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f384d5712ea4cc6a0b3fc7d7067d7385 | Wahid, you discussed how the three acquisitions significantly expanded your total addressable market. If you were to compare your bidding pipeline today and all the opportunities that you mentioned such as FTUAS, if you were to compare that pipeline to what it was a year ago, how has that pipeline changed now with the ... | Louie, so the three acquisitions really transformed our portfolio and position in the market. We now have access to a much larger total addressable market which in the past we really didn't have the ability to be able to compete or participate in. An example of that is our Arcturus UAV, the Jump 20 and T20 product line... | intermediate | [
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5f6ec96e6c2d1953fc300040982ea8c2 | Yeah. Thanks. Wahid, just on OPSM [Phonetic]. I mean, AeroVironment doesn't lose very often so I would imagine that was a bit of a surprise for you. So can you just talk about what happened there? And if you've learned kind of what, why you lost? | Sure. So Joe, as I mentioned we have not won -- we were not awarded specific phase of the contract which is the second phase. And my estimate is that that's roughly about $20-ish-million worth of an award that we did not receive. To our knowledge, the customer has not disclosed publicly the winner of that program. To o... | intermediate | [
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0aac7f0ddb405b7298cb6200e17a73bd | Okay, that's helpful. And then, you mentioned briefly the semiconductor shortage may impact you. Are there certain programs where that's more acute? And can you -- I mean is that embedded in your guidance? How meaningful could that be? | Sure. So, let me say that because the company we are, we use the latest, greatest cutting edge technology in all of our solutions in terms of the latest greatest computer vision, processors, graphics, microprocessors and components that cross our portfolio. So far in fiscal year 2021, we really address vast majority of... | direct | [
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2176538aab0d6566c15d58608c2a3155 | So I guess my first question is what do you mean by research scale of CBG, what scale are you looking to get to? And what cannabinoids can we expect to see next and timelines to seeing these cannabinoids incorporated into your commercial products? | Yeah. So thank you for the question. We're going to move from -- obviously, we're making a small R&D pilot scale. We're now moving into the Winnipeg facility to produce at scale, which will allow us to launch products into the Canadian market on our first molecule which is the CBG, correct as you said. So we are lookin... | intermediate | [
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68e657e7d9506885312f33e5ebda493c | So I guess maybe my follow-on question then is given that Cronos is sort of, as far as we know, the only cannabis company with its own fermentation capabilities that is driving these products. So how do you see this as a competitive advantage somewhat as being unique to the sector but also translating that capability a... | Yeah, a couple things. One of them obviously by building up this capability at our Winnipeg facility, we're learning what it takes to produce these things that scale, to produce the cannabinoids at scale which is an important art. So that's the manufacturing expertise to go with the innovation expertise. Obviously, we'... | direct | [
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b026960eebb18564812c1044bdcc507a | I wanted to ask about gross margins and in particular, the cadence of gross margins over the next year or so in the Rest of World segment and really what's required to get these to a level closer with most of your peers. Is it just that there is a certain minimum threshold of sales you need to cover fixed costs, or is ... | Yeah. Thanks, John. So we're still going to see fluctuations in gross margin as price and mix change from quarter to quarter. And the mix changes are reflective, not only of product mix but also of revenue mix between Canada and Israel. And as you stated in your question, our Q1 margins suffered a bit as revenue slowed... | intermediate | [
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5cbc6e7e5956bde879a98fd871e3b034 | And then my second question is on M&A and we've seen a pretty noticeable increase in M&A in the Canadian space. I'm curious if your view has changed at all here to the point where you would look at any Canadian assets and how should we think about the U.S. M&A strategy pre any steps toward legalization. | Yeah. Thanks, John, for that question. I'll have Mike jump in as well on this one. When it comes to Canada, we're going to use the same discipline we've had all along, which is, first of all, we think we have between what we're doing on the innovation side and the brands we already have. We think we have a pretty good ... | intermediate | [
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08fa138e8b79480d59a1adf2aaf6c00d | I wanted to ask about the edibles launch in Canadian market. Obviously, a market that provides federally legal template for testing in developing but how do balance in getting really an accurate consumer insight given the marketing restrictions, as well as the package limitations? And also could you talk about what pri... | Yeah. Thanks for that, Andrew. Yes. First of all, we're excited about this kind of a launch because it's just not the product itself could compete, well, I believe with any confectionery products in the non-THC area. I mean, this is really an innovative product that is really unique to the marketplace. So we think that... | intermediate | [
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dacd36cb46f48b9182026e729b173ecf | Second question, I wanted to build about kind of on gross margin but overall, can you kind of give -- provide a sense of your expectations for when the global supply chain, when all the tailwinds will kick in and be fully supporting the business needs, i.e., when will GrowCo fully enabled -- fully on scale to enable th... | Yes. This is Kurt. I'll kick it off and Jerry may have some things to add. But as far as GrowCo, again we've had the philosophy that the biomass will become more commoditized and the large ag growers are going to be the key players in here. So we're really pleased to see this partnership with GrowCo and Mucci, how it's... | intermediate | [
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17f9ad30ddfeac492e296977c8cd5198 | I guess for starters, focusing on the CBG products launching. How are you thinking about your current market strategy, especially the learning curve for the customers and the budtenders about the product? And also, as you launch the product, how are you thinking about eventually educating U.S. consumers in a less restr... | Yes. Well, that's all part of the learning in Canada is going to be, is the launch of this product and how we discuss it with the retail sector. So that all is in the planning of the works and lot of that will be transferable the U.S., some of it won't because the U.S. has a different marketing environment. And so, rig... | intermediate | [
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c15402745e74d3201c70a9987005b338 | And as the second question, separately, you talked about the store pickup that you expect it to improve if the weather improves. I'm just curious, have seen that occur as it moves until late April and early May, and the weather is warmed up a bit? | Yeah. I think we are seeing some signs of that. Of course, if you're speaking of Canada and that will continue. I also look at the U.S. and Israel are the markets which are farther down the line. So you see the impacts, a big impact of the vaccine, so I think that's a critical piece too. As you see the vaccines rollout... | intermediate | [
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b5ab8caad6bc3d6933157e55aa5937c6 | The first thing I wanted to ask about is the BTC for 2018. Can you remind us what the cash value would be for REGI, if that was reinstated tomorrow. What would you apply for from the IRS then that would show up on your balance sheet? | Greg, this is Chad. Thanks for the question. So the 2018 amount of the net benefit to the BTC is $237 million, and the net benefit for the first quarter is $55 million. So in total that's $292 million. | intermediate | [
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081863f3651b50e933745c1ca515220d | The one time cash payment from the IRS would be a $237 million cash payment for 2018. Is that correct, and then everything this year would be additive? | Yes, that's correct net benefit. | direct | [
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e99768a1dfc756fdc86d97c258d29be4 | So there is some optimism out there for trade settlement with China, but when we look over the last year, soybean, soybean oil prices have been compressed with this trade fight, seeing things trade in $0.27 to $0.30 range on average for soybean oil. But over the same time period, distillers' corn oil is actually rallie... | Yes, Craig, this is Chad, again, I'll take a stab at that. So, first I agree with your comments on the trade with China that, I believe what we've experienced is downward pressure on the entire soybean complex including soybean oil. So I think that's been a force at work to keep a lid on soybean oil prices. So that's o... | intermediate | [
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55bc4b4bdf68e79476b502d0bd27ec5b | My next question is about the capital projects that you've been executing. I know there are a number of smaller projects that were in consideration at Geismar. As your most profitable facility, I could see many of those potentially being highest return projects at REG. Can you maybe discuss what you're actually executi... | Yes, great question. And our capital plan is something we keep a close eye on and seek to keep the momentum going. So we focus on the projects first in order of priority with the highest impact, and that's kind of across the category, so safety, maintenance, as well as strategy and growth all get their highest priority... | intermediate | [
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0592bf1019569242672ee67ae35c7aff | Reinstatement of BTC, this is something we were all very comfortable, very confident in nine months ago. And it's done nothing, but drag on, now I know that there was something that was supposed to happen, and then the shutdown changed everything, but then with the change in the house is a fairly different dynamic. I m... | Yes, well I'll jump in on that and then Chad can back me up. He's had a lot of direct experience in Washington lately. It is no doubt frustrating to all of us, but we continue to hear and see and get setback to us that it really isn't a matter of if, it's a matter of when. And we know it's not just the BTC that has bee... | direct | [
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e32d73f01e5d3dc008fc8465bdd88de6 | Could you just talk about a little bit, is to what you're expecting here with the increase in production that you will be starting to get some sort of positive traction on the margin side? | Well, there -- I guess the two are somewhat separate, but we continue to focus on underlying performance because we know the volume production is getting us a positive contribution margin in the winter months, which we're just coming out of now. Some of us have still had snow just in the last week. We've been using our... | direct | [
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73a12be4e1d0e9c194ce9b01d7c724e9 | And then, how much of excess capacity you have to keep producing right before we get into the summer months? | Yeah. Our guidance is based on our production capabilities and our improvement and we're able to sell everything that we produce. | intermediate | [
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967dfeffb9af8d66bc5cbb71e2b7c86a | This first question's basically about the capital spending plan you guys have in place. If I heard it correctly, you said you still have something like $65 million to $75 million left in the authorized plan. I was wondering, if you could talk about the cadence of that CapEx plan? | I'll start and then I think it'll be good for you to hear from our CFO in terms of the fiscal prudence that he's put in place for our spending. But we do use of course a very strict stage skating policy and so within that capital expenditure plan as I mentioned earlier, we have a prioritization activity that we underta... | intermediate | [
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e94c4e19058e2d2293b76bb6cf880013 | As a follow up question, on the recent call, Phillips 66 talked about that Ferndale project potentially being FID before year end which would time it for a 2022 start-up. Is there anything on that you can comment on. And is it in any way tied to the renewal of the BTC? Or is that a second issue? | So, we would just support our partner in this cadence for the project. We're working closely together (Technical Difficulty) strict stage gating, so that enables us to work together to get the decision making at the right time and in the right place and ensure we're spending capital wisely together. And it's basically ... | intermediate | [
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00ea77f9f3ea170dc6f228e798b3f773 | I have a quick question on the deferred LCFS topic. Should I understand during Q2, 2019, do you guys will not be able to book any LCFS credit and all that -- so that $25 million to $30 million that you're supposed to be booking in Q2 is all pushed into Q3. Is that the right way to think about it? | Yeah, this is Chad, Alex. Think about it this way. Before that deferral we normally would have been issued those credits from California in June and would have been able to monetize them. Now we're going to get them in, let's you say, July because of the one month further delay and I can't record the benefit of those b... | direct | [
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5dcfe854ff460fe4072b9e5f7b0585e7 | Got it. So in Q1, 2019, you had your LCFS credit, but because the rule changed it just in Q2, 2019 you book like zero. In Q3 you will resume -- this you'll get to book three months worth of LCFS? | That's exactly right. And the other thing we said earlier in CJ's comments is that quarter one, 2019 was $27 million higher than quarter one of 2018. And part of that is driven by a significant increase in the number of credits and the amount of fuel we're selling into California and the other is attributable to a year... | direct | [
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237d0ba95f368cf6c047b7e221a847cd | Hi, thank you for taking my question. I have 2. The first has to do with hedges. Is there a point at which you might reconsider or decide to hedge some of your production for 2022? And then secondly, is there any more sort of specificity you could provide around your capital allocation for next year? If the idea is to,... | Yes. Thanks for the questions. Yes, with respect to 2022 hedges, our hedges -- once -- we just are in the process of finalizing our 5-year plan. And once we -- which we're pretty well done now. And so we'll look at having hedges in place in the coming months. But definitely before year-end, to protect our capital progr... | intermediate | [
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45523aeacdb0fe3894c7897ef19cd498 | On the taxes receivable, with that money coming in, is that going to go toward that paying down that deadline, as you just mentioned in the first half of '22, Ryan? | Yes, you're correct. | direct | [
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ffecec3853060686919b2e17263cfbeb | The second one, you mentioned, Gary, about a modest amount of capital for exploration next year, which are adjacent to the low-cost drilling or drilling that could add reserves in your four core areas. Given you have a large number of blocks in your exploration program, you only show really one chart on the new present... | Yes. The answer is yes. We have been able to get extensions both in Ecuador, in particular and in Colombia. What also has been very helpful working with the Government of Colombia is moving commitments from blocks after we've spent money on seismic processing, acquisition and looking at higher potential exploration. Th... | direct | [
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08212cd1f0835f5aed84490a5b5283fe | Okay. Two more for me. One, the operating net -- operating costs have gone up, is that because of the greater activity in the waterfloods? And should we be thinking USD17 going forward? Or for the first nine months, you were 15, 14. What do you suggest for modeling? | Yes. We'd expect those costs come down in the fourth quarter and in 2022. That's a function of a little more activity in the third quarter, just restoring some of the volumes were not from the blockades. So we did get hit a little harder in this quarter, but we expect that to come down in the fourth quarter. And next y... | intermediate | [
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539f12c90497d948464de0459466328f | Okay. And last one for me. If you have a kind of a run rate of funds flow now about $200 million, given the commodity situation we see now and if you do a similar Capex to this year, are we looking at -- are you looking at some kind of a target number of $400 million or $500 million for the long-term debt before you st... | No. I think, Josef, there's two things we look at. One is the absolute number, which you correctly pointed out. And we'd like to target that to be $500 million or less, and our net debt-to-EBITDA to be under 1.5 times. So we expect that, -- especially at strip pricing that we'll be able to get to those criteria next ye... | direct | [
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a7ef09c72d8cb6ed2e0365e98870b2d8 | Greg, given your position in the cable industry. Can you give us your thoughts on what if it turns out, looks to be a sort split government with a Democratic administration, could mean for cable, particularly in the areas of -- on the M&A front-end valuation? | Thank you for the question, James. Well, I suspect anything that looks somewhat like the current regime is probably pretty good for cable. Cable has done a -- in my judgment, an excellent job of supplying broadband connectivity during the pandemic and admirably increased capacity and increased number of lines and handl... | intermediate | [
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b2af20ac797ad24de4f1af1e1637b5b6 | Hi, a quick question for the GCI folks. Wondering if Alaska Communications' privatization might change any dynamics in the market or do you have any thoughts on it in general. | This is Brian. I guess, I'll take that one. We would expect some increase in the competitive nature of the market. But we will have a long lead time. It will probably be several years before they are able to -- I mean, it'll take them a while to close and they'll have to make substantial investments. I would expect we'... | direct | [
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8c8bcb6a23bbd7fff52a3a8eac913d93 | Ajit Pai, despite being a pretty libertarian guy at various points has really talked about how the cable industry had an almost unfair advantage with the small cell topology. And it's really wasteful just from a U.S. economic perspective from everyone else to do these duplicative builds.
Do you think, as you pointed o... | Look, it's nice that the FCC commissioner thinks that we have the right technology. I believe Charter's goal is to serve its customers well and for the benefit nation having more ways that people can connect is not a terrible thing. I think we have an excellent service and an excellent network with a lot of capabilitie... | intermediate | [
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6567a6efff72281cd5da09bac29adbb2 | Hi, good morning. Thanks for the time and the opportunity. And congratulations on the update. If I -- if I may, Santiago, you -- you talk about 2021 and it sounds like you've largely identified the targets with '21, but where are you in identifying targets for '22 and '23 if you talk about especially your organic oppor... | Sure. Thanks, Julien. Good morning. Regarding, 2021 as you said, we -- we are announcing today that the $300 million target I talked about -- we are close to getting there. Obviously, for 2021 are our target now is to go beyond the $300 million. And regarding visibility on 2022 and 2023 opportunities, as we show in the... | direct | [
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605757b092690ad06438cd0b4fd632e1 | Got it. And -- and if I can ask you to elaborate. I mean, obviously, you got these three buckets. When you think about where you have visibility ready, I mean, not to try to pin you down too much, but organic growth, I mean, clearly, you've got visibility there for the next few years, you would think. The development w... | Yes. So, what we are doing today, Julien, is we are setting a target in terms of growth or investment of $300 million. That's our target, not 200 to 300. OK? And talking about that $300 million target, you're totally right. So, we obviously, have more visibility regarding the first two buckets versus the third one. The... | direct | [
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9b7a654d3eff167f21e40200e87e7fae | Jim, I would just start with you on very strong renewal rates. And obviously, you guys raising the domain growth guide again. You called out some foreign geographies, which saw I believe strong renewal trends. So just was wondering if we can get a little bit of color on kind of where you're seeing pockets globally of s... | Sure. I'll let George or Todd comment on that. Yes. Thanks, Jim. Rob, this is George. So with regard to domain demand, as we mentioned in our prepared remarks and as you alluded to, we had a very solid quarter from a domain perspective. New units were $11.7 million and that was up about 600,000 from the year ago period... | direct | [
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a48ce144a5204b857acb9748b2e5f71b | Jim, just I want to make sure that I understand the potential timeline on.web. So with affiliates now having filed the motion, I guess, that now has to be ruled upon by the board, that then happens before the final ruling by ICANN. So I think you said Q4 2021 on the newer motion that was filed by affiliates. So if that... | Well, that will be dependent on ICANN's timeframe for picking up what the IRP panel instructed them to do, which is to complete their process on.web and get it delegated. So I can't speak for that ICANN process, but that's what would occur following a ruling on that latest motion. ICANN would then basically do what the... | intermediate | [
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e25ccb0f4fdb53509abaef9719ddbe97 | Maybe another one on geographic trends and I think, as APAC still has pretty low internet penetration relative to kind of North America and Western Europe, is there any sense of.com's popularity in those regions as, I guess, more people come online? And does that -- is that kind of a tailwind in the region for VeriSign... | All right. Yes. So, Nick, this is George. I mean, I would just say that, look at comments of global brand. And we obviously try to continue to market our brand to be a very high-quality reliable brand across the world. As far as China is concerned as I mentioned last year, China was a little bit quieter while the pande... | intermediate | [
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2e03568ead17b7f585e647b033a3950f | Then maybe just taking a step back looking at the line about 100% availability for 24 years and as the Internet has evolved quite a bit and maybe the velocity of usage and I guess what's weighing the overall system, I guess increases over time what's the impact on availability in the future? You got cryptominers you go... | Well that's a natural and good question given the expanded use of the Internet and particularly during COVID so many people working from home additional load etcetera, etcetera. I'll just say that the design of our network besides resiliency is there's also a design element of capacity and it's always been designed wit... | intermediate | [
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f3d4d80235ff96dcb7ebb69405f3ffa2 | I was wondering if you could provide some more color on what you're expecting for renewal rates in the second half of the year as we lap the surge in new businesses from 2020? | Yes. So Drew this is George. We don't guide to renewal rates, but we do guide to the domain name base. And obviously our guide is up from last quarter. Last quarter we were guiding 4% to 5.5%. Obviously now we've increased that guidance to 4.7% to 6%. So, we're still expecting growth in domain name base but we don't gu... | intermediate | [
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8637ed4257ec9d243ad302502d55bbb0 | I think you guys have been asked this on other calls in a couple of different ways, but just for poziotinib, wanted to dig into the pre-specified 17% number a little bit more again. And so, I'm wondering if you could provide more background and thoughts on the assumptions that went into that pre-specified 17% ORR numbe... | Yeah. Maury, Good to speak with you. So the discussions are derived from a review of the literature. And as you know, there is no approved drug for HER2 exon 20 mutations. But there is a number of reports in the literature giving us some guidance. Now, in large part, these -- the data that's in the literature is usuall... | direct | [
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0a802b6033b486930fa8b7a5f1557496 | We're guessing that FDA will likely want you to resolve some of the differences in data that you're seeing in Cohort 1 versus Cohort 2. And you guys talked about this on the last conference call, and some of the ideas on how you could resolve this with explanations. And so I'm just wondering if -- I guess, how are you ... | Yeah, you're absolutely right. We obviously expect that we'll need to provide some explanation rationale to explain the result, and as I've indicated, I think last time, the obvious one is that there is a different receptor at play here. We don't think that that's necessarily the main difference. We believe that the in... | direct | [
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d6b0ba10c73b4ca4b89fdfc006349955 | Just a follow-up for your FDA meeting, can you give us any examples of similar situation where a drug, sort of, working one cohort, but not in the other and what was the outcome? And then maybe just talk about what kind of preparation and analytical work are you currently doing, trying to sort of frame this situation t... | Yeah, I mean, I -- off the cuff, I can't give you an example but I think potentially, more importantly, you've got to recall that we had an agreement with the FDA that -- and we've communicated that to the three, that all of our four cohorts were independent of one another. So what that means is that if one is positive... | intermediate | [
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a0523fa0392ba7d3351b4b7ab754256f | Is there any hypothesis around whether it might be easier or harder to see maybe more activity in our frontline patients versus maybe relapsed or refractory patients? | Yeah. We have indicated previously that the bar in first line is higher. We've not disclosed the bar, but -- and if you could look at the literature, I think that it's pretty well accepted that in first-line patient -- respond better to these drug, in part, possibly because they have more bone marrow reserve, they have... | direct | [
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83e375aaed6ef3c5957cc946196dd7db | When you discussed the data from the Cohort 1 patients, 88% had dose interruption and 68% had dose reductions. Any thoughts of going back and revisiting this patient cohort? I know you're -- with the different dosing schemes that you're trying out to try to get the patients to stay on there and address these second-lin... | Sure. So, you've got a good memory. So the only guidance we have given -- because the analysis in Cohort 2 right now is ongoing, but we have indicated that the number -- the side effect profile was quite similar to Cohort 1 and in line with the class. So we're obviously looking at that and as I suggested in my prepared... | intermediate | [
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93748e6d00874aa173088a59e6e7779b | I had a question on the FIT platform you haven't talked about in a while and we're just wondering if you can give us an update on the Phase 1. I think you had said you were looking at up to 20 patients there. Just wondering, with COVID, if you've had -- how the enrollment is going there and what we can expect to see fr... | So let me divide your question in two. First of all, on FIT, as you can imagine, we're, I believe, focused on ensuring that the question that the FDA ask for us on ROLONTIS are addressed and are priority, as well as now to focus on pozi and getting to a pre-NDA meeting and conducting numerous analysis so that we have a... | intermediate | [
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306b444d083adcb7385060ab8dd4268b | How are HER2 exon 20 mutated patients treated today at standard of care? And are they treated differently than [Indecipherable] I guess lung cancer patients are treated? | Yes, so, as you know, there is no approved treatment, there is various guidance that's been provided. In general, these patients usually see in second line or in first time, when we see the combination of chemotherapy with -- often with a checkpoint inhibitor and/or a triple combination of chemo and HER2 immunotherapy ... | intermediate | [
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5f5a1f336f9e7bc0d689365985d10d9e | What do we know about the prognosis of those patients relative to old comers [Phonetic] non-small cell lung cancer patients? | Yeah, so the -- as I said in one of my earlier remark there, there is no approved drug, the literature is sparse, but is -- and not uniform, if you want. There are -- depending on what study you look at or data that was published, if you look at relatively large multi-centric data that was put together, there is two co... | direct | [
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e1a8d88a975e2cdd807ff4684a323ee7 | On ROLONTIS, maybe a couple of questions there. I guess number one, you mentioned that although the drug demonstrated non-inferiority compared to the last, there are some some differences. And I guess my question is, how effectively will you be able to use those differences in your marketing efforts to achieve formular... | I'll take that one. thanks for the question. So the studies are designed to be non-inferior. The package insert will have a non-inferior indication, the public domain, it's available, the differences in our publications. Our medical affairs group will obviously have those in response to questions. So it's in the public... | intermediate | [
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5c48151ccde490ca227d634240a7f9f5 | I think a lot of this obviously comes down to contracting and so on. I guess, you did mention that ROLONTIS will obviously have its own code, J-Code. Maybe just help us understand a little bit better how that could be an advantage maybe compared to Neulasta or Neulasta biosimilars in terms of access. | I think it comes down to predictability of Average Selling Price. So I think in these high utilization drug categories, customers are looking for an element of predictability and when reimbursement is interrelated between multiple products, that causes a bit of uncertainty. And I think having a novel product that our r... | direct | [
"direct",
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] | A |
079cc3f73ed5834619490104d5ed014a | I think Amgen said recently that Onpro is holding up and I think over half of the market is actually Onpro and the competitive segment would be the -- I guess the traditional long-acting GCSF. I guess, do you have any views on how the market's broken out right now and where you're most competitively positioned? | Our full intention is to compete across the board. You stated it correctly. Onpro does represent about 50-plus percent of the market and I think we're going to challenge the premise if that's stickiness based on clinical value or if that's just based on game [Phonetic] theory and contractual value. So I think that's ye... | intermediate | [
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52d473878c73a0f83b9872b9d3ae1a97 | Just wanted to get some color on the Cohort 4 enrollment and when you expect to have kind of initial data there, even a preliminary look into this sort of BID dosing strategy. And maybe in the context of the engagement you're having with the FDA in the Cohort 2 filing, is this something you'd have prior to that meeting... | Sure. So the -- I think we basically said that the Cohort 4 was roughly -- at enroll. And we have also indicated that we modified the balance of the patient to BID dosing. So that was announced previously. Recruitment, as I indicated before, has been impacted a little bit by -- different cohorts at different pace here ... | intermediate | [
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] | B |
eac75e99dfb2f1668a2ededd736620cd | Could you remind us of the timelines around this FDA engagement for Cohort 2 and the sort of 60-day lag time between the PDUFA? | Yeah, so we're actively working on preparing documentation. The process is that you request a pre-NDA meeting and if the FDA grants you that meeting, basically the clock starts and usually they meet with you within 60 days. So by the time you submit the request, you kind of have to know that you're ready to have the di... | intermediate | [
"direct",
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20ba0d4e424344f8013239a6eac671cd | Jamie, can you talk a bit -- a little bit about the Lake Vista Pointe property, the short-term renewal that was completed? I know that's a pretty big tenant, and I think that they had that lease expiration. So what's their thought process behind the short-term renewal? Is that going to -- is that just to tie them over ... | Yeah. It's a good question, Mike. So discussions with that tenant have been ongoing. They did have a right to extend their lease by three months, and we continue to have discussions with them. And they figured that, I think, really to take a bit of pressure off on their end as most tenants are trying to figure out thei... | intermediate | [
"direct",
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] | B |
cbe71102c9f5ec556255c9565bed10fb | Okay. And is there any property in that area that could support their needs? And I mean I think that before they needed more space, I'm not sure if this current environment changes that for them a little bit, but is there a brighter prospect that they're going to renew there? | Yeah. I mean, previously, one of the options they were looking at was a build-to-suit, and there's a number of potential areas, but Dallas is a large market. So there are existing vacancies that they could fit to, but we think we've got a great property and a good valuation proposition on the table for them. So discuss... | intermediate | [
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] | B |
072fe3e285f05367ea0830d23d8210ac | Okay. Great. I know you have another big expiration at Carillon point coming up, too. I guess what's the discussions going on there? And is there a prospect of them renewing the lease some time soon? | Yeah. It's similar story all around where tenants right now are trying to figure out long term what do they need, where do they want to be. Utilization is fairly low across the board. And industry, we're probably around an average, but we're probably in the 20% range of current utilization. And so when you look at rene... | intermediate | [
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] | B |
1e0015fccd34e77e422c96e1eed2b42d | Okay. Great. And then I guess, finally, can you talk about the Sorrento Mesa renewal that you completed? I know there was a pretty big rent step-ups that you've been talking about for a little while. Is there any TI component related to that or incremental investments that you need to make into that property? | Yeah. So that was a big win for us over a year kind of in the works on that one, and we kind of landed on the trifecta. So there's three elements to it. There's a 51,000 square foot renewal, which happens in 2020. Rates step up to $54 net on an annual basis. So that's going to add about $2 million to the bottom line. T... | direct | [
"direct",
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] | A |
8f8ab35ba10b6065c2dc21755abc1ae2 | Okay. Great. And then finally, Tony, can you talk a little bit about your leverage targets? I mean, where do you want your balance sheet to be at today and especially given the stock repurchase program that you just kind of highlighted that you put into place? I'm assuming that given where leverage is today that you do... | Yeah. That's exactly right. We really put it in place the additional $50 million stock buyback program, more to just to make sure we have the tool for the future. As I said in my remarks, we don't have any intention to use it in the near term. To address the kind of your leverage question, effectively, we don't expect ... | direct | [
"direct",
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] | A |
101a6557929c9aa42a1675a44a9811b8 | Now that you've created so much value at Sorrento Mesa, do those assets now potentially become disposition candidates or are you more likely to hold on to them? | Yeah. It's something we're considering, Craig. We bought them just over two years ago. We've had a lot of success as far as leasing and enhancing cash flow and there's still some work to be done there. But they certainly are much more marketable at a substantially higher value than what we bought them at, and we're goi... | intermediate | [
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] | B |
202e9195c56cdea840e54565bee86ecd | Okay. Great. And just to circle back to Cherry Creek on the expansion there that now being basically a single-tenant in those buildings. Did you get a lease extension when they agreed to take that expansion space? | No. We basically rolled the one space they took, which was going to expire about a year-ish out in the future. We pushed that out to 2026 to be coterminous with the rest of the space. | direct | [
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fc5aec2640b7385cefa9ca986a61660c | Okay. All right. And one more for me. I know you're not actively looking at transactions for 2020. But I'm curious to see if you're seeing any thought in the transaction market? And if so kind of what kind of changes you're seeing in pricing in a post-COVID environment? | So kind of looking at it in a nutshell, as you said, we're not really thinking we're going to execute on 2020. We do think there's going to be good opportunities. I personally think it's going to be 2021 and beyond. And the reason being, there's lots of opportunities out there, there was a lot of things being marketed ... | direct | [
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f99ca140d0f999f2bb3c958878ffc98e | Okay. Just one more for me. Tony, with you guys reauthorizing a $50 million buyback, but not really likely to utilize it in the near term. Are you still going to likely run the balance sheet with, call it, $55 million-ish of cash today after the third quarter buybacks or are you likely to pay down the line? Because it ... | Yeah. It's a very good question, Craig. Back in March, when we did the draw on the line of credit, it was as much to test that the availability was there to us. We've grown our level of confidence that, that's certainly the case, and the money is there if we needed. And so yes, it does make sense for us to look at our ... | intermediate | [
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] | B |
8eb019a6bf9cb6029f04e01f98dba9d0 | Is there any commentary you can give us on the fourth quarter and quarter to date on traffic versus ticket trends as well as like units per basket versus price per unit? And within those metrics where you see the most upside over the next quarter or two in the most downside impacts. | Yeah. Thanks, Hannah. We did see strength in our conversion rates at store level and in digital. We did see strength in terms of the average in retail. Some of that was associated with the cost increases that we did implemented and in line with industry inflation. And we did see some positive signs in terms of the bask... | intermediate | [
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5da59664e832bc979efa02b46c839e40 | That $175 million impact you cited from inventory being trapped upstream. I guess, how do you measure that figure? Are you looking at cart abandonment online? Just trying to understand how -- if you would have actually sold that inventory if it was on hand? | Hey, Justin, Gustavo here. We -- it's -- we estimate this the same way we did in the third quarter. We look at loss sales at the store level. We know our in-stock in key items are significantly lower than they've been historically, and we could calculate week-by-week, category-by-category, and store-by-store how much w... | direct | [
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28d707b708c1c40ff2984f4699e560c6 | I'm curious what you guys are seeing in your wedding registry business. I know the DEC mentioned that you're the number five retailer in baby registry. So specific to weddings, just how do registry creates maybe compared to the last year? And are you doing anything different within that business to capitalize on the ex... | Yeah, we're seeing an uptick in wedding and baby creates. We actually have adjusted our outreach in the way that we were investing in this key business. I think that we see upward trends in wedding that everyone's expecting and want to capitalize on that. So early indicators through the back end of Q4 on creates bodes ... | intermediate | [
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5bf1217864407c26c212bf9aa85f85e5 | So, Mark, you talked a lot about the transformation, plan, and all the actions -- that has taken up until this point, yet traffic remains a key source of weakness. What is the plan for improving traffic from here, especially as Bed Bath and Beyond key customer demographic has really been aging. It's -- resonated well w... | Yeah. We actually have a multifaceted customer in our target there, Michael, and we have been working with that. Again, we have to get base inventory into in line to be able to facilitate that. But we actually have got been increasing our numbers in our loyalty cluster, which ensures that the customers don't get more s... | direct | [
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2e3229118b3c3204ed675aea6f4599c0 | I wanted to focus on the banner level margin performance. Mark, you mentioned buybuy BABY mid-single digit EBITDA for the full year. I was wondering how consistent that banners profitability was throughout the year, given the challenges that was -- that were noted. And more importantly, right, where the profitability o... | Hey, Steve, Gustavo here. Look, we're not going to get into profitability by banner, by quarter at this stage. But I can tell you, we're very happy with the financial performance of buybuy BABY. As we said, we finished the year $1.5 billion -- $1.4 billion in revenue, growing double-digits with mid-single digit EBITDA ... | intermediate | [
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] | B |
e22d6e921e47a1ff9f42a200b3aa4dd4 | In terms of your outlook for freight improving in the back half of the year, I can't remember your contracting strategy. Are you contracting for this year? And have you entered into agreements that will lock in some lower costs year-over-year? | We're working actively as always on the reduction of our costs, William. We're not going to comment on individual contract negotiations at this time. But we also have a lot of supply chain cost improvement that we can build in through the maturation of our supply chain transformation, which we said is a multiyear trans... | fully_evasive | [
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8f3b3e8ffc4c8c0c166239f971df7eca | So you have a large shareholder that put out a letter advocating for a pivot in the strategic, I guess, path for the company and also advocating for potential sale of the buybuy BABY unit. I think they put out -- they think buybuy BABY is worth several billion dollars. So I'm curious what your thoughts are on, if there... | Yeah. Thanks, Jason. Firstly, I think upon entering this company in late 2019, it was really clear that the business had been underinvested in and required a full-scale transformation, and full scale investment in the business. And we outlined a robust plan, and it had to be robust because the level of work required to... | intermediate | [
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7e5f44b81324f754bc748b64bf9b6479 | Just wanted to ask about the trends when comparing Bed Bath versus buybuy BABY. How much of a delta do you think is tied to a more domestic supply chain for buybuy BABY relative to maybe just a varying degree of demand across categories? And I guess relatedly, how did the in-stock rates look at a banner like buybuy BAB... | Yeah. Thanks, Jonathan. Great question. I think there's a key differentiator first in the status of the business versus its LY trajectory. So in the year prior, we had execution issues, but also to -- we had a lessening demand in baby. I think parents were much more reticent to be out in stores, and were shopping for b... | intermediate | [
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] | B |
9508d114d335acc369bc47af5faa582c | My question is around your customer count. At your Analyst Day, you talked to 40 million customers. Today, Mark, you talked to 35 million. So, you're down double-digits. And I'm just trying to understand what's driving that? It was simply the COVID bump where you've got a lot of new customers online that aren't sticky,... | Yes, I think it's a great question, Seth. I think a couple of inferences there. I think you're right. I think during the COVID moment, we definitely saw in '20 and '21 a onetime customer that was searching digitally and that's affected our customer count in the short-term. I think second to that is that, we had store c... | direct | [
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62f1a9960e7a5b5f2bed1c2e9681f8fd | I wanted to follow-up on, Keith, your comments about new investments year to date and some of the opportunities you're seeing in the market today. I assume that's at the fund, but maybe if you could just flesh that out a bit more. | Yes. Sure. Hi, Dan. Yes. It is -- a lot of it has been at the fund level, and a lot of it has been quite public, frankly. The first couple of months here. We've been very active with some public filings on relatively large stakes and some new names at the fund like Bausch Healthcare and Dana Corp, and in the news recen... | direct | [
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ac75edfb67e441a749dfa071aded8a79 | Great. That's helpful. And then just the pharma segment, the purchase of VIVUS, a new segment for you guys at the holdco. Is this something where you're thinking about as kind of a larger, broader pharma opportunity or something where -- I guess, curious about how we should think about this over time. | Yes. I think we'd never take any possibilities off the table, so to speak. We have a lot of capital. If -- so if there were ways to expand it that we thought would create value for our shareholders, we would certainly consider that. I'd say in the near to intermediate term, we're very focused on what we have right now.... | direct | [
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23c858abdfca1e9bd1bfb025ff038330 | That makes sense. And I just want to clarify, with this case, you mentioned, I think, a private placement plus debt. So where does your ownership, like the equity investment in that today sits at what? | It sits at 89%. | direct | [
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6f319601793da1671082346a38087149 | OK. And then just a clarification also on the hedge fund positioning. Typically, you're giving it -- that as of the 12 31, the net short? Or is that as of now? I mean, just trying to compare the bullishness and some of the activity you're seeing in terms of new investment opportunity versus the overall positioning of t... | Yes. I think -- well, the disclosures would be as of December 31st. As we go -- as we've added on long exposure, without -- I don't want to get too specific, but you should assume that we continue to try to hedge out individual risks as well as macro risks. So as we take on sort of new single name long exposure, where ... | direct | [
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75722cf406da63df9f21270bb8f7f902 | Hi. Good morning, guys. Thanks for taking my question. I just have a quick one, and it's probably more just of an accounting thing. But on this case, the EBITDA was 14 and I know -- you noticed that the attributable is only nine. And I'm just wondering if you can explain what that is -- why that -- owning 89%? | Well, I -- hopefully, it won't be too far over my skis here, but I -- we -- our -- the equity offering occurred in the fourth quarter, taking our ownership up to 89%. So I'm assuming that that's a weighted average. Sung, can you confirm that? Or -- Yes. That's correct. So the earlier parts of the year, we owned less th... | direct | [
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e924acefb5adb6228feece95394ff3fd | But the year over year is kind of funky because last year, it was eight, and you guys were attributable to seven. So it's almost like the percentage has gone down, not up. | We can look into it. There may be some rounding in there as well, but we can get back to you on that one. | fully_evasive | [
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7d5e029f4d512f9b5912963e686e3c21 | Geismar, right, you said 7% quarter-over-quarter, 12% year to date -- 7% up in the quarter, 12% year-to-date. Are we still talking about an 85 million gallon a year run rate, or is it possible that discrete [Phonetic] maybe a little bit higher something to the 90 million gallon range? And then can you confirm for us th... | Craig, in terms of demonstrated capacity, we are always pushing the envelope. That's something REG does and and we actually look at innovative projects that our operators are welcome to bring for us on a regular basis. So that enables us to consistently bring throughput up, and some of what we've been doing also, is in... | intermediate | [
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9e34d2485c99acad872e597f51d37c38 | That's good to hear. That actually bridges nicely to my second question, which is about Phillips 66. So back when the original intentions for this plant were disclosed, it was said that only reason they were being disclosed at the time, is some permits that were about to bring bringing the application public? Can you m... | Yeah there is a lot of good questions there. So I'll start with -- our reason and just say, you know, Phillips 66 needs to speak for themselves in that matter, and we actually don't know who applied for and received SRE.
But let's talk about our project with P66. We are excited about it. It's in an advantaged location... | intermediate | [
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479f14831a4a96ece14c9b3844b69da1 | Okay. And then when the -- the last time the company discussed multiple potential sites for renewable diesel facilities, was it the the last Analyst Day, where Daniel Oh presented, and when he was there, he discussed three separate sites that were under consideration. So obviously, Phillips 66 is one, another is Geisma... | So again, lots of good questions embedded in all that. And I did signal in my comments, that we continue to look at additional sites. So you picked up on that nicely. It's a little early for us to be any more specific than that. But I do want to assure you, its strong in our strategy and our strategic thinking. We are ... | intermediate | [
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] | B |
5ace80901c091e0ee4b28febe8367f85 | Great and then marginal gallons are again a great bridge to my last question. So, if we strip out the profitability from Geismar in the quarter, it looks like you probably lost something like a dime a gallon on the traditional biodiesel side, give or take. Obviously, Wheeler's gift to the refinery industries with the S... | Although we are -- as I intimated in my comments. We're starting to see that already and we imagine the longer it goes, the less BTC, the more you're going to see margin recovery. So that's a watch this space kind of a thing, and we're active in it, even as we speak. I would also say that, in terms of improved margins,... | intermediate | [
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9ab9f781e0ae04cc58daf0ef47ec8f42 | Great. And if I could squeeze just one more in before I jump back in the queue; priorities for cash use, so if we just sort of approximate $500 million in cash benefit when we get the check from the IRS, hopefully April, its pretty easy to see your buyback and your investment in the Phillips 66 plant, probably coming i... | So we do have a very robust list of items and they run along the list of the strategic priorities that I've been describing. So definitely, RD expansion. Definitely expansion into the downstream and getting closer to the customer. And definitely, improving our margins with all of our produced gallons. | intermediate | [
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18dcab88242ef7d9a0a33f02ef91140f | Hi. So the first question I had was, how much excess inventory you think is out in the market right now? | In terms of produced material?
I might let Chad try to make an estimate of that. But the typical scenario for our industry is for inventory to start building at this time of the year.
Yeah, I think what we've seen in the second half of the year, Hamed, is the -- I think C.J., referred to about a dozen plants that hav... | intermediate | [
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c652672f2c6b265aa5055d0a8af22c22 | I guess, what I'm trying to get to is, if all those productions come off and eventually just gallons, their excess inventory in the channels would be consumed, so one of their implication that prices will eventually go up, especially with this IMO 2020 kicking in a couple of months? | Yeah, I think you'll find that -- historically, the inventory levels would have been better this time of the year, particularly, coming out of the third quarter and you actually saw domestic production coming offline. So there is not going to be all that excess inventory people are accustomed to out there. So I think y... | direct | [
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b5b5b053d3e644f4aa36c795d926c1cb | Sorry. Are you doing anything different to capture more margin upside? Just given that the environment right now, with feedstock prices declining, are you still going to the hold true to that 60-day rule? | Well, some of what we do is sort of built into the amount of time required to procure and ship. So there's -- and also, because we've already procured, you have the option in some cases to build inventory, if there's opportunistic pricing. So we do do some of that. And we have some opportunities as well, because of our... | intermediate | [
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762ac91e86d271df91897a96c77d9753 | Just a housekeeping question. So Chad, in your prepared remarks you talked about, I think it was $32 million in remaining liquidity on your facilities, but the large renewable diesel collection out of Europe. Can you approximate for us, what the cash intake was on that significant collection? | Yeah. It was north of $20 million. | direct | [
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54779d267f6c86c44850c734546e4cec | Okay. So we're now looking at north of $50 million in liquidity, is that fair? | Yeah. And we also had a positive EBITDA quarter two. | direct | [
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] | A |
147c5d7ca7c32961342b8d75328b2464 | Just a few questions. I wondered if you could talk about and I know you're going to give preliminary guidance on 2022 next quarter, which I'm sure you'll have more detail to offer, but is there any more color you can give in terms of the drivers to get to the 20% plus? And I guess more so I'm just kind of curious about... | Yes, we still think with our pipeline on the payment side is that we'll get the GDV. It's been very bumpy, the last couple of years, obviously to real extremes over particular months, because of stimulus but also because of consumer buying behavior. But with the pipeline we have, we still think we can sustain that 20% ... | intermediate | [
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7e2353e22129831edc1290186058c171 | Okay. And then on the GDV side, generally, we've been seeing, if I just look at my model, we've been seeing margins come down. I know a lot of that is related to volume discounts with big partners. It did -- at least in this quarter it looked like the margin didn't stabilize. So when you think about 20% GDV growth, are... | I still think half, because we have such -- we have a lot of new partners, Current being a real high profile one that just joined our ecosystem. But we have partners like SoFi, which just started last year, which is still ramping up. So -- but we have the big -- obviously the dominant players in the industry too like P... | direct | [
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12c80b25bc06aa562a4b7fb3f1469049 | Okay. And then you mentioned a couple of partners there. So on the Current front, usually TBBK is the first -- it seems like the first bank partner and the primary bank partner and I know Current has a couple of other or had in the past couple of other banking partners. So I wonder if there is anything, I apologize if ... | So the part of the appeal of TBBK has been our investment in both our technology and product capabilities, but also our compliance in BSA envelope of processes and procedures. So we're attracting a lot of more mature programs that have been with other partners but view those two things as a real benefit to being with t... | intermediate | [
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f476211e43471ae1552af136e01f9e00 | Okay. And then just lastly from me, you also mentioned SoFi, that business is still ramping up obviously, they've gone after their own bank charter and I know you can have relationships with partners even after that certainly, like borrow. I just wondered if you could talk a little bit more about that -- so is that bus... | Galileo is a -- Galileo was acquired by SoFi. Galileo's capability is processing. We're not a processor. There are occasions where a processor can also be a program manager. So if you think of the three parties involved, there is the Bank, there is a processor and then there is the program manager. Those are the three ... | intermediate | [
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9ae4fab1cf75cf4d1f33a6777789388e | Excuse me, so Damian, you mentioned restarting the multifamily lending business with I think you said $125 million just closed another $125 million in the pipeline. Is, this meant to be... | The $25 million we closed, no, we've closed or soon to close to $25 million and then we have another $25 million that we should close within the next 60 to 90 days. | direct | [
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f0bcba3f5dc45954bf61779914d1b663 | Okay, thank you. Is this meant to be a securitization business or balance sheet business? | This is all -- these are all the new deals. This is replacing the securitization business. So if you think on the spectrum between community banking, all the way to the securitization activity, which was more conduit business which was Investment Banking, this is really main line commercial banking in what asset class,... | direct | [
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1ae6f3b4cfd5df8ba8c75d000377f4b6 | Are the deals that you closed and the deals in the pipeline are these coming out of that that portfolio that's already on the balance sheet from the broken securitization? Or these are all new? | These are all new loans, but it's with a part of that team that was retained after we shut that business down. So these are people that are experienced with this type of asset class with our broker and other direct contacts within the national framework of doing these loans. So we were able to restart the business very... | direct | [
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"fully_evasive"
] | A |
1668ba9a04f590dbedc308025ef3e5a0 | Okay. And so, you mentioned in your prepared remarks, the -- I can remember you called it the five-year plan to get to 20% ROE. | The four-year plan, it is called Vision 500, and it appears in our Investor presentation, that's just been released. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
acfc2f1a96f8c2bacd5938e3d2e3dabd | Okay. So this $1.7 billion portfolio of multifamily loans is yielding well above market rates, correct, due to the timing of when these loans were underwritten with floors? | Correct. Yes, so approximately at 4.8, but the portfolio is a little smaller than $1.7 billion, but you're in the ballpark. But there are 4.8 loans and they have floors. So they're very accretive, but we are originating in the low 4s now. There is not a big difference about 60 basis points difference between where we'r... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b3c58e4354461c32aae7b18f1194b788 | Okay, so you will need this line of business then to hit that return on equity target than presumably just given -- you need yield right? I mean you've kind of managed your business to a much lower risk asset generators excluded now this product. Is that correct? | When we did the credit road map, which is part of Vision 500 part. So there's three elements, you'll see in Vision 500. There is the ecosystem of payments. There is the credit roadmap and then there is the strategy around return of capital and buybacks, right. So, all those things are embedded in the main tenants of Vi... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
41ba5c201a8758cfb08d799885242197 | Okay. Thank you. You did mention the buybacks and just going to see another, excuse me, over $400,000 bought back in the quarter. Is it safe to assume that one, that those buybacks will continue that you'll exhaust the existing buyback. But two, I noticed that even with those buybacks the period end share count went up... | Okay. I'm going to give that to Paul.
Yes. You're absolutely right Wally, that the first half of the year represents more grants, the vesting of more grants, they are typically fewer, but there are -- there will be some in the last half of the year, but over time, we're planning, we've announced the buyback, it's goin... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
53f7fe4d1cd416968726e3e52d79106a | Okay. Okay, thank you. And I mistakenly asked this question on the wrong call earlier this week. So I'm going to ask you on the right call this time. Earlier this week, there was some noise around the Senate Banking share sending a letter to the CFB -- CFPB to investigate the time account closures has been a large amou... | Yes, so, we first of all, we take our responsibilities extremely -- regulatory responsibility extremely seriously. It has been covered in the press, the US government was defrauded on both the state and federal level literally billions of dollar and we were able to recover almost $1 billion for state and federal govern... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f25d533e0297c9d31b57809a913eda9e | So a question on the COVID surge demand in the quarter. How much of that $71 million was equipment-related versus consumables? And do you have any efforts to perhaps be more directly involved in testing? So there must be 100 qPCR tests out there, but I don't think Bio-Rad has one yet. And so curious for your thoughts o... | Okay. Dan, this is Andy here. I think what we'd say is the majority of the sales there were instrument. Of course, we do have reagents, too, and on our core PCR business there, some embedded Droplet Digital PCR sales, too. That was the answer to the first part of your question. Could you just repeat the second part?
Y... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6c7fdcb4d814e9b0c20bc74e4a318edb | Okay. And my follow-up question, what are your expectations on the pace of academic, government and market demand into Q3? It seems you're over-indexed there in Life Sciences, and it seems like that's an important variable in the Q3 outlook. | Sure. I can take that. So we expect to continue to see a gradual increase in opening as we go through Q3. We're not expecting any sudden changes in pace, to be fair. We saw a gradual opening through Q2, picking up in the second half a bit. And we're thinking the same as we go through Q3. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ff13976dfeb1f65f3e923af61797d9b3 | Great thanks. Ilan, maybe one for you on the margins. Very encouraging, and particularly in this environment, to see the expansion there. Can you just talk through the strength, particularly with the onetime headwind you guys faced? And then the expectations going forward, how much of it was mix as you kind of talked a... | Yes. Thank you, Patrick. I appreciate the question. So yes, this quarter, we had, obviously, a better gross margin due to the better mix. As well as some benefit from the inventory buildup that started post Q4 of 2019. Generally speaking, when I think about the full year, I don't think that there will be a big impact o... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
917d9b915746252a899af4ba44e598a4 | Okay. That's helpful. And then maybe just on the Clinical Diagnostics side. Can you just talk through the trends as we progressed through the quarter? How much improvement did you see as we went through June there? And then also, as we've seen this reuptick of COVID in July, I've heard some kind of say the elective stu... | Sure. We did start to experience some modest recovery in June. And exactly, as you said, it's still muted by selective procedures and routine testing really not being back to historical averages. So we're in watchful waiting, but we did see an improvement in June. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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