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bf0441a43f03fc088d21abf92e6062a1 | Just on the supply chain. It seems like just about every company out there is talking about it maybe -- and I'm sorry if I missed this in your opening remarks, but what are you guys seeing? Are you been pretty good so far throughout this whole challenging time, but any new updates there would be helpful. | Yes. Not much there, Peter. I would say that on the Naval reactors business, nuclear operations, it's been pretty good. We're generally in long-term relationships with our supply chain there. That's been very stable. It's been stable on the commercial nuclear side in Canada as well. Really no disruptions or problems th... | direct | [
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e8d151fdec215fc16d6816a3cb254ace | So this seems like a pretty unique and good fit on what you're doing there. Maybe if you could talk about -- is there other types of pipelines out there for you to do things like this? Or is this just a unique opportunity? | Yes. I think so, Peter. I mean there are assets like this around. This one is a pretty small scale. Hopefully, we could step it up and scale in the future. But the idea there was to -- it's hard to grow our core business, obviously, because of the share that we have there, which is all of it for the components that we ... | direct | [
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02efcbf07a64ed70b47db01cca53f6db | So I think you've mentioned potentially about having some exposure to Russia in terms of the moly that you need to ramp up. Can you talk about that and what your exposure may be to Russia? | Yes. Sure, David. A couple of -- there's -- I mean there are general effects, obviously, on the business, but the particular ones, there are kind of two things there. One is we had looked at purchasing some enriched moly for a very special purpose on the moly 99 program, having to do with filling a gap in a service out... | direct | [
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e7e60f253158564081192b77a61db208 | You touched on working capital and the opportunity there. Could you potentially frame that? Would you see as the opportunity? And then also what you're thinking about leverage and where leverage post the acquisition, where does leverage actually stand now? | Sure. Yes. So I think we're in a phase right now of really understanding and analyzing what our working capital position is. We took the opportunity to provide some view of operating cash flow for this year, and we expect to continue to do that in the next couple of years in overall free cash flow. But as I see it, I t... | direct | [
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a2e7a90ae694ed4274283df1865b031d | Number one is about our pay business, Maiya. I observed that management gave RMB 300 million target GMV for the second quarter. So, can you give us a breakdown in terms of online-offline channels? What is the current unique economics for Maiya and who is bearing these credit risks, and what is our long-term target for ... | So, Jacky, on your first two questions. First, with regards to the BNPL, our Maiya product, I think obviously we started in the first quarter and there is a big difference between what this product does and what we've done traditionally, not the least of which of course is that it's a 0% interest product to the custome... | intermediate | [
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71d9172d2b8cfcdd4dd66ef2dec1aecb | The first is about the percentage of platform-based services out of the total platform-based loan origination out of the total loan origination volume in the first quarter. And the second question is on take rates. Just wondering what is the level, what is the first quarter's take rate for a credit-oriented and platfor... | Yeah. So, Ethan, I think when you look at the first quarter, the profit-sharing we mentioned earlier in the prepared remarks, for the first quarter, it was 47%. This is compared to the 50% in the previous quarter. So overall, it's pretty stable. Now, of course, it's notable that this is a market, and this is a shall we... | intermediate | [
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c7fa3654e6f60a3e321f3b9f85d1d4f1 | First of all, from the follow-up question on Maiya. From the accounting point of view, I would like to understand that when the business of Maiya grows, are we going to ex -- are you going to see some expected credit loss to be booked as, you know, some part of like provision charge in the P&L account, and so we also e... | So for the first question, Steven, I think it's important to emphasize the product, the Maiya is very new. The scale right now is not large. So on these things, it's fair to say that we still have to figure out exactly how the accounting will work. Now, that said, of course, everybody can look at, for example, Afterpay... | intermediate | [
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d06454a8ed2d7dc86b71c92b4a0b700b | So I have two questions. First one is on the regulatory front. So given that there are some uncertainties around the regulatory developments, I'm just wondering whether the management is considering to apply for additional online microloan license so as to -- as a hedge to the regulatory risk? So I'm wondering if you h... | Yeah. So, Alex, we didn't mention the regulatory situation a little bit earlier. But I think what we want to emphasize here that, well, the regulations, as we all know, around loan facilitation is out and has been established. We would say that, in fact, it's stable and the regulatory environment around the loan facili... | intermediate | [
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d725ba9a7207841eeeb3fa08c0a67c23 | My first question is related to the SME loan. Can -- because the -- that -- this type of the loan has been growing very strongly and that shifted RMB 2.1 billion loan balance in first quarter, and could you provide some colors on what's the loan tenure and the size of their loan, as well as the API for these new SME lo... | Yeah. So, Cindy, for your first two questions. On the SME loans, the typical size these days would be about RMB 100,000 to RMB 130,000. The pricing would be typically 18% to 24% in terms of interest, and the tenure would be 12 months. But it's fair to say that there is a high variation in terms of the different SMEs an... | intermediate | [
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434116e0c369d0ebd2c5e5fd4fb9b0e0 | I have two great questions. The first one is about our funding partners. So could you please share more information with us on how many funding partners we have in total by the end of 1Q '21? And besides, how many partners do we have under the profit-sharing model? The second question is regarding our new joint operati... | So I think with regards to the first question. Well, our asset quality and the attractiveness of our assets has always been high. So we've consistently had over 100 funding partners, and certainly, we'll continue to increase the number. It's perhaps worth noting and highlighting that of late there's been a series of lo... | intermediate | [
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36a913668395c4ee45300760a72b5c73 | First, on Bloomberg. ORLADEYO's consensus for this year is around 35 million. Are you comfortable with that number? Second, how should we think about gross to net in the early part of the launch, and could that evolve as you get coverage ramped up? And third, where does formulary coverage stand now? What's your goal fo... | So the consensus, as we said, we're not going to give guidance. Our goal is to meet or beat the expectations of Wall Street and we're excited to approach the first quarter, give you a first full quarter in the next earnings call. So that's that answer, and you want to take the gross to net?
Yeah. Absolutely. Hi, Jess.... | intermediate | [
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8062e0bb120bcce9d7346da6e42393f8 | Can you give me an update on the rate of conversion from your EAP and extension studies to the commercial drug? When do you expect the conversion to be fully complete based on what you're seeing so far? | Sure, Brian. This is Charlie. I'll take that question. So the conversion is just about complete at this point. We set out to make that conversion this quarter, and we're really wrapping that up at this point. And as I mentioned in my remarks, we're seeing the great majority of patients who are on the two clinical trial... | direct | [
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08566b249c64df360eeca11734282984 | So we'll be getting data with patients getting the high dose at 400 and 500 for at least next week, next month. Can you remind us that the trial allows the inadequate responders to wean off C5s using the 9930 as an add-on. Is there a potential for us to see that your stack of patients winning down C5 while they're on 9... | Sure. Good morning. Thanks for the question. Yes. The protocol does allow the patients with inadequate responders to have the C5 inhibitor withdrawn. So we'd like to see everything be stable. It can take quite a while for the endoglin to plateau out, for example. It takes a long time for the bone marrow to get to a ste... | direct | [
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b598bae54af7578048767695085e3e9b | So it seems to me that all 16 patients have been treated. Is there any new cases on rash and that's being observed? And can you give us some additional thoughts around the mechanisms of the downside rash? | Sure. So the -- as we noted last year, we've had some cases of inconsequential rash and the -- these events disappear as BCX9930 treatments continue and in fact even if the dose is increased on day 15 of the protocol. So we'll update that at the R&D day call with the new data that's coming up, but it hasn't been an iss... | intermediate | [
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b2aa03ce645c85d4c75504abd73cf43a | I'm just wondering if you can share some initial thoughts around the restoration trial. Would it likely be a single-arm trial? Or do you just have an arm with C5 inhibitor to show no inferiority or superiority? | Sure. So just to clarify one thing. On -- at the R&D day, I won't be going into design of future studies when we start studies or -- we'll talk about that later this year. The R&D day will go over the data from the ongoing study which we're very excited about to share with you. And the goal of treatment here is to make... | fully_evasive | [
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a822bf40a9fc4f47976ac57d9a4934b3 | Those early days in the rollout, can you share whether ORLADEYO uptake is even across severity with mild and severe patients equally represented there? And any breakdown on where the new patients are coming from general practitioners or specialists? | Sure. Hey, Steve. It's Charlie. As I said in my prepared remarks, the -- we're really pleased with the breakdown of patients thus far. We're getting an equal split with people coming from switching from injectable prophies and those who are treated with acute only and then coming over to prophies for the first time now... | intermediate | [
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00256874f5a669d1e412524053dd0fb6 | My first question was on 9930 data at your R&D day, I guess how should we think about hemoglobin variability and the bar for success on hemoglobin measures for the naïve and experienced patient populations? | Sure. Hi, Maury. Thank you. It's an interesting question. The leading physician to treat PNH patients have started to think about what are the goals of treatment in the era of introduction of proximal complement inhibitors into clinical research. And there's a nice publication on that that talks about grades of benefit... | intermediate | [
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4b67c09b8dfeaf5d0a395a2cb04a97b3 | On clinicaltrials.gov, the estimated enrollment for PNH was relatively high. Just wondering if you can provide any insight into the enrollment rate for this study and remind on rationale for why you didn't add more sites for this. | For our Phase 1, so -- now this was an innovative design that included PNH patients in our Phase 1 first-in-human study, which started off with healthy subjects, single-ascending dose, healthy subjects multiple-ascending dose. And part three, the study redesigned in an incredibly flexible way. Because when we started, ... | intermediate | [
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aea712426b6cd4d50bcfceedceb8304f | So you've talked about providing clarity on additional indications to pursue with 9930 that you could move directly into Phase 2 with, and it sounds like we could learn more about this at your R&D day. I guess, just clarifying if that's the case, if we should expect an update on that. And then can you say if you've alr... | Sure. On the first question with regard to the products indications and other indications, at the R&D day, we will go over the field and how exciting it is and what the opportunities might be. We won't be specifying exactly what we're including in our nephritis studies until we start them because we've seen very compet... | direct | [
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4cc5d450560454f0ee25a4a3a858b646 | Hi. Good morning. Thanks for the updates today. I wanted to start on the ACE side. Thinking about the growth rate, it seems like the 2019 basis unchanged and the regulated outlook is unchanged. So it's primarily ACE driving the move back into the long-term range. Is that a fair characterization? | Yes. Hi. Good morning, Richard. This is Bob Adams. Yes, that is a fair characterization. | direct | [
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4df107e5abf90e11821b468655276b99 | Great. And so you're thinking about ACE is repositioning and kind of this impact on growth. I'm curious what discrete opportunities you have in the plan now versus prior or if this is more about the larger opportunity set that you reviewed for ACE today. | Yes. So, Richard, I would say that it's a combination actually of both. It's a function of the strategic work, the landscape work that we looked at in terms of where we're currently located in the country. The relationships we have with customers, their interest in more products and services, which Al described. And th... | intermediate | [
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b37f8490eb3b758f534dbdf723e069b6 | OK. Great, guys. That's very helpful color. And then just two quick follow-ups here. The 30% to 40% ACE growth, where does that put you on 2024 business mix versus the current agency thresholds? | So in terms of 2024, by the time we get to 2024, we're going to be in that 25% to 30% business mix range, assuming that we do not execute upon anything in addition on our regulated strategy, which is still a big part of our growth strategy. So we're certainly -- as we've outlined, we're pursuing opportunities, even out... | direct | [
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612bdc836b70064cd25a737eb816dbf6 | Got it. And one final one for me. Just the 2022 outlook, does that incorporate the Xcel project announced this week? | Yes. Hi, Rich. It's Steve Morris. No, that is not in here yet. We're going to wait for regulatory approval that has to come before we work that into our forecast. | direct | [
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248eac9b3d6eee184128532b255f18b0 | In regard to the wind divestment announced yesterday, just would you be able to give us just a little more clarity on what drove specifically that asset sale? And then also, should we be thinking of that ACE swing portfolio or that type of asset divestment is funding the future ACE growth? | Yes. Good morning. Thank you for the question. This is Al Rudeck. Yes. So I think at the highest level, our strategy at ACE has been and continues to be truly customer-focused. And so the first thing is that that customer Xcel Energy is our biggest customer, and they really wanted to continue to add rate base to their ... | intermediate | [
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4796d8cd283014fa0bd098fed6905d3a | OK. Thank you. And then maybe one follow-up. Just in terms of some of the regulated capital opportunities you had mentioned, can you just kind of speak to how that meshes with customer bill impact? | So thanks for the question. This is Bethany. Certainly that we absolutely are focused on competitiveness of Minnesota Power's rates, in particular. So again, as you look at and as I mentioned, in connection with the integrated resource plan that was filed on February 1. Kind of thoughtfully layering in both kind of inv... | intermediate | [
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d379b949cfbd48621455908c8ef401a6 | Hey, just -- it looks like ACE and other earn-outs $0.72 a share in 2020 is like you're forecasting a range of $0.70 to $0.80 in 2021. And that's despite having a full year of the 300-megawatt Diamond Spring project. So I'm just curious, is it a matter of pricing and margin on that project? Or are there offsets, as you... | Hi, Brian. It's Steve Morris. So I can take that question. It's really two factors. That new project, of course, is subject to our favorite HLBV accounting in the early years it ramps up, correct? So the first year, we said probably 60% to 70% of normal income using the benchmark, it's probably closer to 50%. So if you... | direct | [
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7366d709f7f680198ca8a966299fbbf2 | OK. That makes sense. And then on the regulated ops. I think you mentioned a $0.25 impact from COVID in terms of revenues. So can we back into a dollar amount of those that will be lost revenues you will seek in addition to other costs, etc., in this upcoming rate case? | Well, I wouldn't say that that is -- it's really the outages that we've had during the year plus commercial, other industrials that we would expect much of that to rebound, not necessarily in '21 but by '22 rebound. And that's from our expectations, by the way. So not normal. Normal run rate, obviously, we wouldn't hav... | intermediate | [
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b7c63d9feafba5529fc473c85b4a0cf8 | OK. Understood. And the $200 million that you're raising with the ACE project sale, does that eliminate the equity needs that I think you had prior forecasted? I think it was roughly $20 million a year. | Yes. Brian, good morning. This is Bob. As you're familiar, we have our drift program of about $20 million per year. So that will remain, but the cash proceeds that we will be getting from that transaction will relieve some of the equity needs that we believe we will have over the five-year period of time. And that, aga... | intermediate | [
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c7a8a49d837ea83bf4eb6143e4e90422 | OK. And then lastly, just on the IRP, can you talk a little bit more about the near-term action plan, which I think calls for about 20 megawatts of solar and then about a 200-megawatt wind by 2025? What are the next steps that we should look for in terms of commission endorsement of the IRP or approval of it? What can ... | Thanks, Brian. This is Bethany. Certainly, we filed the IRP on February 1. We're hoping for approval of the IRP by the end of this year. We've had good interactions with the Minnesota Public Utilities Commission at the time that we filed that IRP right before we met with the commissioners and shared with them kind of t... | direct | [
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acb3e2163de138e5aee9882a27d4d0b7 | OK. And then just one more follow-up. Considering the unique mix of your sales and margins more than half of industrial sales and your goal of being 100% renewable by 2050, I think it is -- and the corresponding extremely high load factors of such electricity-intensive industries like taconite, I'm just curious, becaus... | Thanks, Brian. Just a correction, where our vision is for 100% carbon-free energy by 2050. So we're not paying 100% renewable by 2050. There is a difference. We do believe that Boswell Unit 4, that site, and the infrastructure at that site are important. And so we're looking at in terms of reliability for these large i... | direct | [
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d96e996a5f60632d278de75e5686be38 | Just a follow-up on Brian's question on ALLETE Clean Energy. Can you tell us what your annual spend is on development expenses tied to funding new growth projects at ACE? | Yes. Good morning, Sarah. This is Al Rudeck. Happy to take that question. It's relatively modest. It's typically $2 million to $3 million a year is what we've been investing in recent years. And again, that's why the importance of those relationships and really focusing on the customers and meeting what they need as op... | direct | [
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e9d09298cd83eb72e4246ec6ebfe0312 | Got it. And then just going back to the Q3 comments regarding return pressures at ACE, just want to clarify, are you still seeing those same pressures on returns? Or are you less concerned sitting here today versus a few months ago? | Yes, Sarah. Good morning. Bob Adams here. Yes. It's our view that those return challenges by virtue of new entrants coming into the market and more financial players coming into the market, that those changes in returns and the pressures on returns will continue. It's a structural shift in that particular part of the b... | direct | [
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fc0e43b56e5a8f89a4939f4c052632e0 | Just had a quick question on the '21 guide. Why doesn't it only assume 35 million tons for taconite versus the full rate? I guess you received full nominations through April, correct? | Good morning, James. Frank Frederickson here. And I'll take that question. And you are correct that we did receive full nominations through April, but I'd like to just share a little bit more about our guidance at that 35-million-ton level. We're watching as we emerge from COVID and how our economy emerges in total, an... | direct | [
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157f3b98ad8b0ed058871220c60736f3 | OK. Gotcha. And then does the preliminary '22 number assume a full resumption? Or can you tell us kind of what you're thinking there? | Yes. That's correct. As we look out to 2022, we see more of that full recovery, as Steve highlighted in some of his comments and earlier questions. | direct | [
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5b3917253a09ef3689591e6c7cda4c59 | OK. Gotcha. Thanks. That's helpful. And then I guess, Steve, this one might be for you. But on the deferral application, I guess you're not including it in the '21 guidance. But how should we think about that going forward? Just from where we're sitting, anything we should be thinking about as that works its way throug... | Yes. We're hoping that they would take this up relatively soon and have a decision in the second quarter or so, which -- no other updates other than that. | direct | [
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47932a7dbbc529f9ab4ff8f11caaa170 | The $4 billion revenue target for '25, can you just walk through the assumptions that -- that you are making to -- to achieve that target, and what gives you the confidence to achieve this? This is obviously a -- a pretty big target and few companies in the industry give this type of target. Maybe if you could just tal... | You bet. Thanks, Brent. So, just kind of starting off reiterate -- reiterating some of the numbers that we gave here. Yeah, 47% revenue growth last year, expected 45% growth in Q1.
What -- what's driving this? And that gives us the confidence looking forward. So, yeah, the product investments that we've made, along wit... | direct | [
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b4d166ce3d34060254d7f0e4d71df779 | Can you help us better understand kind of -- some of the volatility we see in revenue growth? Commercial revenue growth slowed down a lot into Q4 versus Q3. Sounds like, over the full year, you did really well. So, can you explain to us how we see that volatility? Because I think software investors are used to seeing a... | Well, I -- I'll start with things key to -- to Shyam and jumping in on the opex one. Really what you're seeing there is the payoff of our long-term investments in the product. So, last year, Apollo delivered a -- a massive step-change in terms of both cost of revenue and the efficiency around sales and marketing and ho... | direct | [
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f4681f9b1e57816de83ab32e68d1adf4 | I wanted to ask about the modularization of -- of Foundry. Obviously, it's a very powerful platform, and your pre-packaging need solutions which just sounds like you need so much more easily that way. Can you talk a bit about how that might change the competitive set for you if at all? Are you mainly focused on use cas... | Thanks, Chris. It's a great question. We're -- we're very much focused on modules, I think, Foundry in a way that -- that creates a unique set of offerings underneath it. I've -- I've personally been talking with customers and prospective customers around these modules and there's a huge amount of excitement from them ... | intermediate | [
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98ae8f22bd7ec2383491d822dc482208 | I -- I -- I guess I wanted to ask more about the triple-digit growth in sales headcount that you mentioned. Can -- can you just maybe remind us how much of demand in Q4 or perhaps in 2020 was captured explicitly by sales heads versus forward-deployed engineers? How does that progress and how should we think about the h... | Yeah. So, I think, roughly, I could think of good way thinking about this is about half of incremental growth is now being driven by our investments in the direct salesforce and channel partnerships. And we expect that can grow pretty substantially here. But the places where we've had the most growth, U.S. government, ... | intermediate | [
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9820860dd9a78c92b851f73a1fe9613a | So maybe to start, I noticed that trailer shipment guidance came down a little bit for 2019. So I was wondering, if you could address that what drove that decline? And since the EPS outlook went up despite that trailer shipment outlook going down, can you talk about what was upwardly revised within the guidance to more... | Justin, this is Jeff. I'll comment on those two pieces there. We did pull down the high end of the trailer shipment guidance range. I think that's consistent with outlooks for the second half of the year and consistent with effectively continuing to perform at the level we did in Q2 for the remainder of the year. So we... | direct | [
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45386c5bf72edd80003844d2c99f4877 | OK. Great. And Jeff, you gave some color on margins, the margin level you expect in the third quarter. But is there any color you can provide by segment on how you expect margins to progress sequentially over the back half of the year? | I think if you -- it will be consistent with performance we've seen across the three segments over the past few years, there is seasonality in the individual business units. And once again, CTP is going to continue to perform consistent with where they are. They will have some mix, some higher direct channel mix coming... | intermediate | [
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583867667f1abc5d036855e9c948805b | OK. Great. And then lastly, quickly, you mentioned on your leverage multiples today, but any updated thoughts on where you see leverage ending this year? And maybe any initial thoughts on leverage at the end of next year? | We want to continue to move to decrease our leverage. We're very comfortable with where our leverage is, we're also very comfortable with our balance sheet and the liquidity that we have in the business today. But we'll continue to work on that. I think from a debt reduction perspective, at this point in time, and I wo... | intermediate | [
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14bb1bff57f2df78e159f111e8700984 | Just kind of curious, as we look forward to 2020, I know it sounds like most manufacturers have not opened order books yet, but we're getting closer. Just maybe some color on where you are with that? And more generally speaking, what you're hearing from customers just around appetite into 2020, given that '19 is pretty... | Sure. Steve, this is Brent. I'll take that one. Yes. So we see the -- for specifically the trailer business, or CTP, we'll see the order book up -- order book open up in more of that traditional early to mid-September and then move through the balance of the second half of the year, more of a traditional order book sta... | direct | [
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8748f5252e526fdaa4201fef4a27413a | Got it. Thanks. That's very helpful, Brent. And then my other one just, obviously, you had mentioned it as well, some cancellation levels spiking in the industry, and you had indicated you're not seeing the same level. Just curious, any color around that as due to the specific customer or two, that is not yours, is it ... | Sure. Well, I think general trailer industry, we've seen cancellations really through the entire first half of the year, a little bit higher in the June time frame. ACT has reflected that in their numbers. And that's in dry van, refrigerating platforms predominantly, a little bit in tanks. Why are we saying that? Well,... | direct | [
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0469a42e7fa380efd057254b99b0d34e | I wonder if you can give us a little color on the parts of the Diversified Products Group that are a little bit stronger? Like where is the strength, is it chemicals or just a little color on what's going on there? | Sure. Well, there's -- we'll call three major areas that we look at within our Diversified Products Group. We have our tank trailer business or process systems and our Wabash Composites. So again, it's a very diversified group that covers multiple end markets and that's why it's called the Diversified Products Group. S... | direct | [
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c1d0c7b4cdb0f4b55e07247b6c5e391c | Is there a lot more to go in that business as we look over, I guess, that's going to be a big driver of your 2021 goals. Is that fair? | Yes. What I would say is that all of our businesses have opportunities to drive higher levels of performance as we implement all the aspects of the Wabash Management System. We have a long journey to go as we increase performance. So to be able to narrow it down on exactly how fast they can unlock and grow those organi... | direct | [
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2f0b13a955a46308ae26f7f0094eeef6 | And then last, a bit behind the -- sort of the -- whatever you want to call it the uncertainty of customers in the summertime. Can you just remind us the dynamics like the big structural picture, the age of the fleet and the replacement demand and kind of what the -- when you look out kind of two to five years, what so... | Yes. I'd say, that's a great question. A lot of parts to that, and I'll try to be as succinct as I can. I would say, in the near term, when I say near term, let's say, 24 months, obviously the macroeconomic reality, both, we'll call it national and global are going to shape how these next two years turn out, and that's... | direct | [
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e727875c3ac183d5dd9e9bdaec223404 | Thank you very much. Well good morning and congratulations, everyone. I was wondering, if you can give me an update on what's going on with molded structural composite? I did notice that the capex guidance did seem to come down a little bit. So I guess, as a follow-up to what's going on with MSC, if there was a reducti... | Jeff, so I would just say, the capital spending reduction has little to nothing to do with molded structural composites. There was nothing planned in the near term from a capital deployment before that project. It's mainly more of a timing available resource phenomenon at this point in terms of how we want to deploy ca... | direct | [
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cf32ce0c4a54e6a501ce610f49fa8ff7 | OK. And just one follow-up. You mentioned in your answer to Joel Tiss about how broader term, longer term, you were seeing changing specs in the industry. So I was just kind of curious, can we differentiate how the structural shift in trailer specs is occurring versus are you starting to see any change in trailer specs... | Well, let me try to unpack that. So when I think about trailer specs, in general, I'm going to bridge this with Final Mile Products as well because this is now one ecosystem. People need to understand that. These are not two different businesses. This is one now connected logistics change with a set of disruptors that'... | intermediate | [
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f39bcc54e807fb5771cf99cf28fe91dd | Just touch -- I want to touch base on the gross margins, 40-basis-point reduction and sort of COVID-related costs per impact. And I'm curious, are we going to see that continue, the sort of that 40-basis-point reduction going forward or have you recovered those costs, so to speak? | Hi, Jon. Good morning. Yes, as far as just backing up the total revenue margins, as I mentioned, the 40-basis-points decrease there, the Aeropost was basically offset by costs. So your particular question was on gross margin.
And we highlighted a couple of things there, which was the COVID-related premium that we're c... | direct | [
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67e21f6c5de6bdf9962bf3dcacd7603b | One other question on -- Michael or Sherry, when do you think maybe that pricing premium in Trinidad may begin to fade? What's going to take -- what is it going to take to see prices come down a little bit and -- selling prices come down a little bit in Trinidad? | Yeah. Yeah, Jon, I mean we talk about this every quarter. We're obviously monitoring it very closely internally. Certainly, as I've mentioned before, it's not something we would hope to keep for the long term, but there's a lot of uncertainty out there right now.
And we've made significant progress from our peak of ov... | intermediate | [
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6d70890dfc60fe2eb5f5bb5b4782e7f4 | OK. OK. And then Sherry, I may misunderstood you. I think, initially, you talked a little bit about March sales.
And I think you said total sales were up 9.9% and comps were up 9.8%. Was that right? | Let me see here. I go back to -- I want to make sure I'm giving you the exact -- right.
Yes, that's right. The total sales, $338.1 million was an increase of 9.9% and then the four-week period ending comp net merchandise sales was 9.8%. | direct | [
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332dcfe73dda9259a0f66d9975db43d8 | I know there is a lot that goes into this calculation, but you have three stores that are not in the comps right now. Why weren't and I know there was some...
Total more?
Yeah. Why weren't sales up more than the comps? | Well, there's multiple reasons. First of all, we've got several new clubs that we're still dealing with the transfer of sales. Then we're also -- we also have newer clubs that just are not at the level that we could say is normalized. Michael, do you have anything more to add to that?
Yeah. There's, I think, four days... | direct | [
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99ef98e3e03fec0a895170b79a86caf6 | Thank you. Good morning, everyone and congrats on the results. I want to start with the e-commerce or online sales. The fact that 15% or 14% of total members are, yeah, it's a small percentage in terms of the full potential, which is obviously great.
And also that carries a higher ticket, if I understood correctly. So... | Well, in terms of the basket, especially early on in this process, we were a bit surprised to see that there was more in terms of typical grocery items than we would have expected for online. That has been shifting in this is an area that we're studying right now because we still have our ways to go on our A.com in ter... | intermediate | [
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300b37ee9e8de901d114937d0ffa42d4 | Got it. And I think you mentioned earlier, Sherry, that you were thinking that and I think you've mentioned this in the past, but wanted to pick your brain on this a bit. That you see the online operations as perhaps a different way to tackle new market, even if there are no stores apparently there. Is this something t... | Yeah. There are opportunities -- as our online presence grows, and our members recognize that they can basically access merchandise via online in a very comfortable and reliable manner, we have -- with regard to existing markets, let's say, let's take your example on Colombia, we have members that have membership with ... | direct | [
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ba49fc420159c0b47cfe6430669e7c27 | Got it. In terms of the renewal rates, I mean, obviously, record high. Can you highlight any specific market where the renewal rates are particularly strong? | I don't think we do that. Sorry, Rodrigo. I think, we're... | fully_evasive | [
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12244c2e59acf6371bf045ee2b87f547 | OK. No, that's fine. No worries. No.
No, I get it. And then lastly, earlier you were going into a more -- into more depth on this strategy of absolute dollars versus margin, which obviously, it's a big difference versus other formats and retailers. In this quarter, I would say, contrary to prior years where there was ... | Sure. Without giving guidance, I mean, you know all the things that go into EPS. But starting with just what we talked about, this concept of lowering costs -- lowering prices. Again, this is going right back to our roots, right? Lowering the prices as a result of being able to operate more efficiently as a result of a... | intermediate | [
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8185d0102fc2e9b7768d268b0fd5d891 | I guess, starting with guidance for both of you guys, as we think about the recovery into the fourth quarter, you have PuraPly kind of going up offsetting some of the amniotic sales, specifically due to Affinity's delay. And so, just help us understand kind of how the wound market is recovering in the fourth quarter an... | So I mean, the environment really is not improving dramatically. We continue to see the impact of COVID. I think for our PuraPly products, one of the areas that's really helped the product is, we have more accounts, more physician specialties. It's a more established brand, and we're able to focus our large sales force... | intermediate | [
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c6cf98b1f1ebe2f404bbe6c0a800fdf4 | And just Gary, to dig into that a little further in that, I have one follow-up. But are you seeing offsetting usage of some of the other products -- are you seeing offsetting usage, I guess, of PuraPly just given your focus on it relative to potentially other products that are in your portfolio or others? And then I ju... | Sure. So, PuraPly is very different product. I mean, ultimately, all the products get to a point of healing. So, our focus, when you're selling Affinity -- excuse me, PuraPly is it's a different focus. It's a different patient. It's a patient earlier on in the process where Affinity is more of a recalcitrant wound, lay... | direct | [
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12189fe21260a428e86eed14e3da58b5 | And then, just lastly, for me, as we think about Affinity, I mean, it's been obviously a subject of investor discussion this quarter. And so, how much of Affinity -- the impact and guidance that you've laid out? How much do you think that that's due to the delay in rollout versus maybe other factors? And what impact ha... | Yeah, sure. So CMS has not provided any color. We wouldn't discuss any discussions we have with them, but we do expect to get the rate reestablished, as I mentioned. So when we filed for a published ASP, when you move to a published ASP, you will have a pause, and that's considered in our guidance when you move to that... | intermediate | [
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01a70eab90507ee9a4e24625cbd15ae9 | Hi. Thanks, guys, for taking the question, and congrats on a really strong quarter and a tough environment. Maybe, I apologize, Gary, if I missed it, but just because of the questions and focus around reimbursement around Affinity and PuraPly, just wondering, if you provided -- if you could provide any color on like th... | Sure. So we certainly expect sales of Affinity to improve in Q4, even with the loss of published ASP. There will be a pause again in October. So, we expect to see that and we did see that. And we're now starting to see the product pick back up once benefit verifications are done and folks understand that the product is... | intermediate | [
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304116dff66b1f2cbdbf1ecad4a32a09 | OK. And just maybe to understand that the value of the product. I know we spend a fair amount of time making calls out to clinicians about the product early on in our diligence and covering the company over the past several years. And the feedback has certainly been positive, but I thought it might be helpful just prop... | Correct. So it is unique. It is the only fresh amnion in the space. So, it has living cells in the product, similar to many of our other products. That's part of who we are as living active technology. So, when a wound is recalcitrant, meaning it hasn't really closed more than 50% in four weeks, and the clinician is ch... | direct | [
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5bfaddbbe621b64f4ca8262b2b3a9254 | Gary, just on the ASP update for the fourth quarter, for January -- excuse me. What gives you the confidence that, it will be on the next list? I know you mentioned not wanting to talk about any conversations with CMS, but anything you guys have looked at relative to prior situations or any outside consultants or anyth... | Well, sure. We certainly have a lot of outside consultants, given there's a lot of confidence that that would happen. I think it's important to note that we received an ASP, a published ASP for the quarter. It was just incorrect. And I'm in the process of trying to get it corrected. We didn't meet the timelines and wer... | direct | [
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3cc910590af06fb16e742b6f69e49f69 | OK, got it. And then relative to COVID, I just wanted to put a finer point of what you're seeing out there. It sounds like you're seeing pretty steady environment versus what you saw in the third quarter. And what part of your business specifically would see more of an impact versus others? As you mentioned, you've div... | So, I mean, our entire business has really impacted. What's troubling is when you don't have access and you're launching a new technology like Affinity. It's challenging because you need multiple meetings, you need training, replenishment typically goes through benefits verification obviously, and then a trial period w... | direct | [
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353cae1d85c91205ec20e25984ebaef8 | Yeah. So congrats on the quarter. I just wanted to kind of dive a little bit deeper into the COVID headwind. I know you mentioned that staffing shortages is creating a challenge. I just was hoping to see if there's any way to quantify what that impact looked like in 3Q? It just seems like this is kind of a larger headw... | Yeah. So, third quarter was impacted -- we estimated to be about $4 million. I think, as you move into Q4, it's a little bit more difficult to tease it out, just because of the components that Gary had said about the access. This is a change in dynamics in the launch and how much is this associated with specific COVID-... | direct | [
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5b16a16c0b4aff8964a10849fcc5f11c | OK, great. Thanks. Yeah. Thanks for the color. And then just on the office channel, obviously, the diversification of care setting has helped you power through some of the COVID-headwinds. I just wanted to get a sense of how penetrated you are into the potential accounts? And how much runway is potentially left in this... | So, we don't really provide how many accounts, but what I've said before is the channel is large. It's about 12,000 offices. And we -- there's about 6,000 high-potential offices. We're not anywhere near penetrating that channel significantly underpenetrated. | intermediate | [
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1c47684c9902c957010baca81f41e3e2 | Hey, good afternoon guys. I just wanted to start on the provision. Could you maybe just talk a bit about some of the factors in the model that drove the $5.3 million provision for the pandemic? And then maybe as the economic outlooks have seemingly deteriorated further in the second quarter, maybe how you think about a... | David, this is Nick speaking, and our CECL model covers mainly three portions. The first portion is quantitative side, we use PDLG model to figure out the quantitative side and also we use flex factor to provide reasonable and supportive forecast for the future 12 months, and also with the 6 months revision period. And... | direct | [
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3efd8452c1bcca8de8fdb37798b72534 | Okay. That is very helpful. Thank you. And then just on the margin, I mean you guys have done a phenomenal job managing the margin. And I appreciate the color on the proportion of fixed rate and variable-rate loans at floors. But just taking out into consideration and looking at that, just reading kind of in between th... | You see, there are three other factors. Ed will add on more detail to it. There are three factors other than the pure interest rate and margin. First factor is pay-offs, loan payoffs or loan paid, all loan gets paid off. They usually -- those won't carry higher rate. Second factor is the new loan at the rate or the cou... | direct | [
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bc463bfc9885428d88c9a6c657e8f13a | Okay. That's extremely helpful. Last one from me. Loan growth is really strong, even exclusive of the drawdowns in C&I. I guess, what are you hearing from your clients or what's the pulse of your clients? And, how do you think about, or I guess how C&I drawdowns been early in the second quarter in that $350 million tha... | Hi, Dave. This is Wellington. Obviously, looking at our loan pipeline has slowed down. And because borrowers or customers are more careful about what are they acquiring and what type of projects they want to take on. At the same time, internally, we are being -- due to COVID-19 factor, we are taking extra caution and b... | direct | [
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9bb9f6bc2b3506b528f13b2ec0a7b076 | Good morning. Just want to follow up just in terms of the CECL assumptions. Just wondering -- in particular, if you could give us color so like what you were thinking for like the unemployment inputs and perhaps just GDP inputs as well? And how should we think about reserve -- the loan loss provision for the second qua... | Hi, Steve. This is Nick again. Our Q side, qualitative side, we do link with those macro economy situation, but we are not directly reflect to our reserve because of some of the employment or whatever. We do not really have that many of consumer loans. We're not directly impacted, maybe indirectly.
However, we do have... | intermediate | [
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1e9b462fdfa1d17f015c12b94a138c4e | Okay. And then in terms of the, just on the funding side, and I think you said 40 basis points lower from -- for CD rates, just wondering what exactly that rate is, can you just refresh my memory here? | Well, I'm just talking in generalities what we see in our market, Steve. We saw one-year CDs spike up to around 110, 115 when this first broke, when the lock down first happened. I think that was around mid-March, because I think there was a general sense that banks were -- all banks were going to go out and get liquid... | direct | [
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a7c3c429824ed619de8196249e0bebee | Thanks, good morning. Wanted to try to get a better handle on the kind of intra-quarter workings on the margin and how to think about it going forward. Given the expansion in the quarter, is it fair to assume that the margin actually expanded still more than that over the first couple of months over the year before the... | Yes, obviously, OK, that's the case. Ed, you want to add onto it?
Yes, January, February were probably just slightly north of the 370 number and then we didn't get the drastic cuts until middle of March, and then the final one, I believe, on March 18. And so, the effect was certainly muted within the first quarter. Bu... | direct | [
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ad048ceaa0e9458472f78885979c2cf6 | Okay. So again, to follow on that then, the second quarter, we'll see the full quarter's impact over the March cuts and even though you had the expansion for the full quarter in the first quarter, second quarter should likely be the bottom and then beginning to get offset by lower funding cost, is that fair? | Yes. Look, general planning is a way.
Generally, that's the pattern. | direct | [
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97afef710e3e93a161537dc976d73873 | Thanks. Good morning, gentlemen. In the release, you said that you were offering deferrals mostly to the hotel and restaurant portfolio through the end of March. I'm wondering into April, did you expand the criteria of who you might offer deferments to? | Sure. Just to give you a little bit more color regarding our total deferred payment request as of today, total we have a request from borrower in a number of loans, 43. And total amount is around $239 million. So, among those requests, some of them is request for interest only, some of them request for principal defer.... | direct | [
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746c59984421cd57cab3c385a1f33f0d | And remind me again how much of the multifamily portfolio is in New York? | Well, I don't know if it's in New York. It is one that we have it?
I don't have breakdown for that. I only have deferral amounts [Phonetic]. | fully_evasive | [
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c8ce937bafdadf2e9645c49ffa42bf75 | Okay, all right. Not a problem. Thank you. And then where are you on the PPP program? I know you mentioned in the press release that you started to accept applications. I'm wondering if you had any numbers on how many have been approved for funding before the funds ran out and how many you might have in the pipeline ri... | Hi, Tim. This is Wellington, as you know that we were not SBA approved lender going into the first round, so because we have a obligation really to take care of our customers. So, we went ahead and contract a third-party processor to take the application and process our customer. As well, about over a week -- little bi... | direct | [
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eee992c412718db1061e817360ff709e | Right. And then just on your appetite to hold these on the balance sheet, I can't imagine is all that big, given what the yield is. So, would you kind of look to resolve them as quickly as you possibly can? | We obviously that -- number one thing is that we like to service our customer. Whenever request come in, we immediately try to process that. That is why the reason that we engage a third-party processor, let them earn all the fees to process for our customers in the beginning. So, we think we can handle all that. We do... | direct | [
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d59c4359848c2fefb7f6ddf13e425df5 | Okay. Andrew, if I can, what is the fee to the third-party processor? Is it -- | We have zero fee income. They earn all the fee income. | direct | [
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10022b8fada990595e0a0ab8a8ce5112 | Thanks. I just had a follow-up on the PPP question. I guess I was a little confused. Of the loans that the third-party processor went through the application process for, will those still be on your balance sheet, or are those going to be not even through Preferred Bank ultimately? | Yes, those will be on our balance sheet, Gary. | direct | [
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a7322e6e2a326940db4cbe1aa06d42db | The first one is just around the LendingTree stake. Obviously, going to be a smaller piece of the pro forma entity versus how big of a piece it was at GLIB.A. Just wondering how strategic you think that Tree investment is at this point and what your intentions could be for that stake. | I think Tree has done an amazing job and has a good position. I think when we got the stake from IAC at the bottom in 2009, it was worth $17 million. Today it's worth well over $1 billion. Credit to Doug Lebda and his team. They're in a good space and they've done well in it. So we'll weigh it. Obviously, the primary f... | intermediate | [
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5bc57a95178703cf4f8032b918982a73 | And then the second one is just on last week's call you announced, obviously the increase of the buyback authorization at Broadband. Also said, I think that the buyback window for now closes when the proxies go on file. How should we think about how aggressive you're willing to get on buybacks at both GLIB.A and broadb... | Well I'll -- we can start buying now once that proxy is out. We'll watch this. I think we've gotten renewed and increased confidence in the Alaskan business -- many of the regulatory issues look a lot better but obviously like many connectivity businesses the strength of the business has been enhanced and renewed so al... | intermediate | [
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ed3b12af8279c7dca78406800fd68e7e | Greg, you just touched on having a little bit better visibility on the regulatory front. Just wondering, if there's anything around the corner that you see on the regulatory front or if kind of what we see is what we get for the time being at least? | Well, I should say we've had -- I should probably articulate and said that we've had some better results on the regulatory front. Better visibility would be something I would say be less apt description. I think we are -- the GCI team has done a good job managing it. I'll let them comment further if they'd like. But it... | intermediate | [
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073c545329ea36b2a6a2f89fafab787f | We see some variance in the realized price increases for high speed among a lot of cable operators. Charter has always been reticent to push pricing. All fees has been a real outlier. But when you look at the logarithmic growth off COVID on the usage at home including work-from-home, where do you think the levers are t... | Thank you, Matthew. I think a couple of things. The COVID crisis and the push to work-from-home has shown the value of connectivity services and showed the strength and appeal of the cable plan. Charter's strategy has been to upgrade its plant work to manage it remotely. And that's actually been a huge benefit that the... | intermediate | [
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cc894646b1325e9fac16bedece929207 | I was wondering if you could comment on what the pro forma capital structure will look like after the combination with Liberty Broadband. | I think we put forward that in the slides and I would encourage you to go look at those slides. It will be a stronger capital structure and measured in several ways. The GCI Liberty has free cash flow and Liberty Broadband has a much larger asset base with less debt as a percent of the assets or as a -- against equity.... | intermediate | [
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0b45ee1f66dd690983f286167fd81922 | Are there any-are there any planned actions regarding the GCI LLC bonds? | When we have actions we will be sure to let you know.
Nothing to account today. | fully_evasive | [
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1d92f0d54742f146a625520cb71069c2 | Greg you've been open in prior calls both on Liberty Broadband and Formula one that you guys would like to see Charter raise the 26% cap so that broadband can accrete a higher ownership level in Charter as Charter continues to shrink its share count through the buybacks. However and correct me, if I'm wrong on this -- ... | Yeah. A couple of things. We have not sought formal approval of that 26% cap and it is still a year out probably before it becomes an issue. But we have had productive dialogue with the independents. And I think as we outlined on the call last week they have -- many of them have their issues to be worked. But many have... | direct | [
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59bef96acab43d5ee099b5685381c8da | Would you just share your lessons learned from the installation of 5G and more importantly the customer uptake and the ARPU effect on the total per customer or per account? | All right. I think our principal lesson to date is that speed continues to sell. We've seen a very substantial performance increase in the network as we moved to the 5G implementation, particularly on the 4G side. The 5G radios and network supplement the 4G installation and greatly increase the speeds on the 4G network... | intermediate | [
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7240233aab940d2a7e2f76a7ff26d1c5 | And as a follow-up also from a business point of view, and this is probably for you Greg, when you think about lessons learned, either in the implementation of this and/or the uptake, what can be evaluated in terms of additional installations, not for GCI, but for Charter elsewhere in the U.S.? What are the lessons tha... | Thank you for the question. I'm not sure we can say just positively, we know what the lessons are for all table at Charter. But, I think, what it's shown is that the platform that cable has is an excellent platform for 5G and offers opportunity for increased bandwidth -- mobile bandwidth for customers. It is interestin... | intermediate | [
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53d61c02b9f5e2253ada81a19a2cd88d | And any thoughts about the ARPU effect on a total basis in terms of incremental? | I am reluctant to say that, because I've generally been of the view that this mostly, because of competition, gets dissipated away. If you look what happens with 4G and to some degree 3G or LTE or the 4G equivalent, you've seen that most of that did not result in increased ARPU. And I'm somewhat reluctant to imagine, w... | intermediate | [
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37b013dc24a34dbaf4e3fc5b4d8345cf | And, clearly, the value of the network and the broadband network, specifically, as a backbone, for 5G, is now obvious. Is that correct? | I love the way you say it it's now obvious and I hope you're right.
But I think I don't know if it's now obvious. But I think hopefully it's being proven and I agree with your thesis. | intermediate | [
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2567685a95fc9d048c557c3c83ae8e45 | First and most important congratulations in terms of the merger between the two company. Did I read correctly that the team from GCI will stay and continue to manage the business and there's not going to be any change? | Yes, you read that correctly. | direct | [
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f019e3a2c749168f6e36f3954bea3b2f | Trip shares are now sort of notably above the $17 the base price in the preferred. How do you think about paying the preferred coupon going forward in terms of cash pay versus PIK-ing? And are there potential sources of liquidity you wanted to pay down in cash going forward? | Again thank you. I think there are potential sources, but I suspect given that's a noncash flowing holding company we're most likely to PIK it. And -- but we'll see what other choices we have along the way. But I would say PIK is the most likely alternative. | direct | [
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"fully_evasive"
] | A |
c684ae60e3283e02963940d356f223d8 | Greg just because you opened the door, you mentioned you see the discount at 21%. Number one is that pro forma? And number two what are you assuming your GCI stake is worth in those calculations? | Yeah, that is pro forma. And we have a range of values. So, I'm not going to lock down on the GCI value. We let the marketplace do that. But we -- it's somewhere in the 20% -- just over 20% range. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6c24c1811b6400e6c0f31439b311d69d | I was hoping to get some insight into why is the 0.58 ratio the same for Class A and B shares of GCI Liberty when the GCI Liberty Class A shares will be losing their voting rights if the transaction goes through with Liberty Broadband? | Thank you for the question. I believe since this was done by two independent committees both the independent committee at GCI Liberty and the independent committee at Liberty Broadband. They believe that was the fairest the case which the shareholders see have higher liquidity. Given the strength and size of the B vote... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3de30557eb4b5b2df77b0e3bf3c10d75 | I'm wondering what surprised you on the upside versus your internal budgets, like where did you see kind of incremental growth versus what you expected? And I guess along those lines, I guess, how much do you think of the strong growth is IPG sort of gaining share of wallet from your clients versus just a bounce back i... | Look, I mean, I think those are terrific questions or things we obviously think about. And so if I were to track the progression for you, what I'd say to you is, if you think back to what we talked about the last time we were all together, from February to April, we clearly saw improvement in the broader economic envir... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
93be5e1eebb876c065b96e1cc7af1c2a | When you think about margins longer term though, I'm not sure if you could still achieve margin improvement in 2020 given the comps, but is there still the plan to continue to improve margins longer term post this year? | There is. So let me actually -- why don't I just talk to that at a fairly macro level and then I think we should get Ellen into the conversation as well. But I mean, there were a lot of moving parts in terms of what's going on with our profitability in this calendar year, but it's good to see significant strides on mar... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4a19e33656f1e80292fb48b24721887d | Philippe, maybe just to start, you talked about lagging vaccination rates. With some of the renewed COVID headlines in areas of, say, Asia or Latin America, are your agencies on the ground seeing any change in outlook from clients? And I know they're pretty small, but do you expect China and Japan to turn the corner so... | Well, look, I mean, to-date, we're seeing the benefits of the progress that any number of places around the world have seen. And then I think as we've discussed previously, I think a second or a third wave or whatever it is that any country might be experiencing is not going to necessarily be the same as the first beca... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
79d87315c9773363cb23c85e8a854331 | Are you seeing any notable impact on the business from wage or other inflation? And related to the $160 million of annual cost savings, can you update us in terms of -- is there still a talent [Phonetic] to those savings perhaps on the real estate side or have those been largely completed? | Sure. So starting with the question regarding our real estate savings, we're largely seeing the vast majority of them this year. There will be some incremental ones next year as the remainder of the properties get subleased, but we're seeing a good portion of them already. And they're on track versus our plan, which is... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a7a3e093c749c4d80bc66e77b0a8045c | Philippe, I have one for you, then I have one maybe probably for both of you. I'm just wondering, when you sit down virtually with your clients today, what are their priorities and the urgency of those priorities now versus maybe what it was pre-pandemic, right? So what has changed in the conversation, maybe the speed ... | Look, I think it's any number of things, which you would assume. So clearly, the need to be conversant in and to put into effect programs so that you are, call it what you will. So people call it e-com and there's a lot going on there. I mean, social is becoming a big part of what happens somewhere in the middle of the... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ac3421c085d977ab1e0a50f07a44080a | Why would margin fall in the second half of '21 versus the second half of '19? Because if I put the same margin, you get 16.9% for the full year of '21. And I understand that travels are coming back, people are going back to the office, but you're guiding to more cost than in '19, and so I want to know why. It's my fir... | Sure, and thank you for the question. When you comp against last year, we have to remind ourselves what was going on last year at this time, and there was everything from taking salary cuts to furloughs to government subsidies that we're comping against. There was zero travel. There was zero going back to the office. I... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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