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8c16a2d928b348bf097fc9618f38bca7 | Thanks. Good morning, and welcome Brian to the call. My first question is, your largest tenant tenant Arco, just curious if their listing changes anything for you all, whether that helps with -- maybe do they have a growth mandate? I think Mark you mentioned potential partnering with tenants with their growth and objec... | Yeah. I'll maybe give you my perspective and then let Mark talk about the growth side to their business. But Arco is somebody that Getty's had a relationship with since the mid-2000s. We've got four leases with them today, it's certainly been very requisitive. We talked to them on a regular basis and having another ten... | direct | [
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9ac7014d17c06f54126b3f6b223707e4 | Okay. I mean can you talk a bit more about the deal pipeline and you did $45 million in a quarter or two. It's a solid run rate, if you can kind of keep that pace, but maybe if you could comment on whether you're seeing a large amount of flow or not in yields? | Yeah. I can talk specifically about the opportunity flow. There was a bit of a pause as we mentioned in our quarterly calls throughout last year and tenants focused on running their business in a mix of the early stage of the pandemic, but the rebound is noticeable, coming out at the end of the year and certainly comin... | intermediate | [
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3384a66ae9c82d50fe3b1643d8864f3c | Okay. You said yield is consistent with your historical ops, can you just remind us kind of where those might be and whether or not, there has been much change in the market? | So the range that we always quote is the mid to high 6%'s through low 7% range. There is definitely a lot of activity around our asset class both convenience and gas and other automotive. There has been some slight pricing movement in the market with the activity in the interest in the assets coming out of the pandemic... | direct | [
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971063c5f8021c439defb53f0af2065c | Hi, thanks. Good morning. Just wanted to follow up a little bit on the deal flow commentary there, and curious relative to the split that you saw in 2020, C-stores, I think you said comprised 62% of the year's acquisitions, other automotive was 38%. How should we think about that mix for future investments going forwar... | Yeah. Well, just to be clear, right. The 62%-38% split that Mark mentioned, that's what we underwrote for the year. If you look at what was completed for the year, probably it was the inverse of that, right, where we actually acquired more in our other automotive categories. We view both the categories as how important... | intermediate | [
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67148633d129b17bcb701ae1ea2843b6 | Okay. And then the portfolio, Chris, I think you noted, right, which was, it's been built around car driving as we sort of think about the reopen and make our way through '21, is there an opportunity, whether it's automotive or C-stores, is there an opportunity to do something larger on the investment front or strategi... | We're always looking at opportunities, big and small. There's obviously -- our current sub-plans rise to continue to acquire portfolio, single assets like we've done, but we certainly feel that the consumer, right, is itching to get out, right, especially once everyone's vaccinated and get sort of back to normal as muc... | intermediate | [
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5576f74a5dead5a712c1525b7b6c3f43 | Do you expect to see sort of an uptick or a flurry of investment activity and transaction activity within the space overall? | We've been seeing that Todd, over the years with this obviously been more and more interest, the convenience store has been one of the healthier segments of the retail that we initiated over the last couple of years, so there's certainly been more competition coming in. I think our other institutional and public real e... | intermediate | [
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aef0d5531675148cd97c1b30c55ab351 | Okay and just last question for Brian. Brian, regarding the balance sheet here and the cash balances, is that expected to be whittled down by year-end? Is that sort of the first source of funding for acquisitions or do you expect to sit with a higher cash balance throughout the year? | Hey, Todd. No, I think you'll see us manage that as efficiently as possible. Sometimes you get those moments in time at the end of the year, at the end of the quarter, but we will utilize cash on hand, we'll utilize cash from operations after dividends, we'll utilize the revolver, which as we said had a small balance a... | intermediate | [
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1afb62c3a9d44bd50a59cb41ed2373bf | As you look out into the pipeline today, I mean, I guess, how does the acquisition opportunity set kind of bifurcate between maybe one-off deals, some of these mid-sized portfolios that you've done recently and maybe larger portfolios relative to the size of Getty? | So hey, John. It's mostly going to be weighting toward the mid-size portfolios. We continue to scour the marketed one-off opportunities to just supplement the pipeline, but those deals being kind of what the brokers call bite-sized deals in the $1 million to $2 million range, or if the real -- if we like the real estat... | direct | [
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86372522f5c8fd18b1c2f0391acfb3f0 | Okay. And maybe -- and as you think about cap rates, have they trended pretty much the same in all three of those buckets or has maybe there's been more compression in one of those buckets versus the other? | I think there's been a general shift downward, right. You can see it from -- just little, what we've been able to buy over the last couple of years, and I don't think it's a dramatic shift, John but it certainly feels like there has been a steady tightening whether in the sector over the last four to five years. Again,... | intermediate | [
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4dfb99b82af6e8bcb9f6f6e4e068bd3a | Okay. And then in terms of the other automotive bucket, it seems like that's primarily consisted of car washes and kind of tire, auto parts, etc. I mean I guess how wide could that opportunity set get, things like car dealerships potentially in that investment targeted area or is it pretty much just what's been complet... | I think the types of operation and what we do is other automotive or certainly the car wash, tire and battery, lube and oil change, collision centers. That's kind of the set we've been working on. We've not been pursuing the auto dealerships as part of that opportunity set as of today. We like the classes that I just m... | direct | [
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96cf1801afc7d87120f5f5b205910e87 | Okay. And then maybe the flip side of the Arco going public Applegreen potentially going private. I mean does that impact you guys at all either in terms of the opportunity set or disclosure, anything to that extent? | All of those newer leases we get sidelined in our reporting, right. And that's how we kind of get our coverage that we disclosed in our investor presentation with Arco being one of our bigger tenants today it's certainly nice to get that public steady flow of information. We certainly have that with Applegreen, but we'... | intermediate | [
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8a2689d784d367f7bf7b53b0264a404c | Yeah, good morning guys. I hope everyone is well. Question, so you own a lot of well-positioned C-stores, automotive locations, any kind of discussions about adding elect EV chargers to a lot of those locations? Seems like it could be an interesting opportunity. | Absolutely. We're -- we talk to our tenants all the time about the purpose of the properties that we own [Technical Issues] today around charging and what the right infrastructure is to add to properties and where chargers can be done. I can't [Technical Issues] today, Josh. But there's certainly a lot of the stuff sta... | intermediate | [
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a32e966d4778ee115f5f1dc70f888a3f | I wanted to start off on the utility end market. It sounds like into calendar year-end, there was some good activity there. And then as we look at the current quarter, maybe there's some softness, but then opportunity beyond. I think that's the way you've framed it up qualitatively. So any anecdotes you can give there ... | Sure, Tommy. You got it exactly right. So in the fourth quarter, we often will get some of this kind of money that we'd want spent before year-end, and we've had a little bit more of it this year than -- in typical, I guess it's not surprising because the spending has been somewhat restrained over the past six months o... | direct | [
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52df300bbedadb0a14f2b7ea96c06b42 | Okay. Thank you for that. And I guess for a follow-up, I'll hit on the directional outlook that you've given, really just to make sure we're tracking correctly, what you've communicated on the first half compare and the second half compare. Just want to make sure does that apply to both revenue and EBITDA. And then any... | Okay. Tommy, I'll take the last part of the question first, because that's easiest. We expect the margin in the back half of the year to be meaningfully higher than the first half of the year and that's a combination. If you look back at our last probably five years, it's that same correlation, well before COVID and it... | direct | [
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0e2c881ea1cff0f136e1d9ae61c33d05 | You mentioned, I think that your expectations for the year were mostly unchanged, but just given the strength that you saw in Q1, is there may be a slightly more positive bias to the year? Just given what you've seen so far or is there maybe something coming up that is a little bit more negative than what you thought b... | Well. Just given the environment we're in right now, we're five or four months into the year, I really would hesitate to make any big changes. I mean, we did have a great first quarter, I mean I think some of that was probably at the expense of the second quarter to be honest, but if we're going to get something done o... | intermediate | [
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aa69e897a4d1dedab408fd665da2d8d4 | Okay, fair enough. Thank you for that. And I just wanted to talk a little bit more about the commercial aerospace business. Are you getting any indication at this point that they're preparing to ramp-up production just given the boardings, given that they're taking their planes out of idle fleet or are they still maybe... | Yeah, they haven't yet. I mean, we see some signs of it, but nobody has called and said, hey, you need to make sure you're ready for this big ramp-up. I mean it's -- we track all the indicators pretty closely. And I would say that while things seem pretty solid, we've not gotten any indication anybody's going to pull a... | direct | [
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e9c75af8dded0ab053df9cd841991f4a | Got it. Okay. Thank you. We don't talk about it too much Vic. Can you talk about the pipeline for Test? My impression was that there were some larger projects that got deferred out of last year just because of the COVID situation. Are those now close to releasing or are they still in a holding pattern? Just kind of tal... | I think the very large ones, I think, are still in a bit of a holding pattern, but we're seeing a lot of great activity in smaller chambers and here I'm talking $1 million to $4 million, $5 million of chambers. And so that's really been strong. I mean, the pipeline that we see today is as strong as it was when we were ... | direct | [
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8b2c9eb4702b8bd752461c0e886e28f3 | Got it. Okay. My last one is just any update on the CFO replacement, Gary? I know you're a hard act to follow so. | Yeah. Actually, I've been -- I don't get any specifics, but I've been very pleased with the quality of people that are showing a true interest in this. We've been working this hard. I don't want to get in a lot of detail. But I think that it will be really good candidates we have, and so I think that's something that w... | intermediate | [
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de8c6a7537e2fedd42c91765122a38c3 | Yeah. I thought you referred to in your commentaries that there might have been some borrowing from the second quarter into the first quarter. Did I hear that properly? And if so, what businesses did you borrow from? | Yeah. I would say that just what we saw particularly in the Test -- I'm sorry, in the Utility market, I think they had such a strong first quarter. And my assumption is some of that probably got pulled out of the second quarter into the first quarter. | intermediate | [
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c5c779c6b8079f3c49b7885ffec9f16d | Okay. That's in the Utility market. And quick question regarding the tempo of the billings in aerospace and defense. Is that second half in A&D followed at 40%, 60% model or is it tilted more one way or the other? | Well, I think if you look at the A&D market, you're going to see a little more tilting to the back-end, because again, if I just focus on the large programs in that group, large meaning getting an order over $10 million, it's primarily around the submarines and the Space business. So we're in negotiations on the next p... | direct | [
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4af15de2d546693a5115e729a588d012 | On the rate outlook, do you take the fact that some of the lines are leveling out on rate increases, that perhaps the market is starting to approach adequacy, or maybe rate will start drifting down closer to loss trends over the next few quarters? I just wondered if you could comment on what you see in that trajectory. | Yeah. It's a good question, Gary. I think, the way I see the quarter, I actually see it as further evidence of a sustained hardening market. If you look at our rates, at 12% overall for P&C, we also achieved that double-digit rate with 3 points increase in the retention. So, it's three quarters of double digit rate and... | direct | [
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31db88ee6e6158a00f726a5ebdb41436 | So I can take from that you think the market is still -- generally has deficient rates, there's still a need for rate above loss cost? | I do, and I think you're going to see that persist in 2021. | direct | [
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6f54fcacbf5cabcde2114f4132909a1f | Another question on the overall distortions of 2020 in looking at your reserves and loss picks. I guess, I would assume that loss payments would be lower because courts were closed and maybe there's a little bit reduced frequency in some places. Does that mean we ended the year with proportionately more reserves, eithe... | Gary, I can take that, this is Al and good morning. Yeah. I think that's fair, Gary. If you look at our cash flow, you can see obviously our operating cash flow was up year-over-year, and as well our paid to incurreds are down, that is a reflection obviously of our stronger underlying profitability, but as well that we... | direct | [
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559a270fe2879e940ef6f1834fb8dd40 | And when you were picking your loss picks, were you just more or less ignoring 2020, kind of thinking about the trends from prior years, or how did you build in what you saw in 2020 in those loss picks? | Prior to the -- Gary, it's Dino. Prior to the pandemic, you'll recall and we had articulated it on several calls that we had seen -- we had increased some of our loss picks. We had increased our long run loss cost trends, actually about 100 basis points in -- over the prior year, a function of, as I had indicated, soci... | direct | [
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632c521274554313f505582dd0386df2 | Al, I'm wondering if you could talk a little bit about the dividend, the math behind how the special is calculated in conjunction with the decision to raise the quarterly dividend. What sort of economic factors were you looking at this year's dividend versus the long run dividend? | Yeah. Thanks, Josh. This is Al. Look, I think in keeping with the approach we've articulated in kind of our capital management strategy, right, we look at our net income, and our intent is unless we have opportunities otherwise, they're going to maximize return to shareholders. We're going to pay out the majority of ou... | intermediate | [
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c5bd46e3577498c717994f700f914096 | The comments you made about the general liability reserve development, I'm wondering if you can give some color about years and magnitudes. | Sure. So, Josh, that was premium development on general liability, and essentially ongoing we go through stake reviews that look at premium audit and we had some adjustments that would have gone back just the last few years, little positive adjustments and negative adjustments. The net effect was a $14 million adjustme... | direct | [
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21fb28b5ae22f9db2b0d150f145476e4 | Can I take from that, that the loss reserves throughout the business, while they'll be changing given yours are generally unchanged from where they were a year ago? I'm more talking about the recent reserves than I am talking about long-dated reserves. | Yeah. No material change in loss reserves for the period for GL. | direct | [
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fdaec5e8ae8dc382ef5b81ac9bf943e3 | Dino, I was hoping you could talk a little bit about whether there are any changes going on at Hardy that would impact the components of the combined ratio? I'm just assuming that the Lloyd's book is more subject to change in composition than your other segments. | Yeah. So, as you know, Meyer, we've been in a process over the course of 12 to 18 months of reunderwriting that portfolio, and which I had indicated would be largely completed in the fourth quarter, which it was. The biggest change was on the property side, in particular in our cat exposure. And over the course of the ... | direct | [
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111bdf25edecfdf5ab1e45d449d4b323 | I guess, a question for Al, so we've seen some of the limited partnership assets, I guess, move to Life from P&C. Is that process done, and does that have any impact on your ability to raise rates on the long care -- long-term care book? | Yeah. Thanks for that, Meyer. Yeah. So, at the end of Q3 and through the reserve review for long-term care, we decided on a modest allocation to limited partnerships, and as you could imagine given the long duration, that makes sense. That was a zero sum change basically across P&C and Life & Group. We wouldn't anticip... | direct | [
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1fad0be2b910a8d1c3ad6fffdcfdc85e | And just finally, if you could update us on commercial auto, it sounds like there were no reserve charges in the quarter. Does that product line seem reasonably priced? | So, we have been -- Meyer, it's Dino, continuing to get strong rate on our auto, and got about 13 points of rate in the fourth quarter and we've been doing that for a while. And we still have a ways to go on auto, but clearly it's moving in the right direction and we didn't need to act on loss cost trends or loss picks... | direct | [
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bf2377de7ba0d8e9ffeef97da0dd811a | Can you speak a little more about how the progression of demand and pricing evolved in March and then into April with the onset of COVID and lockdowns? Maybe you can talk about graphic and specialty and pulp segments separately. And then if you could touch on how you're thinking about demand and pricing as the U.S. eco... | Sure. Yes, we don't normally guide on price, but I will tell you that we're seeing persistent downward pressure across all the graphic business due to the lack of demand. If you look at RISI's predictions, they're predicting a 5% to 7% erosion in 2020. So that's kind of all I can say on price. We are planning on idling... | intermediate | [
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c24237b2186bc6527275fbdd49ae816b | Given that specialty and pulp are trending relatively better, can you speak more about what you're seeing in each of those segments, the plans to lean into that relative strength then maybe how we should think about you potentially increasing capacity for up to kind of go after opportunities in specialty? Which types o... | Right. As I mentioned, our pulp business remains strong. So we -- any potential opportunity with -- when we take downtime on the machines, obviously, and we can make pulp on some of our machines. So we'll take opportunity to make more pulp and sell it to the market. Our specialty business is doing well, specifically ou... | direct | [
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839f152cf1937cd3879c35ac1addde94 | Just on the pricing pressures that you're seeing, is that being driven by customers or is that being driven by competitors? You had one competitor noting they took market share when they reported last week. | Yes. It's a little bit of both. I mean, -- but the pressure from the lack of demand, obviously, is there but we do have competitors that are taking the approach to fill the machines up and going after price aggressively. So we have to react to that. | direct | [
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5ba603fc33ce6c8af33c6935ef177003 | Are you changing any of your sales tactics in Q2 just given -- because of COVID and you guys, your projection of a 40% decline in shipments? | Yes. We're taking an aggressive approach with our -- with sales. I mean we're going to go after market share where we think we can get it. Obviously, the sales guys can't get enough on the road and do their normal kind of thing, but they're constantly working the phones and using technology to get out there and talk to... | direct | [
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15614851cda52d385ef492e9a862849e | How much do you think the customer base is oversupplied right now because their business got impacted by COVID-19? And how fast you think the orders could ramp up once the economy gets going again? | Geez. I mean, if I can predict that, I'd be really good. That's a tough one. I don't -- we don't really have visibility with printer, what they have in inventory. So it's hard for me to comment on that. I apologize. | fully_evasive | [
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854d0e8650d3c0d5ef84877d587901fe | Can you give a little more color around your capital expenditures? You said you reduced the plan by $11 million this year down to, I think, you said $44 million. How is the $44 million being spent? What are your current thoughts on what's kind of maintenance capex versus growth capex? | Yes, no problem. The plan is to spend $10 million in quarter 1. Our heavy spend is in quarter 2 of $20 million, and that's really all driven by our mill outages. Quarter 3, we spent -- we plan on another $11 million and then I believe in quarter 4, $5 million. We're really focused on just -- at this point, it's just ma... | direct | [
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8ec98880308be62ab97f2a0bd9258eea | And is that -- it's early, but is that hitting your return expectations? | Yes, it is. | direct | [
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75ea84f078cb54df255c88612835a82b | Hi. Good morning. Thanks for taking my call. I have a question about your pension contribution. When you guys announced the sale of the mills, you said you're going to put in $54 million into the pension to kind of upload the whole year. So could you explain if you're going to do that, if you're not? And I noticed you ... | The $54 million is still a placeholder that we have for the contribution. Our required contribution is a little bit less than that, so you'll see in the Q what our required contribution is. But it's our placeholder in that range for this year, yes, for cash contribution. | intermediate | [
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5cbe24c4fbeaba93ae19e180ace9ec32 | OK. So you're not going to have to put in the 50 -- you're not -- you didn't put in the $54 million at once, you're going to spend that roughly during the year? | That's correct. Larger payments in the third quarter. | direct | [
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7cfc9722090cca4545092794a9a62e3e | Got it. OK. Thanks. And is the Duluth spend over now? Was -- are you only going to spend the $5 million to do the small conversion? Is there anything further to do with Duluth? | Currently, that's the -- that's what we're planning on spending. We're still evaluating the first phase of that, and we'll decide later whether we're going to continue to invest in that project. | direct | [
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5f1c64e25357926f4ae39feff3072fdc | Got it. And what about industrywide shutdowns? Have you seen any of your competitors shutting capacity either here in the U.S.? I know in Europe, there's a big closure coming, I guess, in Q3, Q4. Anything further that's happening lately? | Yes. We've had a lot of competitors announced downtime. The last time I looked in a RISI report, it was north of 750,000 tons of announced downtime. And that includes some downtime in Europe. | direct | [
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57e7f72aad64ef4b0d6bfc652db5a928 | OK. So who in the U.S. is shutting? Anybody you could specifically mention? | No, I can't mention that. I think it's in their earnings report. | fully_evasive | [
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068a57f93d41f9ee7cac8e1689a1c05e | OK. But it's globally 750,000 tons that you're hearing about so far? | Yes. That's -- I mean, that's what's been announced so far. Yes. | direct | [
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ec4a69b021bc858c9cffb0745c787166 | Thank you, nice job. Vince and Mike for keeping everybody safe and navigating through this time. My question is what's currently preventing existing customer to migrate from your enterprise product to the Go platform? I know you built this based on the customer's mind. And secondly, is what is the sales strategy for th... | Sid, I think I heard your question. I'll try to repeat what I think you said, and if I got it wrong, just correct me. But the first one was, what was preventing us from selling our Spok Go platform. Spok Go platform sales have been put on hold because of the pandemic. Basically, these hospitals and healthcare instituti... | intermediate | [
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ac3660f9a3aaa5769a01431877a2a867 | Hi. Vince and Mike, glad to hear that you're both well on the employee base at Spok are healthy and safe. The largest shareholder on your Board is Braeside, who you settled with in 2018. It appears that Braeside standstill agreement expires today. Has Braeside elected to extend its standstill agreement with Spok? And s... | A couple of things. I want to keep our answers, as I said in my opening comments here to our historical financial performance. However, I think Todd is a fine Director. I think he does a great job and he has my support. Thanks a lot, Dave. | intermediate | [
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a4bd290a1fd580396c8deef5d591f4bf | Yes. Follow-up question is, what is the current sale strategy for the Go platform? Because it seems like your competitor also bringing out 90% renewal rates. So it seems like it's a sticky business. So and how do you position yourself better than some of the competitors that have equipment attached to it as well, consi... | Sid, I really want to apologize, but I'm having a hard time understanding your question. I think you said something like with respect to a sales for Spok Go. So we've developed the Spok Go platform. We've been out there marketing it. We've got a very large pipeline right now. I think it's over 50 deals in the hopper ri... | intermediate | [
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83e4664d076beb716716842454fb8c63 | Thanks for taking the question and I'm glad that everyone is healthy. Vince, I'm just having trouble sort of rationalizing the valuation that you put on the firm in your press release of basically $3.50 for cash and $6.50 for the wireless. And in the last call, you had talked about you strongly believe that your best f... | Well, I think a couple of things, Brad, and thank you very much for the question. First of all, none of us could foresee this pandemic and what it was going to do to us. I'd just be totally honest. We had huge expectations from what was going to happen at HIMSS. We have huge expectations for sales on the new platform a... | intermediate | [
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55904e294fbd32c57fdbf5f89f246712 | It's one thing. I appreciate the obviously, the virus was not anticipated. But a lot of the issues that I'm discussing were pre-virus. So for example, the stock was trading between $9 and $10 before the virus and before B. Riley's bid. So we can't just sort of say the virus is the issue. There are other sort of bigger ... | Brad, thank you very much. I don't disagree with you that people's patience is being pressed. My patience is being pressed. We are investing a lot of money to deliver this cloud-native platform. It has 0 revenue to show for it yet. That cannot continue. Either we're going to get revenue to show for it, we're going to s... | intermediate | [
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296a2071fe7f46157174527be3dbe788 | So, we've heard from a lot of builders over the last couple of days and it seems there's two somewhat differing views on the best way to approach the market these days, you've got some builders that are sticking to a kind of a to be build strategy and feel like that's what the consumer really is desiring today to kind ... | Great question, Alan. I think my starting position on that is in an environment where you have near absolute cost certainty. Our value proposition for buyers tilts toward a larger share of our sales being to be built. But in the current environment, we're doing a couple of things because of pockets of uncertainty aroun... | direct | [
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f49b36327f5bc7e6c38dd6cf29eb0743 | Got it. Your response, Allan makes a lot of sense and it's helpful. And I guess on that note, it seems like at this point, really the only limitation on sales are our production, maybe for your guys community count is a factor as well. But what is your production pace look like right now? How many homes are you startin... | I think it can go up over time. But it's not the capacity, the throughput can't, there's no flip switch to flip to make that capacity go up in the next 30, 60, 90 days. And that's why you saw, I was talking about a meaningful part of our backlog delivering in Q1. I mean, we looked at the capacity for our throughput whe... | intermediate | [
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d246d3cf2778ac78ca5e85358bb8345f | I'm good. So you're obviously seeing a very strong price environment. ASP is expected above 400K next quarter. Can you speak to maybe how much more price can be driven in this environment? And kind of, how do you see that kind of unfolding and is there a breaking point eventually? | Well, I know the answer to the last part of the question for sure. There is a breaking point, it's affordability. And one of the things that that is different about this environment now compared to other times that have felt quite euphoric from a new home construction perspective is I'm comforted by the fact that mortg... | direct | [
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ad8ab4feb3bcd6648850ffed47601c4e | Got it. And with the strong demand for these being, are consumers looking for certain amenities, or has there been any change in consumer preferences in regards to configurations, floor plans at all and has that affected your product mix? | It has a little bit and it will come as absolutely zero surprise when I tell you that a place to home office and home school comes up in almost every sales conversation and I don't think that's a cynical view that forever we're going to work from home and teach from home. But I think when you realize, you don't have th... | direct | [
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d66eea49414ae67619a16f2f0354f180 | Understood, and I guess just last one for me is if you could speak to any progress updates with your commitment to having all your homes being Net Zero Energy Ready by 25. And there's a current kind of unique demand backdrop accelerate that at all, or change that at all? | I don't know that it changes that, the opportunity to accelerate is really, it's kind of a function of community, new community count, it's tough to go into a community that you're two-thirds of the way told through entitled, permitted and have let contracts with sub and really, fundamentally change the way the home is... | intermediate | [
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5d534c86c485a0544b8164598b6d0236 | Hi, good afternoon, everyone. Just wanted to walk through the math, if your backlog that 3,300 of 700 homes that are going to close in 1Q 2022. And you're looking at high single digits, you're talking somewhere 1,400, 1,500 closings for the third quarter. Are you all thinking right now that your fourth quarter is going... | So Jay, we're not going to give specific fourth quarter guidance, you can kind of back into it, given what we said and what's in backlog and kind of what the spec level looks like. But we're not going to go to specific guidance. And I think as I mentioned in my comments, there's a bit of uncertainty between Q3 and Q4 w... | fully_evasive | [
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ed9966fd6a2716d4a2e1ede02526bda1 | Right, well, and that's going to be my next question is on the spec, I mean is everything that you guys are starting right now mainly to meet the backlog or you trying to rebuild that spec count at all? | We're trying to and in some places, we've got the throughput to do that, Jay and candidly, in some places, the backlog of sold homes and started sold homes is that the throughput for a lot of additional specs is limited. So the answer differs by community. We do want to have a little larger spec number. We're a little ... | direct | [
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9749a1c4c60f3c99b8713a82adcf4a28 | Okay, the communities that you're planning to start growing in 2022, is there any geographic specificity to those and then also, when you think about underwriting now, what type of monthly absorption pace are you underwriting these newer communities to? | I'm really glad you asked both those questions, Jay. The answer on the first one is no, there isn't really an asymmetric distribution of new communities, we've got growth in every market. And as part of the discipline of staying in the footprint, right, instead of getting excited by a new market A, or new market B. I m... | intermediate | [
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e4d6c1b05a8ddd2ce435d766ad641185 | Yes, hi guys. Thanks. I was hoping you could comment on your interest expense versus interest incurred. Obviously, interest incurred has been going down because you guys have been paying down your debt. But this quarter, we saw a jump in the interest that went through cost of goods sold. So roughly when can we expect t... | Well, we've actually talked about it in the past. Absolutely, Allan mentioned in his commentary, in the script that we think we're going to see a benefit from the interest perspective, flowing through cost of goods sold. And overall in the income statement, as we look to next year in terms of winning that and amortize ... | intermediate | [
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e7bd092b98139a809a6501ab9f59cf3e | Okay, great. Thanks. And then, as I think about capital allocation, and I looked at your balance sheet, obviously, you guys don't have any debt maturing near-term. So I'm assuming you probably won't be delevering in the near-term. So what are the uses of cash at this point? Is it more to buy land? Is there potential fo... | Well, let me just correct one thing lightly, if I may, we're going to get debt below a $1 billion, we've committed to do that by the end of fiscal 2022. We've got, we structured intentionally a few years-ago a term loan with $50 million principal payments, so that we could balance the delevering with our growth ambitio... | direct | [
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e647f221bfbbfadfd42a0bedfbe30e52 | Got it, if I could ask another one. Your land balance didn't seem to go up year-over-year. So is that something that is in the works, to kind of line-up more with the growth, you guys are seeing in orders? | Yes, I mean, there are a lot of cross currents in the land balance. We had some formerly land held for future development assets that were pretty big. And as those have, we've been selling through them we have debt, we don't need to have the same number of lots that we had for the size of the business. The other thing ... | direct | [
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e11ae98b561d10460dee54d3d81de44a | Hey, guys, good morning. Max, maybe this one's best for you as you kind of talked about it a lot in your prepared remarks. But as you guys have started to see kind of the revenue tick back and obviously acknowledging the $200 million run rate that you set forth your expenses, clearly when you guys put those targets out... | Hi, Carlo. Look, at the end of the day, we have been able to bank on actions that we have executed throughout 2020 in the early part of the year. So, we are continuing to enjoy the same kind of benefit in nature than last year in terms of reduction on discretionary costs. As the year will unfold, and eventually revenue... | intermediate | [
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bf93306b9f65f573c079f6d3f8735dc5 | Great, Max. That's super helpful. I appreciate that. And then secondly and, you know, acknowledging there is some seasonality in the business.
But when you look at the digital and betting revenue business right now, I mean, you're kind of run-rating $230 million, $240 million if you were to just annualize the $58 mill... | So, this is a very good question, Carlo. Obviously, we enhanced the visibility of our fast-growing digital and betting activities since we launched the new organization back in Q3 of last year. And we have also dedicated more time to talk about our business activities in digital and betting over the last few earnings c... | intermediate | [
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bcfa82254c4cf15161c12930611897e8 | Hi. Good morning. Thanks for taking my question. I wanted to start on the gaming improvement, Max.
You said, you know, in the second quarter, you'll start to see this business start to come in. I wanted to focus on your installed base. I believe you said 75% of the units are currently active and I'm sure this differs ... | Good morning, Chad. I think while speaking in April, we had already 80% of our installed base active and we think we will progressively grow 'till the end of the year when we believe we will reach almost the totality of our installed base active. And we do not anticipate much additional costs in order to get it done. | direct | [
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b70797d1245e907bbe6da1f9b37c7b3c | Perfect. Thank you. And then just now that the free cash flow picture and your recovery to previous free cash flow levels is in sight, how are you thinking about an organic lottery growth opportunities? Are there other opportunities that you have your eye on, or tuck-in acquisitions either on the digital side or any of... | No. For the time being, we are not working on any acquisition. I think we have a -- all we need to grow on all the digital verticals and regarding lottery in general, we do not expect anything to be acquired short term. | direct | [
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7e0ada6feb89a877049bbd3f60eb3b43 | Hey, guys. So, if you think you'll get back to 2019 EBITDA levels, and I guess that's with cost cuts netting with the sale of the Italy gaming B2C, I have a bit lower than your historical forex net leverage target by year-end. So, I guess the question is how are you thinking about capital returns like share repurchases... | I'll take this, Marco. Obviously, returning capital to shareholders is an important objective for us. For now, although the priorities for capital allocation are still maintenance capex and paying down the debt until we achieve our four times leverage target. Having said that, since we expect leverage to return to pre-... | intermediate | [
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42910c4420e3b1591ae5d838d8501f6b | Got it. Got it. OK. And then just a quick one on the New York sports betting market.
We've got a couple inbounds from clients. Just curious how you're thinking about potentially bidding there as a platform provider. | Yeah. No, I think the visibility on New York is not as big as you know, but we are preparing ourselves to take advantage of any opportunity we might have there. So, we will learn more details on the potential opportunity, but we are still thinking that there will be further compelling opportunities for us. | intermediate | [
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5940e96d9a258510a1ea76348d61f72d | Hi, good morning. A couple of questions. The first is on the Italian lotteries, if you can give us the contribution of Scratch & Win. Because if I'm not wrong, they've been extremely strong.
And so, I -- if you can elaborate on the performance and if you see any mismatch between sell-in or sell-out or any one-off cont... | Hi, Domenico. I will take the first question and Max will elaborate on the second one. But the first question, we do not see any mismatch on Scratch & Win in Italy. It is doing great, and we have great sell-in and great sell-out.
And of course, we are taking advantage by the closure of gaming goals and sports betting ... | intermediate | [
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7ca662be3a2fa39b8614dedfe61ea928 | Hi, good morning, everyone. Max and -- I guess everyone appreciates all the commentary. I wanted to -- I'm looking at Slide 16, which has the maturity schedule out there. And trying to think about the degree to which there, you know, could be more opportunities in there, given how well you did on the most recent raise.... | Yes. So for -- thank you for the question, David. I would first acknowledge the fact that with the two significant actions that we have taken and the second is of today with the make-whole on the euro 2023 debt. We're basically taking away towers fundamentally, public market towers we had in '22 and '23 now for good.
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8cb86e2772aff2bf18f636ae41aa5bb8 | Yeah. Yeah. OK. And I mean, is it a fair -- I mean, maybe this is not the right forum, but is there a fair, you know, sort of thought that those interest costs are going to wind up being lower than where they were, directionally, at least on the bank debt? | Definitely, the bank debt is the low-cost liability -- financial liability for us. So, changing in the mix definitely improves our average cost of debt, which has come down probably 0.25 points in the last year or so. Obviously, we continue to look opportunistically at the capital market to see if there is any chance t... | direct | [
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74e48e8917a050e6851b33f337064f20 | Hi, everyone. Thanks for taking my questions.
Marco or Max, I wanted to ask a question on the iGaming business, you know, and where you're seeing your revenue lift. Obviously, you have a lot of content to provide. So I'm curious if you could help us unpack that revenue a little bit. It's mostly your slot content avail... | John, I think I can elaborate on this question. Let me start by saying that over 80% of our iGaming revenues is in North America, where we enjoy a 25% share in the U.S. based on the first quarter and 50% share in Canada. And so our performance is very good.
We expect for the full year to double our GGR as we expect th... | direct | [
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85cf6862df1a555b119a8251b137259e | I guess, maybe the question that's topical, I think, through earnings season here is just component availability and supply chain impacts. And I get it, declining component of your business is coming from hardware these days. But can you maybe talk about what you're seeing on the supply chain impact on revenue, impact ... | Yes. We're obviously seeing the pressures that everyone else is seeing. We're trying, obviously, to accommodate it with longer commitments. And obviously, we're seeing also increased prices. But all in all, at least for the second quarter, we don't see a material impact from that. | intermediate | [
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3d8107a5cc54d2574c4e777c3bbdb325 | Got it. Okay. And then, I guess, I also wanted to ask about capital allocation. You guys are obviously buying back a fair amount of stock here in Q1. And I know there's been some talks stoically about you guys looking at acquiring businesses and businesses that are more developed. But can you talk about where you stand... | Yes. So we continue to be active looking for companies. Obviously, some of the valuation metrics in today's market might be a bit challenging for us. But we constantly look and this continues to be the prime use of cash that we intend to. In the meantime, as we've announced previously, for this year, we have an $80 mil... | direct | [
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ca0f097a24961956d5a8d34f0a3e4864 | Hi. This is Peter Zdebski on for Tavy. Congratulations on the quarter and the solid results. I wanted to dig into the customer verticals a little. The sequential decline in carrier was a little surprising, since we've seen some improving trends in spending in that market, overall. Could you discuss some of the drivers ... | Yes. So at a high level, our business is more focused toward enterprises and the cloud subscription and the product subscription are generally consumed by enterprise customers. So over the long term, we believe, and we've seen it also in previous results that our enterprise business or that portion of the business will... | fully_evasive | [
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29d37cf930d26c3ffec6aa06b48fab2c | Thanks guys. Can you talk a little bit about the competitive intensity and what you're seeing particularly from the cloud service providers or the larger cloud service providers and some of the new CDNs, how do you kind of compare and contrast? And how do you win business versus them? | Yes. So the public cloud providers, a lot of our offerings, they are also targeting companies that are actually putting their infrastructure in the public cloud. So for example, if you look on our cloud-native protector, that's exactly what it does. It protects customers' infrastructure within AWS or Azure cloud, and w... | direct | [
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7692ac2aa44377f713cfbf0bb05444e8 | Hey guys, thanks for taking my question. So obviously, you guys did really well with the OEM, but can you just give us a little bit more color into the checkpoint and Nokia OEM partnerships, specifically, I know they're a little less mature than Cisco, but any color there would be great. | We don't break specific OEMs, but all in all, I think all of them are providing with us wins and so on. In my script, when I gave the examples, those are examples that are spread across all our OEM partners. So all are contributing in different geographies, in different segments. Obviously, Nokia is helping us much mor... | intermediate | [
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08d63afc845a55bc9f5243e22d2cea6f | Thank you. Just wanted to get a couple of details, first, for as question. Can you talk about the tax rate? It was 14.9%, I think you've been guiding to 14.5%. Should we be using 14.9% going forward? And similarly, on the interest line, do you expect it to decline sequentially as the interest rate on cash balances cont... | Yes. So I said, in 2020, the effective tax rate that we take into consideration is approximately 15%, which represent the tax regime that we have. Last year, there was some tax relief in the U.S. that this year is not. So overall, 15% is the ETR that we take for Q2, similar to Q1 and for full 2021. As for the interest,... | direct | [
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699a72c3c62276e345816f6be1287516 | I see. I wanted to ask a question on the operational side. When we look at the results out of that five, the company stated that they were quite surprised at a substantial increase in appliance ADC sale. So which vaulted to meet teen double digits. And they indicated that, that reflected a sort of snapback in demand th... | Yes. We're seeing our customers transiting to the cloud. More and more, and we're seeing the plans on the on-prem, even if certain applications are definitely growing in capacity and usage, the total on-prem capacity is not, at least in our customers, is not seeing a dramatic increase. Furthermore, when I looked on oth... | direct | [
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14344f8fcb292f7f62ad856b09c97085 | That's very helpful. Thanks, Roy. Just if I could, on the cost side of the equation, flat headcount sequentially. The shekel impact increasing. Can you talk a little bit about whether you think your opex will continue to increase over the course of the year, based on the shekel or whether your hiring changes are going ... | Yes. So I would take the financial part and leave Roy to answer some of the strategic recruitment that we plan to do in in the next few quarters. But as for the numbers, so we took into consideration in second quarter, the impact, of course, of the schedule, I mentioned something like $1.3 million versus the 2020 rates... | intermediate | [
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637d8f3510bd96b453a17b40c658f2ac | This is Drew Smith on for Josh. Can you comment on the strength in bookings in Q1? And has there been any meaningful change in the performance of the business going into Q2? And would it be possible to comment just a little bit more on which products are specifically fueling the growth? | Yes. So in general, the growth is led by security, by our security business, and specifically, the cloud and subscription offerings there. I think it's across all our cloud security offerings, almost A to Z. Going into Q2, it's reflected in the guidance. We believe we've provided a strong guidance. We feel good about t... | intermediate | [
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07ffb50a4a54c0247e596eaab0621c4f | I -- I guess first question. You guys did $1 billion in the wind business in 2020 which, you know, extraordinary. You know, a really great year. How do you -- how do you think about that business in 2021, particularly in context of the revenue outlook? | We would expect similar -- similar outcomes in 2021. The -- the industry is expecting a -- a similar buildout, you know, depending on who you listen to. You know, you hear anywhere from 14 to 17 gigawatts for 2021. So, I would -- from the activity that we've seen, we would, you know, our -- our analysis is the market i... | direct | [
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4b6a3cd87cfda3897a2e3fd31798e5ce | OK. And JP, the -- the wind maintenance business. You know, I know it's starting from -- from scratch there. Maybe could you just talk about what you're anticipating from the business in 2021, particularly sort of targets you're hoping the business can get to? | Well, we, you know, we haven't -- we haven't guided to a certain target for that mark -- for that segment of our business, Brent. But what I can tell you is management's extremely happy with how that's getting -- getting out of the ground, so to speak. And very pleased with the management team that we brought together.... | intermediate | [
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c21c746b8569c0b97c9f29b2cc46e7c6 | OK. And -- and the civil side objective is going to come back to that. And what -- what areas you're most optimistic about for growth in 2021? I mean, assuming we get some sort of an infrastructure bill, I -- I can't imagine it's necessarily a benefit this year but certainly end of the out years. But what do -- what do... | In specialty civil, you know, I -- I do think that, you know, as a benefit of the energy transition, you know, our environmental business which is embedded in our especially civil segment is -- is ripe for growth. You know, we -- we believe we're at the kind of the infant stage of that -- of that market as -- as we tal... | direct | [
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edf73ed16729dc4dc3f861a8b415b54c | OK. Last -- last one for me just that, you know, that you talked about it Pete, the -- the cold across the country and all the stuff that's been going on. Any major disruptions to some of your ongoing projects that, you know, seasonally, this is a pretty slow period for you anyway. But anything out of the ordinary we s... | Well, you know, just like probably most -- anybody that's working in Texas, we did see a, you know, slowdown to work during that -- that climactic event that I think everybody is well aware of a few weeks ago. So, certainly, we were short-term impacted by that. But other than that, no. | direct | [
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3962ed45fe0f605a963df434dfdb0def | So, first, I just wanted to ask about, you know, these delayed awards. You know, obviously, a lot of positive things are on the horizon in terms, you know, and I think Biden is looking to do with renewable energy. But, you know, sometimes ahead of, you know, anticipation of stimulus or -- or some sort of -- with the ma... | We -- we think it's almost entirely related to COVID. You know, just -- just everything works a little slower in today's world. You know, it takes a little longer for our clients to get -- get permits upfront. I -- I don't know of a client of ours yet, part -- particularly in the renewable side of our business that's b... | direct | [
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ce1413a2d8f4c5b109596141995f26fb | OK. Great. That's -- that's really helpful, thanks. And then, you know, second, obviously a lot of optimism across the contracting industry as it relates to the solar opportunities. Could you just kind of remind us of, you know, some of the kind of key differentiators you have as it relates to the solar market and, you... | Well, good -- good question. Certainly, that market is -- it -- it lags the -- the wind market as far as maturation. You know, it is reaching kind of the stage now where the wind market reached what I would personally say was a decade ago, where now you'll see the largest developers or builders of -- of solar in the co... | direct | [
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1bfb0f63713751187b0e033d6e74e1c7 | Good morning, Owen and Scotty and Erik. Thank you for the long commentary. I think coming into the year, Scotty, you had mentioned that you were expecting to have, I think, you said 60% of your activity oriented toward intervention, maybe a little bit more than that, I don't know if that's changed much, and I hear you,... | I think that remains to be seen, Ian. Prior to Monday, we were actually getting calls of interest, so if you had asked me on Friday, I would have said it is becoming very interesting, the possibilities there. On Monday, of course, everything blew up and everything went on pause and we're probably in a period right now ... | intermediate | [
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edca3b61487a4664883d133c0b0f6ca8 | Yes, it just strikes me that the opportunity to [Indecipherable] utilization is one of the biggest levers you have right now in terms of preserving and EBITDA floor. And I think my follow-up question would be, maybe you could just update us on what your flexibility on vessel cost is as you have to tap dance between rea... | I'll take that one, Ian. So, currently, our plan is that where we warm stack in the Q7000, lukewarm stacking the Seawell until work comes back, we are in discussions with clients for both of those vessels to have work later in the year. We have to wait and see if that comes together. But the range of stack costs from w... | intermediate | [
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62c122a943548407aba74d06feb5a846 | Understood, thanks. But the three vessels that you're looking at would be the Seawell and the 7,000 and what's the third one? | Possibly the Q4000, but that's very uncertain at this point because the Gulf of Mexico, we sort of see the Gulf of Mexico remaining a little more active.
I'll add to that as well. We are in discussions with clients. The Q4000 has work into August. We're in discussions with four clients to work after that. In the North... | intermediate | [
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89431312ed869cfdbacd24c0465bf3d3 | Hey, good morning everybody. Just kind of hoping we could talk for, you touched a little bit on capital allocation, we can all look out there [Indecipherable] debt today. Could you just walk us through sort of the options you have with respect to maybe thinking about bringing some of that in early? Is there any limitat... | We don't have any limitations under the credit facilities that I am aware of Erik?
And that's from my side.
Well, let me tell just you, our capex for this year, we have lowered from $50 million down to...
$38 million or so.
$38 million. Most of that was already spent in the first quarter because of the high mainten... | direct | [
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a2f9404bd8de483682aa666085ab2d3b | Yes. No worries, I probably asked the question poorly. And then if we just go and start thinking about the Robotics segment, are we positive, confident that we can maintain positive EBITDA in this segment through the cycle? And as we kind of think about fixed costs in this business, how should we be thinking about EBIT... | So, robotics, like we said we're expecting quite a solid year. I think there's a lot of moving parts with the robotic side of the business. But we've expanded our offerings in the renewable side. The trenching season that is pretty good in the North Sea. The GC II is on higher all year in APAC. We've picked up some oth... | intermediate | [
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4566cd9d4e5ff8ae2f2be375ba1b503e | Hello, yes. My question is in regard to gross margin. I know this for Q1, it was at 1.1%, but historically, we have a 14.5% gross margin. I just want to know if you guys could speak to why the margin was reduced so much this first quarter? | Yes, I think if you look at our historical performance, if you go back five years, our gross margin fluctuates by quarter. Usually the first and fourth quarter, which are the quarters that we have challenged utilization, our margins are lower and I think that was the case here in the first quarter. The vessels, the Q40... | direct | [
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c487fabd527a9749cb07c0b319e089bb | Hi, quick question. Can you clarify the $52 million of cash that's in restricted cash and when do those restrictions come off and in what conditions? | So that was restricted cash that we had to put in place for an LC related to our work in West Africa on the Q7000. That work is completed and the vessel has left the region. So, we expect that LC to be released here in the near term. | direct | [
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82d4a57b39e00554d9a76d398f676ad9 | On the ADR front, you noted a lot of on the leisure side of things. How should we expect to play that play out in the rest of the portfolio? Is there still a lot of low rate occupancy that should turn to higher rate business and are you still expecting the internship programs in Silicon Valley this summer? | Let me start by. And then Dennis, you can talk about the interns. Look, the business side of the equation is still, I think, challenged with ADR. We're doing about $15 or even up to $20 better in some cases compared even to the fourth quarter. When you look at the segmentation reports for corporate and business travel.... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
97dec324049127648a76eb80e6c7cd8c | And then just on the labor side, how are you thinking about staffing as occupancy kind of ramp? And where do you think it ends up relative to kind of pre-pandemic levels at your hotels? | Yes. I mean, listen, it's a challenge, as I said in my prepared remarks. I mean we're we're throwing out all kinds of incentives to try and hire or retain talent. Thankfully, one of the -- again, one of the benefits of our portfolio, which is the extended-stay hotels. And as I talked about, our length of stay is still ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3607ee1c5e78baa8e56235c042273287 | I was curious if you could talk a little bit more about the kind of demand you're seeing heading into the summer in Coastal Maine and New Hampshire? And maybe more specifically, the kind of booking momentum you're seeing heading into June? | Yes. I mean, it's very strong in Coastal New Hampshire. We've seen especially, over the last 45 days, a significant uptick in room reservation demand for our Portsmouth and Portland Hotels. I think we're very bullish on what that summer looks like as we talked about really last year, those markets were closed to essent... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
dd3e24c0572b9ca87ee6894ab5fb68bb | Great. And then as far as capital allocation is concerned, I was curious kind of how you're weighing -- looking at acquisitions -- I know you mentioned the pipeline is a little slow right now, but kind of how are you looking at acquisitions versus getting capex to a more normal level as we head through 2021 into 2022? | Well, on the capex side, I think we're conservative there. And in our hotels, because of the money we've spent over the years, are in very, very good shape anyway. So by having even up to 24 months of very little capex going on, we will come out of the pandemic in good shape. We have allocated some money to one or two ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a802b8c51ac057a1b044d3c4667e6c44 | First question for me. I wanted to zero in on the short-term trends and what you're seeing out there. And I appreciate all the color on April and appreciate all the market commentary as well. But it sounds like you expect continued sequential improvement into may broadly for the portfolio. Can you talk a little bit mor... | Well, I mean, certainly -- Tyler, for our portfolio, November to February are always seasonally lower months and slower months. And then you start to come out of it in March and you build really through October, with October being historically one of the strongest months for our portfolio. I think from a May perspectiv... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
996ee27c959def75d32bac0972f6ece2 | Okay. Excellent. And then in terms of your RevPAR index design is really quite impressive and quite good. As we look going forward, do you expect to be able to hold on to that market share? Or perhaps level out as some of the other properties that are out there start to reopen and whatnot? | I mean, listen, I think we're certainly -- and you've seen over the last few quarters, it has started to come back closer to our 2019 RevPAR index of $118. I think we would like to -- we do believe that even over the next several quarters, that our index remains strong because, again, our ability to diversify our custo... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a27af05c648f5e3857811360f334b209 | Okay. Great. And then just one last question for me to put a finer point on this labor discussion, certainly top of mind for a lot of investors out there. Can you quantify or talk more just about the labor needs in an extended stay hotel versus an extended stay versus normal select service versus full service? Just try... | I mean, I think you started -- I think you first start with especially as we sit here today, and I think even for a little bit of the foreseeable future, which is our length of stay, which is longer. So where our length of stay is kind of four to five nights on average in our extended stay hotel, it's most likely half ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
7e81b42b26d4d06ad354016e8a53f9b1 | In some of the markets like Fort Lauderdale and New England, where you expect to maybe get ADR at or above 2019 levels, do you also expect to see GOP or wholesale EBITDA -- EBITDA, I guess, above '19 levels? And how much above, given the cost saving you just talked about? | Yes. I mean, listen, I think, Anthony, we do expect in some of those markets to have ADRs higher than 2019. And with the challenges and with -- I think there's a very efficient operating model at the moment, as evidenced by our flow-through that we've been producing. We do expect, in that case, GOP to be stronger. But ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ac4ea12e63b7c8875f84533bfea59eb0 | Got it. And maybe just a broader -- I mean, I know you like the business. Any changes sort of regional or other other allocation as we look forward to buying hotels in the future, more leisure, more, just any change in your, I guess, your target markets or allocation as you look to the next? | Look, I think we're as favorably inclined as we were pre-pandemic, frankly. We were talking about Sunbelt. That's only come to be more obvious through the pandemic. But I think you have to be careful because there's a lot of money on the sidelines. And the herd mentality is we got to buy leisure. We got to buy drive tw... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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