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e91fb9f90ce0d6e9b491162cca6427ef | So -- but it looks like that has a bunch of different components, right? If I think about it, there's COVID costs, right, as a part of it, there's the negative impact on treatments, then there's the benefit of sequestration, which it sounds like you put in there, and then there's some cost offsets. So I'm just trying t... | Yes. So you've got it right. And I think it -- ultimately, it's a pretty simple calculation. You take the excess costs associated with PPE and that roughly offsets with sequestration. And then everything else is awash and what you result in is basically the negative impact of mortality, which is in that $150 million ra... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9f85e82a4595cf39167fdfe61c00393e | As you think about the impact on mortality, obviously, to your point, we probably saw a bottom in the first quarter and things are expected to get better through the year. So I'm just trying to think about the pace of that $150 million right? Because the exit rate is going to be important coming out of fourth quarter t... | Yes. So this stuff gets pretty technical, pretty quickly, but let me try and help you out. I think the way I would think about it to simplify it as you start with what our typical NAG is. And if you want to grab a number, go back pre-COVID and pick something in the low 2s, 2.2%, something like that. And you really see ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
66896fe5be59d1bcaef7e26c44261ced | Can you give us the commercial mix change from kind of what you were looking at in the fourth quarter kind of into the first quarter here? | It went up a small amount, not much, but it was up a little bit. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
fe6f640ea0369eab602cd5143dbe1a53 | It's been a pretty fun few years from a share repurchase perspective. I'm just curious what we should think about as the right leveragio for the business at this point? And kind of where should we deploy the rest of that ine ratto share repo? Because I think you're around 3.5 at this point. I just want to just get a fe... | Yes. So look, I think we've been pretty consistent on this, and nothing has really changed. We want to be in that three to 3.5 times. We're at 3.39 times right now. We did a $1 billion bond deal during the quarter. Cash flow for the rest of the year is likely to be relatively strong. You saw cash flow in Q1 was weak, a... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7eb4f85d577ac3231ec0a8b9d5505725 | What was the percentage of your Medicare Advantage penetration this year versus last year? | What we disclosed last time as our expectation is in line. What we said was mid- to high 30% and markets roughly around 43%. So we're slightly below the rest of the market, still in the mid- to high 30s. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a2a84e93f37b2dfc1182f2f0c04cbc61 | Sort of what percent of your patients were treated in the home this quarter? And did you see that accelerating sort of in this post-COVID environment? | The percentage hasn't changed much because with NAG decreasing, but that segment of our business did increase, in particular, PD. PD grew around 4%, home hemodialysis, the HH part of it decreased. But net-net, that's the segment of the business that continues to grow. We think that there is appetite from the physician ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
de0cfbc0ac561b0e1047003bd723746e | I was wondering if you could provide a little bit more color with respect to the near-term outlook, right? Like, I mean, Ford's discussing some pretty material production in 2Q. It seems like thus far order entry in aero has been relatively stagnant. So I'm just curious, sequentially as we move into the second quarter,... | The semiconductor issue, on its surface, probably had an impact of maybe $10 million of EBITDA in the quarter. But we were able to pivot quite a bit of that capacity into the industrial segment, which is relatively strong. We probably forecast the impact to be greater in terms of automotive this quarter. But also we ha... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
34af462647f80ed31d29ce33ab6fa5d2 | With respect to some of the new, I guess, contract extensions or agreements in aero and then also in packaging, can you give us any sense for the profitability of the packaging deals you were able to secure? And then on aero, you talked about improving mix, volume share. Can you give us any sense of what that could imp... | So I mean, first of all, 600 million pounds, upper end of the range on the 100 million to 120 million. I think you can kind of back into what the profitability per metric ton is for the combined opportunity there. With the level of interest that we had in -- from the can makers, we were able to, I think, do a fair job ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
7c6206d40355d66347d6fad0aa092dac | Can you quantify what the impact of the pension reform in the stimulus bill was in terms of the amortization schedule doubling and I think they raised the interest rate before. And then with the pre-funding, I know you have Slide 22 in the deck. How would that -- would those numbers look similar for '23 in terms of you... | So to answer your question on the impacts of the legislation reform, it essentially smooths -- it doubled the rate of smoothing. So to some extent, our $50 million that you have on Slide 16, it had a dramatic reduction of that because it spreads it over double the years. As far as the impacts on '23 and beyond, you're ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
73bfdd4ae4b88c2a5bec57ca7b4d7286 | I mean, it's really great you guys are filling the announced capacity so quickly. I think compared to what you said you had tripled the request rather, maybe you had available. But what are your thoughts on industry capacity? Historically, the rolling market faced some overcapacity cycles. Just what are your thoughts o... | I think that we're going to continue to focus on the types of opportunities that we have in the past. The pricing levels that you have in this industry in terms of thinking about greenfield capacity probably don't support that. And so what we need to do is continue looking for affordable opportunities to invest in our ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
03bf4642263438d3bc89ab080a2b88a0 | And then just on the Extrusions. What do you think the cadence recovery looks like? Is there anything in the infrastructure bills or environmental regulation that you see that's suggesting an uptick in any particular products? | I think fundamentally for that business to recover, we need to see the aerospace volumes come back. We're already qualified with those customers on those products. We have some pretty unique assets to service that market, particularly in one of our facilities. So we're continuing -- we've taken a tremendous amount of c... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
cc6296652397efa04f496d35a99dd743 | On the North America packaging qualifications, can you talk about how many you have in process or how maybe those have moved forward from Q1 or Q2? | So we started shipping our first trial coils last week, in fact. I think we've got -- and I may have missed this, but I think we've got 13 trials scheduled this quarter. So we're making really good progress on getting ready for the new contract. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1d0bc51987cf811d9aaa8dc58685ecf7 | Was just thinking, like what do you expect for the rest of the year in terms of working capital assumption? And like how much have you taken into account into the free cash flow guidance? | So we've -- I think we've seen quite a bit of the ramp-up. So I think it should level out. I expect that -- well, if you look at our guidance, we were negative $300 million free cash flow plus in the first quarter. To essentially get back to 0, we're expecting to generate over $300 million as we go through the rest of ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b776febbb5da8e7bca4f487c01bf3f63 | What do you expect for the like SG&A and corporate expenses for the rest of the year? | Should be relatively flat. I mean, the restructuring efforts that we announced last year have been implemented. So you should see it relatively flat. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
18a037935c5d2eb09b95c04cb01c1a6e | Obviously, on the packaging contracts, as everyone has mentioned, it's pretty good news. You have like 50% of the incremental volume from Tennessee already committed. I don't think anyone asked the question, but do you expect to allocate more volume from the 600 million pounds toward packaging or do you -- given it was... | So the makeup is 50% packaging and 50% industrial and automotive. We're already recognizing a significant amount of the other 300 million pounds. That was a big part of the growth that we saw in the first quarter. If you look at our industrial sales and annualize them for the first quarter, they would equate to $1.4 bi... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f1b6099522deca5182983abbe1aa79be | I know it has been touched at the beginning of the call, but want to understand the impact of the semiconductor. So you said it was maybe about $10 million EBITDA impact for 1Q. And you said you expect it could be greater in 2Q. You have taken that into account for the revised guidance? Which kind of impact have you ta... | Yes. Let me dimension that a little further, too. I would say the -- if we wouldn't have been able to backfill in the first quarter, it would have been $10 million. I'd say that we probably cut that in half as we pivoted over and backfilled some of that missing volume with industrial. I think that the overall impact of... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
bc00950e65d32057859a27bf163a9427 | How do you think about using your free cash flow for buybacks versus dividends? And then do you view the buyback as more opportunistic or systematic in nature? | Yes. I mean, certainly, we're looking at our projection for the future and where our share price is. And we thought, yes, there's a great opportunity for our shareholders. Clearly, we also think about dividend policy moving forward. At this point, we thought the share repurchase represented a good opportunity for our s... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
439a10e28adc2c38e21c43a62386d76b | I was also wondering if there's scope for M&A in your plans and how you think about that at this point given the flexibility you've created on your balance sheet right now? | I would say that the Board is wide open for us. We should start generating quite a bit of cash from this quarter forward. So we will certainly consider opportunities in M&A if they represent a good return for our shareholders. And we'll continue to compare those with the options of investing in our own footprint, looki... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7de02c9d281c060ac1a3795bea1ffbaa | When you think about your long-term investment plans in that area, have those changed at all based on what you've seen over the last year? Or do you fully expect a rebound and similar plans for investment there as when you split off from the broader enterprise? | Yes. Prior to the separation, our rolling business was really at the end of a pretty significant investment cycle. The last big investment we made was that $100 million investment that we made in Tennessee. That essentially has ramped up. Just before that, we made a couple of sizable investments to support the aerospac... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9e2dae2554bbe1a92e3ef2ca526f91ad | In packaging, you've spoken about packaging and the ramp in revenues and activity starting next year. I was just curious how that looks mechanically. As you ramp that up, is there a period of lower utilization and some fixed costs that you struggle to spread at that point in time? So basically looking for some kind of ... | Well, first of all, our cost structure is 85% variable. We've got a cold mill that's sitting there, waiting for a crew. So we start ramping up the crew as we're bringing the volume in. I wouldn't see a lot of friction there. We will have a ramp-up quarter at the beginning of 2021. And if you think about that $1.5 billi... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
19fd773d07764af7b859633e5ed9ee2f | Reg and Ankur, if I just annualize the first quarter revenue that would get me to the low end of the new range for the year which is $270 million, which was seem pretty conservative and sort of look out over the balance of the year, what are some of the puts and takes that would get you to the high end or above that ne... | Yes Brandon, firstly, thanks for the questions. We were really excited about the quarter we just had. It was a great Q1 just getting cooperation show hard for the first quarter, and we've got three unique business lines which continue to grow at different rates. Really excited about the testing services which is growin... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f1536e4c3354306e07ca33173d25b148 | Then in terms of AlloSure Heart, the 5900 tests that you ran in the first quarter, what's the capture rate in terms of number of heart patients that are getting an AlloSure heart test as well and has the mix changed at all in terms of the Medicare versus commercial payers, and have you begun a dialogue with some of tho... | Yes, we were, again AlloSure Heart we had the first full three months and for us it was really exciting to have that fully rolled out, particularly if you look at the different attachment rates increased during this quarter. I'll hand over to Ankur to make a full comment.
Yes from a heart care perspective, we saw slig... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ff04f2c383acb61f0745a7a50deae212 | I guess really first, I want to focus in on gross margins for a second here on the testing services side, it was down sequentially but you had more tests and importantly, more AlloSure Heart that I would have thought would really be driving that number higher. Is there anything to think about there, whether it's some o... | Yes, so maybe I'll just clarify first and I'll hand it over to Ankur. As a reminder, with AlloSure Heart we had prior to getting commercial approval, we had 60% of these testing done on a research basis and now it's up to, as I mentioned above 80%. So we've actually the test previously there on the research side were n... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f7a29aa5ec20c8828a5867326121d83b | And then maybe just clarify, I know you said Reg 2Q and on the tech assessment on lung, but can you give us a little bit more flavor on what you think payment could look like when it could start and sort of what the process from there is, and then maybe just lay out how you think about sort of the next phase what's aft... | Yes I think that we afford the universal LCD, we believe is the market leader. It allows us now to bring other solid organs in the fray and lung is obviously the next one that would be, we'd be bringing into the transplant community, as mentioned in the prepared statements. This discussion will happen during the course... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ebd38c77e14340c7bf71e57bc291800e | I just wanted to follow up to Andrew's last point there, the LCD change, just any comment on how the announcement changes the timelines for kidney care here, because this has always been a AlloMapp Kidney has always been the kind of idea out there, but it's always been a few years out. So what's that you are going to d... | Yes, Alex, it's a great question, because I think, we were excited when we saw the universal, because now it lays out the pathway of multimodality but also recognizes the value that multimodality can bring by demonstrating this incremental clinical utility, and it's the first and only company that's done that so far in... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5d2f31f47cc5fdaeee9b08daa1fe754a | And the studies there are still supposed to read out end of this year, early next year on AlloMapp Kidney? | Yes, the study will actually complete [Indecipherable] by the enrollment by the end of the year, but there are datasets we can obviously out and obviously one of the key things is developing a publication. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
293ee7e5d07cd955bf3086ab3ec21ac7 | So, yes, OK, that makes sense, and maybe the previous, some of the clinical utility data on KOAR that you're going to present at the American Transplant Congress just any particular endpoints, we should be watching for us as EGFR improvement or graft survival? | Yes that tail endpoints that we'll describe and I think, thinking of what we've seen also ADMIRAL study was not a bad way as a proxy of looking at it. So I think in our correlations with EGFR is the right way to think about it, looking at the formation of [Indecipherable] is not a bad way to think about it. So I think,... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
fe4098794b98d91f07e3fb384c3db0f0 | And just one more question if I could, just on the vaccine data and transplant patients, we've seen the results have been suboptimal. How do you think that influences the use of AlloSure now and throughout the standard of care going forward? Because last year and even Q1 here, it seems like there was a real pull forwar... | Yes, no, absolutely. I mean I think we have -- what we have learned in -- I've been in the field for the last four weeks talking to two different doctors and that's being one of the key data points that's come up with, how patients aren't fully vaccinated and there was concern with these patients in how we can continue... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
76845afacebee3e8ab1b9f4615521395 | So, yes, my first question, so the patient engagement initiative, the direct to patient and community nephrologists with Transplant Connect, AlloCare and others, patient care managers. So, these things would be really working to drive adherence and new patient adoption. Could you give us a sense of which one of those l... | Steven, it's Reg. No, I think all the different areas you mentioned, particularly outpatient care managers, the use of the AlloCare platform, they're all contributing to mention here [Indecipherable]. I think as a reminder, when outpatient care managers actually do the scheduling and the calling the adherence is double... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9c94c874e1537dd51691ebfb9a7a1fc9 | And then maybe pivoting over to AlloCell, can you provide any updates on your AlloCell partnerships? I know you're limited to what you can say with your partners but maybe without naming names, could we get a sense on the number partners you have? And how should we be thinking about the timing of new partnerships and a... | AlloCell Therapy and AlloCell business is one which is, had a lot of, as we mentioned excitement interest as we've engaged with partners. I think we continue to see strong interest and participation on partners. I think there were two variables we mentioned, one is, when we can probably disclose those. But the second a... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
48f246ddce206220113ce434a1d4549b | Okay, great, thanks Reg for the color. And final one for Ankur, so are we were talking about RemoTraCa a little bit. You guys are currently at 40%, what do you think the steady state level of RemoTraC will be going forward? And how do you think about the long term impact on gross margins and your long-term goal of gett... | Yes, I think we are at the levels that we are at now in that 40%, give or take a few points range. And our expectation is that that's a good run rate. We don't expect substantial changes here in the near term. And that's our view from the long term perspective as well, is to say the size of the investment that we've ma... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
98da6edb4fdfa1ab8b3581831add7481 | Within the guidance, can you help us -- you framed $29 million of decontamination work. Is your assumption some of that rolls into the year early, but not all of it? And so not only are you overcoming one-timers in the EBITDA, but you're also overcoming that as well, right? | Yeah. I'll let Steve address those markets there.
Sure. Hi, Michael. We ended the fourth quarter very, very strong, and that also continued into January and the beginning of February. Trend is now down. Orders are down. But we're still on pace to do as much as $10 million this year in COVID work. And what that does is... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
98ac31a59284ade7c6afb20ec3c8720d | And then, Jeff, you framed the pandemic hit to revenues and if I think of a reopening angle, is in your guidance, is there an assumption that we are fully reopened in the numbers relative to the things that got dislocated in '20? How do I think about that? | Yeah. It's a good question. I mean, we really don't know what reopening really looks like or how it's defined. But the way we're looking at 2021 is we're going to be facing some challenging conditions probably through the first half of the year as kind of our assumption. When we get into the second quarter, we'll have ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
76bc80f017ec562071cfe1d362a201fc | OK. And in your guidance, have you just assumed the rate of base recovery off of a lower number? Or you've put back in the lost business and then the base recovery? That's what I'm trying to understand. | Yeah. It's going to be more growth off a lower number right now, but then continue to see improvement. I think as we get toward the fourth, we're going to be seeing some more positive trends to maybe pre-pandemic levels. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ab9e14ef945c87a2bc6aa02f5f8ea27c | OK. And then lastly, on free cash flow and the capital spending, can you give us a normalized way to think about the percent of revenue capital spending beyond this catch-up year in the big landfill investment that's being done? What's the right sort of percent revenue because you're approaching 10% this year, and I do... | Well, when you include our growth investments in there, that probably is because we're going to vary those growth investments up and down depending on opportunities that we have. So if you look at it, this year is a high landfill year. A $38 million, $40 million of that, which is a high percentage of our capital spend ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
628d87a6e8905109972eea06cf1a7d48 | OK. And then from a free cash flow target, say, a conversion ratio, what do you think this business should be doing versus where it is right now? It was low 30s in 2020, but it's going to be at the midpoint, say, upper 30s of EBITDA. But where can it be? Can it be 45%, 50% of EBITDA? | Yes. Michael, this is Eric. If you look at 2020 and how we define free cash flow, which -- it's in the deck, and there's a calculation in there. Based on that definition, where it's operating cash flows less capex with some add-backs for some contingent consideration payments and things like that. But based on that def... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8ec07e8e118f70125de4603e7dcfbc4e | And then how do I translate that into sort of what's the leverage look like? You gave us a cheeky leverage of 4.3. I guess one of the questions would be, what is the EBITDA you used to calculate that based on the bank calculation? And then what is the target for exiting this year? What's your thoughts about that? | Yeah. And there is some additional items in the calculation we do for the covenant under the credit agreement. Some of those relate to synergies and one-time costs and things like that. The good news is a lot of those start to fade away this year and come out of the calculation. So by the end of the year, it will be mo... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
1021a31700d566499d5ee56bea9a3d27 | All right. And then so the last question/semi comment for me is the upside surprise in the model has to do with the scope and timing of any reopening. Otherwise, there's a fairly conservative view about the decon replacement and incremental underlying growth and timing of project business, let's put the question and a ... | Yeah. So I think the potential upside or the big areas to watch is what is the reopening? How does that translate into industrial waste volumes coming through the network? We have been seeing very positive ISM trends, and we're continuing to expect to see those coming through the network like we did in the fourth quart... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7f6e0a9d0fff611cf999fa76550ad421 | So having introduced that, would you care to give us a framing of at the midpoint EBITDA is 180, kind of proportioning, at least the first half, are we in the upper teens as a percentage of that number in the first quarter, then it pops in 2Q and then the rest is sort of the rest of the year? That's the way to think ab... | Yeah, I think that's fair. I mean, if you look at Q1 '21 compared to '20, I would expect in terms of EBITDA, that we will probably be down from Q1 2020 in a 25% to 30% range. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2893bebb7c3a31d055a313db418a32be | Kind of touching a little bit on what Michael was talking about. You've now gone through an entire year that you're focused in on the cost structure, the incremental expenses. How would you view that contribution profile on the margin side as business picks up, volume picks up? Give us a degree of magnitude that you th... | Yeah, Tyson. I think if you look at 2020 in terms of margin, and I'll speak more in terms of EBITDA margin. We ended the year at about 18% total. As you look at next year, which, again, Q1 will be rough comparison and then we'll build throughout the year. And so it won't be a full year of recovery in 2021. At that leve... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
955c850058b60180f28d9bc367e3729b | So a shift of the range approximately 300, 400 basis points? | Not yet. Once we get into 2022 and beyond, yes. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c7aeff0b7f200b6a81a332f4c552a527 | Right. Well, that's going to -- if we looked at Ecology once you get this stuff behind us and what you've done, that really, what you view the company of being able to produce is in those low mid-20s range as we get more normalized operations. | Yes. That's correct. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
06afffad8ae4f41f6daef7111ecf1d01 | And you're anticipating really the second half of '21 to have more or less the handcuffs come off of you and then we get into more economic drivers as opposed to some of these ancillary factors. So a run rate of the second half of '21 would be a fairly good indication of what you think you'll be as you go into the out ... | Yeah. I think that's fair. Especially as you look at Q3 and beyond, I think we'll see some really strong improvement in Q2. But that's going to be as much a function of really, really low comp as anything but Q3 and beyond definitely are going to be more indicative of kind of future performance. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e1094fb0e93df1bb265d33da2fae8f32 | Do you know what ESG score you have or have been receiving by the reporting companies? It would seem a hazardous-waste company involved with cleaning up, recycling, those kind of things, would be viewed more favorably, but is that what you're finding out in the marketplace? | Actually, Tyson, we're not finding that. You would think that would be the case. So the ISF score that is out there, I have it at the top of my head is, we're ranked a seven on environmental. And for those that are not familiar with that, one out of 10 is good or excellent. So the areas that we are challenged by is the... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
50088c1c897dc5d1d46db1df66454dd2 | So to summarize, you think you're being unfairly categorized with the bigger waste management, the solid waste guys, that's not necessarily indicative of what your business is. | Yes, that is a fair assessment. And it's the fact that we don't have data that the rating agencies are looking for because it's really not a need to have it in the past. So it's a matter of us getting our data together and putting it out there. As far as what we're doing in on our ESG scores, I think how you introduce ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
40c8ab468b3cda9383fd8f96fb157d50 | I'm glad you brought up that word recycling. It leads into my next question. We've seen a great focus of, as far as an investment community, on companies that have highlighted that and the benefits of doing that, especially given where the metals markets are and such. Is that something that has been kind of missed with... | Yes. Tyson, this is Simon. It's a good question. I mean, we're doing a lot really on the recycling side. I mean, recently, launching what's 100% recycling of aerosols, which is our largest stream that comes from our retail business. We already are very heavy in the oil cycling business through a thermal desorption faci... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
71be7726b39c0c4de78f31b15c33bd6f | And, Simon, since you answered here, on the Event business being flat for this year, given the change in the EPA focus and what we've seen in previous administrations under this political regime, would you not anticipate greater activity as we get into the back half of '21 and going into '22 and through these next coup... | You know, it's always something we think and talk a lot about. We certainly, I think with the current administration, will be more focused and probably we'd see enforcement activity expanding, which often translates into more cleanups. The timing of that can be sometimes hard to predict. But we're also seeing some stro... | intermediate | [
"direct",
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] | B |
cfe44524c38bab8024ed475ff6a4a325 | You stated you increased prices in the second quarter. Can you give us a ballpark? I know it's a lot of different products, but on average, how much you increased in the second quarter? And how sticky those price increases were? And then on the fiscal year, if you can talk about price increases, how much you've gone up... | Brian, it does change from product category to product category. But based on changes in the logistics costs of bringing in containers, especially for our bigger products, we've seen increases in excess of 20% in our Consumer group. We've had multiple increases all along whether or not we are taking product by air frei... | intermediate | [
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8bf0cf2d73e4ced5fe78469f4b8f35a6 | OK. So that's on the year. Is that correct, roughly or north of 20% consumer [Inaudible] automotive. | That would be on the year. And then obviously, what we're assessing is what does the future looks like? Are we going to continue to see it's a combination of chip problems, increased chip cost, increased raw material costs, increased trucking costs, increased freight coming in from overseas. So as some of these problem... | intermediate | [
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e6fca77fc84db9d4d74daa6371c54d55 | OK. Thank you very much for that color. That's helpful. And I know that you don't give specific guidance on a quarterly basis, but I was trying to understand at least trends comparing you versus maybe last year or something like that as we look forward in the fourth quarter, you're going to have Onkyo contributing. So ... | It all depends on what we get in product. We're -- in the case of Onkyo, we're getting pretty much -- we're selling everything we get our hands on. So nothing sitting around. Everything is going out. The demand is very strong. So depending on Sharp, primarily holding to production schedules and not having issues either... | intermediate | [
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690e48a49afc428726c341f1b28ba123 | OK. And then in terms of you typically have a drop in gross margins in the fourth fiscal quarter overall. Do you anticipate that with this new mix with Onkyo coming in and everything going on, would you still see a sequential from third quarter to fourth quarter a drop in gross margins or kind of maintain these levels? | What we're looking at is we're looking at improving our margins in the near term, as I've said, because some of the price increases we've already put through the 60- or 90-day periods have expired and we expect those price increases to go into effect. So this might be a little bit different than our typical fourth quar... | direct | [
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fb0e8f974eaf297a3360a061d871f165 | OK. No, that's very helpful. And then just in terms of operating expense, is in the third quarter, looking at third quarter expenses, just the normal ongoing the selling, G&A, engineering exports. Is Onkyo fully in there, so we could be able to model from those levels going forward? Or do we still need to ramp up a lit... | Yes. Onkyo is in there for the quarter. We started in September. So they were in there for the full third quarter. We expect to see the same. There could be -- again, part of the -- the overhead calculation when we partnered with SNO is the amount of product that they can ship us OK? The more they ship us the lower the... | direct | [
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3ead3a8da77565cab10e20fc52e79be2 | OK. Understood. And then pivoting real quick, and then I'll yield before, so to speak, is on this potential arbitration settlement with Seaguard. So can you tell us a time line? I believe that there's going to be certain milestones in February? And can you walk us through what we should be looking for in terms of decis... | I mean we have asked the arbitrator to review the award, the interim award. That will be done sometime in February. And then from there, it's going to be based on the decisions she makes as to whether or not we take this to either federal court or state court. So what I said is it could be as much as a year or more. | direct | [
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] | A |
dac7d4adf375351e5fad03743877732b | Thank you. I've got two questions related to comments that you made in your remarks. So first, as longtime industry participants, I would love a little bit more color on what you're seeing in the supply chain. And if applicable, whether or not you're seeing any signs that supply chain and logistic trends are improving ... | OK. From a standpoint of pricing, we do see some modification of pricing on the logistics side. But we're not baking that in 100% only from the standpoint. It depends on the volume of goods coming in. And we also are concerned about the omicron really taking hold at different parts of Asia, which could create shutdowns... | intermediate | [
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] | B |
0b89777ebdd722f4bab4c43f20b7ca43 | That's very helpful. And then my second question is, in your remarks, you've mentioned that state home really drove order volume for premium audio products last year. What are your current thoughts on consumer demand for premium audio products? And what are the implications for Klipsch considering that you just dropped... | Yes. No, what we've done is we had a big launch of our computer speaker last year, and that was particularly appropriate for a stay-at-home situation. So we had large sales there. We knew those sales would not repeat at the level than they were last year. But when I look at the overall, we're up almost 17% in our premi... | intermediate | [
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] | B |
90eca2d574e9b39a07a8e8f42233e79a | Hi, guys. Thanks for taking my question. I'd just like to go back to these arbitration issues again. Is my understanding that there's been two claims brought under arbitration. One is for breach contract where there's been a $40 million award. And there's a second claim being heard with respect to patent infringement. ... | OK. Well, the first one is, we do not believe that the patents. First off, we do not believe that we infringed the patent OK? And secondly, as you rightly mentioned, we do have an indemnity there. But any infringement if we were to lose a case, would be based on the number of products that we sold. And that would be th... | intermediate | [
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] | B |
0774db3be46394581f595a7a4b452af8 | And could you guide us on revenues generated from the products that those parties or [Inaudible] | At this particular point, because we're involved in a case, I would not be at liberty to discuss that. | fully_evasive | [
"direct",
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18a8caa66a228bed7920524492eebdf6 | OK. That's fair enough. And then the second question I had and again, I've been involved in a few of these arbitration disputes is if you appeal that award or if it's entered as a judgment into a state or federal court, my understanding that is you appeal it, you have to post a bond, a cash bond. So could you comment? ... | Well, the thing is that, first off, there is no appeal process in an arbitration. We're either going to sit and speak with the arbitrator to see if she can modify the award in some case. If that's not successful, then we would plan to take it to federal or state court. If we have to post the bond, we've already discuss... | direct | [
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] | A |
a0361a0ca9a8272c50eef7f3bdc480ca | OK. And then the last question on this matter is I understand under the terms of your revolver that you aren't able to draw funds to incur additional debt. And I would assume that means the any of those judgments. So with $20 million of cash on balance sheet, I know cash is obviously going to trend higher. But assuming... | No. We can use our facility any way we want. It's an ABL loan. So we're free to do and use that money in any way we want, providing we have enough inventory and enough accounts receivable to support the level of facility that we have, which we do. | direct | [
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f20c3d8b44f76e9eb375daeff92e4740 | OK. And then the last point, we've picked up on some data showing your imports for consumer electronics have trended down, and that's publicly available information from Panjiva. And I'm just curious why imports have dropped off in November and December, quite a cliff-edge drop. I'm just wondering if you can comment on... | We're a cyclical business, and this is the time that our inventories would start to come down after the holiday season. We also had and getting ready for the holiday season, brought insufficient amount early to make sure we have enough inventory for the holiday season. So this is very typical of what you would see our ... | direct | [
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] | A |
e3111673ec2ddfc15f87de57a53d6ce3 | And my last question is, in the past, you've given capacity utilization data for the micro-beaded repeated fertilizer plants. Do you have an update on that? | Hey, Kemp. This is Enrique. Good to have you on the call. So, yes, we are -- as we measure use of fiscal capacity, we are today at roughly 65%. Now, you need to bear in mind that that's considered sort of like the annual capacity of a plant when you go into high season like now, what I can tell you is that we are runni... | direct | [
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] | A |
45633e64ae83fc603455bd247f611abf | So my first question is two parts related to the commercial umbrella line of business. You readjusted your loss picks last quarter, but just curious what kind of new information that you've gotten to make another adjustment this quarter? And then secondly, since the umbrella line of business is pretty heavily exposed t... | Hey, Derek, Steve Spray here. Thanks for the question. Yes, we -- here in the second quarter, we've definitely seen inflationary impacts as well as pandemic effects on the umbrella book. As an example, courts closed during the pandemic, slower to open. We're seeing that show up. I would also say that our umbrella book ... | intermediate | [
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bd2704ff37b25032fc3f5997570c1998 | And then my second question is around the personal lines segment. You had really good growth in that segment, especially within the high net worth business. You've talked about in the past about how the high net worth business has a longer-term attractiveness relative to the middle market business. I'm just curious how... | Yes. Derek, again, Steve Spray. Yes, we are feeling really good about the high net worth business, primarily the team that we've assembled, the expertise, the experience that they have. And you're right. The majority of our growth in personal lines right now is coming from high net worth. On the written premium side, i... | direct | [
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ff0977524309eb6a33283432582fbb68 | Did you see any Russia-Ukraine related loss this quarter? | This is Steve Johnston. And yes, we did. For the quarter, we -- and this would come from our Cincinnati Re and Cincinnati Global areas for the quarter, $6 million and for the year-to-date, $11 million. So we think we have that properly managed. | direct | [
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d988b3fbe7b3686939c344c161f3bc84 | Starting with the commercial lines, when you had -- you reported a 64.8% accident year loss ratio before cat losses, that was up seven points. Is all of that second quarter? Or is there a catch-up within that to catch up for first quarter loss trend? | Mark, this is Steve Johnston, and that would be our first quarter pick -- I'm sorry, second quarter pick. That would be just the quarter's pick. | direct | [
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d11acd016175bcf53ce7b87aed4241a3 | So the relatively lower loss pick that you had for the first quarter, you've picked a -- I'm just trying to make sure I understand, based on the run rate you're seeing right now, you would like your loss pick to be roughly 65 points as compared to the relatively lower pick that you had in the first quarter? | We just -- for each quarter, we try to do our best estimate of our reserves of our losses and premiums for each of the quarter. So the two stand on their own and of course, the year-to-date would be the sum of the two. | fully_evasive | [
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e33c981f461d3270d5bf1159a4dda830 | And I presume the same applies related to the personal lines, the eight-point bump there that in accident year loss pick. That's all just on -- there's no prior quarter development embedded within that number. | That's correct. | direct | [
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6b42defcbd2fe41f2363e18d76fd02c4 | When you think about your loss cost trends right now, and I appreciate they vary by line of business. If you were thinking about the loss -- your average loss cost trend across the entire commercial lines book, for example, what would you say that, that is right now based upon what you're seeing in your data? | Well, you're right, Mark, that it is done at a very detailed level. And when we look at our prospects, we do it prospectively. We try to estimate what we think we need to trend losses for into the prospective rating period for the policies that will be effective. We do think, and as Steve kind of alluded to, that we ar... | fully_evasive | [
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cbc913338556e13bed40589e4ec517d1 | I mean can you share sort of a run rate number? I mean some companies have said five, some of it six, six and a half. I mean is there a number you can share in terms of what you're seeing as far as trend? | We don't have a specific number like that in terms of a number, but when we do talk about getting mid-single-digit rate. And as Steve alluded to, for both personal and commercial, some inflationary effects on our exposure growth, we feel that we can keep pace with and exceed that trend. | intermediate | [
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61db8181185c865e6c470363bf24f947 | Turning over to the personal lines. I mean, again, you commented that you're getting kind of low single-digit rates across the personal line book. Can you break that between what portion -- what you're seeing in the auto book as compared to the homeowners book? | Yes. This is Steve again. For the auto, it would be currently in the low single digit and for the homeowners in the mid-single digit. And again, as Steve mentioned, for the homeowners, there is exposure growth and the rate for inflation in addition to the rate that we quote -- rate increase that we quote. | direct | [
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ed1a55b1efb920d46a5ba871fd29338e | As far as raising the rates on the auto book more aggressively, are you largely locked in on those rates now for this year based on your state filings or will you have to kind of begin that process from the start in order to try to get more. I ask because I mean your average rate increase in your auto book seems to be ... | It's a rolling process. So we're already engaged in some of the 2023 rate increases and then also a point we make is through the pandemic, we did not reduce our rates any through there at all. We did have a kind of a stay-at-home discount that was in place on the expense side for several weeks, but did not take rate de... | direct | [
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22f2d988b4cd10d8d927264e135d6579 | So there's not much you can really do to improve the rate picture for 2022. It's -- you're pretty much just beginning the process of trying to tackle on '23. Is that what I'm hearing? | Well, it's ongoing. It's rolling. So they've already been filed. But to your point, and we both kind of understand the earnings diagram for 2022 in terms of how rate will be earned during 2022. The ones that are in process, don't move the needle much. | direct | [
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] | A |
d53750d47d083ef7b141ef2f87c7c7f5 | One other question related to the investment portfolio. I guess I was a little surprised that the average pre-tax yield was effectively unchanged in the quarter. I would have thought if for no other reason than just getting better interest rates on your shorter-term money that, that would have pushed a little bit highe... | Yes, Mark, this is Marty. I think you'll start to see it soon. that's what you look there is actually a realized yield. Our book value ended the quarter four basis points higher than Q1, although still five basis points less than a year ago in the second quarter. So we kind of had a little bit of a muted effect in the ... | direct | [
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0f9957c6b7f968b4d3ee9da44ec69c1b | I wanted to hone in a little bit on the large losses again. Is there any way to kind of think about that increase from a sort of inflationary perspective versus not anything that would be noninflationary frequency level maybe just sort of something that's odd for the quarter as we look at sort of that impact and think ... | Yes. Paul, Steve Spray, again. I would say, again, that umbrella book, there's inherent variability in it. And statistically, the number of losses that are there is just -- it's a really -- it's a really low number from quarter to quarter. So even if it jumps it's a smaller number. I would say, other than inflationary ... | direct | [
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3fe6bb800d9a04d5c8e2e043043270aa | Just to clarify, and I apologize I can be very slow. Are these -- the umbrella, is this is both commercial lines and personal lines or just commercial lines? And I guess your comments on the auto is that also both commercial lines and personal lines. Are auto creeping up into umbrella on both sides of the business or j... | Well, yes, so we write commercial umbrella over commercial business, obviously, and personal umbrellas over personal. In personal lines, it is always -- it's almost always predominantly auto claims that get into your umbrella policies there. On the commercial side, it varies between, say, general liability claims that ... | direct | [
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18de15fe474934396352d1c057c9d4c6 | So the umbrella cases are on the commercial line. And so just -- and the auto was elevated to -- personal auto was elevated too, but that the commercial umbrella is not necessarily related to just the auto on the commercial line side? | That's correct. | direct | [
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db649ff32d7c08b9e26114b5e5c7e618 | It's on the trajectory of selling off the remaining company-owned locations. I heard, Kersten, you say that the plan is still to have that done on the prior schedule. Is that reliant mostly on financing for those franchisees? How many of the conversions, for how many of the conversions have you identified a buyer? | Thanks for the question, Laura. As it relates to the pipeline, we have about 50% of the remaining locations in some various stage of the pipeline at this point.
Laura, Felipe here. Look, the main concern that we had in this process throughout the past quarter was a change in direction when it comes to the refranchisin... | intermediate | [
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0b056d3276daf778a7ee77350089364b | Just on the lease liabilities, if we could come back to that, thank you for all of the detail. Help us think through the franchisee responsibility where you may have transitioned the salon and you might still be the master tenant on that lease. Can you just help bring us up to speed on where you are in rolling off some... | Thanks, Steph. Thanks for the question. So as it relates to our change in strategy on the lease liability, the way that we're executing that is as leases come up for renewal and as franchise agreements allow for, we are making that conversion from us, Regis Corporation, being on the lease to the lease being in the name... | direct | [
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524da514b29bf929c400f9224e0ca186 | One follow-up on OpenSalon Pro. And maybe, Kersten, this is best for you, but the investment on the front end was quite high. With fully based comments of 1,000 salons potentially on the system here in the very near term, where are you in that pathway toward covering that cost on an annual basis? What's the stair step ... | Yeah, good question. Unfortunately, we haven't disclosed the actual amount of what we've invested in, in OpenSalon Pro. But as we roll out OpenSalon Pro to our locations here within Regis Corporation, and then as we look even outside of Regis Corporation to continue to roll that out, the majority of that investment in ... | intermediate | [
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a131def42a7a979bbacbf44af49cdaf1 | Hi guys. On the lower middle market portfolio, can you give us any color on kind of growth that you're seeing, I mean obviously, at a lot of portfolio companies, revenue, EBITDA anything like that in terms of trends that you're seeing there and if there are any weaker industry areas? And then sort of semi-annual [Phont... | Sure. Thanks, Robert. I'll give a couple of comments, and I'll let David add on. I'd say, when you look at the existing lower middle market portfolio, it continues to perform at a favorable level. If you looked at revenue and EBITDA performance with increases or decreases at the portfolio level, I'd say it's consistent... | intermediate | [
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58e732f04f7382c96245d0a22053c9df | Okay, got it. Thank you. And then just one more. On the HMS, if I remember right from Quakers [Phonetic], I think the dividend was a little lower this quarter than it has been. Was that anything related to an incentive fees at HMS or anything like that that are flowing to you and maybe paying a slightly smaller dividen... | Yeah, Robert. I would say that the vast majority of that variance is all incentive fees. We had a nice incentive fee that we recognized and recorded in Q2 and that decreased on a relative basis quarter-over-quarter in Q3. | direct | [
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5c86555bac26375321aff1f8cf0c8cda | Dwayne and David, I wanted to ask about dividends within the income statement. Obviously, it's taking a nice share of total revenue, and it's been pretty consistent so far throughout 2019. You've got from what I can tell one company that's accounted for, I mean, maybe it maybe a quarter a 20% to a quarter of those divi... | Yeah, Bryce, I would say in response to the question is, as these lower-middle market companies mature and delever, as long as they are continuing to perform, they naturally have more cash flow that's available for dividend or distribution purposes. So we have -- we do have one company that has contributed to a signifi... | intermediate | [
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5cfedf3962c029ae5c9add4d1de7cbf1 | Okay, that's helpful. Maybe a question on the non-accrual flows. Obviously, you stated total number of non-accrual investments at 7 [Phonetic]. I was curious if there is change within within those 7 [Phonetic] quarter-to-quarter. If you had one come in and one or two go out? | Yeah, so that's correct. The count stayed the same, but we had one move out in one move-in. So Joerns was on non-accrual at the end of last quarter, but it went through a restructuring, so that was removed from the non-accrual list. And then American Addiction Centers was added to non-accrual during the third quarter. | direct | [
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511002963f6f4f76d151480cd0e908f9 | Okay. And then maybe one more for you, Brent. Just you made note of the lower incentive compensation accrual here in the third quarter. They push compensation expense down a bit quarter-over-quarter. Is that a function of weaker volumes, weaker credit quality trends? What's driving that? And any kind of forward look on... | Yeah, what I would say is that there is a number of factors that contribute to the incentive fee declining, part of it is impact of interest rates, part of it is specific names that you have had performance issues, namely the non-accrual that the Dwayne touched on. So those are contributing factors. I think when we loo... | direct | [
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e2a9a23b5021499a2a94a48cfc46ac99 | Yes. Ashley, this is actually David Saxon for Mike. I appreciate all the color. I guess my first question is just on second quarter guidance. Can you just kind of talk us through what that implies? I guess from a geographic perspective, Europe I think you said was up 12% pro forma. Does that -- does Europe improve from... | Yes. I would say that -- I mean, there were two things in the first quarter that we kind of highlighted to folks. One was the Tris tissues issue that we had and that clearly impacted -- that's mostly a North American product, so that clearly impacted the first quarter in the U.S. So while the vaccine rollout improved i... | direct | [
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1c16c29394b0ddc0b352d4f1658b1207 | Okay. That's helpful. And then, yes, I did have a question on E-nya. You mentioned you'll resume a market release later this year. I guess, before that happens, are there any major projects or tasks that need to be done before you do that? Or are you pretty much just kind of finalizing that launch before you go full la... | Yes. Typically, when this is -- in 30 years of doing this, typically, what we do is a -- we start with a limited market release and start to roll the products out. And we'll go through that phase. And then if we're happy with how that goes, then we'll ramp it up into a full market release. So we're not waiting on any a... | direct | [
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a9998ef8c18e5c484625ce70b1f54379 | Okay. And then if I could just squeeze a last one in. Just AMDS. I think you said $1.9 million in the quarter, correct me if that's wrong. But I guess my question is, how is the sales force doing with that? I mean, with -- given it's just such a high margin product, is -- are there incentives in place to push that? Or ... | Yes. So we did $1.3 million in the quarter and that was 67% pro forma constant currency growth over Q1 of last year. So a couple of things I would add on this. So we have approval in every country in Europe. We have approval in Canada. We're getting selective approvals in markets in Asia and Latin America that recogniz... | intermediate | [
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039887931d2b114d1902bbb2f20caee1 | So Pat, a bunch of questions, and forgive me if some of these had been mentioned, just jumping around between two calls. So PROACT 10A, Pat, the current enrollment numbers and are you all still on track for E-nya is equal to greater than 500 by end of 2021? | Yes. So we did 234 and 235 right now unenrolled. And we've got 51 centers signed up and 38 kind of activated. So we're still kind of going through that, bringing all of our centers up to being able to enroll. Yes, I think 500 is well within reach for this year. In fact, I'm hoping we do better. We've had a couple of re... | direct | [
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29b74392fe011f02e3dec3012bed7a99 | Got it. Pat, the PROACT mitral, remind us again when are we going to see data on that? Then the structural dynamics with the low INR two to 2.5, walk us through what you would consider as the low-hanging fruit for the taking. | Yes. So it's -- the great thing is we have a proxy for this, right? We have PROACT aortic. So you guys -- I mean, you know the story, right? So we run a trial where we show you can use a lower INR. And it's actually more dramatic in the mitral position. Since that's a low-pressure valve, you have to run a patient's INR... | direct | [
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1624b695f9bdceb888f1962e310473c1 | So Pat, I'll just throw out all my questions and hop back into queue. So first, Pat, PerClot and mitral. What are your expectations in a panel? That's one thing. The second thing, Ashley, for you, BioGlue's contribution was very healthy in the quarter, right, at 90%, 95% gross margins. The composite gross margins also,... | Yes. So let me list down 1, 2, 3. I'll go first and then Ashley, and then I'll come back to the last one. So the first one on the FDA on the PMA submission, so PerClot is a full PMA submission. Again, I'm not the FDA, but based on the level of risk of that product, I would handicap highly that that is not going to go t... | intermediate | [
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0ad7ffdffe9b504ef99b69ce681b9392 | This is actually Destiny on for Jeff. I noticed some commentary around the TMR hand pieces. And I'm just wondering how is that situation going? And when should or could we expect revenue to be at more normalized levels? 2021, 2022? Any color would be super helpful. | Yes. I mean the good news on TMRs, we've gotten clearance from the FDA. So that was obviously the biggest holdup that we had. We're now working with our supplier that supplies us those hand pieces and ramping them back up, which is proving to be somewhat challenging during a pandemic. So I think we'll have better visib... | intermediate | [
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"fully_evasive"
] | B |
6b7c568e742f5d2c137fa365eaf269d6 | Okay. Got it. And then, Ashley, perhaps I missed this. Did you break out preservation services between cardiac and vascular? | We did not. We had indicated in our last conference call that we were going to be combining those into one single line item going forward. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
806d6de1f1f2b1e912f9017aca6c8f79 | Okay. For BioGlue in China, what additional testing are they looking for? Are you able to discuss that at any further detail? | Yes. We're not going to give that level of detail. Just I mean, this is normal in an approval process that you submit, they ask questions, you submit information, they come back with more questions. This is a normal kind of a back and forth in an approval process. What they've come back with at this point and what they... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
19b79899b4e0e48b7f7864e9d565d906 | Maybe one for you, Ilan. Margins came in ahead of our expectations again this quarter, clearly gaining some momentum with the internal initiatives there. Can you just give us an update on what you've seen to date? Obviously, you've been in the seat for a little while now. And then expectations are going forward, as we ... | Yes, sure. Thank you, Patrick. Good question. So you know being here for a few months obviously, not only myself but also Andy, we looked at the initiatives -- going to achieve the 2020 target model, and we are also looking at additional initiatives in order to achieve the 2020 margin. For the most part, we are focused... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
df002aa46322b1872f86dce6b7fa7dea | Okay. And then maybe just on the growth side. Flat organic in Life Science was actually pretty encouraging given the comp there. Can you just talk through what specific areas you're seeing strength? And then maybe specifically on DD PCR, like it seems to be continuing to gain momentum. Can you just help frame that oppo... | Hi, this is Annette. Yeah, well, we're seeing good growth across all of our core product lines and that's really encouraging to us. But in particular, our genomics lines and digital PCR is really leading the way there. We are getting really good traction in the biopharma segment for sure and we're moving. We have a lot... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
724feab77a1f64895a7bfa479ae97cfa | Okay. Maybe just one last one, Ilan. I know you briefly touched on the litigation side. Can you just maybe parse out a little bit on the update, we saw last week, obviously talking about a 15% royalty some sort of injunction. Maybe just give us your thoughts on what you expect to kind of be finalized on that front? May... | This is Annette again. I'll take that. We generally don't like to talk a lot about ongoing matters and litigation. But this is -- there have been some public announcements there. The Delaware Court recently confirmed the jury verdict that the 10X products infringed the patents that we asserted, and awarded us damages. ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4cf1ad075b2b76425b3d2573692624d3 | Hey, thanks. Maybe first off just on Droplet Digital. I was hoping you could update us on the timing of the new products that you're developing there. | Sure. We are launching our next-generation integrated system with four-colors, probably in the fourth quarter of 2019. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e7cc0e0f8fd7760f7298fdb6eb748681 | Got it. That's helpful. Maybe similarly, just on that business within Droplet Digital, could you comment on how big your business is in single-cell today? And then relatedly, just on, I think you called out double-digit growth for Droplet Digital as a whole. Just as a clarification, does that include the headwind from ... | Yeah, definitely. It does include the headwind from RainDance and usually what we disclose is kind of the double-digit growth that we mentioned. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b94e7160b460c652a03dfd181b8f98b9 | Got it. And then lastly for me, I noticed that you didn't call out blood typing in the script. Could you just comment on how that business trended in the quarter? Thank you. | Yeah, this is John Hertia. I'll take that. Our blood typing business did grow year-over-year. It just wasn't that highlight level, but we continue to see strong placements of both the IH-1000 the IH-500 around the world, and strong reagent pull through. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
bafff63eca63f2137a7e7a4390f57e74 | Thank you. Can you please elaborate on market conditions in China across both your businesses? That seems to be a point where we've seen softness from a number of peers in the quarter. | This is Andy, I'll take that. And others can certainly add. Generally, we've been pleased with our China performance. We're not experiencing any material impact the way that some others may have reported. And subject to any major geopolitical shifts that may occur, we continue to see China as a positive for us across t... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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