89d1eef986c86893608 | Can you maybe talk more broadly on your capital allocation strategy? How are you prioritizing share buybacks versus investment in managers, store openings, paying down debt and then so on? | Well, our first order of business is to always make investments for the business first prior to buyback. And then when we have excess cash, then we reinvest in those buybacks opportunistically. But certainly, our first order of business is to take care of our associates, so that they can provide that service that we're... | direct | [
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25d4d62269ac74e2336d727417cfd8c3 | As we think about the improvement in collections that you guys have enjoyed, how much would you say is kind of driven by internal efficiency enhancements that you've been able to deliver versus kind of just, you know, benefits from a higher quality car? | We do believe that most of the improvements we're seeing is from internal improvements, we have much better visibility on delinquent accounts. We are getting resolution with delinquent accounts much quicker than we were before. We're seeing productivity at the field level that we didn't have. The visibility is better a... | direct | [
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fcacfeea2bcf567048e30efe5474917a | As you mentioned the initiative to kind of maintain the customer base, create customers for life, move up the credit spectrum with them. How should we think about that and the influence over time and kind of the gross margin and also the other income revenue line item as you kind of progress with that customer base? | Well, that's a good question. And over time, over the years, customers -- good customers sometimes have graduated beyond Car-Mart and moved on to a special finance, maybe a new car dealerships or independent dealers. And we believe that when we look at pricing above us and what our customers paying above us, that there... | intermediate | [
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e0bed557ae24bf3a4d60c7531c0a6cef | Just as we think about the unit volumes and kind of some of the headwinds that we've seen more recently there. Can you just talk to us a little bit about kind of what's driving that? I know in the past you've mentioned kind of inventory mix and having the right mix to sell it is important. But are you seeing any intens... | Well, we are -- again, it's a little bit of a transition where we are certainly improving the quality of our inventory, the quantity and the quality to be more competitive. Really focusing in on repeat customers and customers we already know and it is competitive. There's a lot of money and we've got to educate our con... | intermediate | [
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efb738ba520b0ca0bdacfd7afd28398f | The tax rate came in a little lower than what we're looking for any guidance you could provide about how we should think about the tax rate on a go forward basis would be great? | Sure. So, you know the only difference really is the -- this discrete item of the stock-based compensation and when exercises are done, we always get a good benefit from those. We do still continue to have some options that will be expiring over the next few quarters, but we don't know exactly when those get exercised.... | direct | [
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0bc499480b9a4fdc8951d6236689e62c | First, sorry, just one more on credit, if you don't mind, talked about better vehicles and better collections. Anything on the underwriting front or any changes in terms of approval rate there? | No. The traffic has been up based on the improvements with inventory and then the efforts to improve our field sales efforts in the field, so traffic is actually up. The online efforts have improved -- online traffic, obviously. And so we're seeing more customers at the dealerships and online and we're being a little m... | intermediate | [
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899287af82a90f53fcbc9a00a3a60f67 | Can you just remind us how your business performs in economic cycles? | Well, you know, the only -- recent example is -- not that recent anymore is the Great Recession and the company's credit results were actually at all time lows at the tail end of the last recession. So by putting a good product out there for a fair price and supporting these customers, if credit was to constrict in the... | direct | [
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55a0017494b81be26944cf2b5ac0cb7d | I just want to drill down into severity and well, frequency and severity a little bit more. Obviously you talk a lot about improving the car that you're providing to the consumer. How much of that decrease in lost frequency is a function of a better mechanical soundness of the cars, as opposed to a change in underwriti... | The majority of it is related to the cars. I mean, we continue to tweak our underwriting and obviously see our credit. I mean, our down payment and our upfront equity and a lot of that stuff is improving, but I would say the majority of it is related to the car. And just to us getting in front of the customer a little ... | intermediate | [
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c4aa22bb0fb68ebc23152ca3b365be58 | And then as far as severity goes, I don't know if you gave out the information on duration, but we've obviously seen over the past year or so we've seen duration come down, we've seen a down payment go up and the cash conversion cycle improve, which should theoretically even in a static frequency situation, reduce seve... | Yeah. So it's not huge. Our overall portfolios at 32 months at 0.3 compared to last year, so not a big reduction in the term. We are keeping customers in their cars a little over a month longer. So that contributes to some reduced severity there.
And the car is better.
And the car is better. When we -- you know if we... | direct | [
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6572b4ca1bdb96b59589560d46900969 | So is there been a big change in the number of cars that you're repo-ing and scrapping as opposed to repo-ing and taking that to auction? | No. It's been really pretty consistent. | direct | [
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31a5627f6562c2140b363d8932162e14 | I wanted to start with current sales trends and try to understand the acceleration you're seeing in April. And I guess how much of the current trend do you think is due to a temporary lift from stimulus checks, first pent-up demand as the economy reopens and some of your own sales initiatives like the Gnocchi? | Certainly, I think acknowledge that many of us in the industry have seen that the industry has seen an increase in dining out due to the stimulus, at the same time four things give me great confidence in terms of where we will head from here. First, we were receiving momentum even prior to the stimulus and even now the... | intermediate | [
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12de30c4c7aca205d0398c13f800e1f1 | Great, great. And then, I guess as -- you're used to having the dining rooms open and it seems like you're seeing a sales mix shift back into the dining rooms a little bit from digital even as digital is growing, but is that having an impact on higher average check as that mix is shifting back? | We're seeing overall check continue to be roughly the same as what we saw during the initial parts of the COVID pandemic, so certainly a little bit higher than expected or than what we had historically. Secondly, what we're super excited about is the fact that those digital sales continue to break records even as we re... | intermediate | [
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"fully_evasive"
] | B |
bf28ff9d5190e51ec54bfb302f1105c6 | Great. And just one last one on unit growth. Can you give any update on the progress you're making with franchisees and building the pipeline there? | Yeah, as we said, we do have a franchisee opening restaurant in South Carolina later this summer, it will be our first new franchise market in a few years, actually. We're really excited with the momentum that our Head of Franchise Sales, John Ramsay, we brought on a few months ago, he's bringing some great candidates ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7db5f6ea6e524943bc143adbcf01ea39 | I think you said 57% in the quarter, can you break that down to pieces of digital and in particular, delivery direct versus indirect in the marketplace, please? | Sure. Go ahead, Carl. Yeah, Sure. So the 57% for the total digital, if I break that down, that number is actually more indicative of the fourth period, so what we saw into April. And as we look at that, we saw the third-party mix is around just a little over 25% with the direct delivery closer to 4%. So the remainder t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b4b5739bdf65b808b7d7dfcedb33c059 | OK. And then you had mentioned margins benefiting -- my words not yours, but less discounting, what was kind of an average discount back in the day and what is it today, because it sounds like yourself and most other brands don't need the same discounting efforts in this environment? | From -- so how we look at discounts, I know it differs a little bit depending on the restaurant concept. It ultimately end up hitting your cost of goods sold. However, what we look at it as a percentage of retail sales and what we are running right now is kind of in that 2.5% to 3% sales, so think of it as a 70, 80-bas... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
f4ff4e3e26b181a71db30fe3760a3e4e | That makes a lot of sense. That's very helpful. A last question, EBITDA margin numbers are awesome, it sounds like we can think about 18% as a run rate, in terms of the pieces on labor in particular when you hit a 100% of, let's call it pre-pandemic sales, did you have the staffing you need and probably, more important... | Sure. I would -- I'll let Carl talking a bit about where we expect having the overall labor and line item to go. No question we're seeing one of the most competitive labor environments that I've seen in my 17 years at Noodles & Company. At the same time, our people metrics, our culture. I think, Nicole, is stronger tha... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
c524753ebd6873162e79021b895809c8 | Actually, just on the labor during the first quarter, I thought it ran a little heavy at least versus my model, obviously, it sounds like you got a lot better in March, was there anything going on early in the year ramping up with dining rooms reopening or some incremental training with Gnocchi just to kind of put the ... | Yeah. Honestly, Andy, I would not be nervous at all about what you saw from the Q1 perspective with labor. So if you go back historically with Noodles & Company, Q1, as Carl alluded to, significantly lower volumes from a seasonality perspective, particularly, January and February, but overall effectiveness and efficien... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
efa30946d926290ba6462dfae651c128 | Got you. And then, can you give us an update on, the rewards number is kind of where you are on the journey, personalization and anything you have as other fast casuals have done where maybe there is a digital-only product or something like that, that you're thinking about to activate more rewards members? | Yeah, so one thing we're excited about Andy is, we are seeing increases both in the number of guests that are in the program, which is now above 3.6 million, about 20% above, where we were a year ago. But also, we're seeing increases in the frequency of those guests as they just become more and more engaged and active ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
96f308715697af56441c39e13bc7b637 | Can you talk about any further progress you've made on acquisitions to-date? And given your accelerated year-to-date pace versus your original expectation, what's your outlook for the remainder of the year? And would you say you see the high-end of guidance is more likely now? | Yes we didn't change our acquisition guidance. We had a busy second quarter. The first quarter was a little slower than usual for us. And so, we're comfortable very comfortable with kind of where we are and we're finishing in the range of the guidance that's out there. As you know, the future acquisitions are so fuzzy ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ae26665de32e502739a23ec8b9cd15de | With rates falling, do you see more opportunities for opportunistic dispositions? | Brian, hey, good morning. We have a very effective in-house disposition platform. We run most of our dispositions internally. And cap rates in the disposition environment, its selling properties one-off to individual investors often 1031 exchange buyers. Those cap rates are remaining very low. So it really does provide... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
2e82f74d16629c0ce8894f0b5444629f | Why do the lines of trade seem like they have the most expansion plans? | You know, Brian, the simple sentence that we often say is you can only buy, what's for sale. What we're focused on are good real estate locations with good access and signage and visibility operated by strong tenants in their particular businesses in situations where we can acquire those properties at low cost and at l... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1dda43be34ff58dc49e1f7fa2459a377 | Just in terms of the guidance I know there's a slight increase in the real estate expense as well as to G&A. The real estate expense, I assume is from the moving up of the acquisition volume. But in terms of the G&A is there anything specific there we should be looking at? | Not really. That was $0.5 million increase on a $36 million, $37 million run rate. Yes just fine tuning on our end. So yeah nothing much to read into it. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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