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7b37bd13f7354b634298e5780a821e22 | So Lior, can you unpack the second quarter bookings growth? Maybe just on the self-creator side between what you saw on the subscriber growth and pricing. I know you have pricing tweaks and uncertainties early in the year. Curious how much that's contributing to bookings right now. | So we -- first, I will start with the price increase in the contribution to booking. So we had a positive impact. This is why the -- that was the reason why we've made those changes in terms for the pricing. But it was not a significant one to booking, meaning it does have positive impact but it's not significant. With... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
dd900643fe083031670952fa721b6926 | Hi. Thank you so much. So it was really encouraging to see the cost discipline helped offset those revenue headwinds and the reiteration of the free cash flow margin targets. And my question is around kind of the revenue that we should be looking toward to applying those free cash flow target -- the margin targets. And... | So obviously, the macro has been more difficult and very hard to predict in term of the top line. But we are fully committed to the free cash flow target that we provided back in May during the analyst day. So I think that I'm happy to say that in any -- almost in any given scenario, it's hard to set any given scenario... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
076625cff1a2ce98f33471bc4d814412 | Could you just again quantify the Ukraine-Russia impact to Wix's business, both on the incremental costs associated with that this year and then if there's the extent of the revenue impact? And then secondly, I know somebody already asked about this improvement in the top of the funnel activity you talked about in July... | So I think that if you look at the Russia-Ukrainian war, it has a lot of effect on us. And part of it is that we closed accounts in Russia, right? And then we've seen a much less growth from accounts in Ukraine, right? So this is the first part. I would assume that this is around $5 million. The additional thing was co... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b0a894baf7b0780f4f88431ed91c7f1c | How will the new management team do things differently than the prior one? And then I wanted to ask you how we think about ANNOVER sales for the first quarter of 2022? or if you give us a little bit more color on what there would have been? the demand sales would have been in fourth quarter 21? However, whatever you ca... | So thank you, Louise, we appreciate the opportunity for the question. Let me take the first, and then I'll have James give you some thoughts as relates to the second and third question, I think there was a fourth snuck in there, but let us make sure we get to your question before I answer it. So how is this management ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e02dc0dabc3f3fa7ff001ab5ad3cac8f | I'm just trying to walk through and understand the manufacturing issues with ANNOVERA. Obviously, you had a little bit of a bottleneck this last quarter and you're committing additional resources. What's your confidence in terms of getting those manufacturing back resolved? And if you're not, would you be able to meet ... | Doug, thank you for the question. And I think this is a vital question, so I appreciate you putting it out there. So let me phrase the first part of your question this way, can we manufacture enough? particularly without FDA approval? And let me frame it this way. We've implemented a number of changes that we believe w... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
9139dbb22b19d7df556a012c446cad17 | Obviously, you're engaged in pretty significant sort of repositioning of the commercial organization. I guess, your commitment or sort of, how much are you limited by the commitment to sort of get into EBITDA profitable rather than just doing a full reset, and just not having that sort of hang over your head and just b... | Well, let me start first about the commitment and then I'll go to Mark as to why we might have confidence in our approach. And you're correct. I think reset is a very appropriate word. We are resetting practically every element of our entire commercial approach. And I'm terribly proud of the leadership team that Mark h... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
255139cdf69f499caecb2fd7b28f9c06 | Could you please provide more color on the reaffirmed CapEx range? Which factors could potentially push you to the lower end of the range? | Yes. With respect to the CapEx range, we're $1.85 billion to $1.95 billion. Again, we are an essential service provider. Our crews are working using practicing safe social distances. So to the extent that a regulatory authority were to come in and change our designation as an essential service provider, ask us to stop ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a6e4dc91ae6835769cd12ea35126e7b5 | Can you discuss what you're seeing in terms of COVID-19? You provide some sensitivities. What is the impact that you're actually including in your 2020 guidance? | Well, as I said, April is a shoulder month for us. We have we've certainly modeled some potential outcomes. But we really can't see yet what is driving the decline in volumes that we typically see in April, if it's seasonality or if it's a true underlying economic activity. So we put those sensitivities out there for e... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
cce204bd9094854200b7506d13f6d7df | And my last question is have you seen any delays from PUCs on your pending or expected filings? | No, we haven't. We as I mentioned, we have $215 million in progress at this point in time. This is our busiest filing for that period of the year. A large number of those filings were filed right at the end of March or the first part of April, and we are working through the discovery process with our intervenors in due... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
412d4953162e7cc14596be4ae984c372 | Just had a question on the O&M guidance, reduced, essentially flat outlook for 2020. Is this principally in response to COVID? And can you kind of discuss where these cost cuts are coming from? And how you're thinking about O&M over the forecast period? | Sure. Yes, a lot of it is COVID related. We're focused on the health and safety of our employees. So to the extent that we don't have to perform compliance-related work in order to keep those employees out of the community or limit our exposure to employees in the community, we decided to pull back on some of that disc... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9c811f5cd3218f4c5feb098eccfddd51 | Got it. That's very helpful. And you're still for long-term forecast, are you still expecting the 2.5% to 3%? Or is it something less than that now? | At this point, given what we know, we're holding to the 2.5% to 3.5%. Again, we're going to come through the pandemic. And at some point, this work that we're deferring will have to be completed. So for now we're holding to that. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
196aa8672fcd1e1d9b18202114c08729 | Okay. Got it. That's very helpful. And sorry, if I missed it, but did you explicitly reaffirm your 2020 guidance? I know you said it was unchanged. But just curious if you explicitly reaffirmed it. Because, I mean, it seems like minimal sales impact, as best as we can tell, you have all the regulatory mechanisms in pla... | Sure. Sure. I mean you can see it in our earnings release. It's in the titling. It says it's reaffirmed. And again, based on what we know today, we believe the range of $4.58 to $4.73 is appropriate. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
25c2412907e80e2343312fa80d2f959f | You have a unique regulatory framework in Texas on the distribution with the municipalities and the Railroad Commission. When you made the statement, Kevin, that with respect to the treatment of the asset deferral with respect to any COVID-19-related cost, is that similar to how the state commissions work and how that'... | No, I don't think there's any uniqueness to it. It works very similar as it does in the other jurisdictions. We'll incur those costs and in our next filing, we'll take those under consideration and review. So we're just like our other jurisdictions. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c6ce117bf472463540825009fda03964 | So the municipalities actually gave you that order? Or was that done at the Railroad Commission? How did that work? | That was through the Railroad Commission. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
fa67f755a082fee5753dd83101011feb | Okay. Which is the ultimate regulator for the distribution. | That is correct. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
d38d9ecbba4155ecd85fb8f04b7ad647 | Okay. And then I heard you talk about 2020 CapEx. Are you also reaffirming, though, the the $10 billion to $11 billion of CapEx between 2020 and 2024? | As we said, well, we've been able to continue our capital work through this program designated as an essential service provider. We anticipate continuing to be able to do that. And at this point, don't see anything out there that would defer our capital strategy that we have in place right now. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
53b9cd52ce639bcdbf6365d3a269a5d1 | Would you be able to comment on what you're seeing in the labor market within your service territory and how that impacts any of your hiring or spending programs? | Well, right now, as Chris and I said in our opening remarks, we've been able to do the work that we need to get done to maintain the safety and reliability of our system, both on the distribution and transmission side. And coupled with our employees and our contract employees, believe we have the appropriate staff leve... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
84276c1806599a99ad54233e70ba3069 | Okay. And then in terms of just practical implementation of some of your spending programs, you mentioned that you practice or additional social distancing in order to implementing the projects. I mean what does that mean in practice? Does that mean you need to takes a little longer to do the jobs? Or you just can you ... | Yes. For example, on our main replacement, we would have a larger crew that would go out and work on the main and service lines at the same time. What we've chosen to do now is break those into smaller crews, wearing their face masks, social distancing, driving separate vehicles to the project at some times and then wo... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
671ff35df6a504fed133f7baaa03bf4d | Does that drive any changes in the cost profile? Or what are the financial implications of this new social distancing? | No, it does not affect that costing at all. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1b271f69e3f64a09c1cde2a50999d4a2 | Thank you. My first question is regarding just your language and around the guidance and your ability to hit that range. You gave a lot of details, which definitely I appreciate. But just coming, when I think about how you guys are situated on your business profile and your point that the bulk of the distribution reven... | Not at this point. As we said, the our first full month of operation was April. Those bills are just now going out. And we'll have some more information as those come through in the next few weeks on into later into May and first part of June. But as we have said, with these shelter-in-place orders across our states, a... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8fb466fea6ca8dcc521f551a72370dc9 | Understood. And then regarding your plant O&M guidance for the year, does that I assume that's excluding the O&M costs that are related to COVID-19 in jurisdictions that you're allowed to defer from the income statement? | Yes. It does. And to this point, we're closing out the books for April right now. So we'll have a clearer look here in the coming days as what that spend is. But to your point, anything that is COVID-related or incremental over and above our run rates would be considered for regulatory asset treatment. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8a44aa514310264bce25ab27c00a7eec | Can you tell me what's your thought process about how the company will look in sort of a post-COVID world as to the work environment? And secondly, what effect that might have on an expense ratio and/ or loss ratio, potentially as well I guess. | Jamie, good morning. Thank you for the question. The first part of that will address in terms of what does Donegal look like post-COVID. Donegal, like many organizations is working through that right now and as I came in to the office this morning, there were more employees here in the home office than I've seen in the... | intermediate | [
"direct",
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"fully_evasive"
] | B |
3d9879addf441383025aaebabbe9f381 | With the potential state auto acquisition do you think there is any potential positive might come about as a result of that for you guys? | Well, I appreciate the question. We have received several inquiries from stockholders following the recent announcement of the transaction with state auto financial which has a similar mutual company downstream holding company as ours. Recognizing that Donegal is the last remaining company with this unique structure ma... | intermediate | [
"direct",
"intermediate",
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] | B |
eeb2205d05614deaaaf7926dfbc6ce75 | I meant from an operational point of view, do you think there will be opportunities within the agency world which you operate in and so do they where agents don't want to place so much of their business will ultimately want enterprise? | Well, anytime if there is an acquisition, in this case, similar to a state auto and liberty mutual given the size of that transaction, Jamie creates disruption in the marketplace. We would be very cautious in terms of what opportunities might come out of that transaction. But most certainly there will be some disruptio... | intermediate | [
"direct",
"intermediate",
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] | B |
7ead48908df607c4f6bc0dd57cd55c70 | Given the progress that you put together is undeniable. So not worried about that. But what are your thoughts on the fact that your operating structure like is now gone I mean, certainly the companies have failed, but we'll see been acquired or taken private. But is there any meaning to the fact that it's just on the s... | Well, I think Meyer one of the things that we need to consider is when we first saw the announcement the first reaction is to the headline. And when you start to look at it, it's very important, I believe, for our analysts, as well as our stockholders to understand that there are a number of very fundamental difference... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3fb5474b54ad5ce0c3355bc3cf45786e | Is there any way of ballparking the magnitude of the reallocation of loss expense to underwriting expense, and I assume that that continues for the next three quarters? | That's a great question and I appreciate the opportunity to kind of clarify that. It is somewhat technical. But let me just kind of walk you through that. As I said earlier, we implemented a new software tool during the quarter, and it was designed to enhance our expense allocation methodology. When in doing that, we d... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f6f8427d643e3aa6bc72dfefe0926fac | Can you just kind of give us an idea of how much of that expense ratio was related to the incentive compensation as well? Just trying to figure out how that is trending and where that should be going, going forward. | Sure, the higher agency incentive compensation accounts for about a 1 percentage point increase over the prior first half. So looking at the first half of 2021 relative to 2020 is about 1 percentage point increase. And like I said, that's based upon our projection of what we would pay out at the end of the year if the ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
839b7feabd57d03e0eb535bdb64e6638 | In terms of the reserve development it sounds like most of it was from workers comp, but you did have some from personal commercial auto. Can you just give us some numbers to back it up and just give us an idea of specifically for the auto pieces what accident years those are coming from? | Absolutely, yes, this is Jeff again. The $13.4 million of favorable development in the second quarter. That's a, I think, a record high for us in any one given quarter. 6.5 million was in workers compensation and as I mentioned earlier, that's primarily from favorable settlements from 2017 through 2019 accident years. ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
35e42dcdce9c1c08bb0832692a62b053 | I know you've got the new personal lines products coming out. If you could you've commented the fact that the personal lines growth has been negative but that should start to change going forward. Can you give us an idea of maybe the timing or expectations for growth going forward in personal lines? | Sure. Obviously, we're looking forward to the rollout of the new product. We are going to be doing this in a staged approach sort of batch stages. We're calling them just in terms of timing third and fourth quarter of this year. So states like Indiana, Ohio, and Pennsylvania will be part of the first group that will be... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
31492b6624c4c673c32fcdca0f0c04f8 | With Michigan being a large territory for the company, I was wondering if you're seeing any initial impact from the recent storms and tornadoes that came across the state in the last week or two? And secondly, regarding the new personalized product, I know we just discussed it, but what of the CSRs said so far, who hav... | Well, two good questions. We'll start first with Michigan. We actually received the report yesterday in terms of potential losses as it relates to those storm related issues. And so far, it's been very modest. So we think that we're fortunate. We're not seeing some uptick in terms of claims activity. So for right now I... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3912e5a651e665b951b3f471b6ed9703 | So I want to dive a little bit more into the trial delays that you mentioned. Was curious if the rate of new pauses that you're seeing has been slowing in recent weeks. Or in other words, do you expect most of the trials that are going to be paused kind of already have been paused, and it's kind of behind you? | We've actually seen the activity from our perspective bottom out, and we're already starting to see some improvement in volumes. So obviously, we can't determine if that's going to be consistent over time. But we're cautiously optimistic that we're starting to come out of it. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
79c6d86dce303b0f798257337651c551 | OK. Got it. And it's great to see that you guys are involved in some COVID trials. Should we expect even more business from this moving forward? Was this kind of just the beginning of it? And can we expect more of a tailwind as we move out throughout the year? Just any more commentary you can provide on that would be h... | I mean the bottom line is that we're constantly being requested by our portfolio companies to support different aspects. If any of them do make a determination to start additional programs, our expectation is that we will get them. So I mean, there's a net upside of six already. But obviously, our core activity of clin... | intermediate | [
"direct",
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"fully_evasive"
] | B |
f0171ceee01e29868df38c22dd1765da | OK. Got it. If I could just slip one more in on the international business. Could you just talk about maybe how the European business is doing and if you're running into any difficulty shipping internationally due to the restrictions? And just in general, just kind of speak about the state of the business over there. | I mean, Europe is tracking very similar to the U.S. We saw an impact last month due to the activity due to COVID. With the countries over there starting to loosen up some of the restrictions, we are starting to see an increase in activity. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
7ba1b56359c093525718c7bab912ae62 | Jerry, just the gross number of new clinical trial additions in Phase II, in Phase III were [Inaudible] numbers that we've seen in some time. Are those mostly coming from existing clients or perhaps new clients that were in-sourced but are now outsourcing as they move into later stages? Any color you can share with som... | I'll let Mark comment on that. But it's a combination and mostly from end clients, though, just it's a natural progression. Yes. But to add on that, I mean, we have a very aggressive acquisition policy with our sales and marketing organization as a whole. So our focus here is really on trying to capture as much market ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
79634348eea588ce32b54242ee70eac6 | Any update you can share with us sort of with respect to cross-selling existing customers with the [Inaudible] asset [Inaudible]? | Yes. We have made progress there. Most of it has been using clients coming from Cryoport systems to Cryogene. But yes, we're making progress and anticipate that continuing. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
bfc5aa9ebe86f88a9961255c181dae3c | OK. Lastly, nice progress with Kite. Any update on the Novartis side with KYMRIAH in terms of the contract renewal, which I think is a per-year term and maybe coming up for renewal soon? | Yes. I mean we're active in negotiation for that extension with Novartis, and we anticipate that we'll be able to announce something along those lines in relatively short time period. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
dde3f7f79e855ee049429117ad21fe4e | Jerry, on the 59 that were suspended in the quarter, is that largely academics doing this? | Yes. So what we're seeing is, it's an accessibility issue at the clinical sites. So in essence, you have announcements from folks like Fred Hutch and MD Anderson that they're not accepting and supporting any clinical activity because they're focused on COVID. So the vast majority of what we're seeing is focused around ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
42269f61cd3bd11c6bc5ce3c77709f3a | Yes. Are the six COVID trials within that gain in client numbers that you gave us, the total of 60, excuse me, of 465? | No. They are not because they all initiated after the end of the first quarter. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
629c74b078a054baeb4bc66ce472db62 | OK. Thanks. And then you had also previously announced, I don't think it's in the release, but you are hoping for five commercial approvals this year and 10 additional BLA filings in 2020. How do you feel about that now? | We've already had three filings this year to date that we're supporting, and we anticipate at least six more. So I think we're relatively on track with those initial projections that we put out. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0e3752d28cfdb0b00146d3d144b104a7 | OK. Got it. And on the reproductive side of the business, can you talk about how things are going there, Jerry? | Yes. Reproductive side of the business was the most impacted by the COVID pandemic because it's the most personal part of the business in many ways. We're transporting eggs and embryos and sperm of people. And so it was impacted. Some of the larger clinics actually suspended their operations for a month. They are now s... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
86af314ffa3a89e1b477813b1ed1424f | OK. And then lastly, I know, obviously, airfreight's under pressure from the commercial airlines side. But I guess, FedEx and others are still operating, of course. But is the disruptions in commercial air travel affecting you at all? | No. And the reason is that we have a fantastic logistics department, and we've been able to establish workarounds and alternatives â and so consequently, we haven't missed any shipments or missed any openings at all. It's due to our people, though. And you're right, it definitely has had an impact, and it's created a l... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
de1a4f6d2f5250d82d0133e10f568cfa | Hey. Thanks. First, just on the renewal with Kite/Gilead. Does this change any of the economics of that agreement? Or should we just view this as sort of a three-year extension? | We view this as a three-year extension. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e10f02cc3d2d3bbc8654b64f8b6a4357 | Got it. And then maybe following up on Paul's question there. Obviously, we've seen a pretty big slowdown in commercial air traffic. It seems like you've been able to mitigate it in the near term. But as we look out longer term, could there be some structural shift in the types of shipping lanes you were using? | No. No. The short answer is no. Our logistics folks have it fully under control and do have a vision on what's happening in the future and so forth. We have constant dialogue going on. Yes. I mean, obviously, our very strong relationships with the integrator in freight networks has allowed us to be very creative and fl... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
39ab13586147fd19c5fb9fa97559f277 | Got it. Thanks for that. And then final question, just on the operating expense line. Can you give some additional color on the investments you're making there? And maybe particularly on the engineering side, is that related to the shipper itself? Or should we think of this more as sort of software work? | It's actually more broadly. I'm going to turn that to Robert, and he'll give you some more detail. But it's broader than just a shipper. So Robert? Yes. There's a number of significant initiatives that are under way and have been under way for a while now, and they all relate to broadening our solution and bringing it ... | direct | [
"direct",
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"fully_evasive"
] | A |
eda0ce2e25d42e1dd3003d4143382528 | Thanks. Hi, everybody. II've been getting a lot of questions from investors regarding Cryoport and COVID-19 vaccine developers, specifically Moderna. Is there any comments you can make regarding your involvement in COVID-19 vaccines? And if so, how meaningful of a revenue opportunity is in this in the near term? | OK. So it's really too early for us to comment in very much depth. These are in development right now, and they are vaccines and there are treatments that we're supporting. It's a policy that we don't comment on anything specifically about any specific client. But as a group, that's what we are supporting. Mark, would ... | intermediate | [
"direct",
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] | B |
3f8571b915857012dbe5cc8b993d43ad | Got it. And when it comes to the suspensions, I believe there was some impact in the first quarter. Are you able to quantify that? And what is your expectation then for the impact in the second quarter from the suspensions? | We haven't quantified that. And the suspensions, some continued to exist, and some will start up again. I mean, look, this has to do with just the way that the particular trials are run, the access of patients to the points of care for their inoculations and so forth and staffing, in some cases, at the facility. But so... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
6a83f2cecd5d70eec23903895b64d9f9 | Got it. OK. And then lastly, just on the commercial therapies, is there a reluctance to get patients involved in either KYMRIAH or YESCARTA, whether it be in Europe or the United States, during this sort of heightened period of COVID-19? | No. The answer is no. Our commercial activity has absolutely stayed up. And we are saving a lot â we're helping save lives throughout this whole tragic situation that we have going on with the pandemic. So the short answer is no. There has been no reluctance in the commercial volume, as you could tell by our increase, ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3aca21572549b8df9d5ef119f3dc7291 | Thank you. Good afternoon. Thanks for taking my questions. So first question is to get to COVID-19 ones out of the way. You previously mentioned the advanced therapy shipper. So I was just curious if that became more of a talking point as you're talking to clients right now. And then just obviously, a lot of disruption... | Yes. So the short answer is, yes. There is a defined interest, increased interest in ATS, in particular because our ATS product line uses what we call our very clean patented validated cleaning methodology, which is the only methodology in the space that demonstrates a six-log reduction in contaminants, which, in doing... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
2228339d877579f4735e93f8502e9213 | OK. Great. And I was just spending some time combing through your website. I was just curious if you could expand upon some of the additional bioservices that you're trying to implement right now. Outside of storage, right, Cryogene, things like the regulatory QP services, packaging and leasing drug return, can you tal... | Yes. Yes. I'll let Mark supplement this. But bioservices is â we do have Cryogene, and that was the beginning. And then we're developing bioservices operations in the two new global supply chain centers that we're building in Morris Plains, New Jersey and Houston, Texas. Those facilities should be on line at the end of... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
92db55efa944107dd5b495bbe0faa330 | OK. OK. Great. And you may have mentioned this. I was hopping between calls a little bit earlier. Do you know how many BLAs and/or MAAs are currently under review right now, so have already been filed? | Three. Three in 2020 to date. | direct | [
"direct",
"intermediate",
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f5d5856c06b1d2fd25e19b7565eae297 | OK. OK. Great. And just last question for me. As you integrate bioservices and just exclude Cryogene storage from that, just additional bioservices, is that something we should expect to result in just increased ASPs when we're talking about per shipment costs? Or how do you see that kind of falling over to the P&L? | It'll be supplementary to logistics. I mean, what we're getting ready for is allogeneic. 30% of our trials are allogeneic. We know it's coming down the pathway, and it's going to come down quickly. And we'll be there to service that new category as it's commercialized. | fully_evasive | [
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5da92df66faf5b6eb01702db1aa96322 | I wanted to start on the credit side of the house. It seems like a lot of your local peers that adopted CECL are using kind of the baseline Moody's forecast to drive some of your GDP and unemployment assumptions. I guess, is that similar to what you guys utilize? And can you maybe lay out in a bit more detail what some... | Sure, Mike. This is Brian. We use various economic factors across our loan segments, including unemployment, housing price index, GDP, retail sales, etc. We do use Moody's. And for purposes of the March 31 calculation, we use Moody's baseline forecast from March 27. | direct | [
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63f0739cf3a48448b02af32c117aae40 | Okay. So I mean it's reasonable. Obviously, what you guys did in the first quarter, I think it's fair to classify as kind of conservative and proactive. But having said that, obviously, there's still a lot of unknowns out there, right? So I mean, as you see it now four weeks later after that March 27 consensus that you... | Yeah. I mean, our practice is to use the most recent forecast as of the balance sheet date. That said, we don't really focus on forecast that come out subsequent to the quarter. And as it relates to the second quarter, what's really going to matter is where the forecast ends at the end of June. And it's certainly too e... | intermediate | [
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8c67361ad48ab277d35c8dfaaff05a6c | Okay. Okay. So -- all right. That make sense. But as you guys look at the -- I guess, how do you balance the reserve today against kind of stimulus and deferrals and things of that nature? I mean, it seems like it's a little bit of a tight role. I mean, you guys have an idea of how many clients are deferring. And my gu... | Well, at the early part in the cycle where we are here, I mean, using the baseline forecast, we presume includes a little bit of contemplation of that as we didn't go to a more [Technical Issues] forecast. That said, a 90-day deferral or a 180-day type deferral, it will shift cash flows, but under a life of loan loss p... | intermediate | [
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ba37aef0a6d42a35b715062f3c9c2643 | Okay. Couple of more things I want to hit quickly. On the margin, I apologize if I missed it, but I was listening to your comments. I was just wondering if you had an idea of what the impact from the debt extinguishment would be on the second quarter NIM? And do you think it's enough to kind of hold NIM down only a few... | There's a lot of moving parts when you look at NIM and NII in the second and even in the third quarter. Obviously, PPP and the... That's going to bring a lot of volatility. The fact is the repricing of LIBOR loans is also going to bring inherently some volatility. There's a slight benefit that will come from the exting... | intermediate | [
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83661ca3c43a1a43d3366dbea7b4fdd2 | Yeah. Okay. And then just lastly for me, and I'll step back. Jeff, just on capital, what are you guys thinking at this point? Obviously, the first quarter was a little onerous from a capital perspective. You had CECL in there, you had the big provision in there, and growth was still pretty robust. I imagine the capital... | Sure, Mike. We feel good about where our capital is. We obviously stress our capital levels and feel good about where we are from a capital and a liquidity perspective, given all the uncertainties that everybody is aware of. Going forward, we're comfortable that we have a good solid capital position and where we are. W... | direct | [
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3ec79103c8642c6c4429923aea79a1d6 | I just wondered if, Brian, maybe you could talk a little bit about your concentrations in some of the more sensitive areas like energy, restaurant, hotel, as a percentage of the total loan book and then to the extent you have the amount of each that is in deferral currently? | Sure, Frank. So from a hospitality, if we look at hotels, motels and the like, around $170 million is our exposure there from an outstanding perspective. Food service and the like, we're around $60 million, so that kind of gives you a sense on that side. On the CRE retail side, outstandings are roughly $250 million, so... | intermediate | [
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8c03879e4c7d07e705dac10a4769afc4 | Okay. And do all of those areas have elevated deferrals at this point, I would imagine? | Yeah. I mean, on the hospitality side, we're around 60% is our deferral rate. So 60% of our book has some level of deferrals. And then on the remaining CRE retail, we're in that 10% to 15% range. | direct | [
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8c664659b982b4cc72ab3b676bf150c3 | And food service that you mentioned, do you have that? | That's a net 10% to 15% -- sorry, no, that's included in my 60% for total aggregate hospitality between hotels and food service. | intermediate | [
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c6ba64ffd6f9910197ff648d5c3e2ccb | Got you. Okay. And just following up on that, another sector. Just curious how you guys are feeling about the ag book in this environment? Any color you can offer there? | Frank, it's Mike. Generally speaking, our ag book continues to perform and, quite frankly, continues to grow because we largely serve the Stanley-type farms that are well diversified. And there continues to be a need for their products, be it eggs, be it poultry, be it milk, etc. And even though milk is at a declining ... | direct | [
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7918c4fa3972c667907457f5298b958c | Okay. Great. And then just finally, just thinking about Phase 2 of PPP. It sounded like you guys had plenty in the hopper that when the government ran out of the $350 billion. So I would imagine, do you think there's plenty of good opportunity there? How large do you see that opportunity for Univest? | Right now, Frank, we continue to get as many loans approved or as approved at this point. We believe that we'll have about 900 ready to go, when Congress formally allocates the money, when the House acts later today. And we have a large team ready to go and work through the SBA process. So that 900 equates to somewhere... | direct | [
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1fb84df8be6e2402c0045796cdfc6bfb | Rodolfo, a couple of questions. The first one is on your cost and margin. You mentioned volume in Mexico coming to normalized levels. I don't know if you could be a little bit more specific there in terms that -- if I understand correctly, normalized long-term volume growth is close to 2%, 3%. However, on the fourth qu... | Excuse me. Yes, I'm here. The first question about the volume for the fourth quarter, we expect more or less the same levels than this quarter. The reduction was mainly due to the industry in general. The industry had a lower hatchability in order to have the baby chicks to sell it in the farms. So, we have a slight re... | direct | [
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16f47c4f52f2e5ff152e7c1de75eddd2 | Hi. Good morning, everyone, and congratulations on the results. The first question is regarding ASF. I mean, you've had a very good couple of quarters. And it seemed that we haven't yet seen the effect that the African swine fever could have on prices in Mexico. So I just would like to hear your expectations or how the... | Yes. Thank you, Miguel. This nine months of the year, the ASF for the Mexican industry has a natural or, I can say, maybe a little bit negative effect in the swine industry in Mexico, just in the swine industry, in the pork industry in Mexico, because the trade war with China didn't allow the United States industry to ... | direct | [
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bf4cd94c22d011735f899cbc00991cd9 | Hi, guys. Thanks so much for the call and for the space for questions. A couple from my side, if I may. First, on -- the first one that I wanted to ask is, are you seeing any change in the import dynamics right now kind of linking to process into what you were saying there, Rodolfo, in the US dynamics kind of lower pri... | Okay. The first one, the dynamics of the importation, it's -- we are expecting -- right now, I think we are more or less in balance. We saw the last quarter, the amount of the imports as a percentage of the total production and consumption here in Mexico remain stable. And we are seeing that, that situation is going to... | intermediate | [
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67d03b5041c9d480f0b8dbba42fdc4cf | Just wanted to drill down on the subscription numbers a little bit. You guys have made great progress here. And last quarter, you broke out the MediaCentral numbers. And so looking at what you disclosed here, it seems like the creative adds were about 17,000 sequentially versus 38,000 in the prior quarter. Am I looking... | Yeah. Steve, that's correct. We did increase our license count by 19,300 from Q3 to Q2, and the creative adds were roughly over 17,000 of that with the balance in MediaCentral. | direct | [
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eb9577f4dc067c24fa05b25c23341f84 | And if we look back to Q2 over Q1, was there any change to that 38,000 seats added in creative with the restatement? Or that's still the right number? | No, the trends with our license count continue to be similar with the new reporting that we just provided at this point. | intermediate | [
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2f445ff93562621a535af5ae859429b4 | So, I guess another way to go at it is, is this kind of the new level we should think about for sequential growth for the creative? Are we through the COVID bump, obviously? And the organic ability of this business to add subscribers is somewhere here in the 20,000, a quarter pace at this point. | In general, we feel good about the direction of the adds. And especially, I think if you look at the Pro Tools, which accelerated in terms of net adds, obviously COVID did have an impact, as that cohort came up for renewal in Q2, but that is now abated, and we see an acceleration of those net adds. And we feel good abo... | intermediate | [
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4a84e17ea0382d409d0f8808f350bd69 | And can you give us any insight on churn trends now that we're through COVID? | I would say the retention rate is actually slightly improving. And as we're coming out at the end of COVID, and we feel good about the direction of the business and the subscription business, that's why we feel confident about increasing our guidance, and all of our key metrics. | direct | [
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aa5cc4662e81c6f173c963ef065fb4ed | And then on the integrated solutions business, the whole world is talking about supply chain challenges. What's the supply chain like for your hardware business? | Hi, Steve, this is Jeff. I think I'll answer that. Look, I think we're all facing a tighter components supply environment in the marketplace. So far, I'll say that our team is doing a very good job to navigate that, and our team is staying ahead of it at this point. And so we're quite pleased with what they've been abl... | direct | [
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9ab06099a1d57e4eab953ac10b45ca8e | Great. And then one last question just some insight into the lower gross margins in that software business on a year-over-year basis. Is that a mix issue toward enterprise? Or is there something else that's resulting that? | In terms of gross margins, first of all, gross margin in software improved sequentially. And year-over-year, we did add some more I would say professionals in Customer Care to help with driving improving renewal rates and driving the top-line. Those costs are in cost of sales and are impacting the gross margins slightl... | direct | [
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5915c3bc634130a123487f587a286942 | Great to see such rapid acceleration in subscription growth for this quarter. I was curious if you could maybe help me frame it. Clearly a lot of growth with enterprise contributing to the subscription base this quarter. But, you mentioned 4Q, 1Q, there's supposed to be even bigger opportunities there. Could you kind o... | Yeah. Hey, Josh. Thanks. I think, first of all, I think that our general a sense of things have been that Q4 and Q1 are always going to be the strongest, naturally the strongest quarters, especially for enterprise customers that were converting from a maintenance and perpetual program to subscription. And that will be ... | intermediate | [
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f574f104d8f1e7e41d41e7c61d4aad35 | I know before you kind of call it out certain quarters like is how much of that is coming through like-are you seeing a lot coming from like e-commerce or other things. I'm just curious, like, the sales channels and how some of these customers are coming in on the subscription side, whether it's like direct or whatnot. | Yeah, good question. I think we're continuing to see growth in our e-commerce engine, our digital direct engine. But what's happening we see is our channel partners are getting more and more positive around the migration to subscription models. And so we're seeing really significant improvement in our channel performan... | direct | [
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bb2874c9c55cb379eaa1eb6202aee2f3 | And then last question for me, so it sounds like good acceleration that you're seeing in the creative tool space and enterprise tracking ahead of expectations. If you kind of want to hit on that, I was curious for like the potential ARPU lift that you see, as you move some of these people over from perpetual, I would e... | So it was removed, the enterprises from perpetual to subscription, we're getting a bigger share wallet. We are providing more value, but we are getting an uplift on the total revenue dollars. We've seen up lifts of 200%. But, I think in general 120% to 140% is probably the average that we've been discussing with the ma... | direct | [
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febe59e447906632ba2e89329433be40 | Thank you, and congrats on the strong acceleration of subscription results and well above guidance results. You guys both have mentioned multiple times that you saw an acceleration in Pro Tools net adds, but I don't think you have provided the driver behind why that happened? Any thoughts there? | I think a couple of things. I think, number one we're seeing the team is doing a really good job on both very important metrics. One is net add or gross adds in people that are attracting to bring in our digital marketing efforts and our marketing efforts overall been going well, also, our channel has been performing b... | direct | [
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c4f5cb2c45fd1e357d37e814ea443372 | That's great. And then, so you had an implied 4Q '21 guidance for maintenance and subscription. And now you have more or less explicit 4Q '21 guidance for maintenance and subscription. The way I read that is you got about a million dollar increase on the maintenance and subscription, despite a huge treat to beat of abo... | I would say, hey, we're pleased with our Q3 performance as we look at but we look at our guidance for Q4. So if you look at kind of our performance, what we set out as guidance, we typically see that as an area that we want to over achieve. So, at this point, when we look at Q4, we feel good about what we've laid out p... | fully_evasive | [
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3ae27616999547c54e5ebc88952c3f32 | Okay, great. And then my final question is that you also did mention that you're seeing increase in value of long-term agreements. What is the primary driver of that increasing value the LTAs? | Hi, Nehal, it's Jeff. So I think as Ken said in his prepared remarks, and I think he also had a previous question is that we've seen really great success with our strategic partner agreements. And these are purchase agreements we have with some of our largest most strategic channel partners. The program has been very s... | direct | [
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fa96f1a9a9e00cfadb485c1b9fba9c10 | Okay, great. Just to be clear, is it a reflection of your enterprise customers adopting increasing functionality? | No, it's all the above. Our channel partners sell to all levels of customers, they sell the large enterprise, they sell the small and medium sized businesses and they also sell the individual creatives or creative teams. And we're seeing that success and growth across all those segments. I think the partners are kind o... | direct | [
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a19a4cede8e00bbd1fdf42a88cb0fba0 | Great. Hey, guys, great results. Thanks for taking my questions. A lot of my questions have been answered. But let me just touch on, you guys each spoke kind of in your prepared remarks about integrated solutions in pretty granular detail. My key takeaway was, I didn't hear anything really negative. And so first, I gue... | Yeah, hey, Jack. So I think it's all the above. Remember that, last year we talked about our strategic pivot and part of what we did to, to improve margins. And just as we're working through what happened in the world and COVID, there's some product lines that we actually, as we've talked about reduced or deemphasized ... | intermediate | [
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492b65df7cbc76b797b1424ca8a16716 | Okay, great. And then, maybe just kind of an unrelated topic, but given the recent buzz in the market with all the announcements of the Metaverse and NFPs prior to that, and how kind of all this is creating new worlds and new opportunities to create content, create all sorts of creative innovations. How are you guys --... | Well, yeah, I mean, well, I'd say we are in the virtual world, too. I mean, a lot of content is created virtually, is created with Avid tools. I'm not sure I can answer it directly on the Metaverse, and I think that's obviously a very new subject. I think clearly, whether they are using high quality content in those ar... | direct | [
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859ea65da20d42123451feef9f7116a0 | Good morning, guys. Good progress on the asset management business. I just wanted to follow up a little bit further and make sure to clarify with that we understand the last commentary on the tax season. So the revenue guide for 3% to 5% revenue growth for first-half tax season, first half of next year with tax season,... | Thank you, Brad. Good morning. Yes, that is actually prior to that -- I'm sorry, that's after the headwind. It includes the losing of the headwind. | direct | [
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6dfddf3a7ee8d08e98bc4958afad495f | You also talked about synergies on the asset management business going forward, and I wanted to just make sure we understand, is that the items that you've already clarified, and it's mostly to do with the cost and timing of synergies? Or are you talking about additional potential revenue synergies that you're identify... | Bradley, John here. Thanks for this question as well. It's really more the former that team's been working tirelessly to bring forward the positive benefits of having acquired First Global around cost structure, bringing teams together, repointing, if you will, around our clearing partner. So it's really most of those ... | direct | [
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3d186e4f57ea82bdd968819a771bce8d | Good morning. Thanks for taking our questions. Just first, on wealth management. So a nice healthy uptick in advisor productivity, but the advisor -- number of advisors continues to fall. Could you speak a little bit about -- more about what's driving the decrease in advisors? Is this primarily legacy HD Vest or First ... | Well, good morning. Thank you for that question as well. John here. So with regard to the status on counts. As you noted, we were down a bit. The change is almost entirely on the HD Vest side, and consistent with our prior commentary on this. This is associated with advisors with minimal productivity and production tha... | direct | [
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bcf0b1f1eabc81b7226aace3be850a3c | Great. Following up on that, do you have a rough idea of how many more unproductive advisors are still remaining in the 4,000 on the platform? | I guess the way to characterize it, right, because, of course, we've got a broad range of advisors that go from just beginning the business, working really hard at getting sure they get liftoff, those have been at it for a couple of years. So we kind of take a vintage look at the business. And all the way up to folks t... | intermediate | [
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76c40715a78c0fd58bc72e5eccd7306d | Hey, guys. Good morning. On TaxAct, how confident are you that you can return to positive unit growth in 2020? | So Chris, thanks for the question. As you know, we don't guide to unit volume, but clearly, our goal is to get back to overall unit growth each year. We spoke about that, I think two calls ago, for the first time, and with the removal of basic, let's be clear about it, since that was a monetized unit, we likely won't b... | intermediate | [
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fe9f468acfd023f31b407391d303a8af | OK. And I wanted to dig into this a little bit more. I think Davinder said that the tax guidance, I think, correct me if I'm wrong, you said it was potentially a conservative view, given all the changes in play this coming season. Maybe just walk us through the process of how you actually built the guidance, is it your... | Chris, happy to take that question. So let me kind of maybe just start off by saying, a lot of changes taking place this year, right? So they're kind of in a transition here, which makes it somewhat harder to predict than being in more of a steady state scenario. So that's really why we're being more conservative. We d... | direct | [
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8240594e4c96b8fdbaea808d1e91ba0e | First question would just be, does it look like the pro forma revenue and EPS guidance were both lowered slightly at the midpoint for the full year, despite you coming in at the high end or above the guidance this quarter? So is there a change in the outlook for the fourth quarter compared to what would have been impli... | Trevor, the answer is -- this is Mike Doyle -- the answer is no. We typically tighten up our guidance in the fourth quarter. And you know, the fourth quarter includes both consulting and advisory, which it's easy to shift and bleed into one quarter or the other. So we tend to be a little conservative as we put out our ... | direct | [
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50b0e1be03eaff3e5d150c13eb5d51d5 | OK. Fair enough. That is helpful. And then I think at the end there you mentioned, Mike, in looking for initially the 2020 that we could expect a healthy top line and accelerating EPS growth. Because I know there's a lot of I guess noise in the cost structure right now due to the integration. But where -- I guess where... | Our expectation is that we're going to expand margins next year. What we've said is that it's going to be somewhere between 100 to 200 basis points. So we haven't given specific guidance. We have talked about that both when we first brought on SiriusDecisions and talked about what we thought it would mean to us, and ou... | direct | [
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747c30e7c914a1d64be9fbccb959f713 | OK, great. And then if I could sneak in one more. Because I know you mentioned that the sales force attrition for Sirius would kind of be, the bulk of the challenges would be behind you going into 2020. So along with that, did you see improvement there relative to last quarter? I think you'd said it was something like ... | Actually, I'm going to let Kelley answer. I think last quarter I think we were running at 37%. So I think we'll -- I'll have her finish, tackle that one now. Sure. Thanks for the question. In terms of attrition overall as a company, we are in line with the year-ago numbers. We have seen some more attrition in pockets i... | intermediate | [
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aa2b43e72ded31b17bd2e9849e17f784 | Yes, George, a macro question for you. Are you seeing anything change in terms of customer sentiment on the economic side in the U.S. and internationally and also in terms of tech spend sentiment? | No, but we did put out -- one of our economists put out a report saying that tech spending in Europe would be fairly challenged next year. But in Asia and the U.S., the numbers actually look quite good. The board of clients this year, a couple weeks ago, Vince, and we talked a lot about this. And they didn't -- I'm loo... | direct | [
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63486db82ddcd3b0c763ef6a665bbc8a | And on the SD side, this is for Kelley, I think. So Kelley, has there been any change in the seniority of the people leaving on the sales force side? | Thanks, Vince, for the question. I would say we've not seen any shift in terms of the seniority of the folks that are leaving. It's been pretty much distributed across the population. What I will say is the people that we are recruiting and bringing on board to backfill, we are hiring with the success profile that we'v... | direct | [
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244f521104dd4e16f4b98b18def0ff61 | And George, I've been seeing a lot of FeedbackNow type of things in airports. I don't know if that's you guys or not. Is there more competition, or is there just -- what would you say about how that market's evolving? | You can figure out if it's us. If you look closely it says -- Also, we've three buttons. We're green, yellow, red. The businesses, you have -- happy you're not No. 1, and we are very, very close to No. 2. Then you have a lot of little tiny guys out there. I actually like this because it's a very, it's an immature early... | direct | [
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baf786441e1f91955d1cf751bb1c393c | So in terms of the overall sales force, do you have a sense of where you want that to be kind of percentage wise by the end of the year and kind of how you think about the timing of the productivity? | So we're in the early stages of planning, Allen. What I will say is our top priority right now is backfilling the headcount that has departed. But based on early stage planning, we're probably looking at high-single digit growth for our quota carriers for next year, but we'll hone in on that as we get further into Q4. ... | intermediate | [
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cd358882cadb175025f9fb6dc8a2a90d | OK. And I'm not sure if I missed this. Did you provide like what the organic growth rate of the legacy business was, and if we could think about what Sirius was if it was owned last year, for both of them? | We had -- we did talk about it. We had -- we talked about organic revenue growth rate of 8%, which is, if you look on a constant currency, I don't know, it was around 9%. I think for similar, I think what you have for SiriusDecisions is a low-single digit quarter from a revenue perspective. And I think that's a functio... | direct | [
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e142d590f6088170a1b2ec9e54b86b1a | OK. And last thing, you said that for next year you're not giving guidance, but you said healthy top line and accelerating bottom line. Just what is accelerating bottom line mean? Does that just mean that it'll be growing or growing relative to something? | Yeah. What is means is that right now we're expecting this year with guidance that we're growing at a 12 to 16% rate over a year ago. I'm saying it'll be a faster rate. So it's not going to be 12 to 16% next year. It'll be something larger than that in terms of EPS growth. And again, it's driven in part by -- it's prim... | direct | [
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bde421efdfd8f19c6d2478d775babca7 | OK. Maybe one last question. Is there -- I know you took on debt related to the SiriusDecisions acquisition. You had been paying it down. When do you think it might, that you might feel comfortable with using some free cash flow to buy back stock? I know that's a hard question to answer, but if you had any thoughts on ... | I think -- it happens every quarter. We sit down with the board and the discussion really centers around what's the best use of cash to drive shareholder value. Is that paying down debt? Is that buying down -- is it buying back stock? Is it looking at internal investment? Are there potential acquisitions that are tuck-... | intermediate | [
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fccf32f0bf60b0dc62452f749e974055 | So you just mentioned taking securities to 20% of earning assets from today's levels. I'm just wondering, I guess, what your plan would be for the remainder of whatever liquidity might be there after you reach that 20% threshold? And maybe if you're expecting, I guess, a large chunk of that to flow out of the bank. Jus... | Graham, good morning. This is Tom Owens. Thank you for the question. So, yeah, we do continue to target 20% of earning assets for the securities portfolio, came up a little bit short of that in the second quarter. Our deposit growth in the second quarter was sort of back-loaded. And then, as we got toward the end of th... | intermediate | [
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"fully_evasive"
] | B |
53189218a93c658bd09e66948048bd02 | Okay. Awesome. That was very helpful. And I guess just turning to securities. I know you said that probably have more color on the impact of the voluntary retirement program with 3Q 2021 earnings. But I was just wondering if you guys maybe have any early idea of how many people might be planning to participate in that ... | Yes. This is Duane. No, we're not in a position really to comment on the overall program at this point in time. It closes here before too long. And we'll be disclosing the full results at the end of the third quarter. If you recall, we had a early retirement program in 2020, early 2020, right, as COVID was starting to ... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
7622a7ef14ac3e6518bf8d52c726818a | Okay. That's understandable. And then I guess just a quick one here on expenses. I was wondering salaries are lower quarter-over-quarter. How much of a benefit did you guys see from the lower mortgage-related comp versus last quarter? | That's -- we're flipping pages here to get the exact answer to that question. As volume declines, commissions decline, I don't know that -- Tom, do you have that.
Mortgage commissions actually increased by about $700,000 this quarter, second quarter versus first
Because.
Because we have a lag. We have a month in arr... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
c9fe6ce994cb3b1568454c09eba650b4 | So yeah, could you please talk about what you're seeing in CRE with pay downs and I know you expect that because headwinds going into the second half of the year, so could you see that abating somewhat as we get into 2022? | Brandon, this is Barry. I would glad to address your question. What we are seeing as -- when we -- just after we've got past the end of second quarter, we've reassessed of course what we think the second half of the year will look like and as we move into 2022 that you referenced. One thing we are seeing within our CRE... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e9e4448344b6136454f9ff6ed17cc036 | Okay. Thanks for the color on that. And then for -- you mentioned as far as higher activity in your markets and how that will eventually benefit service and bank card fees. Is there a certain level that you're targeting when it comes to the level of fee income in those areas in relation to pre-pandemic levels? | This is Duane. I will take this Tom. Not really we're not targeting anything specific. It's been a little hard to forecast. Again based on deposit -- the deposit conversation, the amount of liquidity out there in the marketplace we do expect the overall economic activity to pick up, which means more service charges mor... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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