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c590735fad593d841130b498589b9355 | Given the macro environment, have any of the customer forecasts or capacity plans changed versus three months ago perhaps across memory or logic. Or are you just not seeing any changes as everything moving along with the customers you have. | Actually so far with our existing customer with order delivery time, and almost no changing is this moment. As I mentioned even the last phone call and had one customer asking Delia when moms might have seen their earlier phone call. And this year, I look in Q2, Q3, we are pretty much--be the for deliver their tool and... | direct | [
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78a6e6f5fafae301d9c976430b45f4b7 | Well, that's good news. And then lastly, the new product the Tahoe product. I'm curious if the customers there are the existing and the prospects are the existing customer base or whether it's new ones and if it is. Is it--are the same customers are taking SAP's capsules today and if so, is there a notion of an attach ... | Actually, in Tahoe, our first customary integrity invasion to Tahoe is our existing customer. So there we ship the tool and now the tool is in their customer site and for the initial testing. And obviously, we receive also other existing customer showed a high interest and the same thing and we also show there gather a... | intermediate | [
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c15ac7fda1f9d1e1b754111f0bf9985f | David, is there a notion of how many Tahoe tools would solve for every SAP stool or is that not the way I think about it. | Actually Tahoe can that is all I expect you market size roughly of 20% and most there we should about the order or $3 billion. We asked a market price aside about almost like $600 million, and most applications as opposed to [Inaudible] and also post [Inaudible]. I saw it as a big market. And at this moment, we're payi... | intermediate | [
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c1853ab495d3a3147a4b48e117716613 | I wanted to follow up on the Ultra-C Tahoe eval, I'm wondering if you give us some updates. I think you delivered that tool in January. Do you expect it to recognize revenue in Q3, Q4 of this year. And then the second question, you talked about interest from at least three other customers for Tahoe, will you be deliver... | Good question. Actually, there's a customer we as first two are shipping in a general time line and a tool right now doing their iconic initial testing right now. So I'm expecting those data will come out probably in their Q3 and timeline. And with that data be proving or gathering data come out. And there obviously , ... | intermediate | [
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07bfaf4099ad8329806c9a81746a02bb | And then similar question for the new electro-plating tools. You'd mentioned shipment 2 of the advance packaging in one of the front end tool. Are those eval tools or are those tools shipped for for revenue in the March quarter. | Okay. Great. Actually this the call that the [Inaudible] packaging right AP tool is repeat order. So base on our revenue recognition, repeat order to the sale, to the existing customer will be recognized revenue upon shipment. So we recognize revenue upon shipment which is issue year. Then for our MAP which is I'll sho... | direct | [
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f640ecfcadf73d9d4d07c3c68e4d222e | And then you talked about some of the current order strength you saw through the first quarter and noted a nice uptick in shipments in Q2, wondering if you could just talk by in the market. Is that demand really coming more from capacity expansions at your 3D NAND and DRAM customers. Are you seeing participation also f... | Great. Actually the order we see of the Q1 and most of this tool organize shipment in Q2 and Q3 timeline and put this way including to all that we receive even the you wait until last month or this month. And we're pretty very busy on a Q2 Q3 time manufacture slots. And also this tool, their pretty balanced. like a web... | direct | [
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fc7381ea8e0a753e2b2a965083e4cd95 | And then the last question for me just the new electro-plating tools. When you look at the gross margin of those tools, how does that compare to the Queen side of the business. Is it in line with what the corporate average or can you give us some sense how to be thinking about the margins on the electro-plating tools. ... | You look in a couple of leading tool. you have an application one for the month packages which is--I got a B and they're not a margin I should say is a anyway early production. It's within there are regular margin range and with also the violence the copper plating for a company that connectors MEP and that's the put a... | intermediate | [
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fd9f69acedcb294bf54fd8a8c0e93520 | Can you tell me where you stand on the current evaluations in terms of customers and any new customers and tools. | Well, obviously you'll see that we won't talk about the previous fall. I mean just answer Tahoe has to be mentioned and as any evaluation. And also we have a couple of plating tool is especially advanced packaging tools we repeat order by the for this coming to connect a mapping tool is our evaluation. And also there a... | intermediate | [
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b80b6d9f0d027bdb0efa9793595f36f3 | What about the new factory in terms of factory absorption of our overhead. Does that help or hurt margins. And just one curious how that factory plays and in terms your margins. | New factory, obviously, we had a much wider spacing and the more efficient area right now. Also which full clean on final assembly. So I'll give a better quality and also give us more of a convenient, high efficiency and also wider spacing for our as somebody guy to work on their tool. And has come to their margin incr... | intermediate | [
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2404fd2c67b4e97e8cbed63916c1216d | David can you tell us many tools the Ultra-C Tahoe would be in a fab either by 50,000 or 100,000 wafer starts. However, the MAP is the easiest. | Let's take our example of that DRAM FAB rate and it was on 100,000 wafer from FAB. Typically, we talk about the load of the tool anywhere between 20 to 30 too. That's their number estimate. | intermediate | [
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18729d9bcacfbe043431516e40d8d1e5 | Perfect. And can you remind us what the typical ASP for that product would be. | Obviously, even his father has a different chemistry as you say a different chemistry combination. And other than sulfuric acid add or C1, so dependent real configurations or pricing range. I think we're probably talking about their range over there about $5 million to $6 million range. | direct | [
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08ce439939b9a13cf273ed1b1f6597bc | Perfect. And then lastly just a little bit more clarity on your comment about improved visibility. I know it's been asked a couple of different ways but any other further details you could give there whether it's increase visibility during the quarter from [Inaudible] or any type of clarity that you can give about your... | Obviously, there's lots in the earnings call. We have some appeal has to be receiving by some of the people is due on their kind over LOI customer and verbal told us. But after the Q1 at this moment, a lot of you hasn't materialized. We as real maturity oh and also we're more clear deliver time to most has mentioned to... | intermediate | [
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5352e5af04f62f733cdcf4fe21d68347 | I had a couple, I guess, kind of housekeeping items first, Andy. So you mentioned by day three, about 90% of your locations were live. I was curious if you could talk about the balance in the other 10%. What your expectations are there? Or are those eventually going to come back online, have some closed? And just broad... | As far as the remaining balance, we have experienced a continual growth toward probably 90 the mid-90s, low to mid-90s, locations that are now open. There are some that have closed, and every day, we're one or two are trickling in as not reopening. Our expectation is as some of the locations weren't quite ready to open... | direct | [
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b4ace183cec3dd277d614a12201eb5a8 | As a follow up to that, Andy, and it may be a little premature as everyone's still just getting reopening and under social distance and protocols. But have you had any conversations with locations that have previously not considered adding VGTs to their location as an additional source of revenue and would say outlook ... | Our sales team had some pretty good traction in July with new opportunities. And I think we'll continue to see that occur throughout the rest of the year. I would caveat by the caveat that there are the expectation is that there will not be as many new businesses opening up in the next six to nine months until we see s... | intermediate | [
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7baaa75e17d7eeec8087934c9d7aac3f | Yes. That's great. And if I could sneak one last one in, on your view for revenue per day so far hold per day. It's early, but we've heard a lot of talks about the benefits of stimulus checks and expanded unemployment. Wondering if you have a sense on how the trend of kind of coin into the machines is going, if it's be... | Yes. Thanks, John. The I would there has been some consistency. We haven't seen a lot of volatility. And the stimulus and the unemployment does provide a little bit of a lift, I think. The greater impact that we're seeing is that people are not using their disposable income for travel and other types of entertainment, ... | direct | [
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8a77c58d9d470fd165ef610456e05f5d | Maybe looking toward Georgia, what have you learned since the deal closed? And how do you think about the growth rate potential in that region? | Thanks for the question, Stephen. The it's really, really early for us to give any kind of real perspective on it. And I wouldn't anticipate any near-term growth as the current market has some challenges that we're trying to understand. So Georgia is one that we have little near-term expectation, and we're in more of a... | intermediate | [
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9f13befd45fa8c67f033f683d33db560 | And then whether it's in Illinois or otherwise, I guess, are you hearing or seeing any kind of operator distress that could create opportunities for their consolidation, either in Illinois or otherwise? | I would say that we haven't really seen distress. We've seen people interested in partnering with us, and that's always a theme in our business. As far as the operators that kind of are looking for kind of a transition, there's definitely interest, and I wouldn't put it any greater than normal, but we're continuing con... | direct | [
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1b2670919ab67011cd5da0e0b9b47d12 | So we're just hoping to follow-up on a few things. First, I guess, a little bit more color on how July has trended from a hold per day perspective, maybe relative to pre-COVID times? Is there anything you can share there? | Yes. Thanks, Greg. The July numbers, as I mentioned earlier, were pretty strong considering what we were coming out of. And the fact that we didn't have as much of our inventory of locations operating. So the hold per day was consistent with where we thought our business would be in our projections pre-COVID, maybe sli... | direct | [
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3ccd9d842179dc9d0cca8e374d8fb216 | Sure. That makes sense. And then, I guess, could you I think you already provided this on the call, but what percentage have been updated with the new betting limits? And then also the percentage of locations that had their six VGT installed at this point? | So the as far as the betting limits are concerned, we have installed in the IGT portfolio, the basic software upgrade that was provided through the system update pretty much throughout the portfolio. That was only a few games, not the entire portfolio of games on each machine. The rest of that portfolio has not been up... | intermediate | [
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222770bb2b3e58018137111c3d68fbaa | Okay. Got it. That's helpful, Andy. And I guess the last one from me. Just to be a follow-up on the general health of your establishment partners, I know you already said that on day three, they were 90% open again, which is pretty good. I guess I would just ask, how many do you think will maybe permanently go out of b... | The total amount of locations that won't come back is obviously a guess. What we saw during the pandemic was a lighter amount of business closures than normal. And I think that's attributed to the fact that a lot of the locations were receiving government support. So they stayed open while they were they refused they d... | intermediate | [
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b989316ca7d8c7f5876afad7804a860d | Can you expand a little bit on your latest thought process there? I know that obviously in the back half of this year, you talked about having some timing from an ROE perspective having a little bit more downward pressure in the back half. But what's that dynamic that flips perhaps more in your favor here as you think ... | Well, Julien, just to remind you, we made that same statement last quarter as well. Because under PBR, once it's implemented for the -- yeah, as it's implemented for the full year, we benefit immediately from the lack of regulatory lag on certain -- that was embedded in the RAM recovery mechanism. So that helps us begi... | direct | [
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36fb0845134e2f1dee73f41b06f9eb53 | How do you think about the potential for further provision expense here? Obviously that's been pretty material here through the course of the year. Can you elaborate at all to any extent on just a, the trends; and b, to put that in a little bit more context on how you think about the potential magnitude of any provisio... | Hi, Julien. Thanks for your question. So, when we look at release and provision numbers, there's two main drivers. One is the state of the whole economy as well as loan growth. And certainly, the signals as shared in the prepared remarks show that things are pointing up. As we looked at third quarter, we were still kin... | intermediate | [
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ac52d60bf5c3d65e98b177f4be068afc | I know you mentioned specifically here that COVID had some certain impacts on substations, etc. But just the outer years here as well, just recap a little bit. I know there's some changes in the ranges there in '22 and '23. What exactly is going on there if you don't mind speaking to it a little bit more? I mean, it so... | Hi, Julien, this is Tayne here. Thank you for your question. You're talking about the ranges in the future years that have changed. And what we did for that was, for the lower end of the range, we included a level of capex under the ARA recovery and we also included capex for projects that were approved under EPRM reco... | direct | [
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b5aba9cbd7d84605dfcef9cfc54ede51 | AES obviously has a fairly large facility in West Oahu. Does that -- could that have any impact on how you think about either grid investments or potential generation procurement activities? I just want to clarify that. I know that that's been some questions around the state of that plant here. Just want to ask you exp... | Yeah, I'll take that one. Hi, Julien. Yeah. So, right now, of course it's been pretty widely reported the interest in terms of whether or not that AES coal plant can be repurposed to be filled with biomass. The PUC recently issued a letter which basically establishes the process for key considerations that need to be p... | direct | [
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94110d027609f70bc7016d09b8930ef9 | So, a couple of things. First of all, the PIM proceeding which seems to be sort of, I guess, never ending. So, there's this next iteration that we have here. And what sort of struck me was sort of the language of sort of this sense of urgency regarding some of the issues there.
And I know there's some issues on Moloka... | Yeah. Hi, Paul. Well, the issues -- the particular issues that the commission described as needing to be addressed with urgency ties back to the very same issues that are being addressed in the interconnection docket and that is, how are we able to get new energy resources online in a timely manner to be able to be sur... | intermediate | [
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a1f8e8a94f1510e05314ec72a9d1f7d9 | I guess, what I'm a little bit confused by is that the issue on the interconnection seems to be rather a technical issue. It doesn't seem to be that -- I guess, intuitively that that leads that there's an incentive issue here. Like in other words, you guys are just not incentive -- or there's not enough of an incentive... | Yeah. No, I would say this. I'd say the current set of PIMs that we have, including for example RPSA, including the interconnection PIMs. I mean, we have incentives in those PIMs. So there is no reason why we would want to stand on or sit on any of these projects. And in fact, even in our announcement today about our c... | direct | [
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49857e5db557e5f0b0d51c2745eacef4 | Okay, great. And then, there's -- I guess still to be determined I believe that the non-wires alternative PBR PIM stuff and the renewable procurement. Where do we stand on that I guess? And I mean I think that's separate from this stakeholder stuff that we just discussed. If I'm wrong correct me. It's sort of hard to f... | Yeah. The commission made clear when they issued the D&O for the PBR framework that they wanted to have the ability to consider new PIMs going forward. Case-by-case, as new priorities get added or -- remember there were a bunch of additional issues that were flagged in the original PBR proceeding that were decided that... | intermediate | [
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9c62f608a6deb13cfd0255e531d076fa | Just maybe, Greg, I missed your direct explanation. But what's changed your expectations of the utility now being at the midpoint or slightly above guidance versus the lower half before? Is it lower reliability PIM penalties or better delivery of the cost savings? What's changed there? | Yeah. Well, the year-to-date performance has clearly indicated that we're on track. We felt the need to certainly narrow the range. And as we gain confidence around their ability on the -- we've been tracking the efficiency for some time and we had confidence that that would be achieved but there is some volatility in ... | direct | [
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260a4ea46087f9a0af54db6e8854fb14 | Okay. And then, Tayne is the fuel cost sharing PIMs is that expected to kind of be maxed out at the highest level given the rise in global energy costs in oil? | Yeah. So let me comment a little bit about that. The way we record the fuel cost risk-sharing mechanism impact is there is an amount that is accrued every month. So we've got nine months of the full year impact embedded already in our earnings. To-date, I will say that, because of rising fuel prices we have an amount o... | direct | [
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96dd9d10fba10b3568640922c393f06a | My first question is regarding your content cost in the first quarter. It was a nice surprise, it's down almost 20% sequentially. So, can you talk about your content cost to trend, is this something one-off or should we expect to see your content cost continue to trend down in the coming quarters? And then also relatin... | So for your question, the main -- major event for the coming -- cost coming down in this quarter is primarily due to delay of some certain of our content. The delay is related to several reasons, one could be the policy changes and regulatory measures, but more I think in relation, there is something related to the pro... | intermediate | [
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7fe83dd86fda6eb4675656a5c1a18a3a | I have a question on your second quarter guidance, if the suspicion remain solid, it would suggest that the advertising revenue will face quite meaningful year-over-year and sequential decline, is that the correct assumption. And could you help us understand the dynamics and the shift of the landscape. So what are you ... | Alicia, yes you're right, we're more cautious about advertising revenue in the second quarter as I explained before. We had expense -- the increased ad return recovery could be done like three weeks last year, but unfortunately, it seemed to take longer time to get it to the normal level, so which means we will have so... | intermediate | [
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78ddb4ddaab59a44294b41f70b3b9b22 | I have two questions here, one is that in terms of your strong total subscriber growth here, in the past quarter, industry subs growth have been going very good. And now this quarter it seems that the competitors has been participating in subgrowth. How do we see the competitive landscape going forward? And how do you ... | For the subscriber growth, yes, you are correct, we outperformed our peers in terms of subscriber growth in the first quarter. I think that's mostly attributable to a very strong original content we offered in the first quarter, especially some serial, drama series we launched. And also some variety shows we produced o... | intermediate | [
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5881240483b0ddce5358ebe4891b10fe | I have two related questions with advertising. The first is, do you think in the longer-term, your advertising business and your subscription business can run simultaneously or do you think that success in the subscription business would mean that the advertising business would be a very different business from the sor... | To answer the question, I think we are -- we have three major revenue pillars for the Company. The first one is membership business, which performed quite well in the first quarter and we continue to see the paying habit is forming for Chinese users and their willingness to pay is getting better than before. And second... | intermediate | [
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63a1e0d0874021217c99bbc183cfe183 | I have a follow-up question on the subscription growth, as the subscriber has already reached around 100 million level, I just want to understand the next step for a growing strategy for our subscription. I understand that our major focus will still be the content, but at the same time will the management also focus on... | Yes, you're correct that exclusive content is the most important driver in our subscription growth, especially the original high quality content, because the licensed content most of that is not exclusive. So the exclusive content really mainly comes from our original pipelines, especially drama series and to a lesser ... | direct | [
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432e80fcbeba256cd793060e8702f02e | My first question is related to the paying subscribers. So given some of the scheduled delay in our dramas, how should we think about the full-year paying subscriber target? And secondly, on content cost, can you provide us a rough breakdown between license and self-produced content this quarter? And how should we thin... | The first question, yes, we -- our target does not change, we still remained net addition target with that earlier in the year. We just told before about something like mix of content cost and balance mix contributing 4G content one of the largest content, I think it's familiar that because you won't change the number ... | intermediate | [
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f0a86cf718ef5592917c5b0c02d1559d | So, last earnings call, I remember, you guys gave the guidance for the paying members for the full-year. I wonder if there's a new guidance for the paying members on a full year basis. The second one is regarding the content cost, so what's the trend of the content cost for the full-year? | Our full-year guidance for the membership growth doesn't change, maybe because of the content delay I just mentioned earlier, this target become challenging, but we would like to maintain this target for the full-year growth. As I said before, this year, content cost our target is (technical difficulty) 70% of revenue,... | direct | [
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24b0ee1689bcaae1606fa344a27d3010 | My question is about a drop in recent drama (foreign language). So can you share us more details about this drama and like the performing numbers right now or the projection numbers. And also how does the numbers compared to previously hit show like (foreign language). And how does this drama will influence your second... | Yes, The Thunder is a very good show and very good quality drama series. It's a 48 episode long series and now it's in the 20th episode now. I think according to our AI system, we have a forecast system that will be -- we forecast that this show airing and viewership behavior numbers will be better than in the name of ... | intermediate | [
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09f969e2700531c2621a435c31616448 | Can you talk a little bit more regarding the content regulation, what type of content has to be delayed? And also how long will be delayed? Is there any risk that we have to write-off these content in the future? And have we changed our content strategy not to cope with the new regulatory environment. | Okay, this is Xiaodong. Actually, we talked about regulation before, the spend to your guide and actually this very, very seldom case, which were actually like the achievable content or titles, most time is simply delayed because of longer processing time. We need longer time to get approval from authority. So basicall... | intermediate | [
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e7c73eac37d20cb52375955c6f932cde | Maybe one more clarification on the regulatory side, is your assumption to -- are you planning, based on your assumption, are you planning to launch any new drama series in 2Q and 3Q? Just curious what you're thinking there given the line of sight you can see on the regulatory side? And on the same front, are you expec... | I think in the short-term probably like one quarter or several months, we are going to see some impact on the -- in releasing the content we produced or purchase. But generally speaking, we do believe people will do the job right. So gradually you will see less and less impact in the long run, maybe probably third quar... | intermediate | [
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30bded6292401a5211fe92f521cf5a6a | Firstly, the follow-up on the accounting treatment on those delayed TV drama, if those TV dramas never get broadcast in the end, how will you actually deal with this from an accounting perspective where you need to actually write it off? And also what's your content procurement plan this year, i.e., how should we actua... | This is Xiaodong, I will ask Gong Yu first two questions and let comment on the third one. And so first I will just explain, it never happened before and with the response we have in the near future, like it doesn't kind of -- get full unreleased forever something like that which never happened before. We do believe it... | intermediate | [
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3b26f26d19a0a4eb7a7fd1b2e0b4f573 | My first question probably, probably for you Julie. How are you? Did you pick apart the loss ratio a little bit and specifically just looking for the dollar amount of prior year development in the quarter.
And then secondarily, could you talk a little bit about -- I know in prior quarters you had talked about a freque... | Ok. So we had, we had several loss reserves releases up in prior years about for a little over $14 million -- $14.8 million. | intermediate | [
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12a908ddc62f89568dff5ff714739790 | Right. Wonderful. And then, could you update us on that if that kind of frequency trends you're seeing and you know if anything changed in Q4 both from what you're observing versus what you might recognize that you had in prior quarters. | Matt, nothing -- nothing specific stands out right now. We did see a number of COVID claims filed in California as a result of the presumption statute. Many of those claims have been resolved with little or no payment. Overall, frequency -- at the end of the year, it seems to -- according to COVID claims seem to be sim... | direct | [
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75ecae8bcf797aed0689407b490fc3cb | Ok, great. And then maybe Andy, if I did ask you about the workers' comp environment more broadly, what you're seeing in terms of competitive pricing things like that? Know in California the big picture [Inaudible]. | Sure. Over the -- all of our business, we still have not seen any significant rate increases really anywhere. We haven't seen much in the way of rate deterioration though. So I would say overall business, it feels like the rate levels this year are very similar to the rate levels next year.
There's still a lot of comp... | direct | [
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9566a8ca8a677d465e8e713a5788285e | Fair enough. And then lastly, if I can ask you to clarify -- I think both Andy, Julie -- both of you had comments about investing in the business going forward and how we should think about the better than '21. If we look at the expense ratio kind of for the full year for '20, is kind of that sort of level, a reasonabl... | Let me start with a more general statement. We exceeded our 2020 growth objectives, and we are optimistic about our 2021 growth opportunities. To take advantage of these opportunities, we do plan to accelerate some investments in new people and automation. Remember there is a lag between the time we recognize expenses,... | intermediate | [
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e3e7ff14547b7b3781f4eafb3e068b80 | Hi. First, a question on just your premium growth. Can you discuss -- you mentioned non-workers comp growing at a fast rate. What line you're growing in and what your outlook is in terms of -- like how these lines will contribute to your growth in 2021 outside of workers comp. | Hi, Jimmy. We did grow significantly from a percentage basis in lines outside of worker's comp. There are -- we are seeing rate increases in other lines that are outstripping on what we're seeing in worker's comp where we have seen some improvements are really across a variety of lines on commercial auto, homeowners, a... | direct | [
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a08d2d82338e444366699c1a0da5278b | Ok. And in terms of the expense ratio, can you quantify how much you expect expenses to be elevated versus the last few quarters? And what the like -- just give us an idea on how the core expense ratio is trending vs. some of the investments you're making and how much are they going to sort of pick up the expense ratio... | Sure. You know Jimmy, we're really not wanting to provide any guidance around our expense ratio now. We're -- we know that it's gonna be elevated because of the investments that we're making due to our growth and we feel like we really have to do that to serve our programs and the business in the manner that we've alwa... | fully_evasive | [
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6d426ab5d8da64a7b5e49fc1dfd5e574 | Hi. Good afternoon. Andy, I was hoping maybe you could talk a bit about you know the deal pipeline not only for M&A but also for you know potential program partners. You know I've been hearing a lot that the pandemic has maybe pushed smaller businesses that are right in your warehouse to consider partnering with larger... | Yeah, you know David, we did exceed our expectations in both the third and fourth quarter last year. And that's really on the back. So, I mean we always expected that our growth would come primarily in the second half of the year, but we certainly did not expect the number of opportunities that would be presented to us... | intermediate | [
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b33224a64a0904044ebf595192d9f8ea | Got it. So I guess you're -- would you say or you are similarly both like or are you more confident about growth organically or inorganically, I guess could you comment on just what avenue you feel best about going forward? | Good question. And -- when you look at the new programs that we've put on in the fourth quarter, some of these programs are just starting now to produce. And so, I guess we could talk about that organic growth because they're already on the program are they part of the new programs. I guess I'd call them part of the ne... | direct | [
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bb65e3db42439f0376d6c35dbca86093 | Got it. Ok. That's helpful. And then, I just wanted to ask just on the retention levels that's -- I think it's the second quarter in a row where you guys have retained a bit more than what I had thought.
I guess you know, I guess -- are you guys thinking you know as you guys retain more business or are you thinking yo... | Again, we don't want to provide guidance. But we did increase our retention on a couple of programs last year, and you know that takes time. It doesn't happen on the day they sign the contract. It happens over time as the premiums are about with the -- [Inaudible] through the income statement.
So it will take a full y... | intermediate | [
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e419d4c7b0a39d4b5e0bb0e930456f14 | Right. Right. That makes sense. Are you -- and just to refresh my memory, are you guys at fully 100% retained on comp star? | No, we are not. | direct | [
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adb9f52cb939fdcac36de22845dc3da8 | Ok. Is that something you guys think you'll get to within the next year? | I don't think so. I don't think so. | direct | [
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64f5d601616a9187baaae55e880c508b | OK, that's fair. And I agree, I think the philosophy that you guys are following makes sense from a disciplined -- risk management discipline standpoint. I guess if I could just sneak one more in. This is probably for Julie.
I think you said, it was what $14.8 million of favorable reserve releases. Could you maybe hel... | Yeah. I don't have that off the top of my head David that I would have to pull up the schedule piece. Look at those. David, I would say the majority of it was in the 19 years to 15 years.
I think they're pretty -- evenly spread pretty evenly over those years. | direct | [
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cad691c05eeab91ebe271fb9e2cbae4a | Thanks. A couple of questions. Just a follow-up on the growth. Could you give us a rough idea of the contribution of organic versus new partners, versus the acquisition? | There's a lot of the new growth Adam is coming from the new partners, please. The organic growth...
Yeah, yeah. So, we grew gross certain premium in the fourth quarter about 37%, about a third of that growth was from our existing programs and two-thirds of that was from our new business. | direct | [
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89988b83faeed68242f776718ccdc4dc | Ok. Ok. That's very helpful. And then just roughly for the fourth quarter what was the percent of business that was 9 comp versus maybe the fourth quarter of last year? | Adam, we have that number somewhere, can we get back to you with that? | fully_evasive | [
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3a6a1ef2653e9f439dee35bcb002796d | Okay. Yeah. Yeah. Sure, sure.
So you know with the noncomp growth is that coming both from the new partners and existing partners or is it more skewed toward the newer partners coming on. | It's mostly that new partners we've seen a number of just very attractive programs last year that we've put out outside of work often and they're performing consistent with our expectations right now. | direct | [
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6497c530151b185ef5bec14ac9fa9d28 | Ok. Ok. And along that lines you know, I think how you run the business typically new programs you take lower retention, so I assumed that because some of these are the non-comp newer programs you have low retention than that than your average bucket. Is that your ballpark a fair assessment. | Absolutely a fair statement. Yes. | direct | [
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8683e5c8611ca1a8ca33dfc006ae5efe | Ok. That's helpful. And then on expenses then. I totally understand that by not giving guidance at this point, can we think about the sort of having I guess a base level.
So excluding their accruals, your G&A was roughly $10 million in the fourth quarter, and you said you may elevate from there. But is that a reasonab... | I think that would be giving guidance if I answer that. So I think it's originally framed. | fully_evasive | [
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c7750d0f2f908d4f507920b378153223 | Ok. Ok. That's insane. You may have said that how is your pipeline for new programs.
I guess twofold one, how's your pipeline and how's your ability to bring on new programs given that you've had a really strong year last year? | You know, the opportunities that are being presented to us concerning -- continue to be at an elevated rate. You know, we did put on nine new programs last year so you think there's -- with a number of new programs that we have that are just developing, we don't need to put on a lot of new programs this year to make so... | intermediate | [
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ef9ce126ba945dc2aee266b31a8822a3 | Right. Right. But is that -- again, clearly I mean you're showing you know much better growth than we had expected. But if you see some good programs, do you have the bandwidth right now, or are you so busy with those.
Because I mean nine programs a lot. It's like compared to what you've historically done just sort of... | That's a great question and I'll try and answer it in two parts. Yes, we have a really good program that came to us. We would have the bandwidth to add that program. But at some point, at some point, if we don't make some investments, we will find ourselves in a situation where a good program will come to us and we won... | direct | [
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de01e8de392261bba38771b6f7c53647 | OK. Great. And then can you give us I guess some idea. What do investment and automation would be? Are those new policy management systems, the new claims systems I guess what is generally, what does that entail. | It could be all of the above. I mean, certainly, we are working on a new claim system. And so that's something that we are working on now. We've identified a lot of low hanging and our I.T.
people have identified a lot of low hanging fruit items whereby just making a few I.T. changes we can really automate a number of... | intermediate | [
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f874e722dab31fcac3d8dd98ceab3342 | I wanted to ask a couple about the commercial auto book to start. So with the adverse development in the prior accident years, so '16 and '17, can you characterize kind of what changed from a claims management perspective that caused the revision? | Yes. I don't think that there was a lot that changed, Randy. I think we just had, in the quarter, we had higher-than-expected loss emergence. I think, in 2016, it was from places where we've had it before and with an emphasis on Florida. And I think, 2017, it was just a little bit broader and so it really wasn't -- it ... | direct | [
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60399037044e63e578bd49da634eda15 | And then on the loss pick for commercial auto, I think if we look at E&S, the core E&S business has kind of seen higher loss picks, in general, to reflect the risk reward around that environment and then I presume that Uber pick is lower. Can you size -- is that correct and can you size kind of the change in the loss p... | No, our -- we still have our original pick up there and it's commensurately higher than certainly where '18 is right now, Randy. So we have a fair amount of, we think, conservatism in that loss pick, obviously, adjusting for what Bob has said in terms of pricing, the pricing increase that we got beginning in 2018. | intermediate | [
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7342e29aaffd3c66b832a68602ab1cf4 | OK. And then I just had one on the investment income, understanding that the -- I guess the alternatives were kind of within their normal band of volatility in the quarter. But on the core fixed income book. Where -- I guess where are you seeing new money yields and how are -- we're seeing a lot -- I cover a lot of ins... | Randy, it's Kevin here. So, yes, we've seen an increase in the net investment income from that core portfolio, and that's really due to growth in the size of the portfolio, rather than changing yields. But to answer your question, market yields are about 40 basis points below our average book yield right now. So the du... | direct | [
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67221aec47d9c33ba08170462f731d11 | And then just from a new money yield perspective, do you have a blended core fixed income new money yield as of today? | I don't have that -- I don't have that number, but I can tell you, it's about 40 to 45 basis points lower than what we have right now. We'll follow that one up -- we'll probably follow that up with you. Sure. | fully_evasive | [
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d425b14c9051a8d2cbcb364355f2b30f | Thanks. Just a follow-up on Randy's commercial auto question. Any chance you can give us, after all the moving pieces at June 30, where commercial auto accident year developed loss picks are, '16 through '19, so we can get a feel for the progression? | Yes, Matt, that's not something that we -- that's not something that we've broken out sort of quarter by quarter. Just because a lot of it relates to, among other things, a particular client. But, no, we -- it's not something that we've broken out from a this-quarter standpoint. | fully_evasive | [
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8b399270dd8e8550de9a85137ab53a57 | OK. I'll shift to casualty re. So if I look at that segment, the accident-year results have improved substantially, low-90s combined ratio, since you got out of those new lines of business, kind of risk you aren't writing anymore, a little while back. But we keep taking small level of average development on those risks... | Yes. So it's been several years since we moved -- moved the book substantially to more excess and surplus lines, general liability and proportional, and I think where we've seen some of this adverse development was on when we had a larger proportion of the book in our excess treaties, and where we had a little bit of m... | intermediate | [
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0a40f28a50f5760436ad5040ee94a869 | OK, great. And then one more, if I can, just on capital. How do you feel about your capital position? And I asked this in light of kind of how you characterize stronger-than-expected growth in core E&S, it seems like it's continuing and kind of the -- as you described, the puzzle pieces in place that I don't think we s... | No. It's a -- thank you for asking that question. We feel really good about our capital position. As you know, we had to pause the special dividend a little while ago, and moving our operating leverage to 1.4 times gives us a lot of room to run in terms of supporting the growth in core E&S. So as we earn that in and as... | direct | [
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135192d6009858e8629fb2092b2cd7d6 | On the growth in the core book, I wonder if you could talk about your success. Submissions were up 20%. Clearly, your hit rate was a lot better. Could you talk about your capacity to effectively underwrite that much more new business and maybe touch on average policy size, were you finding success moving up market a li... | Yes, that's a great question. And so, yes, I think the hit ratios are up a little bit. The other thing is that the average premium size is up a little bit as well. I think we're -- when I looked at the report, we're around 23,000, and we've sort of been around '19 or '20 or '21 or so. And so that's up -- that is up 15 ... | direct | [
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8bccda7c6ddbd00c54564153a4c8d521 | Is there more property in the recent growth? | We have seen a little bit of growth in property and we've also seen pricing increases in property as well. I think they've grown a little bit -- book a little bit because as a lot of -- we don't have a big book of that. I mean it's approximately -- the run rate on that is approximately $15 million or $20 million, and i... | direct | [
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c27e3f43dd0bd94f08e840176b42e405 | Understood. A final question on the reinsurance segment. Just longer term, what should we think about your posture there? If you're seeing very good growth in E&S and maybe you want some more capital? What's your latest thinking about what to do with reinsurance? | Yes, I think no real plans for any significant change there, all right? We still only expect to be flat or grow modestly in core -- in our casualty re segment. And we like the underlying terms and conditions, we like the pricing. But as I'm sure you know, this business, on a planned basis, on a budgeted basis, generall... | direct | [
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d383e98324f299d95475476a7cec3715 | Bob, can you talk a little bit about the claims staffing strategy, given the really strong growth we're seeing in E&S? | Yes, absolutely. We've significant -- first of all, we've significantly increased underwriting headcount in the last six months in our various offices, I sort of rolled through it in last-quarter's prepared remarks, we have underwriters in Richmond, Virginia, outside of Atlanta and Alpharetta, Georgia and Scottsdale, A... | direct | [
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39206ed4c667f27330721778b671e17f | OK. Yes, that's helpful. That's what I was looking for. Two quick questions for Sarah, if I can. One, so, in general, I guess, before this quarter, there was the expectation that the tax rate would slowly drift up sort of year after year as less -- premium-less asset flow or small assets flowed to Bermuda. Should we as... | That would be my assumption there, thank you for the question, being above average because of the reserve move that we mentioned. So I think of a low single-digit -- low double-digit tax rate absent these moves. So if that picks up slightly, that would still be kind of behind a mid-teens tax rate. So we're a little bit... | direct | [
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569e6031ca4493568a3b5f251703b564 | OK. Fantastic. And then, finally, within casualty reinsurance. So we have the net reserve development, I'm wondering, are there any offsetting leases on more recent accident years or is the net number really all that you're seeing? | No, we had some offsets on that as well in some of the more seniors in casualty re, but there... All of that was modest. Yes. But there was -- I was just going to say, there wasn't much in terms of that, but it wasn't just the adverse number. | direct | [
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612656cd622f9beda2a66320e5011545 | Thank you. Good morning. A couple of quick questions here for you. Sarah, I'm just curious, could -- going back to the commercial auto adverse reserve development, is it possible to give us what the adverse development was in the '16 and '17 year and then the favorable on the '18 year? | Well, the favorable in the '18 year was the 25 that I mentioned, and then that got allocated to '16 and '17, and then the majority of it went to '17. | intermediate | [
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2c9591a3dcf8e3854695dbe478bd7917 | Got you, majority '17. Great. And then my next question, just curious, as the mix of business shifts within your E&S segment to more and more of your core business, is that what we should see kind of driving your, call it, underlying combined ratios down? And I could imagine your core E&S carries a better underwriting ... | That's fair. Yes, Brian. | direct | [
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1a675c86f51493c15d9824126173777c | OK. And then also within that, should we also expect maybe sort of loss ratios trending downwards or expense ratios will probably kind of stabilize a little bit or move up? | I think that's pretty reasonable. I'm not seeing a reason for them to move up right now, but it is -- there is more expense on the core business and there is in the commercial auto business. | intermediate | [
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dc31592e0945a50356115c856a991115 | Rob, can you just talk about what was the factor that drove the declining book value this quarter? | Sure. The primary driver of that was paying the warrant. It was about $220 million or $0.95. Outside of that book value was relatively flat.
We made some markups and markdowns loans. In particular we're up in the quarter. Agencies, with an increase in rates were down. And non agencies were down slightly.
But I think al... | direct | [
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05d14b90456b6f0b8859280846d7c626 | I guess, as you look at kind of incremental dollars that you're putting to work, where are the most attractive opportunities that you see today? | Hey, Doug, this is Mohit. So, as we mentioned in the opening remarks, we're still focused on acquiring more business purpose loans, given the rate environment we're in, keeping the duration short on those assets, it's helpful and it creates a pretty high yielding asset for us. On a cash basis, it's 17% and with some fi... | direct | [
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12bbf867647a0d1ad513e98a1d35893a | I was just wondering if you can talk through when does it decision to raise the dividend? Is any expectations for capital deployment or changes in leverage or funding costs reflected in this? | Hey, Mike. I think it's all of those, right? I mean, as you can see from the relevers that we've completed through April, which represent about 70% of what we came into the year looking to do. The average cost savings is over 265 basis points. If you look at our overall recourse repo, some of the financing we took in p... | direct | [
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7307c50cb4efc324f075896bb1726782 | And then can you just provide a quarter-to-date book value estimate? | Rates have sort of rallied since March 31. But I would say, credit spreads are probably flat to where they were on March 31. As our agency spreads, I think book value would be unchanged over the last 30 days. | intermediate | [
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76fc8473661d2a68effe8ad815e47d8e | Ed, I think you mentioned in the prepared remarks that you plan to take another dividend from BLIC in the fourth quarter, can you give us any sense of upsizing there? | Sure. Good morning, Ryan. So we have almost $500 million of remaining ordinary dividend capacity at BLIC, and I would expect we to take at least half that amount. | direct | [
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9fe2c63942cf838d24f580396e4921db | Got it. Thanks. And then I guess does the -- does -- now that you've gotten another $600 million out of BRCD, does -- I guess, how does that influence your dividend plans out of BLIC beyond this year, I guess it give you -- it gives you a bit more cushion to think about it seems? | Well, I'd start by saying we feel very good about the capital position at our operating companies, as well as the holding company cash position. And we're better -- we're in a better position today with -- with the RBC ratio than we would have anticipated at the beginning of the year. And as you know, the number in the... | intermediate | [
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6d004f7d234c60ee9c92193a56745d58 | Thanks. Just one more follow-up on this. I guess now that you've got $1.2 billion of dividend approved out of BRCD, are the reserves now I guess closer to your view of where -- of appropriate reserves, did you still think there's additional capacity longer-term? | So as you've heard us talk about the primary means to assess the capital position of BRCD is our cash flow testing margins. And even after this dividend, we continue to have, I consider very strong cash flow testing margins in BRCD. And remember, we look at that under a multitude of scenarios. | intermediate | [
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a330b13c1497485ac1432a9c219edd8a | Good morning, and thank you for taking my questions. I guess thinking about the $1 billion of share repurchase authorization, how should we think about the pace of the buyback going forward? Is there any reason why we should not look at the historical pace as a guidepost? | I'll start, Humphrey. I think it would be smart to look at history as a guidepost. Obviously, we feel great about our flexibility here. Ed, you -- you're going to give a little help, right. Why don't you give a little help. A little help, all right. So we don't think it's in the best interest of shareholders to discuss... | intermediate | [
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044e95234a9b1483a17d3417e14710a1 | Okay, got it. Just switching back to BRCD, like I think the -- this is definitely a positive development that you get another $600 million out of that. I guess the timing was probably quicker than I thought. Any like, now you've taken $600 million kind of -- out of BRCD two years in a row, like is that the pace that we... | So I don't -- I wouldn't suggest that you start to build in some pace based on two data points. I would say that, again, we feel very good about the cash flow testing margins at BRCD. And that is the reason that, that we -- we asked the regulator to allow us to take this out. And the reason that the regulator agreed, I... | intermediate | [
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1676d20ceba0b2c815fc1e0aa8a1c59f | Hi, thanks. My first question, if we go back to EPS that you reported and then I adjust that for a couple of items you pointed out being the underwriting and the better costs [Phonetic], I get to around something around $3.52, whereas you guys gave the range of $3.00 to $3.20 as the run rate. So there is some other one... | Good morning, Elyse. So as you can imagine, there are a number of items every quarter that are off of trend. And I would say we called out the two big ones this quarter in our disclosures around underwriting and alternative investments. But the one notable item that we did not call out that was the bigger one of the re... | direct | [
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c322f8a9e1071c2f277ef2afcd128343 | Okay. And then in terms of shifting back to capital, you guys since the pandemic, right, have also maintained a healthy level of capital at the holding company with the new buyback and also there is more certainty that we're coming out of the pandemic. Are there any thoughts about kind of changing the buffer that you'r... | Okay. So last quarter, I made some comments about how we were assessing the appropriate level of conservatism in our holding company cash position. And I think the answer to the outcome of that assessment was our decision to ask the Board for a $1 billion repurchase authorization, which is equivalent to 26% of our equi... | intermediate | [
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7558e0604fccf03ecf4f4eefec671282 | Thank you. Can you talk about the growth in the life insurance business sales, maybe expectations going forward? And do you anticipate, like do you see this is coming from broadening out of distribution, a pull-forward from raised awareness or really shifting to a higher gear? Thank you. | Yeah, sure. This is Myles, happy to take the question. So we're really pleased with the progress that we continue to make with SmartCare sales. And as Eric mentioned in some of his prior comments, we continue to expand distribution. Over the last few weeks, we've been able to bring in about a half a dozen new firms. We... | direct | [
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1e1970b6859df73c716418b5d3d9b833 | And maybe the follow-up to that is, and thanks for the answers there. That was helpful. You're obviously having good distribution on the annuity side on top of Life. Some of your expenses are variable, obviously some are fixed. Given the outlook for distribution is constructive, how should we be thinking about operatin... | So on operating expense, corporate expenses were, the first half of the year, $421 million, that's lower than what we would anticipate it would be in the second half of the year. As you can imagine, travel is still low relative to what we budget, and there are some other areas where we would expect more expense in the ... | intermediate | [
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f7294de2a1d60eafce745769e09548ae | Hi, good morning. Just had a quick question, you've done a few funding agreements year-to-date. Curious kind of how big deal of an opportunity do you see this becoming and how quickly do you expect it to ramp up, and also kind of where -- where should we find the results for this kind of nascent line of business in you... | Hi, Zach, it's John. Look, we think this is really an attractive space to be in, as it will enhance our overall business profile and provide good risk-adjusted returns and product diversification. It's a bit premature to talk about how big we think the business is going to be or what kind of earnings power it may have,... | intermediate | [
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804a05365ffa7d12b652d031f78e0ca5 | Thanks. Ed, could you provide a little bit more detail on the normalized stat earnings? And I guess in particular, I would have thought given the favorable equity markets and the favorable alternative investment income, they would have been a bit stronger, can you give some perspective on the offsets? | Sure. I mean, I think that the -- the first thing to recognize is that most of the benefit that we're seeing from the ALFs [Phonetic] is coming through in unrealized gains and so that's going directly to TAC. It is not included in normalized statutory earnings. So that's one of the reasons that you see the disconnect b... | direct | [
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7a1caccf507171b21a4d61733644b613 | I guess, first you -- there is meant to be quite a significant amount of I guess catch up shelf resets this fall, after some delays and those sorts of things. Obviously you've gained quite a bit of distribution. You have some momentum. Should we be expecting that to accelerate into those resets or do you think you've m... | Thank you, Kaumil. This is John. When we look at resets, we added about 20,000 stores through the first six months of the year, reaching 100,000 doors is a major milestone for the company. What we're seeing, Coke Energy is getting listed out there right now and our team has been extremely aggressive potentially getting... | direct | [
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d0aab8b3c298fba28feaf6123586a4e1 | And then if I could ask about Europe. You mentioned that you are planning on launching an Amazon Europe in a series of markets. Can you maybe just add a little bit more detail on maybe the market size, what your expectations are for contribution in those launches that sort of thing? | Yes, we've been talking about it for some time. We're obviously doing extremely well on Amazon in North America and working with the European partners and divisions over there. We're looking for really in Q3 to launch in the UK and Germany and other markets. Early indication, it is the overall size of the energy drink ... | intermediate | [
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"fully_evasive"
] | B |
143152466f02ad082c1f221c9949709a | Okay, great. And maybe a final question on margins. It sounds like you have quite a bit of confidence in getting your gross margins back up to where they were. But I guess was just under 47% last year. Is that what you are indicating when you're saying, we will sequentially get better to get back to that 40 -- I guess ... | Yeah, we feel in the back half of 2021 of this year, we're going to see sequential growth anticipated in the margins, as we've seen in Q1 and in Q2. There's a lot of variables out there, freight costs as well and in extremely volatile as well as we will be cycling through some imported cans and raw materials. So that w... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
7289f89d3dfb841153e9455fafe74e0f | How are you thinking about pricing in the energy drink category? And I guess, just maybe your ability to take pricing given some of the consumer loyalty metrics that you've seen? | Yes, I mean consumer loyalty has been extremely high for us. That's more of a competitive advantage we have is our loyal fan base and regards to pricing, we do think there's opportunities on pricing as we continue to grow in scale. When we look at pricing right now, we're really watching what the other players in the c... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a7d6ed782a90895fe4d18908e1a78be3 | Great. If I could squeeze one more in. I just was curious just to how to understand the mechanics of the shift to DSD. And if that does have a drag on margins going forward? | Yes, no, it's a great question. I mean there is somewhat of a transition. We are getting a top line dollars and we're giving up margin to move to our DSD network, but there's a lot of synergistic benefits that you receive on transitioning. So what we're seeing is, it's really potentially margin neutral. And also where ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
971eea01bead6a8c3a26252b5f9b8fc8 | Hey, just a bit of a follow-up on a couple of Kaumil's questions. As far as the big five plus in Western Europe, you're going to launch out on EU Amazon. Are there any plans for other channels to happen in the short to mid-term as far as the gym channels or retail? | Yes, that is a massive opportunity. We are under discussions. We're looking at that with a variety of opportunities of potential partners. So more on that in the coming quarters. But at this point, our first step is to expand with Amazon and then we're looking for other partners in those markets where we are under disc... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
00813defc40cd33784b08c270231bd59 | Great. And then second for us, could you talk about the coolers and what we should expect for the back half and talk a little bit about some of the channels of velocity that you're getting to there and how that may roll out in some of the data in stores as far as what they're finding as far as the effect on the stores ... | Yes, no, it's a great question. In regards to sitting here in 2019 and 2018, we had into 2020, we really had a lot of out of stocks at retail, just due to the velocity of the products. So moving to DSD is one step in enhancing our availability, maintaining that in-stock position and then taking it to the next step furt... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
aa452cfeb2de7558160c64d940c00415 | Got it. And then lastly, first can you talk about the throughput rates previously 80% and 90% reported out this quarter. So we are just kind of steady state. And what are the push and pulls there involved? Thank you. | Thank you, Jeff. Yes, fill rates in Q1 were roughly around 80%. We have increased those to the back half of the second quarter, mainly in June, getting to a 90% fill rate there. So we anticipate that to continue to sequentially increase over the next several months. Currently, in Q2 we're averaging right around that 94... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6152ec8dfc2d3f8e0e728f4f610e76f2 | Just any update you can give us on where we are on CVS and 7-11's progress on flipping to maxed out DSD? | Yes. Great question, Jeff. In regards to 7-11, we continue to make progress each and every day. The whole West Coast division has been turned over. We're working on the Southeast Division and several other regions. So, we seem to have a full support of 7-11 really closing the gaps now that we have about 85% of every-co... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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