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987f534f58cc6afd1b23a824836f6923 | I'm not sure I'm completely following the commitment to the asset management business in terms of funds from the insurance, can you review that again, you mentioned the $354 million out of $500 million and then the $250 million to $100 million and additional $200 million authorization. Can you split out a little bit mo... | Yeah, I'll let Rob go over the numbers. But the big takeaway, you got to think about, Geoff, is as we look at our portfolio, we look at the changing capital charges to the portfolio from the S&P revisions last year, obviously, we wanted to start investing more up and down the spectrum of credit and probably wider in te... | direct | [
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3bb564af0a55f9824f29c8237e07ef95 | Listen, Dominic, I've been an investor in Assured since the financial crisis and it seems that you face one night flight after another. And I would just appreciate, if you could frame why and the market seems to believe that the existential threat of state bankruptcies is going to wipe out the value that is clearly her... | Well, I'll give you my best and I share your frustration as a large individual shareholder myself in terms of the current valuation of the stock, which I agree, makes no sense. So if you think about it, as our portfolio shrinks, it gets more granular, the exposure to the large states become smaller and smaller. And as ... | direct | [
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b1aee4ef49f5f9c79c9fc8b1eaaae273 | So in terms of -- if I could ask to -- maybe, Gary, if you could clarify this -- where the raise -- I think the raise comes in as impressive and welcome of course more than the beat. But the ability to raise, I guess, this much and also sort of still confirm that you're really not going to be selling any of these two p... | Sure. So I think PuraPly is probably the most important change in our guidance. Obviously, PuraPly performed extremely well in Q1. And we had four product launches as you know right at the end of Q4. And it was one of the areas that we focused on to see if those products would continue to grow as they did in Q1. And al... | intermediate | [
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09f151cf7c9c77289b6addf0f0a376d0 | And just maybe before I jump to the P&L, just to clarify, I mean, I think you framed last quarter that your guidance didn't include the products that are at risk of enforcement or not really knowing which way the FDA would act. They've been more clear, I guess, in how they like the industry to think about commercializa... | No, I think you've interpreted it correctly. I think it ends for these products and until you get through the BLA process. So certainly, will be fewer products I assume in the market post BLA approval. So our focus is to get through the trial as quickly as we can and put as many resources as possible to make sure that ... | direct | [
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1abfb68bae385702fd9f254b4b6beb00 | The -- on the P&L, this is an area where if I could interpret your comments over the past couple of quarters, the growth has been, at times, really strong. Maybe it's too strong for you to sort of almost catch up with, the spend behind that or in support of that. You showed some outsized gains in EBITDA in the back hal... | Yeah. So we did give you some guidance about the 22% up for the full year. Obviously, Q1 was nowhere near that on a year-over-year basis. But recognize that we did still have COVID savings. So we lap that next quarter, and we expect to see some increased spending that will not continue on those savings standpoint. And ... | intermediate | [
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73130b47b694f71b81a7b2e2851be4dd | But the longer-term revenue outlook for Organogenesis, I think, initially it was around 10% to 15% when you guys became public. And then longer term, I think it was in the mid-teens. Is your view of that outlook changed at all given how strong the performance has been? And then the second part of that question that dov... | Sure. Thank you. So as it relates to our long-term growth, I think we have guided recently to low to mid-teens grower after this year. Obviously, the comp gets hotter as the revenue continues to grow. But we think we're a little more bullish on the company's growth as a result of the success of our new product launches... | direct | [
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a0f7a47e114e9b390dca1a75bd907faf | And then as we think about PuraPly, I mean you were facing headwinds, pretty significant headwinds on pricing given the loss of the pass-through. And you've clearly demonstrated the ability to work through that with the products introduced. And so I was wondering if you could talk a little bit about kind of how you thi... | Well with the multiple sites of care that I've mentioned often, we sell a lot of PuraPly in the hospital today. We sell it obviously in the office. We have multiple sizes for different types of wounds. It's sold in different physician specialties. So the market is still young for this product. The procedures that could... | intermediate | [
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8c48f035d8b8448a65e1de66c0980212 | Maybe I can just start off on the regulatory change and rather than so much what that means for you guys in stopping selling, what does that mean for the industry and others who have to stop selling that potentially go away. In my understanding, there are a lot of smaller players that were selling products like this th... | Well, certainly none of it's factored into our guidance increase. We haven't guided to any sales post May 31. But clearly, there's going to be a change in the market. Not everyone is going to be -- going down the BLA pathway. So there'll be fewer products on the market on the other side. We think that's a positive thin... | direct | [
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d7e5b29b532679c52c8ba9f2025d161e | In the past you said I believe that you thought Affinity could eventually be as they get sound figures in PuraPly, Gary. And PuraPly, your PuraPly outlook continues to creep higher. Easily looks like it will be more than a $200 million product based on our math in 2022 and beyond. So I guess one, do you still feel like... | And to your first question about Affinity surpassing PuraPly. PuraPly is certainly making it more and more of a challenge for that to happen based on the success of the product. But yes, we do believe it still has the potential to be our largest product over time, even with the success of PuraPly. Though, as I said, Pu... | direct | [
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f7bed9bb9cb974c4635d68380237db09 | Just wanted to touch base on the amnions. You're set to build on Affinity, I believe, later this year with Novachor. Gary, are you still on target to launch that around year-end? And how do you see Novachor for building upon the success of your current franchise? | Sure. We do expect to be launching PuraPly -- excuse me, Novachor at the end -- very end of the year. It won't be a contributor really until '22, for sure, probably the second half of '22. So as you may recall, Novachor shares the manufacturing facility with Affinity. So we're balancing the capacity of both of those pr... | direct | [
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c3f3f0334f9a2b7491eaee0af93cff9a | And then just secondly, obviously CPN Biosciences has been a solid acquisition for you guys. I mean, given the state of the business and the EBITDA, should we be thinking about potential additional additions either on a -- on either side of your businesses to bolster or opportunities for synergy looking ahead. | Well, we're certainly always looking for opportunities for products and channel expansion for sure. And we're hoping that we'll be able to add to our portfolio this year, which will enhance not only the office channel, but certainly in the surgical side of the business as well. We're expanding our reach into the extrem... | intermediate | [
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6602935363a18b8f0cc603a25f5ecb34 | Can you expand a little bit upon your acquisition of the Kansas City property? We're not familiar with the tenant Excelligence Learning Corporation, and also what are your thoughts there on expansion of that property and then I have a follow-up. Thanks. | Sure Bryan. That tenant is in the business of providing educational materials and education-related equipment, primarily focused on pre-school and elementary school age students and they've recently consolidated much of their operations. They had several different locations where they were distributing their products f... | direct | [
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a79ef75a0b53dd065f61c75297a9faba | As it relates to your leverage now being substantially below 6 times net debt-to-EBITDA do you anticipate getting or lobbying for an investment grade rating in 2021, and how do you think about deploying your excess liquidity in this kind of heated market for industrial assets? Thank you. | Bryan, it's a good question and it's one we've discussed internally quite a bit. Initially, when we did the IPO, we came out with really low leverage and the plan was to seek an investment grade rating. And then, we had the opportunity to try to demonstrate the value of the Hawaii portfolio with some CMBS financing and... | direct | [
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fd6547cfe6a61b91b8ea58ae69474349 | In the prepared remarks, I think you guys mentioned some potential for development opportunities and obviously the Kansas City acquisition had some land on it as well. So, just thinking about, I guess what's the investment pipelines allocation to development opportunities versus stabilized acquisitions today. And then,... | We don't have a specific allocation between growth through acquisition or through development. The properties that we own today, there is a number of them that have excess land where we could expand existing facilities, but it's -- they are triple net leased properties. So, the tenant needs to want to expand, we can't ... | intermediate | [
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8425ce7d07a71daba053af0dd0c3f7b0 | Okay. And then I guess, what are your expectations for the Hawaii lease roles in 2021 and 2022? I don't know if you've had any early renewals or I'm sure those discussions are ongoing, but if you could just provide any color on where you'd expect those rental rates to come in. Obviously that's been an area that's been,... | So, we have 53 leases expiring in 2022 in Hawaii, so I think we have a real opportunity there to continue to see roll up in rents. As I mentioned in the prepared remarks, we're engaging with brokers to help us with a little over half of those leases, and I think the 14% roll up we saw this quarter is a good indication ... | direct | [
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6d435f2af61ebb40cb194bbe6063f50c | Yes, thanks for taking my questions. I just wanted to hit on those lease roles, a little bit more 2022, 2023, 2024, I think that combined to over 30% of your total rents, I'm wondering if you could separate those between Hawaii and the mainland and maybe if you could talk about where they stood, relative to market. You... | Sure. So, on the Mainland we only have two leases expiring in 2021 about 222,000 square feet. We're in active discussions with both of those tenants -- I think it's a little too early to -- we haven't reach terms yet, but I think the renewals will be if we're able to complete them, we'll be at market. Again 2022 is a b... | intermediate | [
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aba0e779dd75e7db83f4f9afd4b4321e | I mean, any thoughts on where your mainland portfolio, where is the market today versus maybe a year ago? Any sort of thoughts on that to give context for what could happen in the future? | I think it's competitive. I mean it's hard to say, because a lot of these leases will be second-generation, so we're competing against newer product as well as some of the rents in the original leases have -- amortized TI in them, so I think -- I don't know that we'll be seeing 5%, 6% roll ups in rents, but I think 2% ... | intermediate | [
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208dff027079c89e5f0d9bd77d19641c | Got you. And then one more if I could, have you guys given thought into investing in multi-tenanted facilities, maybe drive a little bit higher yield or is that just not a model that ILPT wants to go and approach? | We've primarily invested in single-tenant properties, but we do look at both and we actually have offers out currently on two different multi-tenant properties, so we're not -- we're not against them, it just really depends on who the tenants are and how the space is laid out and what we perceive as the risks of retena... | direct | [
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36fced58f51a0236e8a1acc12fd37d75 | Any thoughts on yield spread between the two types of asset, single tenant that you traditionally worked in and multi that you're looking at? | It really depends on where the markets are and who the tenants are, but I'd say maybe 25 basis points to 50 basis points. Honestly, it feels like transactions are so aggressively bid right now that in some markets, there doesn't seem to be that much recognition of the difference. | direct | [
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d31752d53c94b0733b2c5f60cf4f8e16 | Great, thanks and good morning. I think you had said on an adjusted basis, your same store growth was 20 basis points in the quarter and I just want to understand -- as we look at the year ahead, is that a good run rate for this portfolio. Like, what are the moving pieces that are going to get that number higher or low... | I think it's a little different in the mainland than it is in Hawaii. This quarter had a little bit of noise -- I mentioned slightly higher non-escalatable expenses for example and really what that was some repairs. There was a sewer line issue in Hawaii and then we had some hail damage that wasn't able to be passed th... | intermediate | [
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784d5349f317a6224ac652bdb0bb2712 | So, how would you lay out the building blocks? Like on a cash basis, like what are your average rent bumps, what do you think occupancy can do and what do you think leasing spreads would look like? | I mean, historically we've said that -- if you look at history, Hawaii has grown around 3%. There is a little bit of occupancy decline that we've had there, we're hopeful to get that back. So, I mean, in the short-term with the impact of the pandemic, if that's growing at 2.5% to 3%. I think we're pleased in the short ... | direct | [
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3d2417dc7d22e85ff988f2e128fca7ca | Okay. So, it sounds like kind of a 1 to 2.5-ish range is more reasonable for this year? | Yeah, I think that's a reasonable conservative expectation. | direct | [
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63da5380f11360eff16c00de1f0e6e15 | Okay. And then, you give net debt-to-EBITDA I think it's on a consolidated basis, do you have that number as like a look through leverage number? | What do you mean by look through leverage number? | fully_evasive | [
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3afbc1ac4f61e89414eacb7f35395d36 | And that's a look through, that's not just consolidated? | That's correct. | direct | [
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97a97b5bf6c0c9e20b285ae784f733e2 | Okay. So your JV income you're saying is currently that $900,000 or so? | That was the half-quarter impact, so on a go-forward basis I would expect probably $2 million, round numbers of our share of EBITDA from the JV. | direct | [
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7519efaa7299a120ffd25fbb3cf263ba | Hey, thanks. Good evening. I guess my first question is just trying to unpack the total written premium growth guide for next year. I noticed that coming into 2020, the midpoint of your guide coming into 2020 was actually a little bit higher than your operating agent growth in '19. But if I look at the midpoint of the ... | Yeah. Good question, Ryan. And I guess first of all, we always tried to be really disciplined and realistic on how we give guidance. We want to make sure that we can deliver for you guys. There's a lot of factors that go into that number, geography, tenure, franchisees etc. We're definitely -- not necessarily planning ... | direct | [
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6760776b834bf09ac68a5c6170b46967 | Got it. And I think I heard you give a productivity statistic for agents greater than one year within Texas. Curios what that looks like outside of Texas. And along those lines, could you remind us what was your total market share of Texas originations? And maybe just some indication of like some of your other new big ... | Yeah. So we'll have a lot more detail in the 10-K that's coming out this week about the productivity in Texas outside of Texas less than one year or greater than one year. So I would say kind of wait and see on there. That the point of us getting that number for Texas is just to show how well we were able to kind of mo... | fully_evasive | [
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eb77f460706e07b6036eb434040edf7e | Yeah. Good afternoon. A couple of questions and the contingent commissions, I mean, you've mentioned combined ratio, what are the main inputs to that drive the contingency is there. I mean, I know combined ratio is certainly part of it, but are there other volume and other factors that go into play as well? | Yes, volume growth rates are a part of almost every contingent commission plan we have.
Underwriting profitability.
Underwriting profitability is a...
[Indecipherable] component loss ratios -- [Indecipherable] and buying ratio.
Loss ratios are part of the majority of our contingent commission plans as well.
We hav... | direct | [
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df2b9d1f30047053e8ceb440d3a8aba2 | Agreed. That actually brings me on to a second question. I mean, you guys were -- the state was heavily impacted by weather, obviously, you have a lot of your agency base in the state. You mentioned the impact, it may or may not have ultimately on contingents. Are there any -- is there anything from an expense or cost ... | So Mark, the way we look at this recent weather event in Texas and our hearts go out to our customers, employees and people all over the state that were struggling, through -- really an unprecedented event. We look at the demand -- the customer demand is more backlog, not lost demand on new policy sales. So something t... | direct | [
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0ab6b9a6bd71570e9002a2878400bf2d | Okay. That's helpful detail. And then one last question, if I could. You mentioned a couple of times about the planned rollout of the customer facing enhancements to the customer facing portal. Do you have any more detailed guidance as to kind of when that's going to roll? Is that sort of a second half? Is it any minut... | Yes. It's all we're guiding to Mark on that is 2021. And as we've said before, there's nothing within our development capabilities that would get in the way of any type of progress there. But we're relying on multiple carriers, across the country to accomplish what we're setting out to do there. But we're very, very co... | intermediate | [
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8ea45e44877bff5433d6bf3f005044a4 | Great. Thanks so much and assuming that everyone is doing well, despite the recent bad weather in Texas. If I can drill one more question on the ancillary revenues. Is there a significant margin differential between those revenues and core revenues? | Yeah. I mean, they're very unreliable, but they're very high margin. I mean, straight to the bottom line. We don't share those costs with our agents. So, yes. | direct | [
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82fc777af4e2a7d0d01077b020a5ac13 | Okay. That makes sense. Mark, when you were in your opening comments, you talked about hitting 140 carriers and having a number of Insurtech or direct players on the platform, or something you can talk about. Is there a point when there are too many carriers and there are inefficiencies from your perspective? | Meyer, our approach has always been to work with the most meaningful carriers and be relevant to those carriers not to aggregate every carrier. All of the 433 underwriters, personalised underwriters in the United States. Yeah, that's been our approach. We picked very strategic partners. Now we have to be hyper aware of... | direct | [
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0345da2b948e2b51c11e60dbae81e34f | Okay. That's actually perfectly into my, I guess, final follow up and that is, as the number of carriers expands or stabilizes, does that itself have any impact on either the basic commission, the core commission revenues or contingent commission arrangements? | Well, I mean, I think theoretically, if we were to slow down growth, you would see underwriting profitability improve, which may help your contingence, I mean, it would hurt you on the growth side, but we have no intention on slowing down growth. We feel like the commission rates and the compensation agreements that we... | intermediate | [
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a90aa91aa950cdf26d322df85fb188f9 | A quick question and it might be my fault. Did you say how many operating franchises do you have under coverage, in this quarter under contracts? | 890. Yeah. Operating was 891 as of 12/31.
And contract was 1,468, 55% growth. | direct | [
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722b96d253106b9c7af2d6128cb18dfb | Okay. Thank you. And so you made the comment that the premium per policy is lower outside of Texas than in Texas. Is that discernible? Are we going to see that pressure? I mean, I don't have anything modeled for that, but is that pressure going to be material, do you believe? | On the property, I don't think material. We're talking about property specifically. You have a -- Texas has some of the highest property insurance rates, with -- along with Florida, and maybe even New York. But on the auto side, I think, rates are pretty consistent across the states that we're kind of grabbing, sharing... | direct | [
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c3816d3fef6f2398335f198840395eb3 | Yeah. That's what I would have thought because you mentioned, that's why I'm asking. That's how I would think about too. And then finally, in terms of sort of layering in new revenues, obviously a big hiring year in 2020, a lot of training for people who aren't yet ready for production. When should we expect those newe... | I mean, the trajectory of growth has remained consistent. So I think you can look backwards and anticipate, what we'll see going forward with these folks. We're certainly not seeing a slowdown in their ability to ramp up.
It's important to note too, that their contributions to our P&L won't be felt for several years, ... | intermediate | [
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3a177b192916cc401c51a1630dcb7198 | All right. I'm just driving, I just try and best do it on a production per person basis is how I my model works, and some trying to not reverse engineer that if I can avoid it. | Yeah. Again, we'll have some details in -- excuse me in the 10-K, coming out this week that shows productivity by employee and by franchise, less than one year, greater than one year, Texas, non Texas, etc.
And I think as you digest those numbers in the 10-K, I think it's important to remember kind of our strategic ap... | intermediate | [
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f0392d837cdc361770c51eb30ee5cfcb | Yes. Just a couple quick follow ups. The first one, could you give us a number on franchise churn here in 2020, remind us how that compares to what you had been doing and what you think you can do? | Sure, yes. That any given quarter in a given year, that's going to range from 10% to 15%. Just the franchise count for the year. It's important to remember though, that 10% to 15%, that is leaving only contributes about 1% of our new business being produced. So it's the bottom performers that are being managed out. And... | direct | [
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1294995f18b69c2c446212b6ef99c2b3 | Okay. And then just one other one, it might be missing in, I'm not sure if it's my model, or it's just not a number you guys have given but can you give us some feel for what was the contingent rate back in '17 when we had Harvey? I think this year was close to 1.5%, but it'll be a stress test that for 2017 when there'... | Yeah. So unfortunately, I don't have that number because we weren't reporting under 606. So it wouldn't be apples-to-apples anyway, which is kind of, unfortunately, why I can only give two years of '19 and '20 in that script. | fully_evasive | [
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24815b2a49e071f49a6f860dbb17ad1b | Hi. Good evening, management. Thank you for taking my question. So, I have three questions. The first one is on the recovery trend that we are seeing. So, maybe the management can share more colors on the breakdown of the recovery in terms of the loan applications and credit card recommendations and advertising. Just w... | Okay. Thank you, John. Let me take your -- I think let me first take your first and third questions regarding the recovery trends and the cost savings, cost optimization initiatives. So, firstly about the recovery trend, by category, as we mentioned -- so let me extend -- let me first explain the impact in first quarte... | direct | [
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0f92930594be365d4353aec155bf6f00 | So, the second question is about new initiative. I think, particularly on deepening our cooperation with the current partners, I think it's two-part. The first one is, we mentioned about rising demand from our funding partner to accelerate digital transformation. Just wonder, is there any more details on there? What ty... | Yes. John, I believe your second question is about initiatives and most exclusively about type of partnership and competition etc. Let me layout our trend for new initiatives. I mean, we have been working in the last couple of quarters. I mean, we look at the new opportunities and new initiatives in three dimensions. T... | direct | [
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3fd6f1a56606e4a1ab78ca33a7469219 | So, the final question is on cost. Just wonder, how much room for us to optimize the cost going forward? Thank you very much. | Yes, John. Yes, to your third question about the cost initiatives and any other -- any further room for us to improve the efficiency. Firstly, I think our initiatives is in both ways to improve the efficiency and at the same time to cut the cost. So, from the efficiency perspective, so we focus on the efficiencies of o... | direct | [
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aba5d7e3ce4c41579ae306c701a4b519 | Yes, hi. Good morning, David and Oscar. Thank you for taking my questions. I have three questions. First, from your observations, what kind of financial service providers are mostly hit by COVID-19 and lest hit in February? And how about the recovery rate versus pre-Chinese New Year holiday or versus January for the fi... | Okay. Thank you, Julie. Let me answer, yes, part of the question. So, I think regarding the -- your first question, what type of financial service providers are most impacted in the coronavirus outbreak? From our view, it's a volume decrease across the board, from the -- as we observed in the coronavirus outbreak. But ... | intermediate | [
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3016a9ccec7ddc8bd29c9f0680de7d99 | And the second question is on the cost side. Did you get any city cut in fixed costs such as rent cuts from landlords or delay in social contribution payments? Just want to get a sense of how much cost you could save from this perspective? | Your second question about the cost saving. You talked about the rental and you talked about the delay of the Social Security Fund payment, something. So, we -- for the rental, so we already adjusted our office space. So, the rental impact will -- I think we will have some rental benefit from the office space cuts in 2... | intermediate | [
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28f45fc8bfade836deb354da3b94d714 | And the third question is a follow-up question on new initiatives. When do you expect to contribute meaningful revenue from these new initiatives? Thank you. | I think for the -- yes, your third question is about the new initiatives. We are pleased to say, for the new initiatives of geographic expansion and also category expansion, as David mentioned before, all these new initiatives have generated revenue in the fourth quarter last year, but it's not significant. And now, ou... | intermediate | [
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376cd33799575d45380f2c8d63d2a122 | Hey good morning, thanks for taking the question. Obviously, there's a lot of deal flow toward the end of the year, maybe you can just speak to the current pipeline right now. I know you guys don't give formal guidance, but maybe you can give us the main puts and takes that we should be thinking about for 2021. And the... | I haven't seen too much of the OP Units. I think one of the small deals we have, it's about $3 million. They won OP Units. We've got a couple of other small ones that may go down that line but generally speaking, when you're talking about a larger transaction like we've got one in the pipeline for about $39 million, th... | intermediate | [
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aa4b7e37498ae2da0bcac395db2daa14 | Yes, that's helpful. You mentioned that there was kind of a large deal in the works. I mean, what should we kind of be thinking about it as normalized run rate for volumes in any given year, kind of given your size right now, I know it's not an easy question to answer, but any guideposts? | We'd love to help you build your projections in your computer. Lewis is here, Lewis, why don't you answer that. You've got your projections.
So in the past two years, we've done $256 million of acquisitions each year. We have enough in the pipeline, where we could do that, but given that we're just in February, and no... | direct | [
"direct",
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] | A |
0cedebfdfa1008c8a2bc3e36dfad2ead | Okay, that's helpful. Has your guide view on funding those acquisitions change in the last three months, just given the fact that your stock has done incredibly well? | So you're telling us to fund those with selling common stocks, that what you're saying?
I'm just teasing you, Nate. We always like to blend it together because if you shut down the preferred stock sales, it's hard to start them back up again. So we keep selling $4 million or $5 million a month as we can with that offe... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
17916f97c45cc6c4d6dff1ecb3bf3338 | Great, thanks guys. Hey, David, getting back to your SPAC, when we look at that and if it does happen, we kind of go down the road thinking longer-term, is it possible that the operator of the SPAC would have a lease with land? | Could be as you probably know there are a number of larger companies like down the street from us, you've got a hotel operator and they have a-not a SPAC, but they have a -- what do they have -- they have a REIT up the street from us. In fact, one of our people left and went to work for that REIT. So this is Hilton, th... | direct | [
"direct",
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"fully_evasive"
] | A |
6f403755c06670f50a5aea4533260663 | Right, right. Now on the acquisition side, I want to make sure that there is not a competition between the SPAC and land. There wouldn't be because, correct me if I'm wrong here, the SPAC would only go after a farm that was being operated. | That's right. That's the first test of course and we have conflicts because we've got four companies and they're all involved in different parts of the marketplace. And so we've set up a method of reviewing each one of those of who is going to take it. For example, you might have a buyout that's being worked on by a bu... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
d7cb1732d09fe767b3547b73b6c03ad0 | Okay, great, that makes sense. And then last question on the acquisition side, David, as you're out there competing in the marketplace. Have you seen new types of institutional investors come in or are you competing against kind of the same cast of characters? | I haven't seen anybody new show up, but we've seen some changes in those people that are out there, but generally speaking, it's the same crowd and we don't see any giant gorilla showing up and saying, I'd like to be in the acquisition business. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
eb8f209bcfb247e5c52dedd82460163b | Hey, good morning guys. Are you expecting any large lease terminations in 2021 like we saw in early 2020? | No, not expecting it. Of course it could happen, but we don't see anybody that's having those kind of problems. Generally speaking, the agricultural world has missed this big recession that we find all our companies grinding through and we've been very lucky in that it hasn't touched us at all. I think it's actually in... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4659a3c1bd7b1616e46068dc29817f8f | Got it and just thinking about your property operating expenses, I know you've shifted more and more of your leasing toward triple net. You look to the back half of this year, it's running close to $300,000 a quarter, is that a pretty good run rate for 2021 as you're thinking about it? | What do you think, Lewis? Is that a fair thing for him to put in his projections?
I think the third and fourth quarter were pretty flat, so that's a pretty good normalized number for us going forward. Again, last year, we had some additional operating expenses to a lot of costs for to rent some commercial grade genera... | direct | [
"direct",
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] | A |
934f413aa7301aaf98cbde09ce49e056 | Got it. And I'd like to talk about your leasing and negotiations here in the fourth quarter and earlier this quarter. You go back to 2019, you're getting pretty solid double-digit increases in rents or most of the 2020 in fact through third quarter. Some of that, you were transitioning from double nets, triple net, may... | The two main leases where we took rent hits were on some -- actually the only two dry land farms that we own in our portfolio out in Colorado. Now, those are the two leases that David mentioned that we've changed the lease structure, we reduced the base rent in exchange for adding a crop share component to them, there ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
2ca8ac94d943ec8042bf65738455216f | Can you just elaborate further on what PowerFleet is doing to manage this? And how we should think about the slope of recovery for hardware gross margins over the next several quarters? | So in terms of the medium term, we have looked to reengineer a number of potential component challenges out of the estate. And that obviously takes time for us to work through. So in the meantime, there are -- there is a shortage of components. There are components that are nearing end of life or got to end of life. An... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
41354ee5ce0a99e5ce1cd981703405a8 | Maybe you can talk about or elaborate more on how is your sales team adopting to this? What might be changing in terms of your go-to-market strategy and discussions with your customers? | Yeah. So I think we've talked before, this is an on-demand strategy. So it's -- first of all, let's get as many devices and subscribers as we can into the market and then focus on the expand strategy to really kind of cement ourselves with the data solutions that we provide. So from a sales team perspective, this has b... | direct | [
"direct",
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] | A |
9785e021434998eb80e49e7c02ec17fa | Just as you think about the model, obviously, you want greater mix of SaaS revenue longer term, but there's also some cost cutting, I guess, initiatives or efficiency initiatives going on. So should we think about overall operating expense dollars declining over the course of the year? Or do you need to hire a new sale... | Yes. It's a bit of a balancing of both. So obviously, we feel there's a really good market opportunity, and we need to put some further feet on the street for the market segments we've talked before about bringing the Pointer solutions as an example to the U.S. market in quite a large way. So I think we'll be adding pe... | direct | [
"direct",
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] | A |
bec7e7853a087873564505773c360997 | Really nice momentum on the revenue line in March. Just curious about what you're seeing from an order pattern standpoint here in April and early May? | Yes. So we're seeing good momentum remain in our pipelines. I think that the Q4 was a strong revenue quarter, Q1 was a strong revenue quarter, and we're seeing demand continue. I think customers are, again, thinking of us now in a different light. So not only near-term pipeline but also longer-term pipeline as to how P... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
fffacf18e16eb44239a99d0f790ed602 | And then -- just looking at the equipment gross margin line. I know you expect improvement this year as some of the initiatives kind of flow through. But just curious if some of this improvement is also assuming the supply chain backdrop overall improves? | A lot of it, as I've said, is our reengineering, and obviously, we've been putting that act into execution from midyear last year through the rest of this year. We are seeing slight improvement, but I wouldn't say anything that makes us feel totally confident that, that pattern is going to continue at this point in tim... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
fa3009281529971e5046ec8bba3c0072 | I know you spelled out in Mexico in the release. But from a geographical perspective, any other areas that jump out, either positive or negative? | So I mean, what's great is the improvement is being spread around the globe. So our Israeli team saw good growth, our Mexican team, as we said, and also our U.S. team as well. So those three territories, I would say, are leading the way for us. I wouldn't say anything from a negative perspective, but they're really sta... | direct | [
"direct",
"intermediate",
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] | A |
f14fe43784138725835d9b71360dacf9 | Maybe just to follow up on a couple of the earlier questions on the gross margin front. Steve, you're going through product redesigns. I'm wondering what that entails in from a certification process, if you could put some time frames around that? And then as we start to think about the recovery on the product side, wha... | OK. So let's take those two in separation. So in terms of the certification, some we do need certifications, some we don't, in terms of the minor designs and everything that we're changing. So that has all taken place where it needs to and will continue to take place. We see really the fruits of that -- of the full eng... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
00905e305f8b74f2544751929c8a1489 | And on the opex front, up sequentially, I'm wondering if there are any onetime items in there to call out? I know at the beginning of the year, you got things like FICA and otherwise. But if is there anything to highlight in terms of that base level opex that we're starting from? | It's actually down slightly compared to Q4, but not anything specific. During the first quarter, there's few hundred thousand of onetime items that gets hit in the first quarter that should not be there in the second quarter. | direct | [
"direct",
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] | A |
175c8a99936afb077252e58623675ea7 | You've talked about the evolution of the platform more modular and identifying some partners. It sounds like you've gotten further along on that front. And I think you had, in the past, talked about starting to see some of the initial betas rolling into the marketplace with those partners in the second half. Are those ... | And from the first one in terms of the integrations, those 8 integrations are live now. So the team have done a fantastic job to move very quickly. So I think that's a fantastic start for us, and we'll now be really publishing that from the second half of the year and getting our go-to-market teams behind it. I don't t... | direct | [
"direct",
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] | A |
34c73b690caba45804e16b903cc87d8b | And then just interesting slide, 2.7 million installed base. Are you having any success with JRNY kind of cultivating that installed base? Or are you finding your new subscribers or your new members to come sort of primarily at the time they buy a new piece of equipment? | Yes. I mean, as we said, it -- I'll just start and, Aina, I don't know if you want to add anything to it. So as we said, when we had the original member goal of 250,000, we announced at investor day a year ago, we talked about there being three ways to get to that number. One is attaching to products at the time that y... | direct | [
"direct",
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] | A |
7c585f9be99caad6d6f10daab25cc0df | As it relates to new products going forward, you guys have done a very good job in the last several years of sort of rationalizing, I guess, the SKU base and really focusing. As you look forward, should we think about new products, new SKUs? Or is that primarily going to be focused, the innovation, so to speak, more on... | No, it will be on all. I mean, really, we -- when we talk about our mission, we talk about connected fitness experiences. And we define that as typically a machine, software and some content. That's what keeps people working out longer. It gives them the variety they want. So we're looking to innovate on all those fron... | direct | [
"direct",
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] | A |
b02739ab13bf1164af619ab218e72d36 | First off, I just wanted to ask a little bit about pricing. Can you guys talk about if you're taking any, if you have the ability, and kind of where pricing is at today? | Yes. So it's a great question. Of course, we have to continue to monitor the macro. But we have taken some price increases on some core products. So far, they've been holding. But as we discussed, demand has been lower than expected. So we'll have to continue to monitor that. It has a lot to do with what's going on com... | direct | [
"direct",
"intermediate",
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] | A |
25d33f7fb3fe5bc1ad37f6eeb44668dd | And that leads to the next question, just discount environment. What does it look like today kind of out of season primarily at retail? | Yes. I think -- great question. I think it looks pretty normal, right? We saw a lot of discounting over the fitness season. But it started to regulate kind of right after January. We've had more -- I think everybody runs like a Mother's Day sale, and everyone will run some sort of Memorial Day sale. But -- and we'll --... | direct | [
"direct",
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] | A |
4e4cf6eefdc9cf9a9b466e6f79237881 | OK. And so in that advertising, as we look at the waterfall on operating margin this year versus a year ago, as we look forward, should we expect to see that advertising impact being less significant moving forward? | So great question. So on a year-over-year basis, especially when comparing to last year, last year still benefited from a lot of the pandemic driven. We didn't need to advertise as much, right? It was our highest ever quarter ending March last year. So some of that is going to be less of an issue on a year-over-year co... | direct | [
"direct",
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] | A |
fff5816a4fb7cd655fdf142e5fbb6f2f | And then I think the last one from me. Just big picture, as we think about JRNY here, 110,000 subscribers versus 325,000 members. If we think about that ratio, what are you looking for? What do you feel like is a healthy place to be or even a goal to be at? | Yes, we're not providing goals on that. As we -- I know everybody has been itching to get more information on JRNY. And of course, we're trying to balance giving information to our competitors and giving the right things that we find will be helpful to you and to our other investors. So we'll continue to offer more ove... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
7c0c8f6422ba049a98bad11fe27c4fa2 | Yes, sorry. It's just that your previous '23 EBITDA guidance was positive and it's been -- now it's significantly negative. So I'm wondering if the main reason is the slowdown in retail demand versus your prior view. Is it more related to it or something else? | Yes, it's more related to the slowdown in the demand and especially a lot of the shifting of the top line from the first half to the second half. So it's more related to that. We're actually seeing for inflation. We're expanding gross margins. So we're able to do things to kind of do some -- take some actions against c... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ebf891629f3dc2166b08f82450c41a64 | OK. Got it. And then, I guess, on the retailer inventory levels that are elevated right now. I mean when do you think they will be able to kind of work their way through this access? I mean is this something more near term where they could get through it potentially by the end of the summer? Or would this take longer? | Yes. First, I'll say that each retailer is in a different position. And we have better visibility into some than others. They choose to share with us sometimes and not others. But right now, we've got a pretty good view of that, and it does vary by retailer. It really does depend on a couple of things. First of all, co... | intermediate | [
"direct",
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"fully_evasive"
] | B |
0cda1b20e01f95b19223500b9e0443db | Hey, everyone. Thanks for taking my questions. The first one for you is just about your inventory balance. Curious if you could give us any kind of target. Or I'm just trying to figure out how much draw drawdown could there be in fiscal year '23? Like where do you target inventory to end the year? | It's, Aina. Great question. We haven't really previously guided to like ending inventory balances, but I'd tell you that I prefer it to be more like 13 weeks, 15 weeks out rather than the current level. So we have a fair bit to go. But as Jim just said, it's actually a little bit of silver lining, having all this inven... | intermediate | [
"direct",
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] | B |
dbc6f11984a569ea7d787c83d5bb24f6 | OK. OK. And then second question from me is on the SelectTech-JRNY, the tech enhancements that you're beta testing. I didn't quite follow in the prepared remarks, trying to keep up. But can you just go through the big features that you're testing there? | Yes. I mean, really, we started by connecting journey to SelectTech with, call it, some trainer-led videos, right, that walk you through various workouts with SelectTech. And that's compelling. And we're providing that. But really what VAY adds is, is the tech element of that and kind of the -- it works by itself eleme... | direct | [
"direct",
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] | A |
24111fba81ebddb004fb185461756ae1 | OK. And then last question. The guidance, the back half weighting on guidance. Is that -- I understand the normal seasonality. But are there any kind of new product launches that are influencing that guidance? Or is it really just a return to normal seasonality? | It's primarily a return to normal seasonality. We typically, at this time, wouldn't talk about new products that are coming in. But it's primarily just return to seasonality, driven really by the lower first half because of the retailer-elevated inventories. | direct | [
"direct",
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] | A |
2cd1e43cded5a8f4dadbcbbd41d0f728 | So, there was a positive announcement earlier this week from Bristol Myers Squibb regarding the COMMAND study, testing luspatercept in the frontline setting for MDS. I guess, what implications, if any, does this have on your potential path for imetelstat? I think your trial is enrolling patients who have received luspa... | The imetelstat IMerge Phase 3 trial does include patients who are previously treated with luspatercept. We expect imetelstat to become part of the standard of care in low-risk MDS and to be broadly adopted for the treatment of these patients with very high unmet medical need. I would also like to remind all of us that ... | intermediate | [
"direct",
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"fully_evasive"
] | B |
abef043f81dce057192f93eb4d2b532e | And one question on the IMerge readout that's coming up in January. What level of detail should we expect on some of the secondary endpoints, maybe the 1-year TI rate and some of the other endpoints there? | I think you should expect the secondary endpoints would include, of course, the 24-week TI. And obviously, all of the safety data, as well as the primary endpoint. Faye, any other comments?
I would HIE as well. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e1155405cc2a176a183e2ba6db450fbb | I was just curious if we should expect to see any specific efficacy data within certain subgroups of interest. And I guess those subgroups would be those patients who have a very high transfusion burden at baseline and maybe have serum EPO levels of greater than 500. Is that something that you think will be saved for a... | Yes, we will have subgroup analysis at the time of TLR. We will provide additional data, of course, at a major medical meeting subsequently. | direct | [
"direct",
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] | A |
966a69b6ad4a587f17da4dcae23486aa | And then maybe just a question on IMproveMF. I guess when you look across the competitive landscape, it kind of seems like there's an effort to combine various agents with rux that actually address some of the anemia that is caused by rux. And just curious, just given, I think, in the Phase 2 IMbark study, there was a ... | The IMproveMF study is, as you say, our combination study in frontline patients with ruxolitinib and imetelstat. And the primary objective of that study will be to assess the safety profile of the combination therapy, including any potential cytotoxicities and cytopenias. That's the main objective.
We're not 100% sure... | intermediate | [
"direct",
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"fully_evasive"
] | B |
272b03989fdbe90f5ceddb2fdf81b7ff | OK. And then just lastly, I guess on IMpactMF. Congrats on getting a lot of the sites opened. How should we think about the manner in which you're going to be communicating enrollment milestones? Or is that something that you will not be providing? And I guess I'm just thinking about whether or not we hear as to half o... | Historically, Steve, we've communicated when we hit 50% enrollment. We'll probably do that with this study as well. Of course, I'd want to remind everybody that because this is an overall survival study, and it's really event-driven, the specifics of the enrollment kinetics, while they're certainly linked to that, you ... | direct | [
"direct",
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] | A |
fa6d38bce3f2fffe074a223f4e0bf0d3 | So, maybe a quick one on the oral presentation, the long-term follow-up of IMerge. It kind of struck me that some of the details you provided there looked a lot like what you saw in MF regarding the reduction of specific clones. So, maybe a longer-term thought. Is there any reason to consider maybe an overall survival ... | Overall survival, in addition to progression-free survival are both secondary endpoints on the myelodysplastic syndrome study, IMerge. So, we will be looking closely at that. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5e6ec01ace999a6fce985cbbf69e416e | And as for the combination studies in AML. Preliminarily, you're going to first look at the single agent activity and then add combinations on top of it. But how do you see that kind of the evolving landscape? | Initially, the goal of the combination studies -- and AML is evolving into and has been actually always treated with combination therapy and multiple approaches, especially in the frontline setting. As we investigate the safety of the combination therapy in the TELOMERE study combining with either venetoclax or azaciti... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
09d772bd56d7711f7a1c6c649a8b1835 | Could you discuss the DSMB reviews that have taken place throughout the study and recently? And anything learned about safety there? | We have an independent data monitoring committee in place for the study who reviewed the unblinded safety data. And to date, they have continued to recommend the study proceed as indicated. They meet on a regular basis. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
aa78253c224aa99cba36351afdc31633 | A question on the COMMAND study. Whenever we get more data on that from BMS, could you discuss what data points you'd be curious to look for? | I can take that question first, Joel, and obviously, Faye can add on to it. So, one of the more important things in low-risk MDS, especially for patients who are predominantly anemic, is continuous and highly durable transfusion independence rates. In all our market research from clinical scientific forums and discussi... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
29219d6789da699144ce8e03477f17e4 | I'm curious about the improved MF Phase 1 trial in frontline myelofibrosis. I think, if I remember correctly, the study is being conducted in three sides. Just wondering how enrollment is progressing in that study. And then also, Faye, you mentioned the presentation of IMproveMF Part 1 or some of the data at ASH. Just ... | Joe, thanks for your question. I'll start with the first one, first, regarding the enrollment. You are correct that we have our plan for three sites to be open. Currently, two of those are open. As this is a dose escalation study, we are proceeding with enrollment as expected at the various dose levels. The next questi... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b5abed56187371410d89ed105737278d | Just to follow up there, what kind of preliminary data might we expect in 2023 from IMproveMF? | We anticipate preliminary safety data most.
Yeah. I think it's mostly related to safety. Obviously, if we see interesting efficacy signals, we'll probably talk about that. This is an early phase study, so we can do that. But we'll have to see how it works out. It's an open question of whether the two drugs will be abl... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
593a7b4778c38ac3a2da4cc94aca93df | Wonder if you can tell us to what extent, if you can, the flavor, if you will, of the discussions with the FDA regarding EUA. Obviously, the Phase 3 data has been presented top line at least. What more is the agency telling you, you need to provide to them? | That's a good question, Keay. I think, yeah, we are in discussions. We believe we have a regulatory pathway and we have to get additional data, just as other companies. One of them is the safety, additional safety after booster dose. And obviously, if you look at the Bharat Biotech, they got two interim analyses and on... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3b9d055ea8a1547b5c84ba5dd1a003bd | If required to do some additional clinical study evaluation in the U.S., are you currently preparing at least in terms of a planning exercise of trying to line up an activity like that? | So, Keay, actually, yeah, based on the need for this vaccine and under Emergency Use Authorization, I mean our team and advisory board, everybody believes strongly, I think there's a pretty good chance that we can apply for EUA. However, we always prepare for clinical trials as we outlined and we are planning to conduc... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9a0431fb3f45b11023c129fcaaac7e22 | In order to meet the volume goals that you laid out there. In your discussions with potential CDMOs, are you finding that beyond technical capabilities that they actually would have the open space to be able to engage with you and Bharat on the technology side? And then actually have the capacity to produce in your tar... | Yeah, good question, Keay. Yeah, we are and just as anybody else in the -- all the vaccines suppliers, we're working with the government and we are having discussions with the CMOs in the U.S. And obviously, we are making progress on that and then we'll let the market know when we have this plans funded. And all the --... | intermediate | [
"direct",
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"fully_evasive"
] | B |
da12a2009e6d166494546ee906081d2b | Regarding the children, I think that sounds exciting for the Biden administration. That's been the focus, getting kids back into the classroom. So we're just curious how much data you actually have in children, specifically, children aged 12 and above? You know, that you've enrolled into the Phase 3 study and how impor... | Yeah. So, Zegbeh, I think the line was not very clear, but I think I got it. One is, uh, first question is, 12-plus age group. The second one is related to variance of discussions with the government and then now what you're hearing from outside. So we do have data from 12-plus, as I mentioned before, at least 16-plus ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
31bc953af16345d227df7afa8e95d278 | Regarding the Phase 3 data and the complete analysis of the Phase 3 data, do you have an idea of when Bharat Biotech would be able to release that? | Yeah, RK. We are anticipating the -- the next interim to come out sometime in April and estimate it comes out as the release, and we're going to get all the information and get ready for EUA submission. So we're anticipating that in April. | direct | [
"direct",
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] | A |
6c2aeab9a25e4de1a55ef1f0b39142c1 | Sorry. So in April, that's the next -- that's another interim not the final analysis? Did I get that right? | Yeah. The final analysis will follow. Again, you know, the second interim, you have to get certain number of cases and the final analysis, when you get 130. And so they're anticipating sometime in April, second interim. And then based on the inflective due dates and how they're getting, we'll know more when they're goi... | direct | [
"direct",
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] | A |
cd20c6242b123a122e6232d77143f56d | So does the FDA require final analysis data or what you get in April is sufficient for both the pediatric population? When I say pediatric, 1,200 or above, as well as, the adult population to file for the EUA. | Yeah. So I think FDA has, once again, the efficacy end point is, one, we believe that with already the first interim look -- it looks good. And so if it follows and we believe it will follow the similar trends, it looks, so that should be sufficient. But on the safety side, there is a requirement, you know. You need to... | direct | [
"direct",
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] | A |
00782f36a37611b15e6cbb72f63f8450 | Perfect. And then one last question from me is on the stockpiling part of the conversations. Have you initiated that? Or do you need to wait for your EUA to be completed and approved before getting into a discussion regarding stockpiling? | We are already having discussions with BARDA and so we have an active discussions right now and then we'll continue those. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
fc3cb329ba234428fdcf3ee542e7a6f1 | Recent surveys in the U.S. shown the more than 30% of Americans are choosing not to receive the vaccine once they become eligible for many reasons. Have you and your partner, Bharat, thought about different ways that you could educate the general population in the U.S., on ways that COVAXIN differentiates from the othe... | Yeah. I mean we'd already, you know, educating and then differentiating. It's a whole-virion vaccine. It gives it broad spectrum humeral [Inaudible] responses and this is made with a similar platform technology that for decades the polio vaccine has been made. So we will definitely do whatever we can to educate the pub... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f14fa5160e02089461a0212a0878529e | I know we've talked a lot about the Phase 3 data and how they kind of interact with the new variants, they're kind of coming out. But if you have any other color to add on the COVAXIN in the context of these other variants and have you noticed or has your partner noticed any initial trends in the data having to do with... | Yeah. So coming to the variants, yeah. We have data that published on the UK variant, the data looks good. There's no reduction in utilizing antibody effect. Again, the way they're conducting these studies, they are conducting really appropriate study, how it should be done. Not lab engineered virus, actually taking th... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
fbd40d3f5fbe6534a4f1ccaeace82011 | Good morning, all and really nice quarter against a fairly challenging backdrop. Just wanted to [Indecipherable] if we could just talk carbon capture, maybe Zafar or Stuart. Knowing kind of where you are in the process and still early stage, just wanted to get a reminder of what the initial thesis is behind the project... | Yeah. I think as you know the One Earth Energy, as I mentioned in previous few calls, we are right at the Mount Simon. And we have done 2D seismic testing previously and we discovered that with the location which we are at One Earth Energy, not only can produce CO2 at the same location, we can also same time do the car... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
316517bbdbb7395267806ba23eb25a18 | That's great. Thank you for that. And just as a follow-up on and more on the capital allocation side. You all have been pretty consistent in share buybacks. Just curious, you had some really strong free cash flow this quarter and knowing the ethanol volatility but also where your cash position is, just curious how you ... | The dividends is always a Board decision. But my own personal opinion for a small company and you can either do dividends or share buybacks. The share buybacks have the advantage of putting a floor or at least hoping to put a floor on the stock when there are dips and reducing the share count which increases the earnin... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b6b79325e7602861daa91ec6180bc99a | Yeah. Yeah. Absolutely. If I could just sneak one last quick one in. Stuart, you mentioned you guys are always looking at kind of attractive opportunities and nothing imminent. I'm just curious how you're looking at -- you mentioned other alternative energy potential. I'm just curious if there are certain aspects withi... | Well, we've mostly looked at the ethanol business and we've looked at some very closely, but either the location didn't work out, the plant didn't work out or the price was too high. But that could change at any time. They know we're out there looking.
In terms of other energy, there is always the usual wind and solar... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
29e3b19a571279cc2e575f8a0157c09f | Jeff, I want to make sure I understood the profit outlook. Did you say all of the profit gain will be in the second half of the year? Is that what you said? | Yes. That's what I -- that's correct, Budd. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
30a4f8657602a61c3cc5e0925a0560d4 | So, last year's second quarter you earned $0.44 as I see adjusted so you're looking for a lower earnings in the second quarter than $0.44, is that -- or is that --? | Well, let me give some color on the second quarter, Budd. We're not giving formal guidance, but we can maybe give you some color on what we're seeing. In general what we're seeing is that most of the profit drivers are flat to slightly negative. We talked about 2% to 4% organic growth, which is mostly price driven so n... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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