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466f87017ae29b5d54829fcf309ef7a8 | Great, I have one on the hyperimmune plasma and the other one on NARCAN. Maybe we'll start with the hyperimmune. I'm just curious, how hard is it to actually get blood plasma from these prior-exposed COVID patients, and how much of it can you actually get in terms of generating, you know, quantities of a drug product? | Yes, Boris, thanks for the question, and thanks for joining. I think you put your finger on the bit of the long pole in the tent here, and I'll ask Laura to weigh in as well, but that is a key issue for us to resolve. And as Laura commented, we're working with our government partners, as well as with our corporate part... | intermediate | [
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62b7442ed22334b67365bebeb215b04d | I just want to get a sense, like do you guys have right now enough plasma to even make enough drug product for the clinical studies, or is that going to be a limiting factor in some way? | Yes, so we're accumulating plasma today, Boris, to support that initial manufacture of the clinical trial material, and don't see any risk in being able to meet the timeline for that clinical trial initiation that Laura laid out. | direct | [
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3b5f3612c1971946d7cdf24519b6dd94 | Great, and my last question is on NARCAN. You mentioned expanding shelf life from 24 to 36 months. I'm just curious, just want to understand, how is that going to benefit you? And just trying to understand, how much NARCAN is actually used? How much of it is disposed due to just expiration date? And, you know, just try... | Sure, so as we have spoken since we acquired the NARCAN Nasal Spray product in October of 2018, our focus continues to be on increasing the access to and the availability, as well as the affordability for naloxone products to the patients and customers who need it. So, we see the shelf life extension from 24 to 36 mont... | intermediate | [
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48a42292bfcaca2aab1159768c7bd33f | But in the public interest market, do I'm curious, what fraction of their NARCAN do they actually throw out because it expires within two years versus how much do they actually end up utilizing? | Yes, so our best guess is that the vast majority of the public interest customers are reordering within six months. It could be upwards of 90% or greater of those customers are reordering within six months. So I think to some of your earlier questions on prior calls, there isn't much of a stockpiling exercise in that p... | intermediate | [
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4ef8ba7f23cc914bb8a6b4cf8e46a522 | Thank you. My question concerns the plasma-derived therapeutics. Is the funding you got, the $14.5 million of funding, is that only to support the HIG product, or will that also support the EIG product? | Yes, Lisa, thanks for joining the call. The BARDA funding for the human IG product is limited to that product. We have decided on our own to go ahead and invest in parallel on the equine program, again, as a way to get a couple shots on goal here and potentially bring yet another product to the market and to the patien... | direct | [
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385f97fd24bde0b2ca14f0d83a2131ce | Okay, and are they roughly at the same stage of development right now? | Yes, I'd say pretty much. Laura, you want to weigh in here?
Yes, I would say they're tracking pretty much in parallel at this time. You know, we're in the same stage as the plasma generation as we are human and equine, and we are targeting getting into the manufacturing phase in the summer. | direct | [
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9b57fdf13247981ae6405bc9c390edf1 | Okay, and with the equine product, would that give you an advantage in terms of cost and ability to scale? | Laura, you want to comment on the benefits?
Sure thing. You know, as Bob said, we were sort of focused on taking our platforms and seeing what solutions we could pull forward. They obviously have different sort of benefits on each side. As you highlight, on the equine hyperimmune product, some of the advantages there ... | direct | [
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1b12cd307b75dbd1a8c04831fe1b9d0c | Hey, guys. Good afternoon. Des, let me extend my congratulations on the appointment. I'm most curious to start out asking about your buffer chip revenue, your memory interface revenue on the chipset side specifically. And I'm curious if you were able to grow your backlog, considering the different shifting trends in th... | Gary, I'll start, and then Des can comment. We're still in an environment where demand is much higher than supply. In the first half of this year, we had a meaningful gap between supply and demand, and that's the case again through Q3. We're working on a weekly basis with our suppliers and our customers to manage our b... | intermediate | [
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fece7906d2e051a3afb5cb85a0de9388 | Well, thank you for all the detail, both of you. I wanted to extend the conversation and ask about your view on the substantial ramp of DDR5. And so I think your Intel and Sapphire Rapids, it was official last week that that is delayed to the very end of the year, I think best case and more so into next year. Is that k... | Yeah, Gary. As you know, we started to ship our DDR5 chips in the second half of last year and second half of 2021 because the module makers are going to production ahead of the initial product deals. So we are monitoring what both Intel and AMD are doing. We think that the crossover between DDR4 and DDR5 in volume mig... | direct | [
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b135d1fedda00b593dbd6ec648f59c8e | Yeah. Thank you for taking my question. Luc, you had a very strong product revenue in Q2, up 70% year over year and up almost 12% on a sequential basis, and this is despite the fact that DDR5 is somewhat pushed out because of Sapphire Rapids. So can you please help us understand the dynamics behind this strength? And w... | Thanks, Mehdi. One of the main reasons we continue to post a growth that is much higher than the market growth is because we had a very strong design win footprint in the last generation of DDR4. Many times on this call, we explained that the footprint that we have in qualification translates a few quarters later into ... | direct | [
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b43fd8314494cd60062a694bf099f2aa | Got you. And then one quick follow-up. Based on ASC 605, your revenue guide for Q3 implies $1 million incremental increase, but your total cost is going up by $3 million to $4 million. How should I think about this dynamic? And would your cost moderate after Q3 or cost increase will moderate after Q3? | Mehdi, this is Des. Looking at the Q3 guidance, we guided total operating cost which includes cost of goods sold at $79 million in the midpoint. This was up a few million dollars versus Q2, mainly driven by the timing of some variable R&D expense. If we look at the back half of the year for opex, we would expect SG&A t... | intermediate | [
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349aa0d72da078d03627fb9ba53e02e9 | Thank you. Congrats on the solid results and, Des, also on your CFO appointment. My first question is on the supply constraint side. You talked about supply constraint impact in last quarter and probably going forward as well. Is there any way you can help us understand the impact in the past quarter in terms of revenu... | If you're talking about the last couple of quarters, the impact on supply constraint is that we could have had higher revenue had we had the supply to support that revenue. We had a meaningful gap between our supply and our demand. As a result of that, we had to shift some of our customers' backlog into Q3 and Q4. So t... | intermediate | [
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dedb4d8eac213b55b3028a6c13550582 | That's helpful. My follow-up question is on the [Inaudible] chips, the memory chipset business. So you announced the SPD hubs in the temperature sensor. Can you just remind us the timing of when you recognize reference from these opportunities? What is the revenue potential versus your existing RCD chips? And what do y... | Yeah, Sidney. So as we say, we're sampling customers as we speak. These two companion chips are added to the DDR5 memory modules, so the ramp of those companion chips are also going to depend on the DDR4/DDR5 transition. What I mean by this is that the SAM only starts when DDR5 starts in the market. We are not expectin... | direct | [
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197ad51c16493afdafa6dfef42a58acd | OK. That's fair. Do you mind if I ask one more question? . Just on the Hardent acquisition, what does it bring to the table that you don't already have? And how does that change the timeline for your OCXL chips? | Thanks, Sidney. So the Hardent acquisition brings a couple of advantages to our CXL program. The first one is that they are very knowledgeable in some specific technologies like ECC and these kind of things. And secondly and probably more importantly for us, they have a long experience as complex SoC design. Rambus is ... | intermediate | [
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06babef5dbe5f4f6e509babbf7c048b7 | Hi. This is McClain Culver on for Kevin Cassidy. Congratulations, Des, on your appointment. I know you touched on it in the remarks. But have you experienced any slowdown in licensing activity? And is that activity more weighted to memory interface, CXL or security? Thanks. | I'll start, and I'll let Des comment. The silicon IP business can be lumpy in nature because we're going after a lot of customers and a lot of designs. But as Des said, we are on track to deliver $120 million to $130 million from that business. And if we look back to last year, that's about $20 million to $30 million m... | intermediate | [
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4a040fbc954d50b437db6bbd10812039 | So you guys have done a great job with the balance sheet over the last year or two, obviously, through a really challenging time. And assuming that the recovery takes hold and everything goes well, can you just talk about kind of the trade-off here between as far as returning capital to shareholders, between buybacks a... | Dan, this is Frank. I'll take that question. There's a lot to unpack there. You asked a lot of questions. So first, we've been very focused on getting back to historical type of EBITDA levels to generate the free cash flow that I know the company can generate, and that provides a lot of optionality for us. The way we t... | intermediate | [
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c01725466472c5ce4460499406607e65 | Any specific areas as far as investments that you've been looking into? I know you mentioned on the digital side, just between podcasting. | In categories, the highest priorities, as Mary mentioned. And as you also mentioned, our digital assets, local market -- digital local marketing services, we'll consider that as well, podcasting, etc. But if there's a radio opportunities out there that makes sense... | intermediate | [
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a4910eae4a0fe318186b39cdcc89498f | Just one thing I've been thinking about sort of what interest -- is the growth of programmatic channels for the digital side, like compared to like mobile or digital display programmatic, the really small portion of kind of the advertiser buys, a lot of investment has been kind of pumped into that space over the last y... | I'll take that one. I would say it's really early days on that. And generally, the growth is coming from our own sales organizations as opposed to programmatic marketplaces. But there is some opportunity for sure, and we're keeping an eye on it and participating in small ways. | intermediate | [
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1493d6eb31eeea1486f7ed303a473eee | Regarding the WynnBET, I was wondering if you could give us a little bit more flavor on the scope and maybe the size of that opportunity, in particular, if you can give us some sense of what the network business in which I -- you had indicated that the NFL games and so forth and sports games are likely to be the focus ... | Michael, I'll take that. So we can't really go into specifics on the WynnBET partnership, but I'll give you some color there, try to help you get to answer the question. So we've talked about in the past that the sports betting category can be a top 10 category for us. And we expect it will be, particularly as more sta... | intermediate | [
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5e3a4ad991c016661cabfcdafb41977c | And are you now in discussions with other sports betting companies? Or this just kind of like open the door it seems? So what are the opportunities to further expand in that category? | But before WynnBET partnership is a significant transaction, we have had and continue to have strong relationships with other operators in the industry. And we do have a lot of opportunities and inventory, and we're in active discussions. And as Mary -- well, as I mentioned in my prepared remark, WynnBET, hopefully, bu... | direct | [
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abb904df3902182081fcc680d24d2959 | And just a final question. Can you give us a sense of what happened to spot rates last year during the pandemic and where the company has an issue? | And you can see that from the second quarter last year, our revenues were down almost 47%. Revenues are under $569 million, and we're proud that we rebounded almost 55% or close to sellout. So we are having some pricing would take price up in those markets, which have generally been leveraged in some markets. But havin... | intermediate | [
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010417bc343fe040005befc7547180b8 | On the WynnBET, I'm just curious, you said that they're spinning it off into a SPAC. Is Wynn Resorts going to still have an equity stake in the company as well? | Yes. We -- you should look at the website. It's pretty clear. But yes, Wynn Resorts will have the majority ownership of the combined entity. I'd ask you to go look at their website, and it's pretty well detailed in there. | direct | [
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f99269eb551df44f8db5ed548c765221 | Then secondly, in the quarter, you guys announced a type of partnership with Uber. Can you guys give some of the details around that? | Yes, sure. It's an exclusive partnership to represent the Uber car top outdoor advertising in the markets in which they have launched. So right -- so far, they've launched in two or three markets, Atlanta, Dallas and, I believe, Chicago is next. So we have exclusive partnership rights to sell that inventory. | direct | [
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0bd139bde1d3b39a6d284bd90b1ea687 | Got it. And have you guys -- or can you provide any sort of guidance as far as like order of magnitude of the financial benefits from that, that you expect? | I mean, the financial benefits, I think, will be in direct correlation to how fast they grow. But as I said, we're in two markets. So right now, it's not particularly material. But the early indications are there's a fair amount of excitement in the market about those products. | intermediate | [
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6fd2be6473de31a593a4af2409801ad3 | Okay. Got it. And then just lastly, when we think about you gave a little bit of guidance on pacings. I mean, how should we think about Q3 versus Q2 from like a revenue and EBITDA perspective? | Well, obviously, we gave guidance for 2022, but not for Q3 and Q4. Yes, so the way to think about it is that the level of improvement will clearly moderate. Because if you look at the second quarter, we were comped against a really brutal second quarter last year. We continue to expect improvement in Q3 versus 2019 on ... | intermediate | [
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e7bec17fab479010e4cf2059a5c4daa6 | Yes. So what I'm trying to figure out is like -- is Q2 sort of a run rate for Q3. So should it look pretty similar? Q3 should look pretty similar to Q2? | Yes. No, I think you got to look at Q3 versus last year, look at what we've talked about in terms of pacing. And also remember, Q3 last year did have a lot of political, which we don't have this year, obviously. | direct | [
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023d36324635df75f0c302ecb6bf3a7e | The minority equity that you're going to own in WynnBET, is that going to be pledged as collateral for the term loan? | Well, all of our assets are pledged as collateral. So that's part of the pool. | direct | [
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bf39a5d34146665a57db8716bb1df161 | Hey guys, good morning. James on for Chris. So I think based on what you said, it seems like you're fairly positive on spot rates throughout the rest of the year, but it also seems like you don't have much leverage to the improvement in spot rates. So just wanted to understand a bit more. Am I miss characterizing anyth... | Yeah. Hi, James. It's Paul here. I think, we do see a continued strong market. But I think also the charters -- customers also saw a continued strong market. And there is a disconnect right now between the forward rates for one year, and the spot rates in the market. Many of the customers were left without shipping las... | direct | [
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61bb4bd69e1c255087ca2be0b1ca0a5f | Got it. And then also you had comment around -- you made a comment around fleet renewal, I just wanted to get an understanding of what that actually look like? So what do you consider basically buying assets that are already on the water? Do you considering new orders possibly maybe investing in the fleet incrementally... | Yeah, I think there's probably maybe two parts to that question, James. I'll take the first one and maybe invite Paulo to take the second one around potential ways to improve the existing fleet. But I do think with the way that we're strengthening the balance sheet, I think with our operational and commercial platform,... | intermediate | [
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dd467c8441c059fed7fd3be28e6d63a8 | Makes sense. And then I'm one more if you don't mind, just around the share issuance in the quarter just understanding the proceeds and the motivation and any sort of detail beyond what was said previously would be great. And that's all from me. | Thanks. I'll take that. This is Achilleas. So we took a decision to reactivate the ATM in quarter one as a form of insurance, the spot market in the second quarter started off, and we took the view that there remains quite a bit of uncertainty around COVID. So since mid-June, though our cash flow and liquidity profile ... | intermediate | [
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c1203e419d75186673fd5555cf75e4e7 | So you mentioned, of course, the rates and the rates performing counter-seasonally strong. One question around, you mentioned Asian demand being up for the cooling season as well as inventory rebuilding. Do you have a sense of if any of the fall kind of rebuilding period has been pulled forward into the summer, how mig... | Yeah. Chris, I think the -- there's not as much visibility about the stocks in Asia, as there is in Europe. In Europe, we can get a very good real time view on what's happening there. But it does appear from the information we can pick up that actually the stocks have been slow to build again in both Korea and Japan or... | intermediate | [
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c50ec8a5f4d2886cfbd4aeb5e15bc316 | Okay, great. My next question it's around the recharters specifically on the steam turbine vessels. So, obviously, the markets open to operating the steam carriers, can you shed some light maybe on kind of the competitiveness or the -- maybe the discount that the steam turbine vessel gets compared to the others? And ca... | Yeah. So what's interesting is further certain trade, certain ports are restricted and need -- so the size that the steam turbines have, and the advantage we have with the steam turbines and the Partnership is they're basically the most modern and most efficient ships in that trade. So when we were able to put that shi... | intermediate | [
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3fe5e68b21b2707f325d46bfe4b07b4f | Right. Okay, last question for us, has there been any additional costs on changing the corporate structure or possible consolidation? | I think, we reported a couple of quarters there, Chris, we've taken a look at the corporate structure, and the strategic opportunities for GasLog Partners, and concluded that the best way to maximize value for the unitholders at this point was to continue to operate as a stand-alone company. We continue to see optional... | intermediate | [
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c696fe579042ea8a7bcd4929ea63cf91 | Hi Paul, Achilleas, and Paolo wanted to ask... Earlier I think someone mentioned about the ATM program, and I may have missed the answer, but what was the use of those proceeds around $10 million that you guys were able to raise? | Well, we haven't use them yet, they are on our balance sheet. So I said it was a problem of insurance, and we have been quite successful in the past. Where is our liquidity today, we don't have any intention, any immediate plans to continue using this program. I think -- I believe that we continue our strategy to focus... | direct | [
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a9c8a73efb5e0f9f59495737a3b1d120 | Okay. All right, thanks. And just another quick one for the netting of the salary that rate is fixed, right, it's not floating? | Yes, it's fixed. | direct | [
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f87e4a5d737ebabdbb355683da9792e4 | Just wondering if you might provide a little bit more talk on the BFT and the troposcatter programs, where you guys are on those, where you think you might see happening in 2020 on those two programs? | First, Joe, I guess, I'd like to mention that none of those two areas are in our guidance and what we foresee in 2020. Having said that, let me take on and give you some information that we can put forward. The troposcatter requirement by the US Marines is in process, obviously. And as we understand, the technical eval... | direct | [
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4cdea62da5259bf99672bff3a1cf9000 | And on the enterprise tech repositioning, I know this is somewhat difficult to get a clear answer. But how much long do you think that that takes? Or what else need -- do you guys need to do there to have that repositioning all finished? | Yeah. It's sort of a two-pronged answer. The first is really continued evaluation of our current set of contracts. And if you remember, during 2019, we took some charges associated with that. And I would say to you that that piece is largely done. We've kind of been through the portfolio of customers and contracts that... | intermediate | [
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da62f7fb6daf619fd372c3f2248a9583 | Great. And one final one for me, I mean, obviously, you guys knocked the ball out of the park 2019, 2020. 2020 is looking even better. What is out there that gives you concern going into 2020 that might be an obstacle to making your numbers that -- or guidance numbers? | I think mainly it would be probably government funding, recession, things like that. I think, percentage wise, we probably have 2020 revenue to the tune of about 60% of the backlog right now. So, we don't have that much to -- I guess, to book and ship. So, we're pretty confident that 2020 we'll get there. | direct | [
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413cce0fe0f71fd364d393bdffd40ee3 | Hi, guys. I wanted to follow-up on the Heights product line. Last quarter, you had mentioned, through Q3, you had already exceeded the FY'18 effort. I was wondering where you finished at? And second part to the question is, where -- what markets or applications are you specifically seeing strength? | Well, it's fair to say that Q4 we had more sales, and so we added to our accomplishments, I guess, in 2019. We're -- as this business is growing, we're probably going to give less information in terms of where we are in terms of the actual number, except just to either confirm that we're continuing to grow, and it is p... | intermediate | [
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f71d7ced190458b0b9e017b803854164 | Got you. And a follow-up, I think, last quarter, you had mentioned a low-cost version of platform. Was it the Pico, something? And... But I don't remember when had that product been released or when was the release date for it? And sort of expectations for what markets it's going to be attractive and possible contribut... | Yeah. There's a couple of different variations of the Pico. But I'm going to jump the gun here a little bit and say, I think we've announced them. If not, they're going to be announced very shortly, but we have talked about them publicly with our customers. And yeah, they're really for, when you think about it, when yo... | intermediate | [
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2d6b0ba338ce98d50b9cdb40b99a6887 | Shifting gears, the Marine Corps tropo program, do you know, is that expected to be a funded line item or is that an unfunded requirement? | No. It's a funded line item for the Marine Corps. They did have the funding earlier when they were in combination with the Army program. But having parted ways, they shifted their funding into the next fiscal -- government fiscal year, which starts in October. So, their funding will be available as -- from what I under... | direct | [
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38c4e1bd4d07141f94819cebb3ce38bb | Understand. And less important, but some of the international tropo programs, anything that might land in 2020 that would be meaningful? | Yeah. We have a number of opportunities internationally, but obviously, at a much smaller booking rate than the Marine Corps. The Marine Corps is the large program that we're chasing at the moment. We do have some in the single-digit millions or some even in the double-digit millions. But, as you know, these things tak... | intermediate | [
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771ace0d5d3b275603022ad3d709aa47 | I guess, first, Helen, you've had the $1 billion royalty target for 2027 for some time, I don't expect you're going to update that and go beyond that today. But could you give us a sense, there seems to be some concern that post 2027 things could be challenged? But maybe as you consider DARZALEX, subcu IP and Perjeta, ... | Yes. Thanks, Jim. 2027, seven years ago -- away and we are showing this tremendous projection of growth, which is really driven by the number of product launches that we're anticipating will happen. As we've said in the past the shape of the curve post 2027 is very much going to be influenced by how many new products w... | intermediate | [
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e80cf19dedd153780df28682dbf27bb7 | And then Helen, just on the potential for additional deals and maybe with the current COVID environment, it seems like infusion capabilities are challenged, particularly as states are surging with the virus. Are you seeing any of that drive increase in partner and trust? Or how are you seeing the COVID environment and ... | Yes. We started the year with a good deal of interest in new deals, Jim, and I would say, it's only increased as COVID has, as you say impacted hospitals and patient willingness to go to hospitals. So we have a very broad slate of interesting opportunities ahead of us, both with biotech and with pharma. So I'm very con... | direct | [
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3d62b3f6777618c710445b91d800ec6f | I just wanted to maybe touch base on the share repurchase program and given where the stock is today, where we've seen a nice run up to current levels versus your average purchase price in the first quarter. How were you thinking about how to pull that trigger and at what prices? So just color on how you think about, I... | So Graig, with respect to the specific size and timing of repurchases, we obviously take into account a host of factors including impending partner events, market conditions, our stock price, and other factors. What I would emphasize for you is that we remain committed to our three year $550 million capital return prog... | intermediate | [
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08d08ef3d61a830b1c1eb3db54bf1a65 | Maybe another question I have just has to do on your search for additive technologies and wondering if there's been any considerable or new developments since the last time we checked in? | Yes, Graig. No new developments, we are actively searching and evaluating different platforms. As we've mentioned in the past week, we don't feel any urgency to do that. We've got a great ENHANZE growth story ahead of us. But what we want to do is seek to see can we accelerate that revenue growth. So what we're doing i... | direct | [
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e03562e25d437a0512a978c15ccbafc8 | The Phase 1/2 study of ipilimumab in combination with nivo, I'm just wondering as we think about that particular clinical trial start, and then some of the other clinical trials starts that are more Phase 1 in nature that are expected throughout the balance of the year. I'm just wondering, what -- if there are certain ... | So as you can imagine, we have regular conversations with our partners and based on that latest feedback, we continue to expect six milestone during study starts including three Phase 3 starts this year. So we continue to have good visibility and competence on our guidance for the year. And the other thing, I notice th... | intermediate | [
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27deae928aec9a266d9e1b3d74735620 | I just -- we're just curious about the type of deals that you're looking at in terms of extending partnerships, you kind of developed a pattern of enology, oncology, those types of indications. Are there any types of metrics that you can kind of provide us to give us a better sense of some of these deals that you're cu... | No specific metrics we can give you, what we do look to assess and we also have companies coming to us, tends to be companies who've got an IV product either approved or in development that has got a longer infusion time, whether looking to transform it into subcu or the other area, we ended up in a lot of discussions ... | intermediate | [
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18997a38c732c8b1599d438d7a9678a1 | Is there a target in mind that you guys have in terms of how many deals you do want to execute over the course of a specific timeline, maybe the next three or four years? Do you want to execute maybe three to four deals that might lead to $1 billion in total revenues in 2029 or so on and so forth. Is there any type of ... | No specific guidance or goals. We do believe there are multiple additional deals that we can have. We can never give you specific timing for the goals, because that really is under the control of the company. But if you're thinking over the next several years, I definitely expect to see several additional deals consumm... | direct | [
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2e62198cbf3b4e728cf28f87b648c633 | Maybe can you characterize what gating steps remain for -- as you think about patients converting from IV to subcu DARZALEX? What are kind of the main inflection points and what should investors be looking at in regards to that? | As I mentioned in my prepared remarks that we're obviously delighted with the approval of DARZALEX FASPRO in the US and DARZALEX SC in Europe. In each of these cases, there are always some steps, just to assure full access and reimbursement. In the US, it is things like getting onto formularies and getting loaded into ... | direct | [
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7e274312bf3126e6bd73bce7bbae8115 | Now that you have multiple partner products showing data and kind of additional indications, can you remind us how the royalties are set up for HALO? If label expansion is granted and additional IP is granted for agents, how does that work? | Yes. So we receive on average mid single-digit royalty on net sales. That will last till the last expiring specified rHuPH20 patent or for 10 years after the first commercial sale. Now if the patents expire during that 10 year period, there would be a step down in the royalty rate to about 50% of that. So that's the ba... | direct | [
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771f3a8ee54cadd2c4316c3fa516ccc6 | So just on the co-formulation work that supported the approval of Herceptin, Perjeta or Phesgo. How much as that a driver potentially have additional deals? It just seems like one of the trends in oncology is immuno-oncology combinations with PD-1 as a backbone and PD-1 plus other things like CD47 antibodies. And so, c... | Yes. And so Jim, you are really talking about times where we're taking in hands with two wonderful antibodies and you're absolutely right, Perjeta, Herceptin is the first approved one. Bristol is in the clinic with ipilimumab plus nivolumab, that's the new one that started, but already last year -- a few months ago it ... | intermediate | [
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8510a9ce33a180fcc7a14000f0bff531 | And Helen, just to confirm that the combinations with Bristol those are co-formulated or are they separate injections? | The intent will be co-formulated, yes. They're co-formulated. The only product we have the receptor injection is HyQvia. | direct | [
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8dec2cd139992a4f65e90e53017f17d8 | And then just a final question relating to this topic for Herceptin, Perjeta, the stability of the two antibodies in a co-formulated product, I think is the basis of extended IP. Is that a possibility with some of these other programs, these other combos? | So the way the co-formulation patents works as if there is some novelty that is unique to that formulation. So if there was a stability that was not identical to what was the result of the patent for the Perjeta, Herceptin, yes, it could. It just has to be novel, Jim. And so with each of our partners, we sit down and w... | direct | [
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ff848fe2a0f844b365e34bd5ab3bcf29 | Satya, last year at this time, you made a comment that I think really defined the conversation in software over the past year. When you're talking about an acceleration in digital transformation you saw coming out of COVID, and I think that's evident in the results that we see here with 25% growth in your commercial bo... | Thanks so much, Keith, for the question. I mean, the way we see the results today reflect that, but more importantly, on a secular basis, as I think about -- I always go back to that number, which is 5% of the world GDP is tech spend, it's projected to double. I think that doubling will happen in a more accelerated pac... | intermediate | [
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44269104319f8ba01ca4cb7937b108fe | Traditionally, we've seen seasonality in the Azure numbers in Q4. And obviously, last year, we didn't see it because of COVID, but we also didn't see it this year. Has something changed that has changed the seasonality of the business? And does that continue going forward? And then, as a follow-up question, Keith asked... | Thanks, Mark, for the question. Let me cover your first one, which is the seasonality in the Azure business. In some ways, Mark, some of that seasonality frankly was because Azure has two fundamental components. It's got a consumption model as well as a per-user model. The per-user model, which as you well know is far ... | direct | [
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69de6b9135246fb0046c60a21f471e72 | Amy, a lot of questions on margins, I'm curious if you think there is the ceiling in the near term on margins, or do you feel that you've got an elevated flight level, if you will, and we shouldn't have to be worrying about that level of margins? Can you just give us any more color as it relates to how you're thinking ... | Well, I think for FY22 on operating margins, which is really where I focus most of my thoughts, as I said, when you exclude the useful life change, I feel very good about margin improvement in FY22. But what sits behind that, Keith is -- I mean, sorry, Brent, is this focus on the first thing I said, which is with every... | intermediate | [
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92c388ed4d675d194d9d8a0428976b3e | Amy, thank you for giving more formal Azure guidance for the next quarter. That's very helpful. So if Azure is going to remain stable in constant currency, I guess at 45%, and you had indicated that EMS growth should moderate, effectively, you're saying that the consumption piece of Azure might accelerate in the Septem... | Thanks, Karl. You know I think, in general, you've got the right trajectory. And I do think it's both things. You've heard me say, it's both some of our core as well as premium SKUs. We've seen some nice execution. And I think Satya mentioned some of these differentiated places in the Azure stack, where I think we also... | intermediate | [
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2fbe4e86db82f4599001c62cc12df2cc | Satya, at the Ignite conference a few months ago, you commented that cloud architectures have reached peak centralization. I'm wondering what developments are you seeing that inform your viewpoint. And Amy, do you sense uplift in some of those intelligent edge products such as Azure stack or others contributing to the ... | Thanks so much for that question. A couple of things that are happening. One is that all up, even what we consider the cloud infrastructure is getting increasingly distributed. If you think about the approach we took to our data center architecture, the fact that we have more regions, is to meet, I would say, both the ... | intermediate | [
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503c523fa9f63533d3e3317f3f4c0a71 | A question for you really around $10 million-plus contracts. You called out momentum this quarter and last quarter. My question is around the drivers of these larger enterprise commitments. Is this driven by just the larger scope of deals? Or are you seeing kind of broader attach rate across the whole breadth of Micros... | Thanks, Brent. Maybe, Satya, I'll take this one first and if you want to add anything. Brent, unfortunately, I'm going to answer it's everything, and let me talk about why I say that. When you see the size of the contracts increase, it's about the entire scope of what's offered under the Microsoft Cloud. We're seeing b... | direct | [
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9cb6c99559973d1155e9262b60a5e228 | I guess my main question maybe for Satya, you've taken -- you've noted the future of work having changed, and you talked about the fusion of Teams into both, the application stack, the operating system stack, and really among the entire Microsoft portfolio. Is that driving -- given the acceleration you're seeing in Dyn... | Yes. That's a great question. Thanks for that. Multiple things happening and both -- some of them are independent secular growth trends and they do reinforce each other. Let's just take Dynamics. It's probably one of the most exciting things we are seeing is that coming out of this pandemic, there is an absolute new ch... | intermediate | [
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071f7c585b17eb601ac867c6cd72b43a | Amy, I wanted to direct this to you and go back to margins for a second. Is there any comments or color that you could provide? I know you said you focused on the operating margin side, but on the trends that you anticipate this year in '22 around gross margins with or without the depreciation schedules. Part B is, on ... | Thanks, Keith. When I think about your operating expense comments, no, I don't have any update to that. I think if you think about our headcount growth at 12%, plus through the year, continuing to invest in some of the places where we saw savings through the year on COVID, I would expect that, that is still a good plac... | direct | [
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13d82313269c689862ca6b9e363476b7 | Yes. Thanks for taking my question. A couple of follow-ups. I am just trying to better understand as you look into the second half, especially given your strong revenue guide for the June quarter. How do you see momentum into September and December quarter? And how do you see some of the demand drivers like new servers... | Yes, I mean, as you know, we had spend a local for April to engage high profile accounts in last three months and I'd like to share we see that, we achieved a achievement. So now we grow a lot of high profile account and those account, lots of them start August and that's why we see March, we already have a strong quar... | intermediate | [
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666e7e6aa48f76fafdf4b0fa8814f31e | Okay. And in that context, how do you see increasing commodity prices for instance, storage and DRAM impacting your margin profile into the second half. | For most account indeed our customer happy to accept the higher price basically chip what has been healthy margin and viable pay course, we pay most of the customer happy to expect, because it's kind of surprise basically. So we were to valuable customers will negotiate, based condition, for our sale for our customer, ... | intermediate | [
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5ae5b61aa1be51c9c989beab032469bb | Just a quick follow-up. Have you been able to build a strategic inventory so that you would benefit from lower cost, as you think about the -- as you think about the shipment over the next, let's say six months or do you have to continue to buy higher cost inventory and then you would pass on that incremental cost of t... | Well this is difficult question. Indeed we happen maturity, we have since many months ago. So yes, you are right, we had increased our inventory since I would say three months ago. So we have been lacking in that area, but still our inventory is limited, we saw growing very strong demand, very soon. I mean, we had to k... | direct | [
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bb0d2944d5a2d1d179bcbfde57650df7 | Yes, good afternoon and thanks for taking the question and congratulations on the results and I'm putting them up just after you've done the analyst event. So and that's pretty exciting to see. I guess a couple of follow-ons to the direction that Mehdi was kind of asking questions could you give a little, a little more... | Yes. Thank you. Yes, again, we have been growing well in our 5G and telco. So we saw dip in some volume in March quarter and we have a more and more telco 5G customer continued to engage or start to grow didn't have their demand, not a very good time to us. And that part of our [Indecipherable] well. Other than that, y... | direct | [
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93778e7378c32ba558d9adffd4d3b466 | And Charles in your prepared remarks, you imagine accelerating revenue growth, I think you said in the coming quarters. As well as kind of in the coming years. And so I guess coming quarters, I don't want to pin you down too much, but should we expect, can that occur over the next four quarters? And how much I guess, d... | Beneath IP, we sort our existing account are growing their demand. And that's why we have extend our capacity, especially in Asia quickly and with higher very high scale. So also we are again engaged in a lot of high-profile [Indecipherable] and those are going to start order. And we will continue to engage those high-... | intermediate | [
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0f34896e2c45c9edc5e1360ae28b6342 | And last one, thanks, Charles. And last one for me, is it July -- if I am remembering accurately June, that the new Taiwan center is opening up for production? | June or July we do not final yet, it can be either way, it kind of depends on situation. | intermediate | [
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d0f79735881c1bbc3ff27c44c9abbfab | Hi guys. Thank you for taking the questions and very nice quarter and nice to see that demand out there. My first question is what kind of gross margins do you think you can get in the September quarter and I know there's a lot of moving parts, but especially given the inflationary environment, [Indecipherable] new fac... | Yeah, I can say a little bit and David you [Indecipherable] the part of detail. I mean the March quarter, we have a lot of product shipped by air, because our customer satisfaction have been our priority. So you ship some by air and a lot of by air [Indecipherable] of propulsion from our vendors. So we faced some overh... | direct | [
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15fc7f1f966bb868f27207aeb55b6b4c | Okay, great, thank you for that and on -- David, can you actually talk about your expected -- your expectations on cash flow, as we get through the next couple of quarters, I know you used a lot this quarter types of these buybacks as well, but as demand ramps, do you see yourself using more cash, or do you think you a... | Sure. That's a good question. We -- because we returned $43 million back to the shareholders this quarter, in addition to growing accounts receivable and inventory. And so, and also continuing our capital improvements in Taiwan. So as we complete our build-out in Taiwan, the cash demands will abate over there and also ... | intermediate | [
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677b158cb30a9241cb3e292900f41aba | Got it. Do you think you'll be cash flow positive in the next quarter? Or after I guess some thing that there in Taiwan? | Yes, it's going to depend on our growth and so that's really what it comes down to is how is -- if we go -- if we exceed our growth targets.
I think -- we will stop buying that stock back for this quarter. The reason region is because our business were grow very strong and we need more cash flow to prepare inventory. | intermediate | [
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5bca8c67ba637cc47fbb4e0c80dea1fb | Got it. Good problem to have. Last one from me, I think on Intel, Charles mentioned a bit more digestion in data center. Are you seeing that at all in your Intel product lineup, and if you are? Is it your products the AMD's, AMD videos that are driving the strength that you're seeing going forward? | You're are right [Indecipherable] we have a customer, kind of, require the solution for Intel CPU, AMD CPU and NVIDIA GPU. So as it is moment we feel, it's hopefully a strong demand. And also see some surprise changes as well this year. | intermediate | [
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62382e4ebd6efa658b65d98f9c482f73 | Yes, thank you. Congratulations on the strong results here. It's not like the drivers of the 8% be relative to midpoint guidance was the new customers equally between cloud apps and the customers and AI? Do these new customers come with the new products? Or is it using existing products? | It's a combination. We have a lot of customer need new GPUs solution from NVIDIA, right? So now the NVIDIA new GPU and some is [Indecipherable], some is in Milan. So yes, most of the growth, I believe with new product, but even existing product we see a strong demand. The whole limitation is kind of a shortage, so we a... | direct | [
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fefd0e0dfeaed1355cd3a90aa048902d | What about demand on the storage heavy side of things. Nextgen storage and JBOF storage? | I would like to say not to us, not hard as AI and 5G [Indecipherable], but still we see us a strong demand. | intermediate | [
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cdbfd62ad76a4a75fc005cea240df060 | Okay. And then I think there's been a lot of discussion during the call about price inputs and that's been an issue for a lot of companies out there. It sounds like you guys have been able to skirt that issue. Just to be clear, is it because of the strategic inventory reserves? Or is it because there has been a more fa... | First, I mean that we have a long-term contract and relationship with [Indecipherable] supplier that happen as people [Indecipherable] cost or kind of most or at least a stable. And yes, most of the customer also except our price through the cost. So in both situation, I feel we are in good condition. | direct | [
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81b659021f600e5fd700a9f0278aabcf | And is that what underpins the confidence and gross margin will tick back up in the June quarter? | Now, gross margin pretty much, because of shipping charge. It's basically some shipped by air. As you know, how the COVID-19, the ship by air cost grew about got tripled, and that will [Indecipherable] but in last few quarter lot of the situation, and also because our demand strong, so we have the production and we -- ... | intermediate | [
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e7455b641cfc6140cd366bb03d464d60 | So I guess a few questions were all kind of go through me. First, I guess a bigger picture perspective, we've talked a lot about just the extent to which the COVID crisis has impacted your business. You mentioned today that I think you're starting to see, broadly speaking, some relief from those headwinds. So, the ques... | Sure. So, it's interesting, we aren't yet back to the levels where we were on PLO in 2019, but as we've talked about on this call, we're getting close and 2022 is the year we get there and beyond and we're excited about that. What I would say is as we've said in previous quarters, the impact of the COVID crisis is less... | direct | [
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6fd6d35eb8d0ecdd503f88d7a763d4fe | Got it. That's very helpful. And then Jason, also I guess, also from a bigger picture perspective, you spent a lot of time in the call today [Indecipherable] job just laying out the sustainability aspects of your business. The question I have is, it makes sense from us as an investor standpoint to really understand and... | Absolutely. I'm glad you brought that up. One of the things -- if you follow us on social media then you're starting to see more from us, is exactly that reminding consumers that we are a great source, if they're concerned about their carbon footprint. And even if they can afford to buy new, but they want to choose to ... | direct | [
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7d0fecb33bfbd25a6a5bae626f513387 | Congratulations on a great quarter and looks like a good sustainable trend. Still going on with the last answer on sustainability, are you going to start buying goods with out pawn based on your extensive data capabilities and price check availabilities? And are you thinking of making used goods a major focus? | Thank you, Steve. So the answer to that is yes and there's an element of our business that has always been a buy-sell business. What we want to do is, exactly what the customer wants and sometimes the customer wants to do a pawn transaction and we're happy to do that. Sometimes, they just want to sell the item and we w... | intermediate | [
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8cdd330b867021ad9cc7f951206548f8 | Excellent and it can change your image or the image of the pawn industry tremendously. To facilitate purchases, are you ready to start rent to own or other financing plans for your used goods? | We have spent a lot of time and are continuing to spend a lot of time looking at this idea of financing at the terminal, whether it be lease to own or buy now pay later, it comes in many different forms. We continue to do that and -- but we aren't ready at this point to make any announcement in that regard. | direct | [
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646804d3a885cb4d4a73dea10d7addab | Okay. And obviously EZ Pawn could become EZ owned as a new branding. Pawn could be considered a poor image or tougher image to overcome. So, just a thought. | Yes, thank you for those comments, Steve. We -- when you spend time in our stores, with our team members, watching them serve our customers, it's -- there's nothing better in this business to do the math then just to see this process, whether it's a buy-sell or it's a pawn, but our customers coming in and valuing the s... | intermediate | [
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c43fcf6e3eae46f07ae752f857c7ff47 | And what's current breakdown EBITDA from pawn loans versus used goods? I don't know if it's possible, but unscramble the eggs and what ratio would you like to see in the future? | So the best way to have a look at that is to look at the P&L on a -- look at the PSC revenue and then look at the merchandise gross profit and for the -- and then for the core, we have seen that the net revenue was $117 million, that was made up of about $72 million of PSC and then $45 million of merchandise sales gros... | intermediate | [
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d9182b3c236c383952a0959561e7e38c | Okay. Where would you like to see that? | We'd like to see both numbers continue to go up. And that's exactly what we will execute on in the coming years. | intermediate | [
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fca0534fdb623f12833ebb140c6d4f91 | Okay. But to be considered by Wall Street as more of a retail center, you possibly would move your used merchandise gross profits to be bigger than your PSC than your loan profits? | Yes, see for us, it's really about providing [Indecipherable] to the customer. So, when we want to continue to grow both, if our customers demanded one for a period of time over the other and one had more growth than the other, like I said before, I think we'll be in a position where we're sort of agnostic to that. We ... | intermediate | [
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f1dec107ffb9e169943def00c0f9b870 | Good morning, congratulations. Nice quarter. So my first question is you're making a deliberate effort to tap the opportunity for consumers, whereby sustainability and owning something pre-owned as a priority. That being said, that customer tends to be more tech savvy and rather than go into stores, treasure hunting so... | Yes, David, we agree with you. The future of this business will involve giving that customer the option to sort of look at what's available before they buy and to be able to go to recommended store that had exactly what they need or even at some point to be able to do all of it online. So, it's important that we contin... | direct | [
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32d3a2c67277544edff0f02a1f940165 | Okay. That's helpful. And then can you speak to the last transaction that you did in the Caribbean? What percent ownership do you have or -- and more importantly give me an idea of what multiple we paid of EBIDTA? | So we are -- we're not in a control position in that transaction. So, we own less than half of the business. What we're excited about is it gives us exposure to some new geographies in the Caribbean, some countries where we don't currently have stores and this idea of diversity -- of geographic diversification is somet... | intermediate | [
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2a0bba72960babd3d8c4e17759c0fb1d | Okay. And then is M&A happening in a, let's call it a high double-digit EBITDA area like 6, 7, 8, 9, is that safe to say? | Generally, we talk about multiples of 4 or 5 times and that's -- it's heavily dependent on the number of stores, geographies and the growth rates of the company. And so that's generally where I think. So that's what we look at. | intermediate | [
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580b0582c40dde3cef5e19a9072581c4 | Okay. 4 to 8 times. So that being said, when we look at your stock, the recovery in the business and where we are now in EBITDA, it seems like your stock is a multiple of 5 to 6. However, if we do nothing, there's going to be dilution inevitably from the convert that matures in the shorter term and I believe it's two a... | Absolutely, yes. So if you look at, we know that the best way to drive long-term growth in the company is to operate stores well and then to have more stores. When we're convinced that we're operating at a high level on both the pawn side and the retail side, we're going to do that over as many stores as possible. On t... | intermediate | [
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4f374e981f9af08188964735ba02f319 | Okay. I mean another option. I'm not an investment banker here, but perhaps even tendering for the bonds, it's again 2024 bond -- convertible bonds seemed like to have a very high likelihood of striking and therefore diluting the equity. But another way to skin the cat would be tendering for the bonds and then to repla... | We pretty constantly look at what's available in the capital markets to make sure we're focused on optimizing that capital structure. In terms of other use of capital. So on the subject of whether or not you just buyback bonds versus do something else with the capital. I think you were talking about both, either just b... | intermediate | [
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823a6684e34bb1edbdacdede1a0d939a | So first, I just wanted to see if you guys could perhaps maybe quantify what you feel out there with the impact from supply chain constraints on your business in terms of revenue? | Yes. We don't have that specifically broken out as it ebbs and flows. But as you know, Anthony, the work from home, the growth that we're seeing across the entire industry has really exacerbated demand for mobility displays, CPUs and ICUs across the industry and where we had large project rollouts toward the end of the... | fully_evasive | [
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2420193763a4255fb6a542857d579338 | So as far as SG&A, you called out the -- some of the increases, Thomas, as far as the ERP system is concerned. You also have this new technical sales organization, which I would love to get a little bit more details on as far as that and then the one-time legal fees. So, is there a way for you guys to -- for you to kin... | Yes. Let me give you a couple of data points, Anthony, just to start out with. So if I look at our G&A rate as a percentage of revenue from Q4 last year to Q4 this year, I think it's up 110 basis points. That increase is a function of two components. Component number one, which accounts for about 50 basis points to 55 ... | direct | [
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10d5740c556a520bf3cf0d0f60de9483 | And then would you expect additional ERP system expenses beyond Q1? | I think beyond Q1, it's kind of [Phonetic] going to be at the noise level and would kind of be in the more than normal maintenance mode that we've been in historically. So, I don't think it's going to be anything of significance that it's going to need to have further conversations about it. | direct | [
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6348c483d9773f7af776e0b42462702b | And then last question for me is, so, Tim, you mentioned that you are optimistic about 2021. Can you go over three main statements [Phonetic] as to how we should think about the progression of your business through the year you would expect? I'd just be curious to get your thoughts on that. | Yes. Well, thanks, Anthony. When you think about 2020 as a base, the abnormality there was simply this, Q1 in 2020 for our industry was the largest quarter of the year. And of course, that's completely out of alignment with what we're used to. And so as we start to move through the pandemic and as the vaccine is more a... | direct | [
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"fully_evasive"
] | A |
5baa3aad52b261e5843496a9b8cb915a | Got it, OK. And would you expect those gains -- as we get past the Q1 noise, would you expect that sales gains be kind of more even across the different segments? Or would you say that you'd expect greater revenue growth in, let's say, Public Sector versus Enterprise? Or how should I think about that? | So I think, Andrew, the way to think about that really is to -- as we look at the second half of 2021, the wildcard here is we need the recovery around the pandemic and we need the supply chains to normalize. And so, clearly, the second half of the year should be better than the first half from a revenue and a growth p... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
8b0c6338a9acc50537e1ba881933a7e4 | Hi, this is Catherine Huntley on for Adam. Thanks for taking our questions. Our first question has to do with current trends. We've heard from other competitors that bookings are increasing year-over-year in 1Q and have rebounded. So, can you please talk about the trajectory that you've seen in your company for your bo... | So thanks, Catherine. We are clearly seeing an uptick in bookings. When we look at our bookings year-over-year, they are definitely trending up. Q1, as Tom mentioned, is a little bit of a tough compare because as you know, we really started to see the work-from-home products kick in, in late February, early March of 20... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5259c7e52cb62ea3e124c37e32e53ff9 | Thank you for the color. And as you look into the second half of 2021, how do you think about the potential decline in devices versus the increase in data center projects? Do you think that's net-neutral, net positive, negative? | That is a great question. Let me provide what color I can. The first is that we still believe, the whole workplace transformation is going to be strong. We think there are great drivers of that. For example, when you think about the work from home, work from anywhere, learns from home, there are good reasons to continu... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
fa7570cbbb1d911e2984c7f62b7d264d | Okay, awesome. And then, just an update on ERP. Can you update us on the transition and benefits you're seeing? In the previous question, you mentioned that their increase is short term. But are there any elevated costs that may come longer term? Or when can we see those costs start to mitigate out? | So, what -- I think what you're going to start to see here is our transition costs are going to be pretty inconsequential post up -- post Q1 is the plan. I think after that standpoint, after that point, we'll get things normalized. We will start to see some efficiencies come through. And in terms of the increased costs... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
f073006c7be936b7919e13006a81c636 | First off, Bruce, the $9.5 million of delayed shipments, if you had recognized those in Q3, does it follow that the fourth quarter outlook would be $9.5 million less? Or is there -- is this, as one would think, a ripple through that there's another $9 million or 1$0 million or some number of revenue that's delayed -- t... | Yeah. Hey, Paul. That's a good question. You know, I would say, it's a zero sum [Audio gap] if we shifted in Q3, it would it would be a deduct from Q4. Having said that, as we look at the Q4 guidance, obviously, we're trying to take into account any restrictions and and whatnot that we see and try to take that into acc... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5f0a570ff8d098238d5f344d0fb17d59 | Bruce, I appreciate the challenges with respect to visibility, etc., for you and all of your peers, but I want to keep you honest. When you talk about third quarter, would have been $9.5 million better, but for -- I just want to make sure you're clearly saying that, by definition, the fourth quarter outlook would've be... | Yeah. No, that's correct, Paul. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
49b12c6760f10b8f59d13ecd43c88db7 | Mick, can you repeat the impact from supply chain? I heard the $9.5 million but how much of the hit to margins for total company as well as three -- I don't know if you broke it out, I apologize if I missed it, but for IP optical and for Cloud & Edge, how much was both the revenue and the margin there for both of those... | Yes, Paul. So we noted that the impact to revenue was $9.5 million, and it's about half-and-half related to each of the business segments. In regards to the margin erosion, that was a bigger impact on cost increases, logistic and transportation, expedite cost, and that was about 300 basis points on the IP optical netwo... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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