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telus earnings call 2020

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And as you know, we have a couple of guiding principles in how we think about managing credit. In fact, at this particular point in time based upon what we know, we wouldn't expect any additional reserve build. Payments revenue is likely to continue to be adversely affected on a year-over-year basis due to reduced consumer and business spend activity. So clearly, it's been impacted.

Okay.

So for example, right in our backyard here, LA County is completely different than Orange County. We are encouraged to have seen a recent uptick in business in certain markets we're in, some schools have reopened. So we're as -- we've talked about in the past we try to be very proactive around this in managing our exposures down in a very early fashion. Our expectation, as we think about the fourth quarter, is some of those actions are going to impact the unemployment levels before they start to come back down. I know you talked about negotiating rents with the landlords. That's a driver behind the net charge-off levels.

I would assume that it will be down as well in Q3, but down less than that just given how many store opening days you have this quarter versus last quarter. Our non-interest bearing deposits grew 15%, while time deposits declined 21.7%. Yeah.

But, you know, it really varies significantly not only by state but within the state itself. And I think that's the reason why you saw such a strong kind of recovery from the second quarter. The last time I looked at this a couple of weeks ago, and I think I had counted 75 stores that had a meaningful delay in their back-to-school timing relative to last year. Good morning, Terry. Please proceed with your question.

Just curious if you got -- like can you give us a sense for how you're sort of thinking about market share? Tesla (TSLA) Q3 2020 earnings call with Elon Musk set for October 21 Elon Musk custom Tesla-branded Nike shoes (Credit: DMCustomSneakers via Instagram) By Joey Klender.

Yeah. It began with all 239 of our stores closed for the first two weeks of the quarter. So, maybe just stepping back, our balance sheet is about 50% floating, 50% fixed. And that should help us long term. Average loans declined 2.2% compared with the second quarter. Is there any way you can give August by week? Thanks, Ed.

The economy is showing signs of recovery, but consumer spending remains below pre-COVID levels, the unemployment rate is high by historical standards, and the outlook remains uncertain. “We’re also very excited to announce that we’re going to be building our next Gigafactory in Texas. Got it.

And then just one more thing on that front, are you also -- do you also see opportunities to ratchet up corporate real estate rationalization outside of the branches and could that be incremental savings on top of this? E-commerce net sales represented 38.3% of total net sales for the quarter compared to 14.1% last year. Let's conquer your financial goals together...faster. Okay. We expect to continue to have well more than $100 million of cash and investments on a go-forward basis. Arizona and Nevada have been positive for two to three, four weeks in a row now. Net sales from physical stores were $83.9 million, a decrease of $55.1 million, or 39.6%, compared to $138.9 million last year. [Operator instructions] Please note this conference is being recorded.

Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Andrew Cecere -- President and Chief Executive Officer. Traffic has generally been down everywhere, and I don't think we're alone with that.

Ed Thomas -- President and Chief Executive Officer. It is the best selling EV in the Chinese automotive market.

I know you guys just put out your list of earnings calls dates for 2021, two of them overlap at exactly the same starting time as another major bank. I'm sorry, the second part of your question was? Okay, everyone, thank you for listening to our earnings call and please call the Investor Relations department if you have any follow-up questions. We started the third quarter going up against our two largest sales weeks of last year's third quarter, which got us off to a very tough start in terms of comp sales. We've only had a few markets, Jeff, where that have actually gone back to school. First off, I would just start off by saying our credit quality is performing in line with our expectations at this point.

Thank you for taking my questions. So, that's just a -- yeah. Peter, no, that was something that was -- has been a part of our outlook for when we were looking at the analysis in the second quarter. We feel like the liquidity levels that we -- that we have today are pretty good taking into consideration the incremental $10 billion that will come in, which we'll keep pretty much on the short end. Good morning, guys, thanks for taking the question. There's not been a material difference in performance from off-mall to mall stores. With me today are Andy Cecere, our Chairman, President and CEO and Terry Dolan, our Chief Financial Officer. I don't know if you have any numbers that you could speak to around that in the markets where you guys have stores or even... Off the top of my head, no. Clearly, a strong quarter, I think we continue to get pushback from portfolio managers in terms of owning banks due to the interest rate outlook. So the time and effort that we've put in the last few months dedicated to e-comm and being able to concentrate more on it has shown us how much better it can be.

ET Operator Welcome to the U.S. Bancorp's Third Quarter 2020 Earnings Conference Call… The trend of our comp performance, while still negative, has been improving from week to week with each passing week following the week 1 of August. Companhia Siderúrgica Nacional (NYSE: SID) Q3 2020 Earnings Call Oct 16, 2020, 10:00 a.m. I'll conclude on Slide 17. The conference call will be recorded and available for replay for one week, by 4:00 p.m. Central Time on October 29, 2020.To hear the recording, please call (877) 344-7529 domestically or (412) 317-0088 internationally and enter Participant Elite Entry Number: 10149125. So we shared that just a few minutes ago when Mitch asked about that. Sorry, guys. For the fourth quarter of 2020, we expect fully taxable equivalent net interest income to be flat to down slightly.

Contents: Prepared Remarks; Questions and Answers; Call …

So it's not going to be price-driven.

TSLA will hold its regular Q&A session for the third quarter at 2:30 PM PST (5:30 PM EST).

So I feel as good as I can about our balance sheet in this environment and really not anticipating having any issues. For the remainder of the quarter, 33 of our 98 California stores which are some of our more productive stores were closed.

I will now turn the conference over to Jen Thompson, Director of Investor Relations and Economic Analysis for U.S. Bancorp. However, we thought it was important to share certain facts to help everyone better understand our current environment.

No.

Thanks, Jen. It's kind of in that $150 million range, plus or minus. Operating income was $7.7 million or 5.7% of net sales, compared to $12.1 million or 7.5% of net sales last year.

Mike Henry -- Executive Vice President, Chief Financial Officer, and Investor Relations.

Net sales from stores represented 61.7% of total net sales for the quarter compared to 85.9% of total net sales last year. Net sales from physical stores, including all periods of store closures and net sales from new stores not yet open for a full year, decreased 39.6% compared to last year's second quarter.

Well, hi, Sharon.

In the third quarter, credit and debit card revenue benefited from the processing of state unemployment distribution programs that utilize our prepaid cards. Terry, just sort of a quick question on your thoughts on liquidity deployment.

US Bancorp (NYSE:USB) Q3 2020 Earnings Call Oct 14, 2020, 9:00 a.m. Your next question comes from Vivek Juneja with J.P. Morgan.

When we think about the fourth quarter, I think the increase in sales levels will be more commensurate with what we have seen kind of pre-COVID, just in terms of the -- what I would call the excluding the airline travel and entertainment. Are we heavy in particular areas? I don't think it's anything specific that we're seeing. We've seen enough of a change in our trends to give us a little bit more confidence in how things will proceed going forward. Or is it less than that because California typically goes back to school later? These factors have had a meaningfully negative impact on our comparable net sales results when compared to last year, which included a normal healthy back-to-school season. OK. However, we can't be certain that this near-term uptick will sustain for the remainder of the quarter. Image source: The Motley Fool.

Hi, how are you? We expect cash balances to increase in the fourth quarter, primarily due to the recent acquisition of the deposits from State Farm. See you at the top! Yes. Hey, guys, thanks. The provision amount included $120 million related to the credit card loans acquired from State Farm at the beginning of the quarter.

As Ed noted, our fiscal 2020 second-quarter operating results were significantly impacted by the ongoing COVID-19 pandemic, including various periods of store closures, reduced customer traffic and sales results following the Phase 3 opening of our stores throughout the quarter, and the subsequent reclosure of California indoor malls late in the quarter.

So we don't do a lot of active hedging. And so they're utilizing the debit card because they can more effectively manage their liquidity. Labor Day was almost as early as it could possibly be. Yes. I noticed cash balance still up in the month of August, I guess, with the September ending balance that you have shared. Last year, it was Monday, September 2, which the comparative date was Monday, August 31 this year, we'll have the positive side of that compare this year coming up this Monday, which will be this year's Labor Day, which is as late as it can possibly be this year. So when they have cash balances in their savings account, and as you know, savings levels are fairly high, still on the consumer side, I think they're using their debit card a little bit more than what they have in the past. For the most part, we have had thoughtful engagements from our landlords. Then on July 13, our home state of California ordered the closure of indoor malls. Cumulative Growth of a $10,000 Investment in Stock Advisor, Tilly's (TLYS) Q2 2020 Earnings Call Transcript @themotleyfool #stocks $TLYS, Buy These Cheap Stocks in a Market Sell-Off, This Small-Cap Retailer Has the Money and Flexibility to Ride Out the Pandemic, Despite Disappointing Holiday Sales, This Retailer Is Expanding, 3 Major Reasons Why I’m Bullish on Tilly’s, Copyright, Trademark and Patent Information. Yeah.

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