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6dd2ebbd20616a9c6b04bc5aef00af72 | Great. And maybe a last one, just on the ddPCR side, are you guys getting this technology in front of customers that perhaps you weren't accessing before COVID, meaning has the demand upticked to a level where the installed base is all of a sudden strengthening quite a bit? And the technology is getting out there in a ... | Sure. I think the general answer to that to your question is, yes, that's likely what's happening. We've been experiencing growth with this platform for quite a long time, and we continue to see it. We had not focused the technology on infectious disease. And I think what has emerged is how it can be quite useful in th... | direct | [
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9579df8a7ad542a5a8a71190d7588cde | Thanks, good afternoon. I was hoping just a little bit more granularity on that $71 million benefit from COVID in the quarter. How much of that was in Life Sciences versus whatever benefit you might have seen with serology on the diagnostics side? | Jack, yes. This is Andy. The majority came through the Life Science PCR and Digital PCR side of the business. Contribution from serology was very modest. We launched our product late in the quarter, and so it was a very modest contribution. | direct | [
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1efac9a0bd28a6769d7b783855c41706 | Okay. And I guess you were capacity constrained in the second quarter. And I know your third quarter guidance calls for a step down sequentially in the contribution. But I guess, why would that be the case if the manufacturing footprint is where it needs to be going into the summer? | Sure. I can take that. So we at the beginning of this pandemic, we experienced, as did many others, a real upswing in demand, and we spent several months in the end of the first quarter and into the second quarter, scaling our manufacturer to meet demand across our platform, our reagent and our plastics consumables lin... | intermediate | [
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b1ffd7e929de1ef9ca362f77dda7f18f | Got it. And if I look at the Life Science results, if the COVID tailwind was concentrated there, and you had the biochromatography Process Media tailwind I'm getting something like the core business, I don't know if my math is right, I'm trying to do it while we go, but down well over 20%. Can you just talk about some ... | Yes. I think when we look at that question, I think we feel our business is kind of down in line with the majority of the other reported reports for Q2 in the kind of high-teens percentage. We don't see our core Life Science being down over 20%.
And the way we think about it, Jack, also thinking about the second half,... | intermediate | [
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c30d38fa279d1588ea2376c1ba77769d | Got it. And if I can squeeze in one final one. I was curious just thoughts around capital allocation, the Sartorius stake, if you just look over the last one and half years, it's gone from almost $3 billion to closing in on $7 billion now. Does the pandemic change your views at all around the strategic nature of that a... | So obviously, Sartorius, it continued to do very well. Hence, the increase in their market cap. It's, obviously, it's been a pretty good investment for us.
Yes. I would add also, Jack, in terms of the overall capital allocation. I mean, it's a similar strategy that we have been discussing in the past year. We have con... | direct | [
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ad512f9233d66e1ba53c4a92dde99e88 | Thanks. Start with Ilan maybe. As you look at the back half of the year, very specifically around the third quarter, any parameters you can share with us as far as the step down sequentially of the COVID tailwinds? Is it over half or less than half you expect to capture in the third quarter? And then if you look at the... | Yes. Thank you, Brandon. I think to your first question, I think it's a little bit premature to assess how Q4 is going to shape up. We can tell you, based on the last several months that a lot is happening every few weeks. So I don't know that the general seasonality that we experience every year will be similar this y... | intermediate | [
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2e2fbfec41b44a0693c86049904f6370 | Maybe one for Annette. On ddPCR, I'd like to get an update now, I guess, six or eight months into the launch of the QX ONE platform, specifically which customers you'd be adopting fastest, what percent of new placements there are upgrades from the legacy system? Anything you can share with us on how that launch is proc... | Sure. Well, fortunately, it's proceeding quite well. And the primary segment where we focused this product was biopharma and to a large extent in the QC and manufacturing parts in the cell and gene therapy markets. And we had we have many customers who adopted our QX200 for that application, and we see some of those cu... | intermediate | [
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4488893405b7dce98c8a023f28db14fa | Just for my clarification, Ilan. Just to confirm, the non-GAAP gross margins, did that still include the $8 million customs charge? I just want to make sure you didn't back that out of the non-GAAP adjustments. | Yes, it does. I did not get it out. That's correct. So and it's about 150 basis points. | direct | [
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bec16c349d9f786ca16efedc027d9a0c | You talked about the disruption with streaming. As you sit back and think about that, how do you think it either benefits theaters? Or is it more of an additional competition that streaming has seen from online that may just create more competition for consumers broadly? | Yes. Nick, I think what we think about, and I'll let Greg chime in on this is streaming has really become effectively the competition for your in-home cable television. Again, their focus is developing series and kind of being a direct competitor to that. Now what the Deloitte study focused on was in that in-home envir... | direct | [
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73ea148e2e493669c47cf4d36dc8f462 | I just wanted to revisit the guidance here. It looks like percentage rents expectations went up a little bit, but so did G&A. And I'm just -- is the guidance increase just purely the deferred rent collections from the 1Q? | No. Really, we updated, as you said, G&A kind of offset percentage rents, and we increased our guidance to the midpoint by $0.07. So we said -- we gave original guidance that deferral collections are not in that. So we had $0.02 in the quarter, so that's part of it.
But we're not putting any future deferral collection... | direct | [
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79f5601273d37c631c3795c131a31ccb | And my second question is on the pipeline for external growth. Obviously, not a lot done so far year-to-date, and you mentioned that the expectations are that it's going to continue to ramp in the back half of the year.
Can you just talk about the pipeline, what do you expect the cadence to be even in the back half of... | And I'll let Greg kind of jump in. I would say it's probably fairly balanced in the second half of the year, probably a little more in the fourth quarter. I think the hurdles are -- again, just kind of getting deals kind of finalized. I think we feel confident that we have great visibility.
We're in due diligence in n... | direct | [
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4c0341c2dda789e976d8231c28e6412e | So maybe just touching on a little bit on the last answer to the question that was in previously. You talked a little bit about -- you kind of mentioned that you weren't seeing a ton of competition for investments. I guess maybe why is that, especially as it seems like pre-COVID 19, you were seeing a lot of net lease p... | I would say, and I'll let Greg also comment. I think, first of all, we are seeing a real benefit of how we worked with existing tenants through COVID. Mark talked about we're getting repaid on these, and we're getting repaid sometimes faster than what actually contractually our tenants had agreed to. But the other huge... | intermediate | [
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35617cf5693b719c9b806fe81f16840c | OK. And then on the TRS and JV side of things, I know it's probably bespoke for each transaction. But what's the relative kind of general timeline or thought about moving those to a net lease structure eventually as operations kind of continue to stabilize here post the worst of the pandemic? | Again, we're -- again, we're going to take a look at all of those and kind of see there's two sides of that. Some of that's not a bad thing from an inflation protection. Again, an inflation environment, we're probably enjoying the upside of that. So I think we're mindful about the size of that, and we'll always be tho... | intermediate | [
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197e3422cfa6dcb776156fc038f79932 | Is that going to maybe be typical as to how you invest in the experiential lodging sector, at least in kind of the near term here? | I wouldn't say that's -- yes, I mean, I think what you'll see us do is some traditional straight-up net lease deals as well. I think it's, as you said, it's kind of bespoke and the nature of the deal. Does it does it have development or redevelopment needs? Is it -- do we think it stabilizes to a much higher level. So ... | direct | [
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19d6d7357b6b6ce467c6f61a48edbee8 | Greg, I wanted to touch on your comments that you made earlier regarding theaters. How long will it take for studios if they have this renewed focus on theatrical releases? How long will that take to actually translate into additional tentpole films being put out to the market? | Again, and I'll let Greg Zimmerman comment, I think people are focusing on what I -- and Greg will have an opinion, it's not as much tentpole films. It's actually the smaller films that we need. The number of tentpole films are pretty good, and those were -- we were protected with those as things kind of went into the ... | intermediate | [
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0be9a8d03b840865786761fb142e2c8d | OK. And then in the first quarter, it looked like if you look at the weekend sales, the ticket sales rail lease surpassed $100 million a weekend and pre-COVID, you're consistently exceeding that number and even touching 200-plus million. Is the difference there, is it -- is the smaller films? Or is it that they just di... | It's a little bit of both, but I do think it is the amount of product in there. As Greg mentioned, if you look at the number of titles, if you only have so many titles playing, it's going to affect it. But I think clearly at the beginning of the year is not tentpole heavy. It never is.
First quarter is not. We're movi... | direct | [
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d2e0130fcb7e93cdf85d15604bb454a6 | OK. And then can you talk a little bit about how well positioned your tenants are? I know, Greg, I think you were highlighting that they have -- they're going to have positive coverage. I mean are they making money today at these current levels? | Yes. I mean the expectations of kind of where we're at and targeting this year, they should -- we think they should make money, and we would have positive coverage. It's not back to where it was. Again, we think that's going to take a little time as we talked about with more products.
If you look beyond theaters thoug... | direct | [
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a0833d0c6f06a6f160c874d263fabc95 | And then just last one on this topic. How many -- and I know we kind of talked about this before, how many theater boxes actually closed down during the pandemic? Was that a significant number? And is your portfolio now better positioned to take more share just because there's less competition out there? | We -- and again, I'll let Greg comment. I think we probably would say, and we just had the conference for theater operators, I think we've probably seen about 10% kind of closures. I think we probably, if not for governmental assistance, we probably would have expected that to be closer to 20%. But there's no doubt our... | direct | [
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46a2106d1394ed82d635da21f8f822dd | Yes. Good afternoon and thanks for taking my questions. Congrats on some of the recent success with some of the acreage dedications in the Delaware Basin. I was just curious, what are leading-edge disposal fees right now within the Delaware Basin? | The range in Texas is anywhere from $0.45 to $0.55 generally. And in some areas, such as our Hillstone, Loving County assets, they're somewhere from that range but maybe a little bit higher due to its unique area, lack of electricity, station power, such as that. So we do have higher rates in that area. New Mexico, wit... | intermediate | [
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a349eb4443ead39678ca08aacb0d2a2c | Okay. Thank you for that. And then Mike and Trey, just wanted to expound a little bit upon your prepared remark comments on asset divestitures and potentially joint ventures to help reduce leverage. What are your thoughts there? What's the sense of timing? What's the market like for that right now? | Yes. So thanks, Pearce. So, as we've done historically, we're always looking at opportunities. It is a more challenged market, however, we are seeing it improve. We've got some significant opportunity ahead of us as well with -- in particular, with our Water business but really across all of our lines of business. So t... | intermediate | [
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4a03f8147c07c377cbe76b67e9da6df6 | Okay. Great. And then if I could squeeze one more in. Just what's the latest update on Poker Lake? | As Mike stated previously, our 30-inch pipeline is in the ground and taking water. We -- our timing of that development is unchanged from previous discussions. That's all we can say about it currently publicly. | direct | [
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d2d58b7fecead1887043aaafa9025bf4 | Hi guys. Good afternoon. The reduction in guidance -- so did the addition of the range to the guidance $560 million to $600 million, am I assume that reflects the $11 million one-time hit that -- it doesn't look like you can get that one back. Is there anything else built into that range that we should be thinking abou... | Thanks, James. So yes, it does include the onetime item in Crude. The other commentary I would add to that is that, when we put the guidance out initially in April and then reiterated at the end of May, there was an extremely steep contango, which continued through May. That obviously disappeared in June. We do not exp... | direct | [
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112ee93ca6640e9ddcabd315bc8a62db | Yes. Thanks for taking the question. Is there any way you could help us with kind of -- it seems like the obvious question about the capital structure with the maturities in '21. What's your plan to refinance that? | I'll start. This is Trey. So our 2021 maturity is our credit facility. It's -- so it's October of 2021. Our expectation is to have that extended prior to it going current. So that's something that we've been working on. We've been in communications with our bank group. We expect the bank group to be constructive. There... | direct | [
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651da6935a81656f0bde62a631afbd5d | Okay. And you bought back some bonds in the quarter, it looks like. I mean, do you plan to use capital for that purpose throughout the remainder of the year given where these prices are? | So we've always evaluated our bonds in the open market for opportunity. We bought those bonds at less than $0.50 on the dollar. We've done that in the past as well. We did that in 2016. So that's something that we continue to evaluate. A lot of factors go into that decision on what is the best use of capital. What do l... | intermediate | [
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73857859c4ef0db8c32c45940d8a7544 | Okay. And then the $560 million to $600 million guidance, that -- I mean, how much of that factors in the -- what's going on with the bankruptcy proceedings and the litigation? | So that's our latest expectation. At this point in time, both parties are operating under the existing contracts. So at this point in time, that's what's factored into our guidance. And again, we haven't given a range. We are going on the fifth month of the year. So as this continues, it continues to operate under the ... | intermediate | [
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ace1237777376b709acbe000b664ed07 | Okay. Is there -- say things go well, obviously, that probably doesn't impact it. If things go against you, would you -- is there any range you could provide on how much that -- of an impact that could be? | So when we provided our expectations for the year, we expected a 5% to 10% reduction in volumes on Grand Mesa from last year's results. So last year was about 130,000 barrels a day. So assuming about a 10% reduction, would be about 117,000 barrels a day. We're running just above that. So we attempted to factor that in.... | intermediate | [
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a161754fa0bf01baca2acfb06e1c624e | Great. Thanks. Hey, guys, good afternoon. Just on that last point on the Grand Mesa contract. Has there been any discussion to negotiate a lower MVC to provide more flexibility? Or is it at this point just a full accept or reject decision to the court and then going through with the unsecured claim? | Probably the easiest thing to say is we have not spoken to anyone representing or the bondholders themselves. So it's hard to negotiate with a ghost. | direct | [
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84e098d44734a37f5d86f5e397230732 | Okay. Understood. Just a question on their exposure for your Water segment. If they're able to reject their water disposal contract, how material is that to you all, if at all? | T.J., I would call it minimal. The DJ Basin, we have a very large area of dedication with lots of producers I would not call insignificant to the company or to the DJ on a stand-alone basis. | direct | [
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0d8c77bcc24924a66148e5b9217d8840 | Okay. Understood. Just last one then moving on. So the Water segment, the opex per barrel, I think you mentioned a partial benefit in this last quarter. And then as we think into the September quarter, maybe with a full quarter benefit, would you expect to get to that sub $0.30 this quarter? Or is there still more to d... | Yes. We would expect to be at that $0.30 for this upcoming quarter and to stay at or below that level on a go-forward basis.
Hey, T.J., it's Mike. Just -- I'll add to that for your first question on the water contract. Again, you don't end up with zero value. So that just increases -- continues to increase our unsecur... | direct | [
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658ae97092b3f91a35bbc750cf43c9fb | First one is just a quick one on the DUBLIN data readout expected mid 2021. Just wondering if you can say if you submitted a placeholder for a late-breaking abstract at ASCO? Or could we expect to see a press release around ASCO? | Yes, so we don't have the DUBLIN-3 data yet. So -- and the breaking the finish time was March -- at end of March. So the answer is, you will not see any data from DUBLIN-3 in the ASCO meeting. We're guiding the market as midyear. | direct | [
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6ad6c392c99b23a98f84430dda943eed | And then for the ASCO titles that posted and the data you're going to have there. Just wondering if you can elaborate on what additional analyses you'll show beyond the topline PROTECTIVE-2 Phase III CIN data? | Thanks for the great question. So for the PROTECTIVE-2, everyone would love to see the clinical meaningful endpoint correlation with the AMC-based endpoint, which we show very high statistical significance. So in the ASCO coming out presentation, we are going to show additional reduction in FN and hospitalization, thos... | direct | [
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d59c16b656c95161d417dbad53b05cb9 | Got it. And will there be anything on bone pain, dose intensity or quality of life? | Yes, we have. Yes. Thank you for the question. Yes, we have an abstract accepted on quality of life as well with the combination plinabulin plus pegfilgrastim versus pegfilgrastim alone. And yes, we have other overall safety that includes bone pain as well. That's correct. | direct | [
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66df25cdbb3432b7c200bf8681aa90e8 | Just wondering what the latest is that you're hearing from payers regarding launch price in light of the positive Phase III CIN data alone or launch price that can also be supported by positive DUBLIN Phase III data showing the anticancer benefits. I guess, how do you think about those two situations from the value of ... | So our market research continues to show that on its own, the CIN benefit in combination with G-CSF, as I said on the call, is robust. They like the profile. They like the opportunity to reduce the neutropenia and the potential for reduced febrile neutropenia, emergency room visits, hospitalization, etc., and keep the ... | direct | [
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db2974209df56d3e765a1867678a2889 | I guess first one for me is just trying to think about how are you thinking about launch readiness, particularly in a scenario where you get accelerated review and could be in a position to launch in the second half of this year? And thinking about that versus the cash and cash burn commentary, obviously, I can appreci... | This is a fundamental question for us. And we look at the timing of the approval, and we also look at what we want to do and be judicious with our resources. So to your question about, are you hiring on a contingency basis. So we want to be sure that we have an approval. We want to be sure that we can go forward, and t... | direct | [
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8a7994e7d42f2a0e6cc2c0eb0fe9aef9 | Will we get ORR and PFS data as well with the topline update? And the reason I ask is, we've seen some data for second line I/O TKI agents. And obviously, the markets are going to want to compare your results to those approaches that we've seen some data in. And we don't have OS data for those approaches yet. So just w... | Yes. Thanks for this great question. So DUBLIN-3, we don't have the data yet, right? So as the data is coming, then we will decide how to present this data at the right time, but I do see your point. For comparison purpose, probably it is also very important to show ORR and PFS. But of course, we have to make sure the ... | intermediate | [
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09f5430d60421d0661cc6122068a718e | Just ahead of ASCO, can you just remind me the rationale -- I know this was an investigator-sponsored trial, but the rationale for small cell lung? I think PD-1, a CTLA-4 combo had failed in the setting before. So I know that there's sort of a broad-based I/O combination strategy here, but your thoughts and rationale f... | So the rationale for adding plinabulin to nivolumab and ipilimumab in small cell lung cancer is that for small lung cancer was indicated for nivo and ipi on the NCCN guideline for a very long time. So it -- so doctors use that combination. We are interested in adding plinabulin to existing I/O residents to demonstrate ... | direct | [
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c9cdd2df7c170a85b99e195337d2fc80 | If you think about the CIN indication, how would you characterize as kind of the breakdown between commercial pay and medicare, medicaid paid? And also, I'm curious to know about your perspective as you think about reimbursement discussions with the hospital. How would you use the cost of [Indecipherable] end point tha... | So when we think about -- when we look back on historic norms for G-CSF utilization. So again, we're partnered with a G-CSF to elevate the standard of care. So we look at how G-CSFs are used, and this is a fundamental question for us. So everybody talks about, are you going to be covered? What's your pay coverage and a... | intermediate | [
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419e5d554fc64130d8c48541c5902003 | I think Elizabeth kind of provided the guidance that the [Indecipherable] likely happen in 2022. So I just wanted to make sure that, Rich, I think you kind of said that even in the event of approval, you might want to kind of wait until the early part of next year to launch. Is that correct? I'm just kind of asking tha... | I think it all depends on the timing of the approval. So I gave the Coherus example only to give a framing for it because if we're going to wait to hire our folks, so we don't have to give them the offer. They have to accept. They have to give notice, etc. We have to train them. So you're talking about a month or maybe... | intermediate | [
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b44d564de4100b865b9d8ceb7485ccf9 | I guess a couple of questions. One I think you commented on the call that trend sort of deteriorated as the quarter progressed. So can you just provide some color on that and what you saw into October? And then price/cost in the quarter would also be helpful. And then when we think about savings from some of the action... | Jamie we've seen the market environment that we've anticipated in -- certainly post Q2. And as the quarter progressed the industrial end markets started to -- they have deteriorated very much in line with what we have seen exiting Q2 and what we have anticipated in Q3 and in the second half of the year. The automotive ... | direct | [
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62211393d0bdbe375ac2e1105cb6db97 | Ivo you said something interesting that you think the high single-digit core growth -- core revenue decline in China could return to growth in the near term. What gives you the confidence to say that? Is it just easy comparisons in China first-fit auto that help you turn around along with continued strong replacement m... | Yes. Andy great question. Look definitely the comparisons in the auto first-fit is getting a lot easier as we are round-tripping pretty significant declines in the 4 quarters that we have experienced. Our automotive replacement business continues to stay very strong. The teams are executing really well. We continue to ... | direct | [
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6d055479b8b016d4303a17ad6473c751 | And Ivo let me expand on that question in the sense that you kind of talked about Europe in the same vein as China when you talked about 2020. Again is it more of an auto commentary that you kind of -- give better visibility that auto destocking is over now or ending? And do you think industrial destocking can run its ... | Yes. Again very similar to China we are kind of round-tripping the really significant declines in auto first-fit. But also -- and remember we've talked about being lesser of a participant in auto first-fit particularly in Europe with more of the traditional products. As we are moving into '20 and beyond we will be laun... | direct | [
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863d924fa1c42626d295d38fb4111b7b | And Ivo or Dave one more follow-up on that commentary. You had guided to 8.5% decline in sales really for the second half of the year. But we know that Q4 is an easier comparison and you did 8.5% in Q3. So did something go a little better than you expected? Was it that auto side that maybe stabilized a little more in Q... | Yes. The auto -- I mean the auto business frankly has been incrementally better. What I would restate is that the market conditions are more or less coming the way we have foreseen that after our Q2 call. And so yes the compare gets easier a little bit in Q4. But Andy we also anticipate that the industrial destocking i... | direct | [
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8281a210fefa25d1c6bce26041003311 | Can we just talk about conceptually the moving pieces around 2020 margin? So Ivo you mentioned price/cost is anticipated to be neutral. With the cost savings actions that you've put in and the inventory that's been tough to take out this year from an efficiency standpoint are we at a point where if core growth is flat ... | Yes. Jerry I'm not going to go so far as to size next year's gross margin delta. I don't think it's quite a couple hundred basis points. But I think your thesis is right that we won't have the inefficiencies from getting a little bit of excess capacity offline here. We won't have the inefficiencies of taking out invent... | direct | [
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62cdeff13fbdab35ac0ba71014392d79 | Okay. And in terms of the magnitude of customer inventory destocking I know you have better data in some regions relative to others. But can you just give us a ballpark estimate of how much your distributors have reduced inventories in this cycle compared to prior downturns? | Jerry I would say that on the industrial side we see a very similar magnitude certainly in the developed countries that we have seen in that '16 -- '15 '16 downturn. So we see very similar reaction to destocking kind of as compared to the prior recession. Nothing really more out of ordinary than that. | intermediate | [
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6f4d3867e2dad014325363f8a312a42c | Okay. And in terms of particular end markets and regions where the destocking has been the most pronounced can you just flesh that out for us year-to-date or since a year ago when I think you started to destock? | I would say that the most pronounced destocking has been in North America Jerry. And we have started to talk about destocking frankly after our Q1 earnings call or during our Q1 earnings call. So we have kind of been experiencing it now for several quarters. And so we feel that we are probably closer to the end than th... | direct | [
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22cdba5fb3ea959b026650c982c7c127 | So Dave you gave us some good color on decrementals into Q4 and some of the dynamics there. But can you just remind us what you think more normal decrementals are? And just given the restructuring when into 2020 you start to approach those more normal decrementals? | Well in 2020 I mean we have to see if there are decrementals or incrementals right? We haven't made a call on where we see revenue for 2020. But at the gross margin line it's a high gross margin business. And having about 25% of our cost of sales fixed we obviously decrement at a rate higher than -- we have a decrement... | intermediate | [
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2622e158298afce499dcfe8d49af50b8 | Okay. And then I know you said I think overall things have kind of been deteriorating or kind of progressing in line. But it does sound like auto aftermarket feels a little bit better. And certainly Fluid Power came in a little lighter in my model. So anything within Fluid Power specifically that's trending worse? | I think Jeff the Fluid Power businesses came more or less with our forecast or anticipation. Maybe the original equipment manufacturers I think -- I would say they're more or less in line with what we've anticipated. I mean it is not -- the environment is very dynamic. And we knew walking into Q3 that we're going to se... | intermediate | [
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d5911029d8bbecfe8e3caae84a8cb59a | Just wanted to follow-up on the decremental margin guide for Q4 because the EBITDA range is $40 million still. So it's a very wide range for only 1 quarter left. I think your previous comments had been to the effect that decrementals would be wider in Q4 than Q3. But just as you've seen Q3 behind you do you still think... | Sure Julian. In my remarks I was trying to point out that there is a lag in which these things roll through. So as we saw the top line decline in the third quarter that creates -- and as we were still in the process of reducing some of the variable production costs that creates some inefficiency that it's got to go int... | direct | [
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3d160c2b609cc529d189b426baf38b39 | And then just my second question around maybe the capex budget. I think you spent about $50 million in the first nine months. The guide for the year is $110 million. So maybe help us understand if you really do see that capex surging now. And maybe what's the capex outlook for the next call it couple of years? Obviousl... | Julian so we have previously communicated that it is our intent to bring our capex down closer to our normalized historical levels of kind of the plus or minus 3%. And so we've certainly been able to do that sooner than anticipated primarily due to the significant investment that we have made in '17 and '18. And the ac... | intermediate | [
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d8daa04621e7c165018f922083679da0 | Maybe for Dave on the free cash flow which was a pretty impressive conversion this quarter. You got some benefit from the inventory drawdown. Just the expectation -- I mean it probably wasn't baked into your guidance for the year but what's your expectation for the fourth quarter and where you turn out in terms of othe... | Sure. So Deane first of all we're making good progress getting inventory out. We feel good about that. But it does -- we are buying less stuff also. So it has a little bit of an offset in payables in the near term. I would simplify it just by saying look on the last quarter we talked about a free cash flow number for t... | intermediate | [
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2309f6ba5a751306f1a9a61cd42e841c | Got it. And just if I listen to the tone of this call it does feel as though you've got pockets of stabilization if I could characterize it that way. And is there any risk that you -- and you've taken out the variable cost. But is there any risk that you've pushed too far in terms of cost out that might jeopardize or c... | One of the things that we've communicated through our strategy is that we wanted to ensure that our manufacturing footprint is in locations where we have much much greater flexibility than during the last cycle. And we are certainly being able to accomplish that. So we believe that if we see an upturn coming we will be... | intermediate | [
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0aac08f3277738267f3c8e1ed4d880ce | On the intra-quarter trends, did the harsh weather in Texas and the Southeast have much of an impact in the quarter? | Hi, Jayson. This is Jim, thanks for joining today. Jayson, it did have a temporary effect, we definitely saw that. I guess, I didn't want to comment on it because we expect that hopefully those patients will get treatment that they deserve at some point. But we did see a temporary effect to be fully transparent. | intermediate | [
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d89cb88e2741d49e6cf58d70227d7c11 | Okay. But it's tough to quantify, I assume. | It is. It's really hard, I didn't want to put it out there, Jayson. But there was an effect on our salespeople as you [Phonetic] well mentioned. | direct | [
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5922eee45b869c83021ebcbabd0bd1f5 | Okay. You alluded to better conditions in the second half of February and into March, but it looks like the lower end of the implied fourth quarter guide is kind of flat to down slightly. I'm just wondering why would that be the case? | Yeah. It's a fair point, Jayson. We still have increased uncertainty and limited visibility with COVID. As we mentioned, we did see the increased COVID impact in Q3 that we were expecting coming off of our Q2. We do see improving trends. We are hoping that those trends will continue, and we've got reason to be optimist... | intermediate | [
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79bc15815195b89f9755640b17025371 | Okay. Okay. On AngioVac you mentioned the 27% growth, can we assume that volume growth roughly matched dollar growth? | You can. We are seeing the -- the revenue growth, the dollar growth that we're seeing go coincide with increasing procedure volume. We are tracking that. And so, it was a very good quarter for us in terms of procedure volumes on AngioVac and those two things are moving relatively in lockstep. | direct | [
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2ae251ac3e670deb08799c3a702c173d | Okay. And just on the new thrombectomy device, have you filed the 510(k)? | So Jayson, we haven't filed yet, we're in final validations of the work that you do prior to filing. We'll probably let folks know when we file. As I said earlier, we anticipate filing in the first half of the calendar year, and expect the 510(k) approval second half. But we've not yet filed. | direct | [
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8d7a91ea26ffd57f2911c084059ba035 | Okay. And just, couple of quick ones on NanoKnife, and then I'll jump back in queue. You mentioned that you're looking to expand indications. I'm just wondering, it -- was that more of a near-term comment or longer-term comment? And just a little bit more on kind of where you are with prostate, and then I'll ask the se... | So a couple of quick points, Jayson. So your question about the expanded indications, it's actually short-term and long-term. I hate to give you that, but the truth is, this is a platform technology and our Company now has a really good grasp on what to do with it. For years I don't know if the Company did the right th... | direct | [
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a343600c467bcc6d58d4691156f6372d | The first question on Auryon. Do you have a good sense of where the procedures are coming from, and what it's been used for? | Hi, Matt. Good morning. We do. As you know, we have a dedicated team that we hired to just work in Auryon. We now have over 40 people dedicated to this business unit. And Matt they track almost every case. So what's encouraging, we've seen an increasing ratio of the cases that we're treating have been below the knee. E... | direct | [
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cb350605be5c0cd8fb595b6b09fb8d6c | Okay, excellent. And you mentioned the recent improvements in your end markets. Can you go into a little bit more detail into what you've seen in March so far? | We mentioned in March -- Stephen and I can both comment, but you know, we're seeing a little bit more just slow steady case procedures, ORs are being booked again. I just spoke to a physician last week, Matt, he was a kind of a good and bad analogy for all of us to watch what's happening in our industry. But a physicia... | direct | [
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7da89d685a74a3025364f8563f2c9e01 | But that's kind of unfortunate. And then just on the expense reimbursement from the CARES Act. Is that a one-time reimbursement or is that something you expect over the course of the next 12 months? | It's a one-time hit. So this was based upon the law that was passed previously that we were able to take -- we were able to fit into and make our application. As it sits today, it's a one-time. We're keeping in our eye on the current law that was passed to see if there is any other benefits. As of right now, we don't t... | direct | [
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9019b394b12b74b4abfa23cfd7a1ef21 | Okay. And that actually helped the gross margins, the underlying gross margin was a little bit worse. Just can you go back to the dynamic that you -- that you were talking about with office based labs and versus hospitals in that mix and the impact to gross margin of that? | Sure. So, I think to tell the gross margin story, what we are focusing on to drive topline growth in the immediate timeframe as well as in the long term is going to be those three growth platforms that Jim has talked about; Auryon, AngioVac and NanoKnife. All three of those will be accretive to corporate margins and th... | direct | [
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669629fcce381d6878a6015464f3b5a9 | Okay. That's -- I get that. And last question on assuming that as we get out to next quarter, you guys are thinking about FY'22 guidance. Just what are some of the moving pieces you like us to consider at this point? | So, we will come out with guidance when appropriate, hopefully that will be at the time that you normally see. And we're going to keep our eye on COVID and the continuing impact that we see there. I think a lot of the things that we've been talking to you throughout FY '21 are going to be the moving pieces. I think fir... | direct | [
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113b94fb71d1f374af1f4abf307d00bc | First question on chikungunya, just wondering if you can provide any more specifics on what the regulatory timeline could look like? And is there anything you're going to be looking for in the longer-term safety follow-up? | So, Maury, hi. So, first of all, the six-month safety follow-up is a prerequisite for licensure, I mean, in the non-COVID vaccine world, I would say. And we are basically reviewing the same that we have been reviewing already during the ongoing phase 3 study, and there would be no additional readouts. So we will measur... | intermediate | [
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11b2588d0b6a8ef76ee790c7695d68dc | And then for the second COVID phase 3, looking at the -- looking at 2101 in variants, what could timelines look like for that one? Is there anything else you can say on how 2101 will fit into your strategy? | Yeah. No, no, no, I can answer the question. It's not a problem at all. I was just -- I just want to make sure since we have a lot of COVID studies ongoing or in the plan. I thought it's important that we align. So we are planning a further study called VLA2001-304. And this study will include elderly. And this is a st... | intermediate | [
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6753dcb8d3f229583a9169652df40b6a | OK. Got it. And for that one, is there any more specifics on how that could fit into launch strategy for COVID? | We do not expect that this study will be needed for initial licensure, but it is a study that is expected to support a broader age-range claims. And of course, as I mentioned, is also expected to provide a platform that we can use for a potential clinical bridge into new variants. And I think you will see a respective ... | intermediate | [
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0b714f75bb9647bbcad59b4efaee1a42 | Got it. OK. That's helpful. And then last question is, if you think the COVID discussion with the EC will materialize or get finalized after the phase 3 COVID results are disclosed? Or how should we think about timing for an EC decision? | Well, I would say -- we hope to be earlier, but we are in active discussions with the EC for a long time. And this is all we can say at this point in time. | intermediate | [
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aac46cdb636e48bc583a9c8b39136e74 | So just a couple of quick ones. Just wanted to get a sense of the timing of the initial sort of COVID trial data set. I believe that you had announced that patient enrollment had completed toward the beginning of 2021. And I guess the structural sort of timeline would be six weeks-plus from the timing. So could you jus... | Good question. So let me start with the timeline -- to repeat the timelines on our current study 301, right? So we have the 301 study is the COV-Compare study. This study compares our vaccine head-to-head against the AstraZeneca vaccine. So AstraZeneca is an active arm. In this AstraZeneca, vaccinated people are presen... | direct | [
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383ec1a6e96994ea90056b276a509a27 | Hi, everyone. Thanks for taking my question. Just let me add my congrats on the chikungunya data. Very pleasing to see that. Just on COV-Boost, Thomas. I'm just wondering, is it your expectation that you need to do a company-sponsored study to get the booster label added? Or do you think the data from that study will b... | Well, this is a good question, Samir. So basically, by the end of the day, the decision around booster is a JCVI decision in the U.K. And so whether the -- the data that we generate there will be sufficient or not is a discussion that we got to have with the MHRA once we have the data at hand, right? There are certainl... | intermediate | [
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b24876e8d8ec5e090197903ac2df422d | Hi there, and thanks for taking my questions. So my question is regarding the upcoming readout for the COVID-19 vaccine. I'm just curious if there are any factors that would give comfort for the expected readout? | Well, so basically, we are measuring GMT ratio, neutralizing antibody titers against And the level of comfort that we do have, and this is the reason why we entered positively in this endeavor is, of course, that there are reported neutralizing antibody titers from the [Inaudible] vaccine in the U.K. from their phase 1... | direct | [
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01cacab0dd88aab139f5d30ce156914e | Yes. Good afternoon. I just have one question. And I was just wondering if the slightly later timing of the expected release of the phase 3 results is going to have any impact? Or you expect it to have any impact on the availability of your results from COV-Boost? | We are not the sponsor of COV-Boost. So there are, from our perspective, no interlinks to that that we are currently envisaging. We are, indeed, a few weeks, just a few weeks behind the original expectation, probably 2% to 3%. As I said earlier, we are not entirely mastering the process here within the partnership that... | direct | [
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8ca82d40981ae94e229cd64eea6d62f1 | Thanks for taking my follow-up. It's really just a question for David and Manfred. I appreciate you don't want to give too much COVID-related guidance. But I'm just wondering, in light of the R&D spend in Q2, is that a reasonable run rate to assume going into Q3 as well? | Let me take the question. This is Manfred speaking. So where we are sitting today, I think this would be a reasonable assumption to assume a continuation of the same level. | direct | [
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2125a95829a64fdaf65a4c731674793a | So within steel processing, even when adjusting for the inventory holding loss, the operating profits per ton seem quite low. Can you talk about what's driving that? Exactly is that something to do with mix, there may be something else and then also touch on the magnitude of inventory holding losses in fiscal 2Q that y... | Sure, I'll take the second one first, we do expect inventory holding losses in Q2, we think that there will be two-thirds of what they were, this is like -- it's a little early, but two-thirds what they were in Q1. And with respect to steel processing generally getting outside of FIFO volume is a significant contributo... | direct | [
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cb8ed85a9ae362a851df7a76f82c5f30 | So the FIFO inventory holding losses that you called out for the quarter, that included the inventory build as well, or that would be exclusive of the implications there? | That is separate from that number. | direct | [
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9068f2880524832a5d8c75bd1ccfa80e | That is separate, any rough estimates on maybe what the headwinds would have been from the holding losses on the inventory build. And then also anything else associated with the outage? | Yes. Those -- the outages would have just -- would just because of the dynamic that took place in terms of the way that steel prices declined, that was north of $4 million. | intermediate | [
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ce57ad724bd1e96bcf1a79ad826da1b0 | Okay. So $4 million in outage expense, and then some other amount of inventory holding losses above and beyond the $8 million that you called out from also associated with the outage? | No. No. That the -- the outages, really, is that number, and then the losses were on top of that. | direct | [
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7755394f1cd578c1b082d95e6a2e01c5 | Okay, related to the outage. Okay, and within Cylinders, can you provide some more detail on the take-or-pay contract there that was cancelled, what happened, what was going on with that, and then also, what you're seeing regarding more recent demand trends with industrial and consumer products relative to where you ar... | Sure. So with respect to the contract and bringing forward of those margin dollars, some of the nature of our business is that we do significant amount of engineering work, tooling work to spool up for long extended programs. In this case, we were working with a very large Japanese OEM, on some hydrogen fuel cell orien... | direct | [
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d3e820e50786b97f0ba8eea6cddd67cb | Can you remind us what your regional split is for that business between NAFTA and the Euro market and anything else there? | Sure, it's has spliced a little bit, but the European piece of Cylinders business is usually between about 18% and 20% of the total.
And it's primarily industrial products. | intermediate | [
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229903bfbf39217dee06ff5016397afd | Okay. Any specific industrial end markets that is more heavily weighted toward? | In Europe, it's still high pressure and LPG, primarily. | direct | [
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1ba9c1d2e0b60c7737fd23f8c96de0f2 | Okay. Thanks for all the detail. And if I could one last one. Do you have a budgeted capex number for the year and anticipated tax rate? | Yes, probably $90 million to $100 million something like that would be a good estimate. We get to $22 million in the first quarter.
And we don't -- I mean, it'd be a sort of a guess, Martin, but I -- we would say, in terms of tax rate 23% to 25%. | direct | [
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a58a77e5c339808689242c21971ff3ff | The corporate or other loss in the quarter, I think was around $5 million that had been zeroed out over the last several quarters. Anything that we should be thinking about there in terms of persistence or is that more of a one-time item related to some of the things that you're doing here? | Yes, I would say it's probably more one-time. There's primarily the charge there is related to an increase in healthcare costs. And it's a combination of a slight uptick in our overall healthcare cost, and then a large sort of one-time event. We're self-insured and so that flows through that other line item, and then t... | direct | [
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cf9d1ce8d66953da5d09b14f8bfcbdd9 | So should I model something being modest or pretty much? | Yes, I mean that line item should be relatively flat going forward. But we do get these sort of regional upticks like the one we had here. | direct | [
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eb28eb925f1697d7c162614df0b55917 | I know you've had a lot of things moving around in WAVE the last call it 12 to 18 months. And I think one of them was in allocation change with your partner and one of them was a sale of an international business. So when I look at WAVE, $24 million of JV profit relative to $22 million last year, are those comps clean?... | The way I would answer that one, Phil, it's a pretty clean number. The sale of Europe, actually, is expected to close next week, if you can believe that. It's been ongoing because of some regulatory issues. But Europe was a very small percentage of WAVES profit. So it really shouldn't affect our number much more than $... | direct | [
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3dba87a0900af830471637147005e2ce | When the proceeds relative to that sale, have you realized those, or you still -- are those on the comp? | About two-thirds of them, we have realized the proceeds. We've actually been paid the full amount, but it's been held in that growth until the deal closes. | direct | [
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4c366971ed8eba550e9b3934c86bafc7 | Okay. So that's on your -- so that's been realized on your financial statements at this point? | Except for the last portion of proceeds, which is not -- not, it's less than $10 million. | intermediate | [
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1ddd4c8a49d51e4570c7e619921b1840 | Okay. And the growth that you saw on the profit and WAVE year-over-year, is that more related to volume or spread, just trying to get into demand and mix environment? | It's actually both here in the U.S., their volumes were up quarter-over-quarter and their spreads were up as well. | direct | [
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3c68eda7391f171e21d7b6cd91c27b05 | Okay. And then last question for me is just assuming that we for simplicity take out, Engineered Cabs moving forward just out of the numbers. Any estimate in terms of how much D&A is tied to the business? | To answer Phil's question on the amount of depreciation and amortization for Engineered Cabs, it's about $5.5 million per year. | direct | [
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51c929b8aed5789feb30c49ef2c86c32 | I was in Greece, and I have some left over euros that got devalued. So with the 92,000 ton fall on steel processing volume in the quarter, that's the tons that you took title to. What was that rate of change of toll tons? | The direct tons is actually 88,000 tons. And so that was the direct tons number, I'll make sure I don't give you the wrong one. Direct tons declined a little over 15%, and total is just 1%. | direct | [
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803fccfd2ff8b02bae3ac73b0b66ba34 | So it was basically a switch from direct to toll? | You got it, the mix shifted. | direct | [
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ea6bf83d920699f11ea3a9a08ec6d5fe | Okay. So it wasn't really a volume decline per se. What do you think is the natural rate of growth of the steel processing business, the cylinder business and WAVE as they exist today? Excuse me for the tough question. | We like to think of them as around GDP, and we're pretty -- there'll be some market that grow more rapidly than that within our businesses and with our end-markets, there will be some that grow slower than that. But overall, we think of them as GDP over the mid-term. And we're very comfortable operating in an environme... | intermediate | [
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a32aca417508efdf3d6c40821fae54b9 | The volumes fell a lot in the industrial cylinders double-digit, and around 5% in the consumer cylinders. Was there anything in particular that might explain that? | Yes, that's a great question. We should have mentioned earlier, 90% of that decline is because of the divestitures. If you recall at the end of the calendar year last year, we divested off brazing and soldering operations, that's the line share of that decline in volume. | direct | [
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383dfefdb7d050c04245d4ec3025149c | So if I'm going to take the $12 plus million of last or future gross profit that you pulled into this quarter here with the take-or-pay, the hydrogen contract, I would imagine revenue from that contract would have been a multiple of that over what you thought the life would have been. So how do you replace moving forwa... | It's a very good question that is a business for us. So you illustrate the point, which is -- we've got to go get there. And we're fully aware of that, and our commercial teams and our engineering teams are out talking to lots of customers and sometimes a good thing to have capacity in a market where the products that ... | intermediate | [
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d2502b89451883bf6524900b929f0715 | And this is largely -- you're making this stuff in the U.S. or out of Europe? | It's first produced in the U.S., it might end up in a geography other than the U.S. | direct | [
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b3642827eac5653b235a980262224116 | With benchmarks for hot-rolled sheet having fallen June last year $924 to about $525 June this year, then bouncing up and eroding a little bit. Can we assume that when November is over that $400 is roughly washed through your system and it's steady state? | Yes, I mean assuming prices stay stable where they are, the answer is yes. | direct | [
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ab1bf32b9a4134e3e2c6fad09669d3dc | Further, your cash balances is close at $45.6 million at the end of August. When business goes to the tube, you generate a little cash from lower receivables and lower inventory values. When business picks up, how much money do you think you'll put back into working capital? | That's a relatively complex question because a lot of it depends on what steel prices do John in terms of how much, the actual tons of inventory we don't expect to change significantly, but the price certainly can affect that. But obviously, if business goes up 10%, then there's an equation there. | intermediate | [
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68af5097213abca270149621bd08abdf | The 90% win rate is encouraging. What does the funnel of new opportunities look like in 2021, given we're back to sort of a more normal-ish level of operating scenarios for most OEMs, any way to quantify that? And then, also just wonder some of these ClimateSense Phase 3 development projects drop in the commercial book... | Hi, good morning, Matt. So I'll start with your question on the awards. Certainly 2021 is looking to be healthy amount better than 2020 in terms of the pipeline for sure. And we're pretty excited about our progress already in Q1 and expect to see a better year. So, it' a little hard to say exactly how much but we're pr... | intermediate | [
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44742757e3b5b57b00f2f989837e54ae | Okay, got it. And then, just on the outlook, maybe a little bit of help just on the cadence of revenue growth during the year. I mean, it sounds like, just given the semi shortage, if you guys have baked that into the guidance. And so maybe we should expect a little bit of a lower growth rate early in the year, but the... | Hi, Matt. Good morning. It's Matteo. So, yes, I think, overall I would expect the first half revenue to be slightly lower than what we're going to experience in the second half. And this is primarily due to the semiconductor shortage that you just referred. So that's how I would refine it. | direct | [
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"fully_evasive"
] | A |
c3fb53d1e37213214928a98f656b14e6 | Okay. And then, just last one from me and I'll jump back in queue. But any callouts on specific projects or plan expansion activity that's embedded in capex I noticed, it stepped up quite a bit from the last couple of years. Is there just some catch-up embedded in there or are there any specific things you can call out... | Sure. So, yeah, right, we had only about $70 million of capex in 2020. And the number was particularly lower due to the fact that we implemented some austerity measures depending of COVID. So, the $50 million to $60 million guidance for 2021 assumes a pickup in terms of capex due to some of the delayed projects that we... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
71888eee181692893da7136e7e1748e6 | Just want to dive, I know you said second half was stronger -- a little stronger than first half, but is it fair to assume kind of sequential growth throughout the year, given the shortage probably stronger here in Q1 -- Q2 is bigger than Q1, etc? | Yes, that's what I would expect. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
72edef0350a78fc67da64a39738d1fbd | Good. And then, just a follow-up on ClimateSense seems to be continuing to make good traction there. And I know, just going to ask kind of first commercial award, when we can expect that? But how many development projects, any indication from especially thinking BMW and GM, you are on the third development projects wit... | It's a little hard to tell because, I mean, one of the challenges, the OEMs are a big challenge, but one of the parts of the project is that there is a pretty significant architectural change in the vehicles, clearly implementing our system, which has a lot of different elements and components, and a new controller and... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
99b78d443304d2bd0bc4e4135020da62 | Good. And just on the balance sheet, continuing to generate nice free cash flow, keeps getting better now in a nice net cash position. What are the allocation priorities comfortable with the debt, to plan to pay some of that down? But how do you think about the growing cash on the balance sheet? | Yeah. I think, we're clearly number one focused on security and liquidity. And what we still think is a very dynamic economic bond. So that's our first priority. But outside of that, we're definitely in a good position to keep our eyes out for both organic and inorganic investment opportunities to grow the business. So... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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