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9bb530c5662aa6bdd06979a25d50d565 | I'm sorry before my follow-up, just to get the breakdown. If I were to assume that EM margins are down only marginally year over year, that would imply a significant falloff in premier Farnell margin, probably even lower to -- when you acquired them, unless my math is off. And then I also wanted to have a follow-up aft... | Yes. So Farnell is in the 7% to 10% range, so still higher than when we acquired them, but most likely down sequentially from our fourth quarter.
And most importantly, we see this as a temporary thing. As the market rebounds again, we're positioning ourselves extremely well to be able to play heavily the upside. And w... | direct | [
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e8a0faaaf3d4900a8ffd79c2292a1233 | Got it. So as my follow-up, I mean, you have previously alluded to getting toward a 4% margin by the end of the year, so you can keep on your trajectory of four, four and a half, five. Do you think that 4% margin, even exiting fiscal '20, is possible? And if so, what would be the moving pieces to get those back? What w... | So Param, this is all about the work we're doing today has positioned us for when the demand picks up. And that's why the focus on opex, working capital, cash, buyback. I don't want to put out a time frame, because we clearly would need markets to stabilize and pick up to where they were to hit the 4%. But when we thin... | intermediate | [
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b8d596776f70f313b82fc7462bd26019 | Hi, good afternoon, everybody. I wanted to not surprisingly follow-up on Farnell. The 15% EBIT margin target, does that require to get back to a similar scenario that was out there in '16 to 2018? Because pricing and lead times don't get that far out of whack very often in semis and passives. And so wondering what type... | So if you recall, last earnings call, I laid out the investment plan that we have within Farnell. We still are very bullish on getting to 15%. I think in the near term, we'd be back to 12% to 13% first and then more like three to five years to get us to 15%. But what we're investing in is more SKUs. That was one of the... | intermediate | [
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75949af8b9a222be79752c42a53aedf4 | OK. And then as a follow-up, you pulled forward $50 million of savings. Tom, if you could talk about just what were the savings realized the last fiscal year? And are you or what is the total targeted savings that you're forecasting for this fiscal year? | So we're still on the $245 million plan, and the $50 million is part of that $245 million. So we're planning -- like we said, we should be in the high $100 million. By the end of this year, we have a line of sight to $210 million of the $245 million. We have a number of projects to pull in the $245 million. To help eve... | intermediate | [
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f90923a781d55dbbe38a7c96d959d765 | And how much did you receive this past fiscal year in savings? Sorry. | We were down $117 million net of... Investments. | fully_evasive | [
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473f63fb01568fda00ff7863e82bcd86 | Good afternoon. This is Madison on for Adam. Thanks for taking my question. So I think you mentioned on the call, you expect some of these pricing pressures to persist throughout calendar year '19 and into '20. So should we think about similar levels of negative operating leverage during these quarters? Or are there so... | Well, the $50 million of cost reduction will definitely improve our opex and GP ratio going forward. | intermediate | [
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e4e30bae66934bbca561319e12cd02e9 | No problem. I'll go over to cash flow, which has actually been fairly robust over the last several quarters. I know you have generally thought about cash flow as converting greater than 75% in net income. Is this something we should continue to see on a forward basis? And as we think about fiscal year '20, what are the... | Yeah. I think you should continue to see more of what we're doing. We've explained before our buybacks based on our pricing grid. So the lower the share price, the more we buy back. The higher share price, the less we buy back. So it'll fluctuate a bit every quarter. We still have plenty of opportunity for the working ... | intermediate | [
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93d81620862682c1b8bcedbe752bc7fb | Yes, thank you. Just following up on the questions around the margins and how they may play out over the next few quarters. It looks like sort of backing into your -- the gross margin number, it looks like it's going to be in the low 12s or a bit lower. And so it sounds like it's -- the ASP and pricing impact you're se... | Well, we would agree with your assumption. I think what we were trying to say, Matt, that we expect the softness to continue at least through December. It's hard to predict when it will recover. You're correct, the gross margin percentage will most likely decline in the current quarter due to pricing. Again, so therefo... | direct | [
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da6680c2c754e0848be0604cbb3c0028 | OK. And just lastly, just on the -- your commentary about the more stable demand in Asia, that sounds encouraging. But you're also guiding, I think, kind of stable in Asia and is typically up sequentially. So you're -- are you seeing the sort of the tail end of inventory correction? And would you expect the December qu... | Yeah. Hey, Matt, how you doing? So as far as Asia goes, we see it stabilizing, not stabilized, there's still so many variables playing there. Seasonally, we're actually up in Asia a fair bit this quarter, which is good news. Hard to call December quarter yet, but we're pretty optimistic about it then stabilizing plus a... | intermediate | [
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e13932ced1d824310b563a2102ae014d | Hi, thanks for taking my question. It seems like you are one to two quarters lagging versus component vendors in terms of seeing the end of demand weakness. So my question is, in your experience, if the end demand recovers maybe next year, would it still be a lagging indicator to see that in recovery compared to the ve... | Yeah. Let me talk about the visibility of end demand. One of the things that's great about having a catalog company with us is we've got a lot of data that we can look at. And whether it's actual lead times versus stated lead times, whether it's gross margin, ASP decline, book-to-bill, you name it, we have a lot of ind... | direct | [
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0e5bcdfb1ebc2e40fcae253102df7fa1 | Got it. Thanks. That's very helpful. You mentioned softness in industrial and automotive. Can you talk about other segment, particularly in communication, as some of your component vendors actually mentioned the demand softness in that space as well? Thanks. | Our exposure to communications is a lot less. And I will give you another vertical that's still doing well. Mil/aero is still doing well. It's very healthy and continuing to be robust. And we have seen pressure in the industrial and automotive, as you pointed out. But hopefully, as things turn back around, we'll see mo... | direct | [
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c83d5a2317fa5333bbddf7afeb56acb9 | Hey, guys. This is Joe dialing in for Will. Thanks for taking my question. You've done a good job of explaining like what's going on at Farnell. I'm just wondering if in the process of doing your channel checks with the catalog guys, if you've put any reason why customers are shifting to more broad-based players? | Yeah, yeah, sure. This is a common phenomenon. We thought we should have described it in earlier calls. But when lead times are extended, what happens is our suppliers will shift more of the allocated supply into the catalog guys, because it's a higher-margin opportunity for them, and of course, higher-margin opportuni... | direct | [
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a150ed26a2571c803e62314ddd280cc6 | OK. So when you're saying achieving 500,000 deliveries has become more difficult, was it really just a function of the recent shutdowns and some of these supply dynamics? | Yes. It's not true at demand. It's really just a production issue. It's been pretty hard when you've got like a global supply chain, and it's kind of whatever the most effective part of supply chain is that sets your rate.
I mean, the number of rabbits do know how to pull out of a hat for supply chain is insane. Team h... | direct | [
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315ed63a8a8e3b53142a8e2f3fff8f53 | On the DPI program, you mentioned manufacturing is moving forward quickly. And I'm just curious, since you're expecting December approval, what sort of manufacturing revenue and how material could that be actually this year ahead of approval, potentially? And do you book that? And then also, I guess, as we try to figur... | We're just finalizing our commercial supply agreement here with you. So I think we'll have further guidance as we get to Q3, when we have this up in Q2 when some of the margins in percent of sales. In terms of booking revenue, what we can expect, I'm going to get this to Steve here.
I'm going to say we're going to do ... | intermediate | [
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e84ac888e909a2296f2108d38b43b5dc | I think I've asked you about this before, and I don't know if you could talk about it or not, so you could shut me down if not. But obviously, they filed with the BREEZE results, which I think was just like a dose-for-dose switching study from Tyvaso, the old formulation. I'm just curious, was there or is there ongoing... | Yes. Oren, great question. So you're right. The first, I think, was the three-week switch was a dose-to-dose conversion, making sure we were no worse then and didn't have any supply safety signals from those patients.
If you recall, they enrolled 51 patients. I believe, 49 enrolled into an optional extension phase. An... | direct | [
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0457f0737bbb89838e5d5fb17367ebb9 | Going forward also, are they using your device for additional extension -- label expansion studies that they're talking about now, COPD, etc.? Or are they using Tyvaso, the old formulation, and then plan to maybe wait for approval of the DPI to then try to expand that label after approval? Or are they using your device... | I think in fairness, everything they're doing outside of the extension study, and so all the other indications are on their Tyvaso nebulizer. And whether or not they switch over to the DPI formulation, I think, would be TBD post approval. So I wouldn't expect you to look at it until we've seen an approval. | direct | [
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60f36b431ed38f7dc6ccffe0ee8a49cf | First, I guess, now that the NDA has been submitted for Tyvaso DPI, can you talk about your expectations for pre-approval inspection? And I guess, how are you preparing for this? And do you have any expectations on timing? | Yes. I mean, we'll be prepared for pre-approval inspection. Whether or not we need one, I think, is a question we don't know the answer to. That's up to the FDA.
The factory has just been inspected. I want to say in '19 -- mid '19 if ever call it mid '18, but we had no 43. Everything was really clean. And so the FDA w... | intermediate | [
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5c34e0cc458ff4d808945096b0a97872 | Some of Steve's comments suggested that you're looking into new business development deals. Maybe you could just speak to some of the types of deals you're evaluating? And any sense when we could expect to hear your next steps here? | Yes. So one of the things we started doing recently with a few partners is lowering the, I'll say, the cost upfront to do some formulation work so that we can look at feasibility studies and kind of share that risk with our partners to show that we can take our technology and someone else's product and really make this... | intermediate | [
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a5b1536cb5b626c7006069df0ea90937 | Maybe you could just talk to expectations for data we should be watching out for at the conference? | Sure. There's two conferences. They're actually ATTD, which is coming up in, I think, two and a half weeks. We just reviewed our poster for that. And so that one's going to nocturnal hypoglycemia with Afrezza from our STAT study is a new analysis that we've done. And then in ADA, we have two posters there. One is aroun... | direct | [
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941d6f277f1b4b129da37912662e1300 | I just have an additional question on potential development opportunities, specifically for Tyvaso DPI. Has there been any ongoing discussion with UT regarding additional indications, COPD, IPF, that they're currently investigating? And could we expect any future update regarding additional opportunities? | Yes. I think it's been clear from us and UT that -- I think the good news in the FDA and when I listened to their earnings call last week, is that we have been writing from the FDA, and they have been writing that any additional indications that Tyvaso gets, our formulation will be eligible to fold into the label. And ... | direct | [
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7f2625581ec444eac1c69407afc6b756 | On Afrezza, do you have an estimate of how much channel inventory is out there that might still get work down due to the end of the free goods program? | Yes, Steve. It's Steve. We don't -- we believe that the reduction in channel inventory was mainly Q1. What we've seen in April, we haven't seen further work down in the inventories that are expected. It's all done by that. | intermediate | [
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40412b851de64c13c46f388063474b7c | I was wondering guys if you could update on some of the initiatives. You highlighted some already. Maybe if you could talk a little bit more about how AfrezzaAssist is performing for you guys? And then any update on BluHale? I didn't see anything on that. | Yes. Two great questions, Steve, and Thank you. On the AfrezzaAssist, as you saw, 25% of our volume went through there in terms of new prescriptions. We're seeing anywhere between 60 and 90 prescriptions a week come into Afrezza Assist. Obviously, we have an incentive with our sales force to improve that. And the examp... | direct | [
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60f6d38ffbb25b596da0f86252d61962 | Gross margin ticked down here sequentially after being on a steady rise. Anything unusual in product revenue COGs that you'd call out? Or anything else that you would highlight on the gross margin? | Yes, Steve, thanks for the question. It's related to the manufacturing activity for the first quarter for Afrezza. Since we didn't have a lot of Afrezza manufacturing in the first quarter, the excess manufacturing costs fell to the COGS line without getting capitalized as they would if there's actual manufacturing acti... | direct | [
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c9c441480300b2ad22375bf52ddbadf1 | Can you speak to the attached rates for FSD so far and where you're targeting in terms of the subscription levels? | Yeah, it's not worth commenting on right now. It's not meaningful. We really need Full Self-Driving at least the beta to be widely available so anyone who wants it can get it. Otherwise, it'll be pointless to read anything into where things are right now.
So, yes. | fully_evasive | [
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ae8a895a6ab8597df833f82ed9b60b3b | And then just the follow-up there is about the kin to the regulatory environment, keeping up with the technology. Are you seeing meaningful evolution in terms of the regulators really understanding the technology and beginning to set some standards here sometime in the near term? | At least in the U.S., we don't see regulation as the fundamental limiter. We've obviously got to make it work and then demonstrate that the reliability is significantly in excess of the average human driver for it to be allowed -- for you to be able to use it without paying attention to the road. But I think we have a ... | intermediate | [
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70d434ecc78642da29ec0f0db058d738 | Hi, everybody. Your cost of goods sold per vehicle is already down to the mid $37,000 range in the quarter, it's down $5,000 year over year despite some of the inefficiencies that you talked about. And I know that a lot is going to change from here just given how mix is going to evolve. But if you're successful on the ... | Yes, it's really difficult for us to make specific predictions is very difficult. I think we felt confident of say at least a few percent growth year over year next year. And maybe 200%. But that's -- we need a lot of crystal balls to figure out exactly what it's going to be.
And it is literally impossible to make a sp... | fully_evasive | [
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953d872f58741dcee9fcf7a326995f68 | OK. And maybe just separately from this, can you just clarify what the status is of some of the advances in battery manufacturing, things like dry cathode mixing that you talked about on battery day? What's the timeline? How are those evolving? | We commented on it today, already actually, but in the facility at Kato, over 90% of the processes have demonstrated rate there, but we are limited by the unlucky few that have not. And that's what we're working on. One of them that Elon mentioned was running the full-scale cathode calendar. We're working through some ... | intermediate | [
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9f863a6a0a136091186923e7a4d24fca | Thanks very much for taking my question. I have another question, actually, on batteries, but on a slightly different angle. I was wondering how you're looking at your sourcing strategy for the 4680. You've talked a lot about all the work you're doing to develop your in-house production.
But what about asking other bat... | Yeah, we are, in fact, working with our existing suppliers to produce 4680 format cells. And this is just a guess right now. But I see us sort of like consolidating around a 4680 nickel-based structural pack for long-range vehicles. And then not necessarily a 4680 format, but some other format for iron-based cells.
So ... | direct | [
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b09579e3ee9540a7cd189122984a3563 | OK. Great. Thank you. And I have a quick question.
I know, Elon, you don't think it's meaningful today, but I'd be curious to know if you have any thoughts about when you announced the new pricing on the FSD ring from 10,000 and thrown to 199 without looking. I'd be curious to understand how it's affected behavior in i... | OK. Are you asking like if the FSD tech rate is too expensive and that's why we're doing subscription? Or I'm not sure if I understand your question correctly.
No, my question is from the time you announced the subscription at $199 the amounts, how much did the tech rate increase like the vested people who basically to... | intermediate | [
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d79346ab2f89c82abe938e3ef2c277f4 | I guess the first question is if you could provide a little bit more color around the 2021 liquids guide relative to 2020. It looks like the mix is going down from 33% to 31%. And perhaps you give us a bit more color around the accounting for the royalty barrels and how that's affecting your C3 plus volume guide for '2... | Yes, Arun. Hi, it's Mike Kennedy. We elect, obviously, not to pay our royalty owners in uneconomic NGLs. So, in 2020, obviously, with the liquids prices, the averages, those were uneconomic to process. So, we do not pass that along to our royalty owners. With the increase in commodity prices and liquids prices in 2021,... | direct | [
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8bab8479ae885b26437b3508064c4a9d | Can you provide a little bit more color around the potential marketing uplift in 1Q given the conditions in Texas and Mid-Continent? We did note that you did raise your natural gas realization guidance for the full year, but maybe help us understand what kind of uplift you could see given the pricing surge that we're s... | Yes. We did up our guidance on that. Without the recent winter weather have been -- it would have been flat to $0.10 premium was our initial guidance. Over the last week, we've been able to direct some of our gas where it's needed most. And that enabled us to capture about an incremental $75 million of revenue. $50 mil... | direct | [
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1a0206ff3e122e92575a4e7b4310504f | Okay. But that's just booking what you've realized thus far? So, is that potential for that to get larger? | That's a correct statement. Correct. | direct | [
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0e3d86548ea0080b8cefb23c4984a567 | On the short year outlook that you have, it looks like the capex is around $6.35 a foot. I think you're going to be there this year, second half of this year. Can you just talk about maybe how conservative that outlook might be over the four-year period? | Yes. I think it's probably on the conservative side, Subash. We have a couple of key drivers that take it down this year from $6.75 as we finished last year down to that $6.35. And there's some initiatives on the sand side as well as completion side. So, we feel pretty confident in that. Can we take it even further, ev... | direct | [
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7d5d6d52669fb92a81294fd294bbd5da | Can you sort of give us a picture on how NGL volumes are shaping up this quarter? And if sort of that export split is looking similar to Q4? Or has there been any sort of weather disruptions or even an ability to ship more and export more in the first quarter? | Yes. I should include in my first comments, the gross wellhead volume is flat year-over-year. It is truly a maintenance capital volumes. Obviously, you had elevated volumes in the third and fourth quarter as we had growth capital in the first half. So, the NGL volumes in the first quarter will be down similar to what t... | direct | [
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e68039eab172fb6b29a72e3c2672d01e | So, I wanted to get into your FTE commitments a little bit with the new drilling partnership. So, I know you get into this on slide six, I think. But wanted to talk how things have changed versus your previous expectations. So, I know you had previously talked about a potential for FT volumes to decline by 810 MMcf a d... | Yes. That all still holds. It all does roll-off still. So, you can see that on that slide. How you're in the -- around the 4.147 BBtu per day going down to 3.130 by '25, now the difference is the drilling JV is -- a lot of that is now filled by the drilling partnership. So, by the year-end '25, you have no marketing ex... | direct | [
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d90684266de143ea73cb4ba89f23f996 | So, I was hoping for a little more detail on the new capex and production guidance versus what you had in your December presentation. So, in that last presentation, I think you had D&C capex of $5.80 to keep production roughly flat. And now your new capex guide slightly higher at $5.90 with production dropping by about... | Yes, yes. Nothing's really changed. Can't really talk to $10 million of capital, but in this size of the company. But when you look at the average for 2020, we're at 3.55 Bcf a day -- Bcfe a day, that PPA I talked about, the $150 million, so we're not going to have any sort of allocation of liquids solely to Antero. So... | intermediate | [
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41456de3703d4683ce0128662193a574 | My first one is on capital allocation across the portfolio around the Marcellus and Utica mix that we see this year. Just wondering if that's a good base case, I guess, ratio to think about over the next several years and also what the mix between premium and tier two Marcellus looks like within the Marcellus bucket. | Yes. I mean all of our drilling will be in the premium bucket over that five-year plan. And the mix is -- it's roughly nine-10, Marcellus, Utica. I think it's maybe 88% Marcellus. And we'll put out a little bit more detail on that in our website presentation, which we'll roll out later today, so you'll see a little bit... | direct | [
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930030e471953783c49e78f6b9662c3a | I apologize if I missed this earlier, but just wanted to confirm that maintenance on a net basis is how we should be thinking about capex and production through that same partnership plan time frame, especially considering the line of sight to fully utilizing your long haul or if that was specific to 2021, and there mi... | Yes. That's the way -- that's a good question. That's the way we've built the plan was off of maintenance capital throughout the five-year outlook and -- that you see on the page there. So, we're essentially holding maintenance capital around that $590 million, $600 million number. It bounces around a little bit each y... | direct | [
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a6c9c086845350a1057418c94f019be8 | So -- and it really gets to the use of all the free cash flow. So, to the extent that you guys do what appears to be in excess of $500 million of EBITDA in the first quarter, and you have your entire revolver paid off by the end of June, as we think about a $3.5 billion total free cash number, how do you plan on or thi... | Yes, those are great questions. I couldn't have said it better myself. Yes, that's a big number, you know? And once again, that would be holding gas flat at $2.90 NYMEX for the five years. And there are a lot of views out there on that. Some feel like that's -- it's going to go higher, certainly in the next few years. ... | direct | [
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59933935ddb2b6e6246b3c9b6c0916f3 | Maybe just a question -- I appreciate all the details on slide nine on just the inventory in the basin. Glen, I'm curious of your thoughts and maybe how does this impact your overall view and thinking on just on M&A. | Yes. Thank you, Holly. I appreciate the question. Yes, I mean, it's obviously -- I mean, we -- we're not driven to do M&A for inventory reasons necessarily. I mean that's well in hand with a couple of thousand premium locations. And even with the drilling partnership, we're churning through about 80 locations a year, a... | direct | [
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6c6cf9c5f61c9ac63d56246a42617fd6 | Maybe just one -- and maybe, Mike, this is more on the micro side of things. As we look at the February natural gas commentary that you provided in the release, we went back and looked you had one quarter, I think it was the first quarter of 2018, where you turned that net marketing expense into a $0.27 benefit. I know... | Yes. I think that was the polar vortex here in the East Coast, so you're seeing another winter weather event. So, that will most likely occur this quarter as well.
Yes. I mean the interesting thing about this one is it's still ongoing. It's just so broad, the impact of this, and we're still seeing premium prices out t... | intermediate | [
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089bf38fc98a0c5949ee958197c9ce73 | Do you have like a percentage that you could share on just -- I guess the way I thought about everybody's portfolio is there's just not a lot to sell in the spot market itself. Most open volumes are priced at bid week. So, is there anything that you can share to give us kind of a rough ballpark on what you can sell int... | Yes. I think it's in that 450 million, 500 million a day range is kind of what we have available depending on pipe capacity and all that to move around the system, and whether that's Chicago, Midwest or Gulf Coast. So, it's a pretty significant number for us. | direct | [
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a9012eb29090dabddb7d2fa5d8843ef6 | I'd like to understand the accounting treatment of the proposed or proposed accounting treatment of the proposed distribution agreement with EyeLock. How would it appear? How would it get translated into the various balance sheet items? | Let's say -- well, first it was a stand-alone agreement, anything that they purchased would be booked as a sale and the gross profit recorded would be recorded on EyeLock's books. | intermediate | [
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4f73367bb68b039ef04d49b172130bec | OK. But what about the put and call agreement? How would they be reflected? | The put and call is -- first off, the puts and call, other than for a sale or an IPO or anything like that, would not happen in the first two years of the year agreement. I would have to ask our accounting department how they're treating the put and call on the books. There will be a valuation that is done, that will d... | intermediate | [
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9a82e69dbfaa314ae8c11e2de9857e57 | Right, right. I mean so that you're guaranteed at least a gross margin of $5 million per year, at least for two years until the options become exercisable I suppose? | That is correct. And as Pat mentioned, because of the strength of the team it's joining, we feel that that's going to give us more market potential. | direct | [
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7c235db7f18a7c602e3bb457ff4dc7c7 | I'd just like to understand, what are the types of products that are being sold by VSM to the trucking companies that you mentioned, the Navistar and Metro angle or whatever? | The primary products that we sell through VSM are heavy-duty turn signals for trucks, OK? And certain lighting. | direct | [
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bfbe490e94b57c146d26da2f98dad7cf | What about the infotainment system? Is your supply chain affected at all by the widespread news of shortage in the auto or as you said, you've made agreements in advance for various parts anyway. But generally, is my understanding correct that the electronics, the chips that are used for the infotainment systems, they'... | No, these are -- in order to be on the OEM, these are automotive-grade chips because they have to work in an automotive environment. But we have secured enough chips to launch the product and at twice the length, this is pretty much on target as far as the launch, the first vehicle that will come out with is their new ... | direct | [
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e8e12de5f92c3a608b0a8b029e78595a | My question is, so for the last couple of calls, you've mentioned the medical devices with EyeLock. Is that what you referred to before? Well you finally said something about it, because you've never -- you've mentioned it, but there's never been any information around it. So is this what we're looking forward to? | Yes. What we're looking forward there is, we have won an award that will incorporate the EyeLock technology into certain healthcare products that are supplied by a major worldwide healthcare provider as far as manufacture. And we -- under NDA, we cannot divulge what the product is or who it's for. But we are in the pro... | direct | [
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f46d260f0200dd86cd994811eec3e6ae | I guess, the first question I have is, if we could just talk a bit in the quarter but can you talk a little bit about the North American apparel market and sort of the performance and/or the outlook and sort of some of the assumptions there has been a lot of press recently around the MLB partnership that you are launch... | Yes, I'll take that one, Bob and overall, I'll start just overall with our apparel business. We've got incredible momentum in the apparel business overall, globally apparel grew 10% in the quarter and frankly, we think we have much greater opportunities ahead that we haven't even yet capitalized on and we've spoken qui... | intermediate | [
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5f22262f96633ba43f69a6e3dc3fb6d3 | With all the attention on the Vaporfly Next%. I was just wondering, can you just share -- share with us how much you shaved off your personal record or personal best with the pair of shoes that you have been using. | Okay. Well, I can just tell you that the time it takes me to walk across the NIKE campus here at headquarters has dropped by at least 4%. Feeling good about it, no, really good. | direct | [
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0a9171973ab0ba8ef0b07fd8629d0b1e | I wanted to touch on gross margins. A number of puts and takes going on, maybe just touch first on what transpired in the second quarter especially relative to your expectations and maybe give a little bit more detail around the updated kind of third quarter and second half guidance. | Sure, I'll start with that one, Paul, in the quarter, as you know our gross margin expansion landed about as close as we've ever been to the guidance that we've provided. So at the same time, there are some really important highlights to call out within our margin. Our gross pricing margin as we call it. So that's our ... | direct | [
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8ddbcc3cfeb7366d38a06c33db673adf | Maybe turning now to SG&A, just maybe talk a little bit more about the timing shifts. And just also. How should we be thinking bigger picture as we move toward all of these key sporting events, especially the excitement around Tokyo 2020 as it relates to demand creation expenses and how maybe some of that will be offse... | Yes, I guess what I'll start by saying is, if you reflect on Q2, we both had stronger revenue than we expected going into the quarter. And obviously, what you can infer is we felt less of a need to spend demand creation in the quarter to drive it. We've got an incredibly strong pull market and just had and have great m... | intermediate | [
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d40c951525623d09d0eb57a0bdb9254c | So first question is on North America footwear, strong acceleration in that category in the region during the quarter, can you go into little bit more detail on what's driving that from a styles and channels perspective and perhaps any feedback from your partners on the new styles that are selling into that channel. | Yes, I speak to complete offense quite a bit. And the second half of the fiscal year, we're really trying to dial-up our offense, particularly in the core product, footwear product innovation space and some of the new styles we have coming there, I think will give us a real boost in the second half. The reaction from r... | direct | [
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d0ba799b715ccdb5768afc318554e7a0 | Second question, if I may is on Converse, really strong momentum in that brand now for another quarter. Can you talk about what's driving the growth rate there? And then it seems to be that that is focused on international regions. Is there any, anything you can share on the outlook for North America and whether that c... | Yes. Much of the growth in Converse is being led by international, specifically Asia Pacific really led by China and then we're also seeing strong performance in EMEA and much of that also is driven by digital. So we're seeing incredible momentum for Converse really starting to build in those markets. We have some gaps... | direct | [
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a95c5fbdfa1618cd7aae34789463d963 | So while I have you in a reflective mood. I'd love to hear your thoughts on two things. Number one, the decision to terminate the Amazon trial. Maybe you could get into -- little bit into the why and what might get NIKE -- the NIKE brand to come back. And the second question I have , as the NIKE, Inc CEO and having see... | Yes. Well, we have, we have a clear framework for partners in the digital space and what's guiding us is really to be in the path of the consumer in a way that's really right for the brand. We continue to see just on a macro basis, great momentum with our partners, including partners like Instagram and Google and TMall... | intermediate | [
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80a53b49b727aeb95de5e8980bd403ec | I guess, so with this, with five straight quarters of double-digit constant currency revenue growth. I guess maybe at a higher level. Mark, what do you see that's been driving the upside versus your high-single digit growth algorithm and what's your confidence in the multiyear product and innovation pipeline to sustain... | Well, I can honestly say, I have never been more confident than I am right now and what's driving those results. Those consistently strong results are not only the innovative product set really is where the consumer votes ultimately, so the product has to be strong. The complete offense of product, footwear and apparel... | direct | [
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ac8af11938ef5945fd48a0c5d9d7d999 | Just on the quarter, if you could give us an update on gross margin. Was China accretive to gross margin in the second quarter? And give us an idea of how far Model Y gross margin was versus Fremont Model 3? And then just more broadly on strategy, it seems like your approach to insourcing is varying by region. You're i... | Yes. Just to start with the gross margin questions. We did see progress on gross margins in China, and that was despite pricing action that was taken. The factory is still not running at full capacity yet as it continues to ramp. So we think there's a continued opportunity to optimize the cost structure there. Model Y,... | intermediate | [
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132e9c44d1b7bba8b8f32a86c17c87e1 | You mentioned in the slide deck a couple of times that you were pleased with gross margin with PTI margin progress, and you expect it to achieve industry-leading operating margins over time. Maybe you could shed a little light on that? Industry-leading for luxury vendors is 8% to 10% PTI. For Porsche, it's smaller, at ... | Sure. I've mentioned this before in terms of regulatory credit. We manage the business -- said differently, we don't manage the business with the assumption that regulatory credits will contribute in a significant way to the future. I do expect regulatory credit revenue to double in 2020 relative to 2019, and it will c... | intermediate | [
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52a0b11f6fda7941ad5a63e3c38fd5d2 | Elon, you've talked a lot about the mission of the company and really trying to drive EV adoption globally. So how do you think about that trade-off between driving toward industry-leading profitability yet trying to make your cars more affordable and broader? It feels like, historically, you've always picked the path ... | Well, I think we actually achieved both when you factor in autonomy. I think we can go way beyond industry margins and have the car be affordable to more and more people and potentially almost everyone when you're factoring in autonomy, but that was really a mega game changer, giga game changer, yes. But I mean, it is ... | direct | [
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32700657042539a90c96fe7f0bf92cf8 | Could you please characterize the current near-term demand environment for your vehicles? These are obviously unusual times. I think back in Q1, you had indicated record backlog, I guess, at the beginning of this past quarter. I haven't seen any specific comments about new orders or backlog in the release today. So can... | Demand is not a problem, definitely not. We do have some production supply chain challenges we're trying to slow right now. For example, the Model Y, we're body casting, obviously, because it's new technology. It's been tricky to maintain rates and keep growing the rate for Model Y casting, which is -- it's a two-piece... | direct | [
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f4b9d5c726f37d54a6e84e4e265df95d | So when you're saying achieving 500,000 deliveries has become more difficult, was it really just a function of the recent shutdowns and some of these supply dynamics? | Yes. It's not true at demand. It's really just a production issue. It's been pretty hard when you've got like a global supply chain, and it's kind of whatever the most effective part of supply chain is that sets your rate. I mean, the number of rabbits do know how to pull out of a hat for supply chain is insane. Team h... | direct | [
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bddd9cd3994b84028f3fa6e13649acaa | You mentioned a few times the constraint to growth is battery capacity still, and I was hoping you could clarify the scope of the Berlin plans for building right now. Will there be the battery capacity consistence with the amount of assembly volume you expect to come out of the -- And if not, would you be able to sourc... | OK. We can't say too much about this, except that where there will be local cell production and -- that will serve the needs of the Berlin factory. Drew, is there anything -- Berlin factory. Drew, is there anything -- yes? I mean, no. That's straightforward enough. I think just adding to what you said earlier about tal... | fully_evasive | [
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0e6f10087f1612d50fd669f08e5de09f | I wanted to hear a little bit more about the Get Real Health bookings. I was particularly interested in -- you guys press released the deal win in Europe and in the Netherlands, which is obviously very new for CPSI. Can you expand a little bit and maybe break down those Get Real Health bookings, that were so high in th... | Yes. Hey, Donald. David here. Actually, the Netherlands press release was an expansion on a relationship that we already had there. It has extensive opportunity for us down the road from a bookings standpoint. It was rather minimal in terms of the Get Real Health bookings in the quarter. To that, Matt just mentioned in... | direct | [
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7ff92b6232539995a293cf7a89e2174b | Another data point you threw out that was interesting to me was the retention rate, which continues to be sort of 95% plus, it sounds like, I think, I jotted that down correctly. I know in the past you had, maybe last year or the year before, you were -- you seem to be sort of alluding to an improving competitive envir... | Yes. So on the competitive environment, well, I mean obviously we felt really good about winning the 11 deals in the quarter from a pricing standpoint, to your question. We do have more pricing power than we did when we were competing with Athena, on both in our existing customer base and in net new deals with Athena H... | direct | [
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a77fca2bdc3c5a57f311fbf10642fd33 | You mentioned in your prepared remarks, the great resignation movement in the labor market. I was hoping you can provide more color on how much the rural hospitals are experiencing the labor pressures, compared with a more urban peers? Is it a more -- is it a bigger headwind given how shallow the talent pool is? And as... | Yes. Hi, Joy. This is Chris. It's a good question, as you think about it, as it relates to the rural versus urban. I would say just proportional based on the number of employees that they have when they lose one. At the rural market, it obviously is a bigger percentage of their workforce, so I do think that there is a ... | direct | [
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b6acb5f8a58630d1bc7560f5654d9d8f | It's great to hear the positive commentary on the legacy EHR business in addition to TruBridge. So I was hoping you can give more color on how much of the rebound was driven by deals that were pushed out from the first half of the year? And would it be fair to say that demand in the rural hospital market has largely no... | Yes, Joy, David here. I had a little trouble hearing you, but I think your question was, you know why the success in the third quarter. Certainly part of it was pent-up from the lack of success in the first half of the year. Anytime you get 11 deals in the quarter and they were all SaaS and the average deal size was in... | intermediate | [
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c38e6da935fdcd6ab470322043e8cca3 | Maybe a couple on the bookings front. The first one, just to clarify those pipeline comment, was that for specifically EHR deals or the comment around three months pipeline going up, does that refer to the broader pipeline? | The broader pipeline, Jeff. But the EHR pipeline was consistent with those comments also. | direct | [
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6a1ff96637e21c36100e0e0a8233d8ca | Q3 was a really nice result with bookings, but also want to make sure that the right context on it with -- versus a year-to-date results and actually there were headwinds last year as we look at the comparison. I guess maybe more specifically interested in the subscription line, where -- just trying to parse out where ... | Yes. So Jeff, get into that question about subscription rates and where they land, I don't have the year-to-date numbers in front of me, but from a quarterly standpoint, which is, given the growth curve that we're on, that is probably a little bit more indicative of what we're going to do heading into the fourth quarte... | intermediate | [
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0f67fde252417bbf47b4e8ddd16a6498 | Maybe try to translate some of that commentary around exceeding expectations and the SaaS transition to your margin expansion goals. I'm curious how we should think about the timing of your platform investments, as well as the revenue mix shifting to subscription, some interesting cross currents there and just how that... | Yes. I mean you've kind of hit the nail on the head as far as the logistics of what happens with our margin expansion initiatives. At least in the short-term, we do kind of have these competing projects going on. They have differing impacts on margins. Obviously the shift toward a SaaS -- more SaaS mix in the new sales... | direct | [
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b670ad8f32ac88780f488770a7d99086 | And just to try to comment on a little bit further, so is it fair to think about year-over-year margin expansion every three months being an appropriate expectation or will there be even more non-linearity than that? | Yes. I mean I would still say that I mean, I expect it to still be a bit non-linear. There is still the chance going forward that we may have a couple of quarters here a day in a 90-day period, anything can happen. But there may be some quarters where we do have the resurgence of the perpetual license deals that, kind ... | intermediate | [
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f42d7d6fbc9f091f4c58de8127383c65 | So, first, I would love to dig into the Sprint partnership a little bit more. Obviously, it's still early days and especially giving the announcement today, but maybe we could talk about any sort of exclusivity that you have with this partnership, whether on your side or on the Sprint side. And in that context, are you... | It takes time for a big company like Sprint to implement and move forward with something new like what we're doing with them. But we're pretty excited about this and I know they are as well and I believe we're both very, very committed to what we're doing together. They've launched a solution called Omni. It is under t... | direct | [
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d6558f1a3a493fedd9163854ac3c13ed | As far as investment priorities regarding Ooma Office and then Ooma Business more largely, you've spoken about your investment priorities being the round out the core feature set before pivoting to new Office services or Business services that can provide additional revenue opportunities. So, just wondering if you can ... | What we've -- just today, almost two days ago I think the press release went out, made our first big step forward in what I've been talking about in this regard with the announcement of Ooma Office Pro. Ooma Office Pro is a new tier of service that offers advanced features for a larger size small business, as I said in... | intermediate | [
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4e2bfdb5ec1bdbf1641d62a66d4b830b | Eric, you mentioned merging the platforms. Can you talk a little bit more about that? Is that -- does that include the Broadsmart or like just a little clarity on kind of the emerging of the platform and how long that might take? | Yeah. I didn't actually I think say merging the platforms from a -- at least a complete technical perspective. There are things about these platforms that will be common and it is possible for us today to serve a customer with elements from each of the platform, so to speak, working together in one seamless solution fo... | intermediate | [
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6c1551aab9aeca6b7e72cad1501ea1cf | On the opex side of things, I mean, roughly what percent of opex, should we think about going to the Residential piece of your business at this point? | Hey, Mike, this is Ravi. It's very hard, given we have the same data centers, same -- there's a lot of similar infrastructures, but which is there G&A is one common expense, sales and marketing, there are some benefits when we invest into Residential. We get the benefits on Business and vice versa. So it's hard to have... | intermediate | [
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60ab5dab584f8c96039a6af418f43c7a | The revenue guidance sequentially is sort of flattish. Is that just given some of this -- the Smart Cam dynamic there or anything, any comment on that, I guess, given the strong growth of you guys? | Not really. I do feel all the fundamentals of the business are very strong. It's just, there is some seasonality, especially on the Business side in during November-December -- holiday period and some weather related. So that could be -- that's probably the only reason I would say the guidance could be flattish to slig... | direct | [
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7dbe9ac857c9606f8645b6a950d977ee | How would you say that's tracking so far? What is your expectations for converting standard Office users to the new Office Pro platform? | Our expectations are more around expanding our addressable market with this capability, and so, using it more from a growth perspective. Most of our existing customers are happy with the solutions they have or they want to fund with Ooma. So I don't see us adding Office Pro to most of our current installed base, but we... | intermediate | [
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16ded2e73c2d2c27b1a8dce58fd3f13e | You previously mentioned on your last calls, you were talking about the integrated solution that combines Broadsmart and Ooma Enterprise for a large customer in the retail vertical. I just wanted to get a sense for how that relationship is progressing and if you could size that potential opportunity. I know you did men... | Yeah, first of all, I don't know that we've ever said what vertical it's in, but we already have a very meaningful business relationship with this large customer. We added several thousand users in Q3 and our outlook is we'll do that again in Q4, which we're excited about. This company is a large multinational and we a... | intermediate | [
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3951e5e00f320341a95fbb34a43930d9 | With these new business solutions rolling out, are you starting to see an increase in the average number of seats? | Yeah, we do have -- we do have seen, it's -- we have a big base of customers. So any new customers coming in with the higher seats, will take -- the average will take time to move up, but we are seeing our average seats per customer going up over the last six to 12 months. So we are actually seeing some improvements th... | direct | [
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b0284db879caa69bc1377f6a7631fea9 | I noticed that sequentially, COGS were up about just shy of $2.7 million. If you had a restructuring charge, did fall in that category and if so, can you provide us some detail? | Yeah, Nick. Good question. When we -- there are two big elements, so as said, $3.1 million was restructuring charge. Of that, we wrote off Smart Cam inventory as well as commitments we had. We wrote of intangibles and both of those comprised of the significant majority of the $3.1 million which all goes into product CO... | direct | [
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894fe3cbf8995962cc6e98fda4141eee | So I'm just wondering in terms of a large customer you have, I'm wondering are there any maybe similar type of customer or how do you kind of maybe you think about to attract more similar type of customer going forward? | Yeah, we do see customers out there. We think about our strategy and how we want to build our business. We do when we do that see other types of customers out there that have similarities to the customer we're serving today and we may be able to leverage directly what we've built for this one large customer, or we may ... | direct | [
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6a8a894d2372aab13139ca62420c7515 | Just real quick on kind of -- on the margin guide on rigs. Did you all give it or did I just miss it for 2Q? | Yes, it was $6,200 per day. | direct | [
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f60db3bc0ead705a24ee515b25de73c8 | So when we think about kind of 2Q, and I know, Andy, you mentioned 2Q being the low point for the year. One of your peers is out talking about possibly pushing pricing. You all seem like maybe that's possible as well. Can we talk about how pricing plays into that, maybe where spot rates are, leading-edge day rates are ... | We don't typically get into what we think they are publicly for competitive reasons. But I'll tell you there's still a bit of a range of day rates on the spot price out there. But we believe that as we start to put up more rigs later in the second quarter that we'll have opportunities for pricing to move up at the end ... | intermediate | [
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87f238b97c2086977a7e1a70592048ca | You're several years away from the last big M&A move for the company. As we sit here, kind of the outlook internationally looks a little better. If we think about Patterson over the next couple of years, is there anything international you guys are interested in? If not internationally, is there anything in the U.S. yo... | I think the best way for me to answer that question is just to say we maintain a healthy balance sheet. That's our history, and we try to find opportunities to exercise the strength of our balance sheet when we come out of these cycles and we'll just have to see what happens at this point. | fully_evasive | [
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ce682f0a4fd47cbd6adc62faad4cf55d | In pressure pumping, the Q2 guidance looks really strong. Revenue is obviously up huge as you get much better utilization following the winter storm. I'm curious, it doesn't seem like in the Q2 guidance, just based on the implied incrementals that there's a whole lot of pricing uplift baked into there. So I'm curious i... | Yes, I think that the pressure pumping sector is starting to become structurally in a better place. We've certainly seen attrition through various companies over the last year. And it becomes more challenging for companies to put spreads back to work. That being said, we're going to put another spread back to work towa... | intermediate | [
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d3eb6be804eaea50ecd57be26438f247 | In contract drilling, looks like the opex guidance, if you just take the revenue less the margin that you guided to is about $14,700 a day. Could you remind us where you expect that number to trend as activity continues to trend higher and you get better fixed cost absorption? | I don't think we'll see a big change in that number. But I think we'll have the opportunity to push day rates on rigs toward the end of the year. So I see -- that's why we're projecting that we're going to have margin improvement through the rest of the year and that Q2 is a bottom in this cycle for us in drilling for ... | direct | [
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37a2bd9beb3342a4e75cd42904598278 | Andy, the incremental demand that you're seeing, both in drilling and pumping, where is it coming from, public E&Ps, privates? Or is it -- is this a mix of both? Could you maybe characterize that? | Yes. It's really been kind of a change in the landscape whereas coming out of the downturn, the first out of the gate were really the privates that put up a lot of rigs initially. And then some of the more nimble, what we refer to as nimble publics, but some of the larger publics and even some of the IOCs are discussin... | direct | [
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e7a5e1af186058bd14177ce9d77c0c2c | Now there's been a view in the industry that you need about, let's say, 500 rigs working for maintenance-type production. And roughly 220 type pressure pumping active crews to keep production flat. Based on your discussions, do you think that overall industry activity is going to get ahead of those numbers into -- as y... | It's really a basin-by-basin economic discussion where we're seeing Permian operators improve the economics of what they're doing, where they can afford to increase activity a little bit and increase production. WTI is moving up to a level that is starting to interest Bakken producers in picking up rigs and even South ... | intermediate | [
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c1259b27b9a6f6c9ed45c62f1d55ade8 | Just on that question of LNG, what's your -- what's the opportunity set in terms of additional rig activity on the LNG theme for the next, let's say, 12 to 24 months. Have you had any long-term discussions with the operators and -- about locking up high-end rigs for that? | I would say overall activity in that area is steady and slightly increasing is the best way to characterize that. And I think that while you haven't seen operators lock up necessarily long-term contracts, the economics for that could improve over the year as well. | intermediate | [
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17dc3d4240759e26908f492827c1ef57 | And then just a final question on the super-spec rig fleet given your activity is going to go up quite a bit, some of your peers also seeing that, where do you think utilization is right now for the super-spec kind of high-end ready rigs and then where it could be? And when do you see pricing kind of move up in decent ... | Yes. I don't have the numbers for utilization on super-spec is right now, but I'll also throw out that it doesn't really matter so much. The super-spec rig is a hot commodity rig item. And what we've seen historically is as those rigs start to go to work, then pricing tends to move up. And there also creates a phenomen... | intermediate | [
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b28972023782744f535fad010bd23677 | First question, can you connect the dots between -- in the cyber business between the decline in ARR versus the very healthy billings growth in the quarter. And more specifically, was there any contribution from perpetual license like SecuSUITE in the quarter? | Yes. Actually, your second question answers somewhat partially the first question. We had a good SecuSUITE quarter selling to the government and it's perpetual because of the way the government purchases the technology. And so that did not fully reflect it obviously, and it cannot be reflected on the ARR. There was som... | direct | [
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6594610a59b2de78287712184c28f417 | And second question, just on the patent sale, and not so much in the details you mentioned you can't disclose -- obviously, negotiations are ongoing. But if the sale doesn't go through and you don't find a third party. I mean, would you revert back to IP licensing? Or are you -- you're definitely going to go through wi... | I believe for simplicity of our company's story and the focus, we should find a buyer, and I believe we will find a buyer. But we will not shy away from monetizing ourselves. We do have our team standby and ready. So -- but my first priority is a secure buyer. And there has been other people that have approached, but I... | intermediate | [
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"fully_evasive"
] | B |
8cbd250b6c753a1f0e24ea28bc3968d6 | Two things -- two questions I have. First is regarding the chip supply position. Do you think because of the depression in cryptos, some chip capacity may have been released and that may be easing out the chip shortage that automotive industry is facing. Are you seeing something to that effect? | I'm not good enough to answer your question there, Trip. I'm not a big crypto fan. Hate to say that. You know, they got you. So I don't follow that very closely. I know it's very depressed at this point. And I don't know the relationship with that. I'm sure there are some with the chip shortages issue. So sorry, I can'... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
52495aa9c67251f404cd1247f32bec6f | Second question I had is regarding the IVY platform, and it's -- and you're getting insurance -- auto insurers on top of it. I was wondering what kind of use cases can you think about that can evolve over a period of time? | That's a very good question. I -- so we have, in our partnership, at least one, if not two, the organization has specialized in this area -- in the insurance area, for example. The big thing about the insurance area with auto is pay-as-you-go kind of a usage-based insurance model. And then the other one is a redefiniti... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5cc73bca03673f3ff10849c763d00280 | You talked about how you're seeing the supply chain ease. Could you just talk about what you're seeing that's changed since you gave the last update? | Yes. On the supply chain side, the OEMs around the world, they finally have a good strategy. And then as each of them has their own strategy, but I see it more suited to high-end cars being built, that they are able to manage their supply chain issue and build and release cars that hold more value to them. So high-end ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
cb3f08736001b97b6d388f7a474a97e8 | But it's -- I guess it's not material enough to move the IoT guide for the year. | No, no, because there is a headwind. We had a little delay on some of the stuff when China has a lockdown because of COVID. And then, of course, now, as you all read, and you guys probably know this very well, that the interest rate uptick is causing a little bit of a demand slowdown for new vehicle purchases. And so t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
382538155160ae13fb3609b2779b2eae | And then my second question had to do on the cyber business. You talked about modest churn in SMBs. And you talked about that for a couple of quarters. What I was wondering is we're starting to see an enterprise staff being given auctions of BlackBerry UEM versus, let's say, a competitor. And I'm just wondering if you'... | Yes. Currently, we haven't seen that. So this is important that we continue to work on our products and partnerships, which I talked about. So far, the UEM churn is usually in the nonregulated space and is a small -- more small, medium enterprise. So for the very large one, we have continuous renewal and particularly t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a9729506f7cc3bb2c4f2dcd04fed4d2e | Just wondering if you can provide some color on the drivers behind the 14% increase in the QNX backlog. Is that due to a recovery of production volumes, extension of some programs or higher ASP? Just any color on that would be helpful. | Yes. It's the result of the design wins we've been telling you folks every quarter. And so, we have a very strict guideline and formula of what get counted, what didn't get counted. And we're very conservative on that. But this is as a result of what the OEM told us that this is the volume you should expect in future y... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c032700f90acd0bbce494098222f8852 | And then I wanted to ask a question on the patent sale. You said you would explore options as they come in. I just want to know like whether you guys are actively looking for other options? Like are you actually going back to other bits you had in your initial process or are you starting from the beginning again? | No, no. Not at all. In fact, we're being approached by others. I'm not actively looking for or starting from square one. As I said I want to make sure that the shareholder knows that we're not just stuck with one option, but we do expect to see, and we would like to see the previously announced deal with Catapult to ha... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
bfc39f8e3508fc397a291cb165fb8358 | For my first question, I'd like to focus on Karen's comments on spacing and Howard County. Karen, based on the limited data you have, how are you generally thinking about spacing across your position at current pricing? And are there any other notable adjustments or areas of opportunity you like to incorporate in your ... | Hi. Good morning. Thanks for the question. Yes.
So we've talked about in prior releases that we wanted to look at different potential spacing development plans in the Wolfcamp. So we're looking at both the 12-well and an eight-well development there. The first two packages that we talked about are based on the tighter... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
db37045c6c6c970da3cd637c67caa326 | With regard to your 2021 guidance, you effectively raised your oil guidance despite the weather affects you experienced in Q1 that thing at least suggests a stronger production profile than previously thought. Could you perhaps speak to the production trajectory and potentially offer color on an excited exit rate for 2... | So I can comment on the production profile itself. So we actually added in the deck this time early results of the first Howard County package coming online, and we did split out the Wolfcamp and the Spraberry formation specifically. So as we mentioned, it's early, but well performance on that first package is meeting ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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