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a04528a3d118248b630b35493c79a123 | Can you provide some details regarding the go-to-market strategy of the China Type B product with its safe market introduction in the summer of calendar year '22? Are you still on track with that deadline? | Thanks for the question. Yes. We continue to be on track with the market introduction starting in August at the Hospac and going through the fall. While we have seen COVID lockdowns in China, and we continue to do our testing prior to submission for regulatory, we are on track for our introduction to the market.
And w... | direct | [
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9112280321fddf82ea2927e6c97d78ac | And then can you touch upon more with the supply chain, what have you been doing and able to do to resolve it? How long do you think that this issue will persist? And we are also in a tight labor market, are you being impacted in any way with this or the hospitals or outpatient centers being impacted in any way by this... | So I'll take the second part of that question first. Just again, the COVID environment right now continues or remains very site by site or region to region variable in its kind of the current status. I think that the omicron variant has created some labor tightening and labor shortages in hospitals, but we have not see... | direct | [
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] | A |
31953f7279f7b35c5d3c416fcc085a88 | I wanted to ask a follow-up here on the supply chain. The macro has certainly been a concern for a while, as I recall last quarter, it sounded like the team is working very hard, but things have remained on track. Just curious what sort of change in the last couple of months. Do you have anything to do with a record re... | Yes, Marie. So again, to your point, we had a strong quarter from a revenue standpoint. And I'd say shipments, not unlike many capital equipment companies, shipments aren't usually linear throughout the quarter, and we typically see more heavily weighted shipments of product going to revenue toward the latter part of t... | intermediate | [
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7d38bd93302b0e850c2d1a96c0cf9825 | Nice to see it go upwards, but certainly, you beat expectations by great handling, I think, by more than $10 million or so about, $13 million or so versus consensus. It looks like you're ready more than halfway to that revenue for the fiscal year? Curious how you're thinking about cadence and perhaps if it's if there's... | You're right. The demand has been very strong in the first half. It probably was front loaded in terms of the momentum that we are seeing. I think we're being cautious driving through the uncertainty of the supply chain challenges here in the back half of the year.
But I can tell you, demand is very strong, and that h... | direct | [
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] | A |
e92488e12566fdefaefa84855f14f779 | First one is just on the new order growth pace in the first half of fiscal '22. It significantly outpaced the market rate and seemingly gained share. I just wanted to ask about the sustainability of share gain trajectory. And I guess specifically, clearly, the new technology launches like ClearRT and Synchrony and Radi... | There's no question that the new product innovation is driving our win rates and driving our order momentum, and we are also seeing a price lift on those products that include the latest innovations like ClearRT, like Synchrony, like VOLO Ultra. And so we do expect that as we continue to innovate across both platforms,... | intermediate | [
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] | B |
ee44613cbdd6f3b274b12e3400859bbc | So if I look at your EBITDA guidance, it looks like it's -- the reduction is entirely due to the shortages? And I guess if I'm teasing it out, it looks like specifically to service gross margin, not necessarily the product gross margin. Am I thinking about that correctly? | Yes. Yes. It's -- the impacts from a cost input standpoint, Jason, we're very definitely more strongly felt on the service margin side. A combination of inflationary costs related to higher price either prices related to inventory, we're purchasing to support production, early buys, commitments to longer purchase order... | direct | [
"direct",
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3f12e6af370fdc71db33fbacd15946ad | OK. Got it. So I mean with those comments, it sounds like on the product side, at least, the margins have been a little more stable and more closely aligned with historic ranges. Is there a catch-up there? Or is that just logistic -- no, I was going to ask, is that probably going to be sustainable? Or is there a catch-... | I think if you go back to the prepared remarks that Brandy walked through, one of the things that, from an impact standpoint that we're seeing some quarter-to-quarter variability with is the accounting treatment related to the China JV. And we are -- we aren't -- depending on when in the quarter, the devices shipped an... | direct | [
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99e453fbfda5360aebbef180fa1df96a | And then my last question related to all this. In terms of, if I heard correctly, I think you did say that you did raise top line guidance, which is great. I mean, obviously, you had a very strong quarter in the second half doesn't look -- doesn't initially carry the entire upside through, did I hear you correctly when... | No. I mean the supply chain, the supply chain variable here is really the one key element to how high up is going to be, if you want to call it that for us. Again, we -- right now, we believe we've got line of sight from a production capacity standpoint in terms of the game plan to be able to get to our forecasted reve... | direct | [
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1bdd7ebcd069432e795a6a6247d09561 | So a quick one for me. I guess, first, congrats on a really nice quarter. Strong beat on the top line. I'm just sort of wondering, I guess, number one, on the CMS RO bundle, I know it's a little bit early in implementation of that. But I'm wondering what you're seeing at this point are reimbursement sort of in line wit... | Thanks for the question, Frank. Yeah. We were disappointed that it was further delayed in implementation and got wrapped into some infrastructure initiatives that in December. That being said, it probably provided some additional breathing room for providers, a little bit more time to prepare for the changes.
The real... | intermediate | [
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1ff9be2397a7cafd0100677ddd375c05 | Great. And what -- just really quickly, just to follow up to that, I have another one. On ASPs, you sort of expect your competitors to start working down pricing? Or do you expect that to more or less stay the same based on that reimbursement change. | I think it's too early to tell at this time, Frank. We're certainly very sensitive to what competitive move may happen in the marketplace. We are just going to focus on differentiating our technology and the value it brings and price appropriately. | intermediate | [
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] | B |
905c6ce1c815e6bb2814fa5d9842212a | Great. Thank you. And just one last one. On tumor -- on essential tremor and epilepsy, you guys touched on that during analyst day, that's obviously a potentially expensive market. I'm just wondering if you put any bracket around the potential market size, entry, milestones, etc., at this point. | We have not, but we will be introducing -- formally introducing our partnership with Brainlab at the Radio Surgery Society meeting in March, so that will be the first time I think that we come to market together in that partnership. And again, that provides treatment planning that is more familiar to the neurosurgeon. ... | fully_evasive | [
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4ac15d22572bc30492ab9d4d9f32ac83 | So one competitor has presented some early data at ASCO on its MDM2 inhibitor in LPS. So what do you think of the potential read-through from the presented data to milademetan's competitive positioning into the ongoing MANTRA study? | Of course, we're not going to comment on [inaudible]. However, we're aware that BI's entry into the MDM2 space validates our approach at Rain using MDM2 as a validated cancer target in select patient populations. | fully_evasive | [
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650aada097edf79a4156a3b447270a67 | Can you elaborate your current thinking and consideration around the first-line strategy in LPS, either with mila monotherapy or maybe perhaps even in combination with other agents? | Yeah, I'm happy to take that one, Yige. So obviously, we want to wait on MANTRA results before starting to articulate subsequent plans. So I think that's first and foremost. But I think we will comment that, if successful -- if MANTRA does have a successful outcome, our expectation would be to expand the opportunity ac... | intermediate | [
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869753cecdd5579b4787fa35907ad0c7 | Could you just provide a little more detail on what you think drove this acceleration in enrollment? And then now with the rapid acceleration, do you think that the top-line data can now come maybe in the early part of first-half '23? | Sure. Happy to answer that. So I think this speaks to two things. First of all, I do want to take this opportunity to call out the excellence of our clinical team and our collaborative partners to -- with this achievement, this incredible enrollment into the study in the last six months. And I think that surpassed expe... | intermediate | [
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e73556d838ca87e9c20f608e4ffd366d | On the MANTRA-2 basket trial, any idea what kind of duration of response data you'll have in hand when that reads out top line end of the year? And then the second question, any updates on the RAD52 program. | Yeah. So to answer the first part of the question regarding MANTRA-2, we've messaged in the past that we expect to have 10 patients with a meaningful operational follow-up. This would be at least months or approximately two scans for those patients, as well as the mean duration, and that expectation has not changed. Re... | intermediate | [
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8de8115626a56bdf7907aab9987a6eb9 | I was wondering, as we are saying in multiple Phase 3 trials, the standard of care or the control arm is outperforming the historical data anything that possibly due to better tumor monitoring or better supportive care. So curious to get your thoughts on if you think the control arm could outperform the seven-year or e... | Yeah. No, I think this is -- we're looking at data, obviously, from the registrational trial of trabectedin, which is the control arm in our trial. That is a modern clinical trial with robot subset analysis, and we see no indication to expect that the trabectedin will outperform in the MANTRA study compared to its regi... | direct | [
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e017471adf956b9fc682991efec09485 | Are you allowing crossover from a control arm in the trial -- MANTRA trial? | No, we're not. There's no crossover in MANTRA. | direct | [
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ea8566789e51d57d621190458205b963 | I just wanted to ask about MANTRA-4 since it's one of the things we haven't discussed this evening in detail given the population size and the opportunity for the compound in that CDKN2A population. And as you're looking forward to that trial, I would think that the number of sites that could or would like to participa... | Yeah. Thanks for the question. Obviously, the MANTRA-4 study is very similar to the MANTRA-2 study, which is ongoing in the fact that this is a basket design, all certain solid tumors, genetically selected patients. So we hope to take the learnings from the MANTRA-2 trial into the MANTRA-4. You could expect probably so... | intermediate | [
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00421c3fa32ae68923e092284231241a | Hey, guys, thanks for taking my questions, and congrats on early impressive results. I want to start with the outlook, which was also really strong. Obviously, expecting some nice growth here in Q3 and Q4. Does this assume any meaningful pickup in the national carrier business? Or is this largely just continued momentu... | It's absolutely based upon community broadband and the strength that we've seen to date within community broadband and the MSO world. The Tier 1 markets, I would say, we've yet to establish true momentum in that area, so that is not part of the growth initiative we go with outlook. | direct | [
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66325516b0350c812b42c104a8283f1b | OK. And then just looking at fiscal '21, some really nice growth expected. I mean when you sit here today, are you at all concerned that there has been some pull forward in demand? | Jaeson, I would say there might be a little bit of a pull forward, maybe a little bit of what I'd call panic buying to get them -- get people in place for their orders because there certainly have been supply chain initiatives and just general availability concerns. But in general, I wouldn't say this is -- I have no c... | direct | [
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2b59b06a5cc71fe4ebb212221d278788 | OK. That's helpful. And then just the last one for me, and I'll jump back in the queue. Just want to clarify sort of your comments on the supply chain. Were you at all impacted by constraints in the quarter? | Not at this point. Our group, our procurement group has been doing an amazing job. I would call it spinning plates as we kind of walk through issues between bringing in product. I mean I think it's just to me think about the standpoint that we've got, new products coming in on boats, products coming in on air, then you... | direct | [
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6db0427b11fe13b64cfb29c1044918b7 | Hi, good afternoon, and my congratulations as well on the results. And I wanted to focus on your commentary about at least the beginnings of some visibility extending beyond what's normally a pretty short-cycle business for you guys and some orders scheduled farther out into the future. I wonder if you could give us a ... | Tim, what we see happening in this space is people from a legacy standpoint over the course of, I'd say, the last five years, many of our customers would look at their business and would identify for us, this is what we're anticipating this year. What we're seeing now is a commitment to build out their entire networks ... | intermediate | [
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bb6aaa23d64649aa090baa230a24c6bb | OK, thanks. And you mentioned kind of RDOF being in the planning stages. Obviously, awards have been made. From your perspective, is there any dynamic or potential dynamic around kind of spending or planning occurring now kind of in -- perhaps in advance of actual receipt of funds? Or are a lot of these projects separa... | Yeah. I mean revenue to date has -- is very isolated. There's some pockets of RDOF-related business. But principally, this is -- you do not see RDOF funds in our current revenues or in our backlog. And what we see on the RDOF world is people now getting their plans together, putting out their engineering drawings, real... | direct | [
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3f598c544dc2732d398e1ab26b9bb4e7 | Great. Thanks for that. And over on the -- over on the Tier 1 side of the business, we have seen some dynamics with various of the Tier 1 carriers getting a pretty early and fast start to the year. Now I'm understanding that you're Tier 1 customer base doesn't always match up with some of the kind of near-term strength... | Yeah. There's a lot of money being spent by the wireless carriers, especially as it relates to C-band, the C-band work. I mean, they spend a fortune on Spectrum, and that C-band work for deployment is principally going to be based at the tower. It's not going to be based at the small cell. So that's good for the incumb... | direct | [
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] | A |
08630a5a2427b884bde5fb8c5d189581 | Just on the quarter, if you could give us an update on gross margin. Was China accretive to gross margin in the second quarter? And give us an idea of how far Model Y gross margin was versus Fremont Model 3? And then just more broadly on strategy, it seems like your approach to insourcing is varying by region. You're i... | Yes. Just to start with the gross margin questions. We did see progress on gross margins in China, and that was despite pricing action that was taken. The factory is still not running at full capacity yet as it continues to ramp.
So we think there's a continued opportunity to optimize the cost structure there.Model Y,... | intermediate | [
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bf4fb3b76c13f7d29b035ff374a520d8 | You mentioned in the slide deck a couple of times that you were pleased with gross margin with PTI margin progress, and you expect it to achieve industry-leading operating margins over time. Maybe you could shed a little light on that? Industry-leading for luxury vendors is 8% to 10% PTI.
For Porsche, it's smaller, at ... | Sure. I've mentioned this before in terms of regulatory credit. We manage the business -- said differently, we don't manage the business with the assumption that regulatory credits will contribute in a significant way to the future. I do expect regulatory credit revenue to double in 2020 relative to 2019, and it will c... | intermediate | [
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] | B |
de0acd554e035a3ba84bb07306626e66 | Elon, you've talked a lot about the mission of the company and really trying to drive EV adoption globally. So how do you think about that trade-off between driving toward industry-leading profitability yet trying to make your cars more affordable and broader? It feels like, historically, you've always picked the path ... | Well, I think we actually achieved both when you factor in autonomy. I think we can go way beyond industry margins and have the car be affordable to more and more people and potentially almost everyone when you're factoring in autonomy, but that was really a mega game changer, giga game changer, yes. But I mean, it is ... | direct | [
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add62e0c427d9711c3f56e6200fa142f | Could you please characterize the current near-term demand environment for your vehicles? These are obviously unusual times. I think back in Q1, you had indicated record backlog, I guess, at the beginning of this past quarter.
I haven't seen any specific comments about new orders or backlog in the release today. So can... | Demand is not a problem, definitely not. We do have some production supply chain challenges we're trying to slow right now. For example, the Model Y, we're body casting, obviously, because it's new technology. It's been tricky to maintain rates and keep growing the rate for Model Y casting, which is -- it's a two-piece... | direct | [
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4ab46652be9f7771a17095ad1bafc3e0 | So when you're saying achieving 500,000 deliveries has become more difficult, was it really just a function of the recent shutdowns and some of these supply dynamics? | Yes. It's not true at demand. It's really just a production issue. It's been pretty hard when you've got like a global supply chain, and it's kind of whatever the most effective part of supply chain is that sets your rate.
I mean, the number of rabbits do know how to pull out of a hat for supply chain is insane. Team h... | direct | [
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6e608cfc8dee4789b3d16faafcb63f09 | You mentioned a few times the constraint to growth is battery capacity still, and I was hoping you could clarify the scope of the Berlin plans for building right now.
Will there be the battery capacity consistence with the amount of assembly volume you expect to come out of the -- And if not, would you be able to sourc... | OK. We can't say too much about this, except that where there will be local cell production and -- that will serve the needs of the Berlin factory. Drew, is there anything -- Berlin factory. Drew, is there anything -- yes?
I mean, no. That's straightforward enough. I think just adding to what you said earlier about ta... | fully_evasive | [
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2bc82b53e3882113b5225770356a4a99 | Shankar, you mentioned some delays due to the activity that's happening in India. Do you have a sense of when you might be able to complete the EUA filing -- application? | Keay, as I stated, we're working very hard with our partners at Bharat Biotech, and they it's taking longer than anticipated. We are planning to still complete the EUA application in the coming weeks. | intermediate | [
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1639f40fb5ba7d297ac7a31edcd14dff | I think the first one is just additional info on what's really needed from the folks in India to kind of finalize the EUA application, like what data sets are you missing or what information are you missing and you're waiting for? | Zegbeh, as you know, this is a very large clinical trial. And at the conclusion of the interim Phase II -- I mean the second interim results from the Phase II clinical trial, we had to put all the data together. It's an enormous amount of effort. And in the middle of the pandemic, obviously, this crisis in India has ca... | intermediate | [
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28a855bc6743eaafe44cec9fd6953b97 | OK. So you do need some some safety and then some efficacy data that you're waiting on. And then the follow up question is regarding the master file. I know submitted it but I was just wondering when you anticipate getting some feedback from the FDA. And when you do get that feedback, are you going to communicate it pu... | Again, it's the normal course of business and FDA communications depending on if it's a feedback concerning, there are some anticipatory questions or clarifications needed, that's the reason we're collaboratively working with the FDA so we can incorporate anything else, any information -- additional information in the ... | intermediate | [
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85c6313f6964b979ee387b67e4b5408d | Understood. And then just the last one, really impressed with the continued execution on the ophthalmology pipeline. And today I was just wondering if you can provide just a little bit more granularity as to what needs to be completed because it's nice that you do have capital to kind of support some of those efforts b... | Yes, so OCU400, as I stated, we have successfully completed manufacturing up to 200 liter scale, potentially commercial scale, and so the next step is for the preclinical toxicology studies are in progress. As soon as we complete those studies, we get the reports. We'll be ready to file the NDA, which is -- we are anti... | intermediate | [
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9047e3622dae975643161601705c5773 | My question has to do with the emergency use application and when you expect to hear an answer back from the FDA. If positive, what would that mean in terms of rollout and how would it fit with the current vaccination programs? | Yes. Again, it will be -- we're anticipating it's going to be a similar process to other companies. After we file the emergency use authorization application, typically the agency takes three to four weeks to make a decision and have a meeting with ACIP. And after that, we will be ready to roll out the vaccine just as ... | direct | [
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d7b2092a04f0277c940a2839bb5b0320 | Just for my edification, if you could, please help us try to distinguish between the filing of the master file and what you'll need to do in terms of the emergency use application. What are the differences there in terms of, like, data, in terms of what else you need to be providing? | Yes, so we are following FDA guidance on EUA for COVID vaccines. So based on the guidance, master file is the step in to include all preclinical manufacturing and any other data prior to Phase III. So that gives an opportunity for FDA to review and provide additional comments prior to filing a EUA. And so that's the pr... | direct | [
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9de6cc2a4c09dbe965075165752188f7 | Very good. So obviously, going into this, you -- FDA has already reviewed quite a bit of your data so do you still have a sit down with the FDA for a pre EUA discussion? And is that -- and that discussion will happen before you also have another discussion with the BARDA? Are these two separate discussions? And how sho... | Yeah, the FDA process, it's a similar process to other companies. we are in -- collaboratively working with them. We're continuously communicating with them. And so obviously, we will be notifying them in communications when we are failing the EUA. And that that conversation, that communication, those are different fro... | intermediate | [
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23f56edf4813e6628369a8424e47fb1e | OK. Last question for me. With all the energies that are being spent on COVAXIN and trying to get COVAXIN across the finish line, how are you on your resources to not only get COVAXIN through but also to get for Phase I/IIs clinical trials get started on OCU400 early next year? | So we are -- actually, we also announced we are also increasing our internal resources. We got also good-sized excellent team of -- team of solid experts supporting COVAXIN development, including in our future clinical trial plans and everything else. In addition to that, internally we're beefing up the team. We recent... | direct | [
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a63f724bdb7b4dfd7ee1b76a98a5ee64 | The first one I have is in regards to the potential usage of COVAXIN as a booster. Have you considered what work or understanding we need to go into this to determine when somebody should receive this and the number of doses? And then how are you and your partners thinking about tracking the long term durability of COV... | OK. So I'll separate the two questions. The booster studies again, we are still preparing the protocols. Typically you have to wait for any boosters for the required. In the COVAXIN case, we're doing the booster after 28 days after the first dose. Similarly, if -- you want to space them out. For other vaccinees, at lea... | direct | [
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dd2bf1eff17c2cff09a32a5c83939a5c | And then just to go off of RK's question, how should we be thinking about the near-term spending projections, including your comments about expanding the headcount as well as planning a pediatric study, and evaluating some of these booster dose studies? | Yes. Thank you, Shankar. So, Kristen, good question. So we obviously raised some capital very recently both in the quarter as well as the end of last month with the $100 million RDO. So with that, we have a very strong balance sheet. We have been hiring many people over the last few months and we have bolstered our tea... | direct | [
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94e14aae7d5ecd203efd40676f6148d4 | Thank you so much. And then my last question is whether you anticipate any issues related to the current travel ban to India as it relates to manufacturing and inspection or anything else regarding that partnership. | Yes, the travel ban again, Kristen, very closely monitoring. Just as any other country, these breakouts are going to come up across the globe and again we cannot anticipate how long it's going to last. And as far as any potential inspections and all, agencies are conducting these days it is still inspections. So they h... | intermediate | [
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48896966dd455a4835556e03f5a1c3c8 | Hey, guys. I just wanted to do a quick follow up on something that was triggered by Kristen's question. I was just wondering for the doses that are going to be coming over the initial doses, particularly from Bharat, is that still the plan or you now considering having the initial doses come from the U.S. manufacture? | That is still the plan, Zegbeh, while we are in parallel working that the U.S. contract manufacturer. | direct | [
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879fb60d5396c655abce7bf8f6fc7585 | Good morning, all, and nice quarter against the pretty challenging backdrop on the macro front. Maybe if we could just start on the carbon capture side, you kind of -- you guys provided an update on the Illinois program. Maybe could you just talk to the potential you see, we've seen some private companies and whatnot a... | Yeah. I think, as you know, that there is some going something also is happening in North Dakota, Wyoming and some other area, but we are working with the university almost over a year. And we have the land and we know exactly where we will be drilling, and we are evaluating all those things. So we seems to be ahead of... | direct | [
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d6d68d5dfa0322286e9a2d049a0f0cb7 | No, I think that makes a lot of sense. Stuart, maybe a question for you and Zafar as well. I talked about -- as you know, as is natural, you guys are always kind of looking at the potential ethanol plants that you could expand to and depending on the quality of the plant and that sort of thing. Could you just discuss h... | There are plants for sale right now. A lot of our competitors seem to be emphasizing other products. So there are definitely plants for sale. For us to buy one, we'd have to find something that fits our mode of operation, which is they have the best plants, good locations, good corn supply. I mean, those are fewer to f... | intermediate | [
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26e7707a951a172c203597e93117fd38 | And maybe just one more, Zafar, maybe for you. You talked about the crop yields and how they're shaping up this year now that lot more corn planted this year than last year with the increase in demand. Can you just talk to the specific regions you all supply from and how you're seeing that shape out? I know it's early ... | Yeah. I think, as you know, the plant is the -- the corn last year was planted about 90 million acres, I think they are -- I just saw the report actually from future average that were sold that it's going to be -- probably going to be flat, close to 93.6 million corn acres will be planted, that's about 3.1% more than l... | intermediate | [
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7bcba58ff8e907d1b9342f60638735ea | Hi, everyone. Good morning. Just I had a question on any -- if you guys had any sort of weather-related production delays this last quarter? And if so, for how long? | There were some delays in area, I think it was slow down as some of those plants are all around actually in South Dakota, North Dakota and somewhere in Iowa also, but that was for about maybe three to four days were slowdown. But it was not more than -- because that was the supply -- due to the supply of natural gas. B... | direct | [
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c6ee526f5d678baf65ac8cba05aa46c6 | Okay, great. And as the economies reopen globally, where do you see the -- I guess, the biggest country? | I think as you can see recently, as I mentioned in prepared remarks, India will suddenly almost in January is 53.2 million gallon India jumped in. And we see always before Brazil and Canada, India was even last year in January was only 13.3 million gallons. So you can see from 33 million to 53 million. I think we see a... | intermediate | [
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555c32ccce6854cd942ccdded62826fe | Just -- Congrats again on another double-digit adjusted EBITDA margin to end the year. Chris, just on the solid backlog entering 2021, can you discuss areas of strength and any update on some of those large opportunities you were chasing? And maybe how you see the business improving throughout 2021 if economies continu... | Yes. Thanks, Mike. We're actually seeing -- you've seen the traction with new sales, but even coming into 2021, I -- previously we announced the Ryder logistics win. I think it was like June of last year. We only installed six locations at Ryder in 2020, and there's 24 to go. So just on a scale, you can see it's almost... | direct | [
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7c6b9ce4a8d6537a89b63eff4249020b | Great. That's helpful. And then just on the quarter, another strong net add of 20,000 to get to 590,000. Maybe you can just talk about where you're seeing some strength? And are you still having any customers turning things off just due to impacted industries or is that behind you now and you should see steady growth b... | Yes, barring any virus getting worse, we are seeing -- it stabilized really in Q3, thank goodness, and then we're just seeing that stabilization. We're not seeing any major customer issues at this time as far as people in that kind of financial straits that they need to turn off units in mass. And by the way, we're act... | direct | [
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dd8149ecfffc94476841cdff58396f24 | Great. Last question for me, and I'll pass it on. Ned, product sales were a bit higher than expected. Most of those that had been turned on or converted to subs or that give you some visibility into sub growth already into the March quarter. And then at 35% gross margin, I know mix can fluctuate quarter to quarter base... | Sure, Mike. Yes. The first part of your question is absolutely. Every piece of hardware that we sell comes with the long-term service contracts. So it's the high product revenue today gives us more visibility into growing service revenue. On the product margins, it's primarily mix. We have products that generate 20% gr... | direct | [
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3fd913bebd22740ab031f79f63ac5504 | Just curious if you could comment on what you've seen from an order pattern standpoint here in January and February, if some of the momentum you saw late last year has continued here in the first two months of the quarter. | Yes. I mean, again, we're not done and typically, a lot of our sales, like a lot of companies, they come in at the last month of the quarter. But again, we haven't seen it slow down. A matter of fact, if anything, we've seen business activity picking up and -- which is good, especially in our indirect channels because ... | direct | [
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ac79a90409f14214d08bd0a70f84d764 | OK. That's helpful. And then could you just give us an update on where you're at with the other rental car company? | Conversations continue. And matter of fact, there is a third-party that's just recently started an RFP in that area. So another rental car company that's also major. So again, we're participating in that RFP as well. So conversations continue there. Again, I think it's going to be slow going with that major rental car ... | direct | [
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8095632c13ed81b12ec15eaa974d888f | OK. And the last one for me, and I'll jump back into queue. Ned, how should we think about opex ramping here in 2021? | We are going to slightly start investing a little bit more in sales and marketing. As Chris mentioned, we're beginning to see a significant increase in the activity and people doing business. So we are going to start investing a bit but again, very conscious. Our goal is to have profitable growth. | intermediate | [
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13dfd85905ab24a25f69b6287182dc80 | Hey. Good morning. Thanks for taking my questions. Hey, just to follow up on the gross margin front, Ned, I know that there is volatility quarter-to-quarter depending on mix but we've seen a lot of component issues throughout the industry and the supply chains with other vendors. Are you seeing any issues on that front... | I'll just talk a little bit about the gross margin, and then Chris can talk a little about the supply chain. When you look at our service gross margins, they're very consistent at 65% and growing. In Q4, the product gross margins were not impacted at all by the supply chain issues. It was just primarily mix. And as I m... | direct | [
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8695d8eff8bf9c599aeb3aaae7ac66f3 | Gotcha. And just to follow up on some earlier comments for clarification with the United States Postal Service. It sounds like now that is moving ahead. It's just a timing issue. And to follow up on your comment on Budget. Is Budget now just specifically through Pointer in Israel or is that expanding out to Budget glob... | Yes, Avis Budget Group -- I mean, by the way, Budget is part of Avis. So in the U.S., some of the 120,000 units they took or could be in the Budget portfolio. This is a licensee of Avis Budget Group. So again, every -- our contract with Avis actually allows us to sell to the licensees, which there's quite a few, like i... | direct | [
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7062952bcb28df88c624b4df7fcf7567 | Great. And lastly, if I could, just given the mix of business and where you're shifting, you're moving to more value, I'm kind of wondering how you're thinking about recurring revenue from an ARPU standpoint as you start to win some of these higher-value opportunities, including weight on axle and other weight sensor-d... | OK. So when it gets back to like weight on axle and somewhat like -- again, I mentioned our freight camera as well. Those are very high-value type of products that we offer, our freight camera. People don't know we actually do machine learning on imaging. We can tell how trailers are loaded, if there's been a shift in ... | direct | [
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f0c8e08a0612645840510f4bf4448ddb | OK. And then, Chris, what -- could you maybe give us an idea directionally? I mean relative to the end of last year, what has been the growth in your backlog overall? | I mentioned earlier, I think it's been more broader across the board. Like in Israel with our -- right now, I mean two years ago, there was not any IoT programs going on in Israel -- in our Israel operation. It was all vehicle sales through OEMs and doing SVR. Now 10% of the revenue out of Israel is just all IoT projec... | intermediate | [
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94f8c06dfbe6e801575b282e2d929310 | OK. Great. And then lastly, Ned, can you provide us with the components of non-GAAP net income for all of the quarters for 2019 and 2020 for modeling purposes? | Sure, I can. Obviously, it's in the press release, there's a table, Gary, that has the GAAP to non GAAP. So I don't want to read it over the conference. | fully_evasive | [
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2649374d4c6330288876e1336c9a2746 | Hi. Thanks very much for your time and sharing. It's very clear. So we've got two questions. First is on the plans and priorities in the next 12 months. For example, on professional and STEAM. And more details on how the company has reorganized so far accordingly, for example, how many percentage of the organization ca... | So we believe under the current policy guidelines, we are the first online education company to formally adopt the online teaching services for three- to six-year-old children. And we are the first education company to fully stop all the traffic acquisition spending on the free channels. And I believe we might also be ... | intermediate | [
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dd1f491a2e45c60af8cce9783951367c | Thank you. Got it. The second question is regarding not-for-profit organization. So the MOE has published a document specifying the measures of online education reregistration. So would you mind sharing the company's registration progress so far? And if registered as not-for-profit organization, how will that impact sh... | Thanks, Stephen. On September 16, the MOE and other six government ministries jointly announced a guidance stating the online education institutions needs to change from the registration-based regime to an approval-based regime. And for compulsory education service provider, like all the service providers need to be ap... | intermediate | [
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fc20b91a363000915bd129a73d65ee95 | Hey. Hi, management. May I ask a question on the staff optimization, given the big change of our focus from the subject-based tutoring to the other area? How big would the staff optimization? And when would you think it would last? And what would be the cash impact to the -- over RMB 5.5 billion of cash we have on hand... | Thanks, Mark. So we reacted in the shortest time right after the double reduction policy was released. So the restructuring was already done back in July and August. We closed certain operating centers outside of Beijing, and we also paid for the severance costs for some of the employee layoffs.
So it's a tough decisi... | intermediate | [
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7fb4cd9d2c6cc01e86449e20a56834e2 | Thanks. May I know what's the number of TA we have at this moment? | After all the restructuring for our employees, we still maintain sufficient tutors to support the learning service for our first semester students. So the number fits of our current company size. And we will adjust the employee scale and led the skill to fit the future development of our company. | intermediate | [
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ea342629c58ef52c4e786639c76a1f4b | So, we've been seen some headlines around a little bit slowing growth in the Indian economy. I know the government just passed a major stimulus package. So, I just wanted to get your view on your business. Are you seeing any impact from the slowdown on a macro level in India? How is the demand picture looks like for Si... | Yes. So, Greg, this is a very interesting question. In fact, yes, there is a general feeling of a slowdown in the market. However, enterprises -- and that's what I mentioned in my statement previously -- that enterprises are looking for cloud-based models, which are -- and people like module[Phonetic]. And with our con... | direct | [
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13121e4ec2ce8d66aeb868a1ae0e8b43 | I know you've talked in the past about having a vertical focus and maybe you've been experimenting with some new billing models, when you pay go kind of[Phonetic] -- IT service billing models. Can you just talk about those initiatives, how maybe that differentiate you in the market? And are you seeing that focus drive ... | Yes. So, in fact, there are some engagements -- very active engagements, which are going on in the market in that particular model. And we are seeing very, very interesting trends like, for example in India, we have seen adoption of Cloud and Cloud-flavored models in the insurance segment. But the banking segment has b... | direct | [
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b159df7ce01c12ffbabd7abdc368df9f | Now looking at the -- your data center business, can you just give us an update on the number of data centers, you currently operate? What the plans are in terms of bringing on additional capacity this year? And how much of that capacity is already sold? | We have about 10 facilities across the country, predominantly in Mumbai, most of it is in Mumbai. With the overall IT power capacity of 60 megawatt, which is substantially sold, we have limited inventory in couple of facilities. We are continuing to expand on our data center footprint, which is happening presently in t... | intermediate | [
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009bef9cb4280baa9065f43c23892e3d | When you say commence, like break ground on building them or they're already built and going live -- breaking ground? | You're right. | fully_evasive | [
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f8bc0e3d5095ccad3e8c0e54f0fd9c54 | So, when we look at the second half, are you bringing on new -- or do you have already built DCs that are coming online in the second half, I just wanted to kind of understand it, if we're adding capacity here in the second half? | With again, an element of caution, regarding sounding forward-looking, in respect of two of our existing data center, we are creating additional capacity, which is additional modules in the existing facilities. And in one of the town, one of the cities, a data center build, which is in progress will go live in this qua... | direct | [
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5eafba0558228a7beb93a994f8abede8 | And how much of the capacity in that new data center that's going to go live is already sold? | Okay. The new IT power capacity, which will get added over the next six months, should be about five meg. And in terms of customer occupancy, it will happen in phases. They would [Indecipherable]. | intermediate | [
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1c4a01d4db124b10e572db73ed939a61 | And with the investments you're making on your data centers and your network, what do you expect capex to be for the full-year? | The capex for the full year based on our current plans should be close to about INR350 crores, INR3,500 million[Phonetic], which works to close to about INR50 million to INR60 million[Phonetic] at the commit. | direct | [
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6f1121e02ebad3570d8d79d8f7178c98 | Now looking at the -- your Application Integration Services and your Technology Integration Services, those have been pretty volatile. I know you lost a large government customer in the application business, but how should we think about those two businesses in terms of growth? Are those still growth drivers, are they ... | So, Greg, -- so let me first cover the Technology Integration Services business. As you know, this is more of a project-based business. So, I mean -- so there would be revenue reflection either on the upward trend or downward trend or maybe neutral also, based on the number of projects which are getting implemented dur... | direct | [
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26477a35bf87b7654e361d7669e8206d | Has there been any movement on the data privacy bill, in India, any progress there? | So, the data privacy is on. In fact, if you recollect some of my earlier statements during this conversation, almost all the cloud providers, global cloud providers are setting up their infrastructure in India right from Amazon, Microsoft, and the latest one being Oracle and Google. So, on one hand, the government has ... | direct | [
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ea9ee4299b88516cfff75a226ade0cc4 | And when you talk about all the large global cloud players setting up their infrastructure in India, should we view that not as them coming in and competing with you, but then coming in and utilizing your services more partnering with you? | Yes. In fact, they are more of our partners than competition. In fact, we have data centers, which are at a very low latency with those customers, with those hyperscale providers who are setting up their infrastructure in India. So, it helps us to service our clients in terms of their hybridcloud or multi-cloud adoptio... | direct | [
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2d85d9bc86e8cd6698c8174a91bba195 | And then lastly, what was the total debt at the end of the quarter? | Total-term debt. Total-term debt was about $100 million, approximate. | direct | [
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bf3da374109030f6fa077b12c85efd45 | And the tax rate going forward, what's a good tax rate to model the business at? | So, the new tax rates, which the government has announced, comes with a few riders in terms of availing some of the past equivalent of AMT, which we have in US. We have in India, what is called the minimum alternate tax credits, which we are having. So, we are evaluating as to the timing of when we should start using t... | intermediate | [
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5966db297280ef2a060a1f0f095b884c | So, I'm sorry, I have missed it. But what like -- what is your -- the effective tax rate now and maybe I guess what could it go to, once the new tax rates are implemented? | Effective tax rate now is about 32% to 33%. And once the new tax credit gets adopted, which probably could be next year or the following year, it depends on how the MAT credits get avid. At that time, the rates would be 25%. | direct | [
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6dab6fa9fbf21a4a7a1ec8a17d7844b6 | If I look at your SG&A and what is the rate that it's been running at so far this fiscal year, it's at a lower rate than last year. Can you explain what's going on there and what you think[Phonetic] that's kind of the new run rate? | Yes. The SG&A we had some one-time expenses in the previous period. What you see in the current fiscal and you can compare it with what's happened in the previous quarter as well, represents the run rate at the moment. | intermediate | [
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c03184548538ecbaca4872bc368037c3 | And then, as you were talking about Tech Integration and App Integration segments, I wasn't sure that I understood the bottom line on the Tech Integration, where you mentioned it's project-based and that there is some opportunities to grow. But what is the conclusion there? Do we think that this is a segment that overa... | Yes. Overall, you can't expect because we are -- in fact we have won some of very large deals as we speak. So, those projects are expected to be kind of executed and revenue realization happening over the next six months. | direct | [
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3f0718516c4ce5e4dfe0f120805fa99a | Basically on your telecom-centric segment, I just wanted to, what would you point to to be kind of the growth drivers there that we should be thinking about? | Fine. So, let me respond to this. Telecom services, if I break the portfolio of our overall telecom services, we have our traditional MPLS and Internet Services, and then we have the new services like the Network Managed Services, the Network Transformation Services, the hyperconnect, telecom services connecting variou... | direct | [
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b7749e6cc992635dd708e75473286b69 | And then my last question -- just what I have understood what I think I heard you say on the Data Center business that you had a combined 60 megawatts today. You're going to be adding five megawatts in your fiscal second half on top of that. Is that the way to think of it? | You're right, Allen. | direct | [
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5d92d9b3babdab06311ed1bb9e4aa72f | Let's start if we could with OBX and your comments infer that you're starting to see some green shoots once again in that segment. So the question is, when do you expect the OBX rentals to return to the prior peak quarterly run rate levels? | That's a very good question, Bill and thanks for calling in. I don't know that we could actually go so far as to say they'll reach prior levels that they were. I mean that remains to be seen. I certainly think the opportunity is there for that to occur. But as far as the green shoots, we are already seeing that. We hav... | intermediate | [
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0d3fd370e6c6dcd2fac1e50ad5768b89 | Is it your sense that from this point forward that at least for the foreseeable future you will have sequential increases in revenue from the OBX rentals? | I think that we believe the demand is going to increase so to what extent that would lead to in your mind sequential increases in revenue, then there is certainly likelihood, that's the way it will manifest. | intermediate | [
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e7d8bc8cb1c30acff39ebec42ae47595 | So relative to the -- I'm going to call it a no-bid tender, the tender that was out that you chose not to bid on. Would you please give us an update on that? And is it still the PRM system that is number one, I guess in the lead in terms of potential opportunities? | Discussions with that company are ongoing and continuing. There are other oil companies that we are also talking to. So which one would manifest first, I really couldn't say because this interest is pervasive. And I think oil companies are realizing that to maximize these resources, which they've already learned to do ... | intermediate | [
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9d6f0f42270761d4947741b42bb19a05 | Let me take this a step further. Your comments just in answering the question seem more favorable than maybe what we've heard in the past and certainly more favorable that if someone were new to the company and heard that you hadn't sold a system since 2012, it sounds like something different is unfolding. Would you ma... | No, I think things are unfolding differently and it's certainly with more interest that's being expressed. If you think about it, the oil companies -- their reactions have had to deal with a destruction of demand in the last year. So the focus on oil companies has been how to navigate that particular circumstance and w... | direct | [
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59498f373e7833d2e8dff067dd0f9c72 | Rick, I'm going to -- one more question, please. And this is from a point of | No, I think your original perspective is actually the more correct one. The PRM systems generally speaking are located above a reservoir. They can be quite large as you well imagine. But the OBX, it's more utilized in examining nearby potential resources, so where there is a reservoir oftentimes, there are other reserv... | direct | [
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5e1d4e96d23881e325bd32daef56241e | Let's switch to Quantum and Border Security please. Mark, I have a few questions. But how about if we just start with having you give us an update in terms of what you are seeing and where? Maybe just -- let's just start there, just with an update and just kind of open it up for us if you would please. | I've never known you to ask such a specific question before. I'd be delighted to. The update is contract performance is going very well on the revenue that everyone is aware of. I'm very, very, very pleased with what we have been able to accomplish from the architecture design, the manufacturing and the deployment of o... | direct | [
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6ee8382431862ca6d36699598d583fb0 | And in Robert's opening remarks, he referenced that the system should be completed this year. My sense was that it would have been done by the end of March. Was there something that extended or did I just miss interpret the opening remarks? | Both of you are right, to be honest, the system's in the ground doing its job. There is just nuances on the end of the contract that we have to tie up and right now we have a COVID scenario and we have an immigration scenario that is picking our customer's resources. So there's a few loose ends that we clean up contrac... | direct | [
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f5c90e5bed42d75f0e117f231b5b0e18 | So I'm going to ask you to characterize what disruption, if any, you have experienced from the administration transitioning and I'm not trying to get you to bash the administration. I think there is disruption that takes place anytime that there is administration change but hoping that you can characterize it, and to w... | I don't think the landscape has changed from our perspective around the administration change. The Border Patrol remains the Border Patrol under Customs and Border Protection within the Department of Homeland Security. And whether you are under the prior administration or this one putting people in place of stability i... | direct | [
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6ff408fb8a2f79b92b3ae7338506b737 | Great, that's helpful. And the SBIR Phase III approval that you have, does this apply to government contractors or is it just the Border Patrol? And I'm asking this question in the spirit of a prior conference call you had referenced some interaction with contractors. | It does not -- is not bound to Homeland Security at all, it goes across the Federal space. | direct | [
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d94b2301153b509ea7c59053354748cb | And would that include when working with other -- with a government contractor or would you really need to be operating under whatever level that they have? | No, it is not bound by whether we are the prime or the sub. We can still receive a sole source for the procurement of our systems. | direct | [
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f98df688471c4453c76a6b9845a50340 | That is helpful. And then you may have kind of partially answered this question earlier but I have been pondering, why a sector of the Border Patrol wouldn't just on their own order a additional equipment to deploy in areas that they see that are high risk rather than coming from the -- I guess, I'll say from corporate... | Well, remember the Headwaters for funding within the government start on the hill where they're authorized and appropriated by Congress. And then as they trickle down into the various departments each department does it somewhat differently. Homeland Security has more open buckets, if you will for funds whereas Departm... | direct | [
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e3f8fced240609de983bb4329e04963e | I wanted to dive into a couple of topics. First of all pleased again that the cash is ever-growing, it's great for the balance sheet, using its repurchase stock gives us a lot of confidence. I wanted to ask about the GCL contract that seems to be performing well. What do you think would trigger reclassifying that from ... | We actually recognize that sale in this quarter, so we no longer have that recorded as deferred revenue, it's actually revenue now.
And I mean as it was the entire story, I mean there was a case where through the public financial statements of SA Exploration they had in times past indicated in their filings that they ... | direct | [
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251816540b19f85d8beda941295a9d69 | Great. I appreciate your conservative classification of that in prior quarters and appreciate your instincts on their viability as eventually coming through to pay that. That's great to see. Did that -- did those payments once they were reclassified from deferred, did they flow through and add to the unrestricted cash ... | I think they were already in the cash statement on the balance sheet.
Yeah. That's correct. | direct | [
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dafbf384f4e198e94df5768c50eac647 | Great. Moving on to other sales like that, do you expect -- so you had a good OBX, you had a good this GSL sale. Do you expect more like that consistently or do you think it will be more of a lumpy pipeline in the next couple of years? | Glenn, it's going to be lumpy, it always really has. So I think your instinct on that is accurate. That's how it's likely going to manifest in the course of time. | direct | [
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f14cc8538d43c075c2e85c7c7f9068fc | Okay, great. And then flipping over to new investment Robert, could you repeat having quite -- how should the amount you're expecting to project and invest in new equipment and PP&E? | Yeah. So we think we could invest as much as $3 million toward plant, property, and equipment. We've already put almost $2 million toward that this fiscal year. And then on our rental fleet, depending on what kind of demand we see throughout the rest of the year we expect to spend as much as $2 million. That could chan... | direct | [
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e98f7070bbe0416180cbb432d09a07f0 | So to kind of dovetail to that, if there is no significant PRM award in the next couple of years. If that doesn't contribute, what do you think and you can speak in very general terms and not looking for specific guidance, but what segment or sub-segment do you think would then be the best contributor to top line and b... | Well, I think our -- yeah, our wireless portion of the Oil and Gas markets has historically been the other main producer and I suspect that will remain to be the case. There's traditional products, which typically or the sensors and that sort of thing, those sort of manifest as consumable items as exploration takes pla... | direct | [
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] | A |
74ef948f6d2a8c67d7cf7c9c614cde09 | Okay. Great, thanks for the color on that. One last question, flipping back to PRM, just in general, can you walk us through the lag between if you were -- it just -- it did get an award. What is typically the lag between the award and when the first chunk of revenue gets recognized? | Typically that depends a lot on the size of the contract, the amount of cable we're providing. That has a big factor in that. It also -- it could have some factors based upon weather windows and where this equipment needs to be installed that that could affect when that happens. Typically, it could be as long as 6 mont... | direct | [
"direct",
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] | A |
a11a06e2be348e62884b19d6c12d3dac | Carbon sequestration and I know Dr. Tinker has -- I've heard excitement in his voice on some past calls. But do we see that as anything that might create business or there have been any interest in that or is that just more of a way long-term opportunity? | No, it definitely has potential as future business. It is a rather infant market with respect to how all that -- I think most focus these days is on the actual capture and storage aspects. Where we would fit in mostly is in the monitoring aspects of reservoir. But keep in mind too that PRM systems really fall into util... | direct | [
"direct",
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] | A |
243398922499abe53ef9c077291ccfc8 | Yeah. Thank you. Sally, just first, best wishes on the personal challenges you're fighting through. On the business, so I get that it's kind of early, and you're going to wait till February to give us the KPIs to track and measure your progress against. Just from the changes that you've made thus far, any early indicat... | I think it's a little soon, Jeff. I mean, certainly, there are some green shoots that we're seeing in terms of improvement in customer experience scores. At New York NOW summer, we saw a 30% improvement among exhibitors. So some of those things that we're doing and the measurements we're putting in place are starting t... | direct | [
"direct",
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] | A |
62ae6967e796b2521a1a27ba46943d5b | Got it. And then Phil, I guess, I'm a little confused by just the cancellation -- the hurricane cancellation math and insurance. So I know that you're insured for lost profitability and business disruption. I guess, I'm just surprised that there would be a $6 million insurance benefit on $7 million of lost revenue, tha... | Sure. I mean the anticipated revenue we didn't book was the $7.1 million. We saved $1 million in running the show. We didn't -- that show didn't take place, but obviously most of the costs were incurred beforehand. So we saved $1 million versus the lost revenue, and that's why -- that's how the event cancellation works... | direct | [
"direct",
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] | A |
bbb5de8f01663216dc962b01af2a99d5 | OK. And then just last for me. Any kind of rough sizing of -- you've obviously are in-flight with implementing lots of initiatives. Like how much of the expense related to them is recognized in year-end 2019 versus how much will be incremental for initiatives expense in 2020? | So we have approximately $2 million of the cost of the new team and the initiatives that started to be kicked off. If we annualize that, it's probably another $3 million next year. So $5 million is a run rate subject to other initiatives or investments that become -- could start to be implemented next year. We've talke... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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