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d2a876132242d5e329b48474869a8e39 | What do you expect the average number of scans to be per patient in the PROPEL study by the time that it's presented? I know you talked about the patients all having a minimum of two scans, but I'm asking what the average number of scans you expect by them will be? | I mean, so what our intention, Jessica, is to present mature data. And so because the study began in the middle part of last year, so some patients have been in the study longer than others. And then, of course, we scan on approximately nine-week interval. And so our intention is that the minimum amount of data is two ... | intermediate | [
"direct",
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805dc0f63b70f5ba417d9b5b5f7ecd5a | Can you talk a little bit about what you would consider as promising in terms of the delta in response rates versus pembro alone that you'd like to see and that would -- that you would take forward? And then also along with that, will the decision to move forward or not be a joint decision made by Merck and Nektar toge... | Those are good questions. And so as I mentioned, the benchmarks that we talked about for single-agent pembrolizumab. So the study does have some statistical considerations built into it, such as the Fleming criteria that we talked about before. So there are some Fleming guidelines, right, that are incorporated into the... | direct | [
"direct",
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] | A |
a1940dfd2aa7047ae6cf02a9650621b8 | Regarding the PROPEL study and the cohort with chemo being added to the doublet, I guess, what flexibility do you have around the dose of BEMPEG? And are you dose-ranging here? Or have you already settled on the specific dose of BEMPEG? | Yes. Those are really good questions. And so we actually have the flexibility to evaluate doses -- different doses of BEMPEG in the PROPEL study, as you know. So that includes both a dose optimization component that we're running with just the doublet in a range of different tumor types.
And so with chemotherapy, we a... | direct | [
"direct",
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] | A |
c597391a2d1bf71a7135ecfdc4c51f8f | We had some recent interesting ODAC on accelerated approval of checkpoints, two, on bladder cancer. And I thought there were two points that were relevant to your plan for BEMPEG and bladder. One, there was a discussion that the avelumab approval as a first-line maintenance for platinum-sensitive patients narrows the u... | Those sets of ODAC committee meetings over several days were very interesting, right, to our entire community. We watch them very closely across all the different tumor types. So -- and certainly, all of the points that you make were points that were discussed.
And we'll have to see sort of how the end result of the O... | intermediate | [
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ee06f16b134fbd9a44027986b4ca8f15 | On 255, can you talk about the -- I know you've answered some of this before, but on the two scans, so that means if the interval is at least two weeks, then it's going to be essentially, if somebody has responded early that they would be a confirmed response and then that duration would be at least nine weeks? I'm won... | Yes, I'm not entirely sure I understood the question. But in 255, we're evaluating patients in either heme or in solid tumor. And then depending on the nature of the gem malignancy, such as NHL or multiple myeloma, they're evaluated differently, right?
We use Lugano criteria for the NHL patients and the myeloma workin... | intermediate | [
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] | B |
628a92f90cea2969c1ab475ca76ea4c9 | I just wanted to get an update on Proposition EE in Colorado with the minimum price change; I noticed that you guys had entered into a lawsuit there. What is the status? | Yes, absolutely. So, Proposition EE was a ballot initiative out in Colorado. And it actually passed on Tuesday night. On the face of it, it was a bill to increase the state excise tax on cigarettes, and also introduced other taxes on tobacco products. But the main complaint that we had from our perspective, it also con... | direct | [
"direct",
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"fully_evasive"
] | A |
880488d4a5ff3787e215174477734d29 | Okay. And has this issue come up before or is it pending in any other states? And I guess how does Colorado play into the sales performance for you? | No. This is -- this is one of a kind, this is the first time we've seen this particular minimum price provision. I mean, certainly there are other states around the country that have regulated their prices of cigarettes, but they've always done it in a way whereby they allow the price competition to remain. So this is ... | intermediate | [
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] | B |
954322b98afccaa29bcc117d81e445be | Okay. And there's menthol bands that have gone through recently as well. Could you remind us again, that what menthol is as a percentage of your sales and what's the status of the menthol brands out there? | So menthol is approximately 20% of our business. The two key bans that we've seen to-date is in the State of Massachusetts, and out in California. Both of those states for a very small volumes with respect to menthol. The Massachusetts ban to-date has not been challenged by the industry. But to date, the California ban... | direct | [
"direct",
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"fully_evasive"
] | A |
79cb42dd165c3ccfd3627a63f723f1e5 | Okay. And then you talked about cash receipts improving in the fourth quarter over the third quarter for Douglas Elliman. What are you seeing in terms of the recovery in the core New York urban markets and the sustained strength potentially in the auxiliary markets? | Well, obviously, the market was shut down till the end of June. So that was a pretty long period of time. So there's a lot of products that has come on after that. Most of the sales in the beginning, when we first were able to open up again, most of those sales were in the $1 million to $2 million range. What's been ha... | direct | [
"direct",
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] | A |
c22116552b1b057e8338d0d3d4eb7147 | Thanks for taking the call. I just had two for you guys. I just wanted to confirm that I heard correctly that there was a $20 million sale on -- The Hamptons sale that was in the P&L and revenue, is that in the real estate market and I was wondering if you could give us some color on it? | Yes, that was a piece of land we had bought and had a houseboat and sold it. And I will tell you, we didn't make any money on it. That was just about what we had, maybe we made a few dollars, but it was not great because the market sort of collapsed went down after that, Hamptons. So but that was the price of the house... | direct | [
"direct",
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] | A |
22690094525ccf5e7f39eca46b10b8e3 | Okay. And then, my second question was on MONTEGO, is that -- what should we consider that your new growth brand, but over time, we're going to see expanded distribution, sort of following an early glide path of the Eagle 20's performance? | That's unclear at the moment. We're -- as you know, we always take an opportunistic approach to the marketplace, whether that will be expanded to our national brand. It's unclear at the moment. There's always, like I say, we always take an opportunistic approach to the marketplace and sometimes there's opportunities fo... | direct | [
"direct",
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] | A |
7394fdcca1133b1c7d33a4b704cbe512 | What's the price difference between MONTEGO and Eagle 20's in the same market? | Well I don't want to get into the specifics on that and the pricing and the strategy because they will vary based on different retailers and the programs that we present. So I don't want to get into the specifics of that at this point. But again, just to reiterate, it will be competitive price down there for deep disco... | fully_evasive | [
"direct",
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] | C |
5942cb8cc51435adb29e85aa90770ab7 | Good morning. This is Pallav Mittal from Barclays on behalf of Gaurav Jain. A question on the real estate business, please, so real estate ventures have reported another loss of $1.09 million in Q3. Where are these losses happening and have you markdown any condos, are you writing down goodwill from Douglas Elliman? | Yes, good morning, Pallav. How are you?
Excellent. As far as the real estate, we had losses in real estate ventures of $8.5 million during the third quarter and about $6.6 million of that was non-cash impairment charges. But really, if you look at the big picture, most of that relates to either investments that we hav... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
139d639a5a819569c1a619ad73ece560 | And the cost of sales in the real estate business has been a massive increase to 74% of sales and this was around 68% in the prior quarter so what is causing that increase? | Thank you. And the increase is caused by two factors. The most important increases as Howard indicated earlier, the sale of the property in The Hamptons was at break-even. So we recognized $20 million of revenues, $20 million of corresponding cost of sales. In addition to that, we have seen a migration of our sales at ... | direct | [
"direct",
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] | A |
bc567d86521db8484934262b19a48f02 | Sure, thank you. If I can just ask one last question on the tobacco business so your peers have had three price increases on cigarettes in 2020. Do you think three price increases every year is a new norm now? And how much have you increased prices by in 2020? | Sure. So yes -- so the -- for the last couple of years now we've seen the industry go to the three price increases. So we've seen, as volumes decline, we've seen the price increases be higher and more frequent. And while it was the first time we saw three price increases and in fact we saw with now six [Phonetic] three... | intermediate | [
"direct",
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] | B |
9c8d650a09238d7735d9bb653b204f1d | Hi. Good morning. This is David Ridley-Lane on for Andrew Obin. So I appreciate the commentary on Chubb's organic growth. I wanted to see how is that going versus your internal plans. And obviously, there's a lot of talk about European macro. Anything that you're seeing in sort of pipelines or orders around that volati... | Yeah. No, we're optimistic about what we see with Chubb. Chubb has a large base of service and recurring revenue that is going to support the business through any sort of macro recessionary headwinds. And so we feel pretty good about it and where they're able to go. They've got pockets, like our Hong Kong and China bus... | intermediate | [
"direct",
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] | B |
0f76315c00fa96961011facc5349a7bd | How are you seeing the inflationary pressures trend in the last couple of months? And do you think of APi's overall pricing is keeping pace or maybe a step ahead of the cost inflation you're seeing? | Yeah. So I mean, from -- on the service side of our business, we've done a very, very good job. In fact, I'd say that we've been out in front of inflation. We've seen actually margin improvements really across the entire portfolio, and that includes Chubb. And that part of it has been very positive. We've seen a little... | direct | [
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] | A |
6409a2e265084a534792f66ce6eefd59 | Russ, it seems like you're still seeing good strength across your legacy business. Obviously, there are some concerns out there, slowing markets and warehousing. But I think you've told us in the past, it's not a huge part of your business. So maybe you can give us a little more color into what you're seeing. What are ... | Yeah. I mean, our backlog is really strong for 2023 and as we move into the second half. And we continue to push the businesses to be super focused on customer and project selection to make sure that they're deploying the resources in the right place. And I attribute that strength a lot to the end markets that we serve... | direct | [
"direct",
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] | A |
1002dea7eeed0df8a32060c05c52b02d | Like you mentioned the lower HVAC services margins, would you expect that contract-related pressure all year be just contracts that you kind of reset at the end of the year? And maybe any more color around other -- you mentioned sort of metals getting better maybe. How does that sort of trend over the next couple of qu... | Well, as it relates to the margin drag from our -- kind of the legacy HVC contract, where we feel like that's essentially behind us, we'll probably still have to battle it a little bit. But we feel like, in general, it's behind us, and that shouldn't be a real issue for us going forward. We actually think that we shoul... | intermediate | [
"direct",
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] | B |
e036296b0ed8b61b9388c0b8e4281639 | Like how heavy a lift is it to get cash flow at or above last year -- this year in 2022, given where you're starting from the first half? | Thanks, Andy. So just -- we've talked about the first quarter and the first half of the year. So Q1 historically is our lowest quarter. We also invested in Q1 in working capital on the rate side. In the second quarter, it's also a lower quarter for us. So traditionally, you're going to see the majority of our free cash... | intermediate | [
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] | B |
093e28ab138e30b17f546bbd69683eb5 | You pointed out in today's press release that monitoring business carries 20-plus percent higher margins versus contract revenues. A few questions on that monitoring business. What is the percentage of total sales? And do you have a bogey for this business as a percentage of total sales? And how has this business perfo... | So I mean -- so the monitoring is included basically in our service and inspection figures. We don't break those figures out. The margins are substantially higher than our contract work, approximately 20%. And the reality of it is, is that that business -- that piece of our business hasn't been overly impacted by any s... | intermediate | [
"direct",
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] | B |
f9532fe36f1cd85f8a474d039f0412f5 | When you look at your business, clarify the nature of your services that are from -- that are required from a cost standpoint and can't be delayed versus some delays like where you can extend maintenance costs. So really bifurcating that, what can be kicked down the road than what is required when you look at your enti... | Well, I mean, I think our business model, every day that goes by, becomes more and more resilient. And it's because we continue to focus on growing the services piece of the company. And if you look at the business today versus what the business looked like in 2008, it's just dramatically different. We're really -- 15%... | intermediate | [
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] | B |
5e258ee856e6ab781b5955fb9d0ef92d | I was hoping -- wondering if you could give us some color on organic growth by region. Are you seeing any signs of a slowdown in Europe? And I think it was noted that APG's geographic mix is now 40% international. So I was just kind of hoping if you could give us some color on growth outside of the U.S. | Hi, Kiran. This is Kevin. We can talk a little bit -- we talked about the sequential improvement in Chubb results. Obviously, Chubb is not the entirety of our international business. But on the international segment, we saw continued growth in the quarter. And you asked about Western Europe, where our businesses in Wes... | intermediate | [
"direct",
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"fully_evasive"
] | B |
170fac9b256ddd7f0ca98444b03eb6d4 | Is APG seeing any signs of project or contract work picking up for that? Or when should APG start to see the impact from the U.S. Infrastructure Stimulus Bill? | So I would answer that, Kiran, is that, number one, you really haven't seen the dollars from the Infrastructure Bill start to flow through the system. That most likely will happen in 2023. You're seeing some impacts from a rural broadband perspective already. That's helping aspects of our business as the country tries ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
12f5f57112831d6da6370e4325ccd6e0 | I was wondering if you could talk about the portfolio-managing opportunities enabled by your Chubb acquisition. You have a safety business at scale now. Is there potential to do something with the specialty services or maybe old industrial business? How these sellers are deleveraging or unless valued somewhere else? | Well, I think, Jon, I think we -- the way we've approached that is that every opportunity is an opportunity that we're going to continue to look at and review. And we will do what's best for the business, whether that's individual pruning, whether that's closing branches, whether that's optimizing other aspects of the ... | intermediate | [
"direct",
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] | B |
fc8617fb99d707c107df150faa75e8e7 | Kevin, I got a question for you, just the expected swap from the fixed -- excluding the fixed, that 70-30 mix, is that inclusive of the preferred that you issued to the Viking and Blackstone? Or is that just on the straight side only? And what is the rate that you're expecting to pay today? | That is exclusive. So that's just on our current debt. In rate, your question is that the rate -- what our blended rate will be going forward? ... About -- it's going to be around 3.5%, Jon. | direct | [
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94f7ad11577300632efd5adcc2b0b4af | I guess I wanted to go back to the restructuring program you guys talked about, the $11 million here in 2Q. I was just hoping you could elaborate on kind of what you're seeing as kind of the total cost of that program going forward? And then how much SG&A savings do you think there is to come from it? And then just con... | Hey, Justin. I'll take this one. So to start, we've talked about value-capture opportunities in the Chubb business, where we've discussed $40 million as the number that we have currently that we're continuing to assess. As we continue to put together our plans, the $11 million charge that we took in the quarter, you ca... | intermediate | [
"direct",
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"fully_evasive"
] | B |
bef665e3763335eeb063842c8f6445ba | I guess my second question here is just on the pricing, the two-thirds of the organic growth that came from pricing. That was similar to what it was, I guess, last quarter. And just trying to understand that you don't have any surcharges in that pricing. So I mean, that's more or less a permanent reset in terms of wher... | Yeah. So I would tell you that some of that price increase is fuel surcharges. I wouldn't be able to give you an exact percentage of it. But there is going to be an incremental portion of it will -- is going to be fuel surcharges that I'm assuming that fuel price is reduced to a more moderate level that we will eventua... | direct | [
"direct",
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"fully_evasive"
] | A |
b10b83f2a32e1dc815ceae13b2255977 | As we've been generalists for a long time, and we've studied a lot of your competitors, some of them smaller. And I think the resounding kind of comment around inflation among your private competitors is that it provides a little bit of a headwind on service business because you locked in one-, two-, three-year contrac... | Well, so I guess, in general, I agree with you. But to the one aspect of it, Adam, is that our margins in our safety business are up. And so we have done -- in my opinion, we have done a very good job of keeping up with inflation and passing on those inflationary costs to our customers on, I guess, a faster basis, if t... | direct | [
"direct",
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] | A |
63bf9df14a63880a66e964e1c73ffa70 | First question for me is just about Covaxin. Any updates on the conversation around access in Mexico? And then have those conversations been affected by the WHO finding? | So your question, Zegbeh, is there an impact on Mexico? The WHO findings, our partners, as they have announced, they're working on corrective actions and following up on efficiency upgrades, whatever was acquired, and they're going to certainly work on fixing them. And in the interim, obviously, we're in parallel discu... | intermediate | [
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] | B |
e2655130f2970e4f511e9e2e14a08e4d | And then the next one is just about OCU400. You mentioned the second patient had been dosed. And so I just want to know if the second patient is also being dosed as the same dose as the first patient? Or are you moving up in dose? | Yes. That's a great news this week. We dosed the second patient, and this is a process with the gene therapy clinical trial. I mean, obviously, we have to finish three patients per dose.
They are low, mid and high. And once we are done with the third patient in the first cohort, then as usual, you have to have DSMB. S... | intermediate | [
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] | B |
cc856840ba4a9464938996bd25fc3f8d | And then the last one here has about OCU410 and 200. Do you plan to have the R&D submitted next year and have the programs in the clinic? Or are you anticipating just having INDs submitted next year? And then I suppose, potentially, having all three programs in the clinic by 2024, do you really anticipate having three ... | We are planning to have all three ophthalmology programs in the clinic next year. | direct | [
"direct",
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] | A |
30f256008c7dc120b64f06668428ecd8 | You mentioned for Covaxin that you're working on finalizing additional studies required for the BLA. So in addition to the immune bridging study, what are the ones do you think will be required? | So, typically, even though our partners have generated significant data set elsewhere, U.S. according to FDA requires safety data in U.S. demographic. That's typical, and so we anticipate we have to conduct those studies.
Currently, we're trying to finalize the protocols of FDA. In addition to that, as the market is g... | direct | [
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] | A |
253888e42e2ecacda23e5404785b268b | OK. Got it. And then a quick one on OCU400. You mentioned that there's high interest in the study. So in terms of enrollment, do you have patients lined up already for the second and third cohorts, and it's just a matter of waiting for DSMB reviews in between the cohorts? | Dan, yes, there is a lot of interest. We have over 5 sites actually that are lined up within the U.S. in different geographies so that it's convenient for patients. I mean, obviously, the process takes a little time because after each cohort, even in the second cohort too, after sentinel patient, you have to wait.
The... | direct | [
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"fully_evasive"
] | A |
c51074e2dcd795b1a2357f1832b6a562 | On the OCU400, just to make sure I understand it correctly, so DSMB looks are done only after the first patient in each cohort. So -- but not between the second and third, correct? So you basically can recruit patient No. 2 and patient No. 3 within each cohort right away without waiting for any additional looks, correc... | That's accurate, yes. And then after that cohort is done, again, you have to wait for the second sentinel, then two, three, yes. | direct | [
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] | A |
be2b7035b9b1ceaab94162a591bb80a0 | OK. And then for the study to complete, what's the amount of time you'll be following up each cohort? So by the time the studies are done, would you have close to a year's worth of data from each cohort? | That's right, RK. That's how the study is designed. It's on clinicaltrials.gov now. So we had to follow for a one-year duration each patient, and we'll be following up on the safety for the three months.
In addition to that, we have multiple observation endpoints for efficacy, we will be following up on the patients, ... | direct | [
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] | A |
19d1b3114b5701529d16e60d4f7ff4ca | Then switching topics on to Covaxin. What's the situation in Canada? So where exactly is the application at this point? Do they also have questions on what WHO is talking about in terms of manufacturing? And is that causing any delays in their review? | So, RK, the Canadian NDS, the New Drug Submission review is ongoing. And I mean, as we get questions, we're addressing them, and I don't have a definitive timeline on that. I mean, obviously, this is a new drug submission process like BLA in the U.S. They don't have emergency observation process anymore any longer.
So... | intermediate | [
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] | B |
649fff200a4d1d0900a1d44adc508583 | You just mentioned that in Canada, they no longer have an EUA process. But from my best of my understanding, the application was submitted in time to be considered under the EUA. Could you comment on that, please? | No. Actually, last year, when we submitted the application, Canada was transitioning into new drug submission process. We actually submitted it at the edge of that timeline, sometime, I think, at the end of summer and beginning of fall. And so what they did, they made us actually do the full filing and transition into ... | direct | [
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] | A |
c1a607ce2509bc161a24e58811bdab56 | So is it correct to assume that it is not being considered for EUA in Canada. | Yes. It's not considered for EUA in Canada. You're right. | direct | [
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] | A |
72447d643d9876c8b1aecf485dc2c4c4 | I just want to go back to the commentary around the international business and unpack -- you provided a lot of information, so I'm going to have to go back and read the transcript. But there is a number of businesses that you said that you were exiting or have exited in the third quarter, and I was wondering if you cou... | Yeah, Greg, this is Jay. I think the ones that were mentioned was Marine Hull, which was which is in London, the exiting of certain cover holder business in Europe. I'm trying to remember if we've seen any others. I think those were the two most significant. Marine Hull was less than a GBP 30 million line at Lloyd's. A... | intermediate | [
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] | B |
b2ed9223e99bd6e64f973ab2122e5c3c | So is there specific expenses associated with those businesses that is unusual and is going to go away that's going to help improve the efficiency? | Well, the -- probably less specific expense. Of course, there's always acquisition costs, right? But that's not really the question. The question is the non-acquisition cost. There -- so less expense reductions specifically related to the exiting the cover holder business. That said, simplification of that business uni... | direct | [
"direct",
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] | A |
4bc57cb7e0c48612eeb3f32a3bc9cd5d | Getting in to the reserve charge, the second quarter in a row, I know you guys are frustrated with it. But clearly, the numbers are large. And in our experience, usually, it takes more than just a couple of bites at the apple to fix the problem, especially if you're going to be closing other lines of business. So I was... | Well, let me start with your last question. Obviously, we try to put forth our best estimate each quarter. And so, I would never say that it's impossible to see additional, but I would never say that I expect a future charge, otherwise, it wouldn't be a future charge, would it? I don't -- I'm not discounting the fact, ... | intermediate | [
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8ab12973dbe76a0c823d5a24b36c32a6 | Well, you provided a fair amount of information, which is appreciated. I know there's other analysts that are going to be asking questions. So maybe we can talk about for a second the departure of Mark and the investigation into the compensation practices, etc. Can you give us an update on how that's proceeding, when y... | Yes. I think that's maybe most appropriate for me to answer. But I think what I would refer back to is earlier this week -- it's been a long way, but I guess it's only Thursday. On Tuesday, I think it was, we put out the announcement. We tried to provide detail on that announcement. We also filed a 13-D that went along... | fully_evasive | [
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] | C |
667fa7efb6ee7b36060ca760d1afc2b8 | Looking at the runoff segment, going back a number of years, I think the average charge there has adverse development of around $10 million. It looks like that review though is being pushed off to the fourth quarter, it would fall in there. But why was that push off? And is there any color you can provide on what you'r... | Sure. Absolutely. So I've been here 11 years. I think this is the second or third time when we've said, hey, look, we need more time and part or all of the analysis gets pushed into the fourth quarter. What's unique this year is, as we had mentioned in the past, we have undertaken proposals on what you might call a run... | direct | [
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] | A |
3df8c2efac61d6fd38828a60c27a337f | And then just thinking about the E&S business, obviously, seeing growth take off for a lot of competitors just given some dislocation there, pullbacks by some of the big players, can you touch on what type of growth you're seeing in your E&S business this quarter? And how margins are -- underwriting margins are trendin... | Yes. This is Kevin. I'll take the call -- the question here. The -- we are seeing opportunities similar to what you're hearing from other companies. And with the improvements in efficiency that we've put in place in some lines, it's allowing us to grow significantly. In other areas, it's giving us an opportunity to reu... | intermediate | [
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d648a1f295e07f0b3ee0c0b155950a11 | Okay. Is it safe to say then that E&S premium growth is higher than the, I guess, 10% you're seeing for the U.S. operations? I mean, it's growing at a faster clip? | Yes. A little bit, yes. I mean, it's one of those things where we write -- in some areas where we're writing a book that's partly E&S and partly admitted. So is the same underwriting unit. So there's consistency across the board and the approach is being taken in certain lines. Look, there's no shortage of opportunitie... | direct | [
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f0750b8780e2947b040e47ede5eccf66 | Firstly, just wondering if you could give us some color on individual pricing by line? And for which lines you've seen quarter-over-quarter acceleration in rate increases? | Sure. Across the world, we're seeing solid mid single-digit rate increases. So the largest strong double-digit rate increases we're seeing are in property, which I just mentioned, and in professional liability, but most specifically in commercial D&O, where the rates have been moving up throughout the year, and we are ... | direct | [
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7a35537c9ab190a2405bf3246ca82104 | Okay. Thanks for the color there. And then so what are your current loss cost trend assumptions? And why do you think you need to take extra rate to get ahead of loss trends? | Well, I mean, look, the loss cost trend assumptions have been consistent for the last couple of years in the sense that we -- well, yes, our approach to it, sorry, has been consistent. So we're taking in current factors that we see in the environment. And so, to the extent that those current factors are suggesting that... | intermediate | [
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6fdf76fa5dcb4305f007af5104dce030 | Okay, thanks. And then just moving on to the expense ratios, it looks like U.S. was down year-over-year and international is up a bit. So how should we be thinking about both of those individually going into 2020? And what's a good consolidated expense ratio that you're targeting in the next year? | Well, we stand behind our target of incremental year-over-year, trying to knock 100 basis points off the loss ratio. I think next year, our target would be another 100 basis points of being solidly in for the year and a 36 [Phonetic] area. As it relates to the expense ratios, it's pretty easy to explain. Scale is what'... | intermediate | [
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050eb47dc567d86aae82381980856c09 | Okay. And then just lastly, one for Kevin. So apart from the expenses that we just talked about, what lessons can you take from the U.S. segments persistently strong performance to turn around international? And would you consider selling or disposing of international if the turnaround is potentially unsuccessful? | So with the U.S., we've been able to deliver solid double-digit growth for the last five years consistently in the low 90s range. In that time frame, we have sold businesses. We've shut down businesses. We've started new businesses. We've taken people who are running them well and moved them over. But we've managed to ... | direct | [
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ebf68ee3161640e69cb4aaee2352c119 | I guess, first off, on the GIP segment, at least as Ole said, first quarter and the operating profit outperformance. Did that come in better than you thought? It certainly came in better than our assumptions. Just take us through the -- what perhaps drove the upside specific to that segment in the first quarter. | Hey, Ghansham. I'll let Ole comment as well. But a couple of things. Volume was as strong as we expected to be, slightly better. Pricing was much better. And the -- we had also thought that steel costs would drop in December, which they did not really drop until January, which worked out very well for us in terms of ou... | direct | [
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86bb69a2ba647165bf2b0a0029edee79 | Got it. OK. And then last quarter on your conference call, you noted that steel costs run up added about $100 million to fiscal year '21 as -- specific to GIP on operating profit. And I think you assume that 2022 guidance, basically embedded stable steel cost environment. The world has changed. Commodities are reflecti... | Yeah, yeah. Your recollection is correct, Ghansham. We indicated we had that $100 million tailwind last year because of the rapid increase. We did indicate that we thought there would be some decrease in steel, but then it would remain fairly stable for the rest of this year. We've got that essentially built into our g... | intermediate | [
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ad190e762b1b49a5d45259a574bab214 | But you haven't changed it specific to the revised guidance, right? | We have not. We've just stayed with our prior view on the path of steel costs for the year. | direct | [
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30ad55c718ba1e00ae6a4fc61e40f359 | Larry, just following up on Ghansham's final question. Can you update us on your price cost expectations for the year in the paper business? In other words, what were they three months ago? What are they now? How much have they gone up by just given lower OCC and the price increases that you're implementing? Any help t... | Yeah. We have not dramatically decreased our thoughts on OCC. It's now 158. So not a dramatic decrease. Relative to the upside in pricing, what we've got out on the street, we've basically built into our range about a $65 million net price cost benefit for the rest of the year above what we had previously had in paper,... | direct | [
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b1460885532f9248383f7e56a6b44f5e | Just one follow-up on that, Larry. So $65 million higher than three months ago. What is the -- your actual price cost expectation for that segment for the year now? | Well, it's consistent with what we've put out in price increases. Obviously, we are fully expecting that we will achieve the $70 in the containerboard, the $50, and the $50. And yes, we're at $158 on the OCC. | direct | [
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621f71937912c3a15bbb5ba1c9ae0bf1 | I just mean in terms of the price cost relationship for the year in that business as embedded in your earnings guidance. | I don't have that, but it's going to improve Yes. We added up substantially in our initial guidance. | fully_evasive | [
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09261847212df26d6476ea908c556a82 | Got it. OK. And just on the cash flow, Larry, so it seems like the same factors that are -- some of the same factors that are resulting in increases in your earnings guidance, notably the improving price cost relationship, is also resulting in lower cash flow expectations. The same was the case last year. I guess, woul... | I wouldn't necessarily say EBIT would go down. But I mean, if the cost remains flat after going up because of the price increases, it would stay flat. And we would see an increase in cash flow because the working capital would not be -- would not change. And as a matter of fact, we'd look for it to go down just through... | direct | [
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f5f00840c6909f153dc39606481938d9 | I was curious, Ole, if you've heard anything, not obviously specific -- but anything in the external world that we should be mindful of in terms of competitive landscape on the GIP side, whether it's locally, regionally? | We don't really dwell on our competitors. Instead, we focus on serving our customers and our own people. But I haven't -- I've got nothing to report there. | fully_evasive | [
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4b6810429e06caf1d5d300021f6922e9 | OK. I think you guys are investing, call it, $60 million to $70 million of return capital into the business. I think, again, most of it is on the IBC and plastics side. Is there anything that we should be, again, mindful of on the external world, whether it's supply chain delays or anything like that, that could push c... | Yeah. Well, we continue a very disciplined allocation strategy on capex. Hence, our strategy is to grow in our resin-based products and our URB system. In terms of challenges, the biggest challenge in the marketplace is still labor, primarily in the U.S. Our customers report strong order book, strong demand. But they c... | direct | [
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4f8ac7882a997b86a5e4a74291d9b112 | Good morning, and congratulations, Ole. And good morning Larry. Good morning, Matt, my first question relates to the price/cost dynamic in paper packaging. I just wanted to make sure I heard you correctly that you have a $65 million better outlook than you did a quarter ago in that segment. And if so, does that mean th... | The -- we do expect that the -- currently, in our current guidance, we do expect that the GIP second half of the year will be less favorable just because of the dynamics of the play-through on the cost elements, but it's not significant. The bigger drop on ours was actually the divestiture loss of the FPS EBITDA that w... | direct | [
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e9c68bee6777dafab529830360b7bf5c | OK. And then the $0.28 loss from the divestiture reduction from the divestiture, that would be net of minority interest and the benefit of debt paydown or just -- | The benefit of the debt paydown is reflected in our change in interest expense. So it's not netted in there. But it is -- yes, for the other elements, you're correct. One thing I did want to supplement is that on the price/cost benefit in the paper business, that is offset by some incrementally higher transport and uti... | direct | [
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424aa48f34bc6cd3c3fe9d5e159d4551 | OK. And then just one nuance question. I saw that the basic share count for Class A shares was 26 million this quarter. There was 26.6 million shares in 4Q. But I didn't think I saw any repurchases. So is that correct? And if so, what caused that delta? | No, it is incorrect. We had actually caught that. That will be fixed in our Q. It was an unfortunate error that was missed on -- in the production of the earnings release. However, the earnings per share is correct. | direct | [
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136823e36f0a1292758f66ef622c45ab | Thanks, everyone, for taking my follow-ups. Just Larry, just one more on the paper price cost. Is it -- I'm thinking that the price cost benefit will be something in the neighborhood of $150 million or so. Does that sound off the mark, particularly off the mark to you? | Yeah, yeah. I mean, that's probably high, Adam, on -- I mean, for the part of the year that we're building. | direct | [
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ed38ee2c6f7aac4b032a1bf2c12b713b | Less than, OK. So I would -- more than $100 million but less than $150 million. Is that fair? | Again, like the supplemental comment I made, we've got a lot of offset going in for just higher transport costs, utilities, and those elements. | fully_evasive | [
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5e7b511a496c32a4c3ff91a1c036bf84 | Got it. OK. And just one last one on the -- per Justin's question about the dilution of the sale. What is the net dilution relative to your previous guidance, EPS? | It's $0.28. | direct | [
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a203a1c4110d88f932d9b3254afb671d | OK. So that is a net number? Just to be clear. | Yeah. That's -- it's everything. | direct | [
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8e3cbef92c24ea6fa5bf894764f07e95 | So there -- in other words, the reduction in interest expense has absolutely nothing to do with the divestitures, is what you're saying? | We just incorporated it into the interest expense thing. So let me walk through it just so you guys all have it. So we gave $6.15, and I'm just going down the midpoint. We've got ranges, obviously. But $0.28 down on FPS divestiture, $0.75 up on PPS pricing and $0.16 on OCC, positive. You got interest expense benefit of... | direct | [
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ed7affea0d993833da560462bc7a2f3b | Got it. I appreciate that, Larry. And just on the tax rate. It was much lower than what you were thinking last year -- last couple of years for that matter. It was much higher than the midpoint of guidance in fiscal 1Q. Can you just talk about what your updated expectations are for the tax rate for the year? And also a... | Yeah. We always have stated because you have in 18, it will jump all over the place. quarter. But the guide for the year was 22% to 25% on an adjusted basis. It's still 22% to 25%. We had said initially, we thought it would be on the lower end of that range. We now think it will be on the higher end of that range. And ... | direct | [
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c10df0e4ee625b4756fe1d8fa82d5438 | Yeah. No. I appreciate that. And just one last one about the full year range. So obviously, you said it's wider than normal. You have the nine plants in Russia. There's just extraordinary volatility globally. I mean what led you to increase the range as much as you did in light of all that uncertainty versus just keepi... | Well, because when we go through our process each quarter, we go -- obviously, we update our forecast. And we do an upside, downside where we identify all of the areas we believe we have risk and the areas we have opportunity. To be frank, I lowered that range, I mean even from where we think it could be to just put so... | direct | [
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7f818c65627dec576fe5371fdff8feb0 | OK. But that's relative to your prior guide, that's not relative to last year? | No, that's correct. Yeah, that's correct. | direct | [
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222c2dc2050dee41ea961c8c4880d3d1 | OK. And then any material tax leakage from the flexible products sale? Or should we expect net proceeds very close to that $123 million? | No. No significant tax leakage. I mean, we'll have some but not significant. | direct | [
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d112b57a825575674f1a71afa1c7d5c1 | I want to ask about the acquisition first. And it's not huge but in Tulsa Oklahoma City I'm just curious is that a new market for you? Does that establish an adjacency? Just curious of the footprint of your portable storage containers. | Yes it's a new market for us. And as I said in my comments it was one that was on a short list of potential expansion markets for us in the next year or two. And the fact that we found this operator there who had this well-established business young fleet good broad base of customers we thought it was a great option fo... | direct | [
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a7d51eb2935c5b2c6a7d36ba8c636cce | Joe the how is your footprint with I guess I'll ask it relative to your broader modular footprint with regard to portable storage containers. And a few years ago you were somewhat on pause with growth spending. Obviously we've had some tailwinds of weight and that's picked up. Just curious about the strategy particular... | Sure. Yes yes. Sure. Well when we initially started the business our strategy was to open in legacy markets that the modular business was operating in. And we followed that for the first number of years. And then decided to expand the business outside of markets that we serve with Mobile Modular and we will continue to... | direct | [
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03141f4ce562a65a1d1dc13e1f60b59c | And so Joe is the penetration 100%? More than 100%? Or still a good bit less of Portable overlapping with Modular? | I mean I would say it's pretty much 100%. It's yes. | direct | [
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02785b763f4f56ebac3945068abbeb50 | Okay. The just kind of latching onto one of the things you mentioned. Obviously there's been solid state and local funding now and you're clearly reaping the benefit from that. I just want to talk about if we have a slowdown in the economy how that may impact the I'm thinking more on the educational spending I think we... | Well here it's a good question and here's my thoughts on it. I believe as long as there is a capacity in local economies and state economies to sell bonds bond passages that have taken place in prior years we'll continue to do so. And so I think there is I wouldn't say immunity but I would say there's less impact of co... | direct | [
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1dd674e1b647730b6422b2412fbce16f | Just one more for me. A little more detail on the 5G update. It looks like TRS-RenTelco is moving along quite nicely. Just if you could take us a few layers deep on what you're seeing and specifically with 5G? | Sure. So what we've said before and holds true for this particular quarter is that we're seeing demand in both general purpose test equipment and communications test equipment and both of those product segments are supporting 5G work. General purpose is work that's being done in the labs as automotive manufacturers and... | direct | [
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c3ecc8ba41b9e25a80a31406386e65dd | Hi guys, Just a couple from me. The first one was just could you give a little bit more color on the strength in the Enviroplex business in the quarter? And just as we look ahead to 2020 should we assume that business resets back to the level it's been at over the last couple of years? Was there anything more sustainab... | Yes. Sam, this is Keith. And, I would really piggyback on some of Joe's comments about the funding environment for education and we've seen that as a key driver of demand for the Enviroplex business. And again just as a reminder that business is a manufacturer of education product for the California market. So the busi... | intermediate | [
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bc5be8b8c5d0ec452a58582a915162cc | Then the next one was around the Adler business. You said in your prepared comments that there were some other weak markets outside oil and gas that were in part driven by the weakness in the oil and gas market. Could you just touch on where the areas of weakness were and whether you think those will persist sort of ov... | Sure Sam I can provide some color on that. And what I tried to allude to in my comments was the following. When overall the demand for oil has just not been as robust as it has been in the past due to general economic and global growth slowdown and what happens is that we can feel that in several different ways. If the... | intermediate | [
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fce2a33d2a9ce00a4d6eb9cea724d5c8 | And then the last question was just around capex plans. You've obviously had a couple of quarters where you've invested reasonably heavily in the fleet particularly in the modular side. What's the sort of capex plans for Q4 and early 2020? | Yes. Sam we've spent heavily this year really driven by great demand opportunity and the electronics business TRS-RenTelco similarly very good demand for the modular business. We spent $127 million year-to-date this year compared to $85 million in the first nine months last year. I think that will taper off a bit in Q4... | intermediate | [
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a84e9c261176880acb73b38141d99930 | Hi, good evening, I wanted to talk a little bit about Portable Storage. And I wonder if you could give a little detail around excuse me sorry about that. Around Mobile Modular and if you could give more detail around geographic footprint performance and what you were seeing? If it was kind of across the spotty as far a... | Sure. Mark we let's characterize a list. I'll just give you each of the regions essentially. And what I can say is that California the Mid-Atlantic and Florida have actually been good performers for us this year. I'd say our weak area in the Modular business was Texas over this past year. And a lot of that had to do wi... | direct | [
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37d95005a1c378067861b4b9bebf5789 | Okay. Great. And then I wanted to shift back to Enviro for a moment. I was wondering if there was a how we should think about the order patterns that you're seeing there? Is it sort of coming from multiple orders? Or is it sort of maybe 2 or 3 big orders? How should we think about how that sort of played out in the qua... | Yes. It's a project basis or a project business. So we receive the opportunity to bid on projects if we win them. We then need to execute. As Joe mentioned in his remarks with the education work that we do through Enviroplex it tends to be heavily weighted to the summer months for completing those projects and getting ... | direct | [
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3871542255dbd76f66126b9f3a490f84 | Okay. Great. And then I wanted to shift over to the sort of if you could give a bit of an update on acquisition pipeline and what you're looking at and maybe what those what those valuations may look like given the completion of a targeted market? Maybe what if you have some updated thoughts on that and what we might s... | Yes. Mark I mean we're we have a very active process to look at different opportunities. And we're choosy and we will not overpay. And so it just depends on what that opportunity is and how it pencils out the kind of financial returns that we're going to get from it as to whether we would do it or not.
Yes. As with al... | intermediate | [
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9e2e77fb6fb62b4a8f3c58e2d1628a61 | I'd like to start off with sort of the M&A strategy that you guys have at Nucor. Clearly you've focused on sort of the downstream fabrication type of assets so far, but when you look ahead and think about the opportunity set that's out there, is it more the same type of assets that you've looked at currently? Could the... | Look, I would tell you broadly, as I mentioned in my opening remarks, our mission is to grow the core, expand beyond, and live the culture. We see opportunities as we think about growing the core and that's the expansions at our Hickman galvanizing line to become the first EAF to be able to produce a full Generation 3 ... | intermediate | [
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4de14691b2da1f3bd105b570c68e2d7a | I know you mentioned updated time or sort of a reiteration of the timing of the Brandenburg start-up, can you provide some similar details for the Gallatin hot band capacity expansion and the galvanizing line at Hickman, please? | Yes. Both those projects are scheduled to come up at the end of this year. They're both still on target for that. And as Jim and Leon both mentioned, we're really excited about the expanded capabilities that those projects will bring. Some recent projects that came up and the success that we've had that the team has sh... | direct | [
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5075f37b64356f2abf03ebd3ad87d0c8 | So a couple of questions, if I may, just one is on working capital. Obviously it consumed cash this quarter, how do you see that progressing in the second half of the year? Prices remain quite strong, volume is also quite solid, so should we assume a similar run rate in the coming quarters or more of a stable -- stabil... | We look at working capital as inventory receivables and payables and consumed over $900 million of cash in Q2. We expect that to moderate in the balance of the year. It's not -- it's still going to require some increase. It will depend on how much scrap prices go up if they do, and of course we know sheet pricing is go... | direct | [
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9740aa58e4f5e2168c4964173fde0366 | First question, I know the sheet market seems to get a lot of the positive press but we've seen pretty significant recovery in the plate and most of the long product markets, and we've heard that some of the specialty beam side has actually been sold out for the next 6 to 7 months. So I was just hoping if you could pro... | Yes. Maybe I'll kick it off and then Al if you want to dive in a little bit deeper on plate and then Rex maybe on the sheet side. It's a great point and you're right. For a lot of obvious reasons, as we think about sheet, it does get a lot of press. It's a 60 million ton a year market. It's an important sector for Nuco... | intermediate | [
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94f9d81d48f29dee199b8cdf204fdd03 | As you think about longer term progression of the business becoming more value add and more specialty plate, I assume that would drive incremental demand for higher quality metallics and there's been a lot of debate in the market about shortages of prime scrap and being overly dependent on, say, pig iron from Russia an... | Yes. Thanks, Curt, and look I'll touch on and ask Jim or Doug to chime in. As we think about your framing, you're right. As we think about Nucor expanding and some of our competitors expanding further upstream into more value-added businesses on the EAF side, the demand for prime is going to get tighter. And that is wh... | intermediate | [
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2735490a12558a890c03f71e603fde8e | What are your expectations right now in the third quarter versus the second quarter just in terms of overall steel volumes? They've obviously been very strong in the first half of the year, sometimes you get seasonality, sometimes you don't. I know you're taking outages here and there, so what are your expectations jus... | Yes. Look, I would tell you that we're expecting more slightly higher than what we saw in Q2. So not substantially greater, but we do see some improving end markets and we think the opportunity is there for us to run a little bit stronger in Q3. | direct | [
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a11e98f1f564448d25523410a9a476a8 | I did notice just on your cash flow statement that you had some inflows from taxes and I know some of that was anticipated with putting some new assets into service. Can you just remind us, Jim, how much you have left in terms of cash tax avoidance maybe for the balance of the year and then 2022? | It's $250 million about this year, Phil, and probably about another $250 million or so in '22 from accelerated depreciation benefits.
But, Phil, the number you saw in the statement of cash flow, just to be clear, that's not initially debt exactly. It's more the timing of our accrual versus the payments we make quarter... | direct | [
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00c793ff389f63f8477bb3815d4d6730 | And then in terms of end demand, I know you had said a lot of your end markets' in the right direction. Right now automotive has been sort of squishy given the push outs in the second quarter and some of the downtime the manufacturers have taken. One of your competitors earlier today said that they had to withhold some... | Yes. Look, let me begin with the -- kind of the backdrop of as we think about semiconductors and one of the things that I think most Americans have learned through this pandemic is this nation needs to be a nation that builds and makes things again. And we've got to restore manufacturing in this country, whether it'd b... | direct | [
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01c0a28b31a59d279df7907941e5ff53 | I guess what are you seeing right now in the oil and gas sector, I think one of your competitors essentially said the drilling side is getting better and the transmission side is wonky because of some failed pipelines, and then what are you also seeing in the SBQ supply chain? | Yes. Thanks, Leon, and hello, Phil. Yes, overall the SBQ market, which probably lagged a lot of our markets as we came into 2021, we're starting to see that strength come back. So we -- I would classify it is becoming strong and getting stronger led by auto to a part. Obviously there is -- we talked about some of the c... | direct | [
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899d911074f9c583a8b900521e562860 | First off, congrats on another strong growth quarter. I just wanted to hit on the guide here. Just looking at the high end of the guide on revenue would imply sort of a flattish level of sales relative to this quarter. Wondering if you could help us think about what the sort of hold up maybe is in keeping the quarter-o... | Yes. So Chris, thanks for your question. When you look at the guide itself on the top line, when you look at the top line end of it, we raised at $50 million for the year. As we mentioned in our our notes, we mentioned that, that we're looking solid regarding our supply chain. So Dan mentioned that we hit the $2 billio... | intermediate | [
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135f111da9a51f0da42c287e5f6b85b5 | Great. And then my second one would just be on productivity for coach, obviously, extremely strong in the quarter, but was kind of the reimplementation of the business builder program. Should we expect that to maybe trend down or remain kind of slightly flattish through the back end of the year? I'm just thinking kind ... | Yes, Chris. This is Dan. Yes, as you know, we don't give guidance around the productivity number, but we do talk about what our philosophy is. So our focus is on building tools and programs that enhance the productivity of our coaches, allowing them to support an increasing number of clients. That's what's driven the p... | intermediate | [
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] | B |
0d8acdded1c607e6a3b14400143b0b61 | That's great. Thank you. And then my last and I'll hop back in the queue. Maybe I'm just wondering about kind of the puts and takes around the retroactive implementation of the business builder program. Maybe if you could tell us why you thought it was important to backdate the start of it to July 1? | Sure. This is the third year we've run the business pillar promotion. And so we write in 2019 last year in the same period and now again this year. Each year, we focus on taking the learnings from the prior year and in some cases, enhancing or adjusting to reflect new learning. So in this case, we felt like there were ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
eeafb15b71ade14cc319a8ccb225d47b | Hi. Good afternoon everybody. Jim, staying on the guidance here. Is it safe to say that $25 million to $50 million increase on your revenue range was mostly due to 2Q upside, whereas the EPS range staying very close to what it was is due to increased gross margin pressures that you've seen since you last gave your guid... | Yes. I mean we did have a very strong quarter. We believe the growth will continue over the coming quarters. We raised the guidance. If you look at the midpoint, we raised at about $37 million. In the top end, we had raised it $50 million. We also raised the guidance for EPS, but not to the same degree as you mentioned... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7380748e5d7ad27fd7cd09f900fbd882 | And in years past, you had the leadership, the ILAT. Do we have an update on whether you'll be accruing for that for next year? Or have you moved on from that? | Yes. I mean we evaluate those types of things each and every year. There hasn't been a decision made on that at this point. But we're always looking to see if we can make enhancements to add to coach productivity. So we're always looking at programs and making determinations. But as of right now, we haven't made a dete... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ccb59f651ab975c94a9e51e8ab46e439 | Okay. Fair enough. And then on inventories, they were up pretty substantially sequentially, up about 50%. And I just wanted to put that into some sort of context. Given that you had such a rapid increase in demand and you had supply chain constraints, if you will, is this inventory build a step toward alleviating some ... | Yes. So our inventory days since March increased about 25%. And if you can recall back last October, November time frame, we were talking about intentionally stocking out certain SKUs, the lower volume SKUs. And we've always had a plan to increase the number of inventory days so we can reduce the amount of stock house ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
cff63e1906960b8b6a25995e85eb5d9a | Okay. That makes sense. And just lastly, Dan, we talked about the increased coach and coach productivity and that you're obviously seeing good interest in becoming coaches among your newer cohorts here, but can you just give us sort of a qualitative assessment on how the leadership ranks are filling out? Are they movin... | Yes, they are. The progression through leadership ranks has been very healthy. And what we're seeing from a productivity standpoint is a reflection of the continued improvement in how our coaches are using social media and other communication platforms on the technology space to extend our reach. We've also, as we ment... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
d0cbffc31b54e6694e3d4d08087640a0 | I just wanted a technical question here. I saw that your earnings share from the Clean Energy Ventures segment went up a little bit for your projection this year. Anything there that's notable that drove that increase? | Travis, This is Pat Migliaccio. It's really -- the increase of approximately $10 million in our expected spend on commercial solar projects would drive the good portion of that increase to the range of 25% to 30%. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ab4ee1251c742ab9f59e322a6047fd24 | Okay. Are those from opportunities that you're seeing now in the market that might not have been as economic before or something else going on there? | No. Just a further change in the pipeline. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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