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5271e6c120a3d6cd06f9c994f379644a | Okay. And maybe I just drill one last one in here. I appreciate your comments Rajiv about introducing some of the modular products over the next year or so, that's been coming for a while now. Well, it's finally working. Can you clarify maybe two things. One, has that project been pulled forward, thanks to COVID-19, we... | As COVID impacted the development, I think, marginally, we've had our development center operating throughout the pandemic. A large number of engineers are working from home, which has allowed our testing centers to be reconfigured so that people can socially distance and complete our test. As -- and as normal developm... | intermediate | [
"direct",
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] | B |
3ad42cc481e2cb65704ef1fdcbe72cc4 | I was wondering if we could just maybe start at the growth -- gross margin line. And just talk about, I guess, one, maybe the benefits over the prior year, how much of that is maybe consumer? Now that that's a heavier portion of the mix versus the lower nut prices. And can you just maybe dig into that a little bit more... | I'll take that, Chris. So as we mentioned in the release, virtually all the improvement on that line came from lower commodity costs. And as we mentioned, it's just about all the major tree nuts that we process, probably with the exception maybe hazelnuts. So it's pretty interesting. It's not something we can recall se... | intermediate | [
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] | B |
c36015b94d08af3bf753a0b34f043732 | Okay. And you said it's unprecedented, can you maybe just shed your insight? Obviously, you've been around it for a long time. Just maybe your thoughts around what's driving kind of the decline in the pricing? And how sustainable that is? | Chris, it's Jeffrey. So it's a combination of things. It's just been an extraordinary year -- a couple of years for growers. So there's been so much more planting of almonds, of walnuts, pecans in some places. So you've just seen an increase in the supply side because the growers have made so much money and it's been s... | direct | [
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] | A |
72966f62e64c4508a9d430b41c15382e | That makes sense. And can you just -- thinking about the pandemic on your business, obviously, consumer, you've obviously benefited from -- I guess as things start to come back on the other two segments of the company, how do you see that playing out on the margin front? And do you want that to come back? Or -- I know ... | Yes. So as we've talked about, we've seen a shift to e-commerce. We've seen a shift to people eating and cooking at home. I believe as states reopen, you're going to see some of that shift back to, and we hope to see to shift back to food service, where people are going out to eat and traveling again. We expect to see ... | direct | [
"direct",
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] | A |
1ccebe06459cf3469b2c88f583c1b13e | Okay. I really appreciate it. And just with some of the lost business on the recipe side, is there an opportunity to go back and get that? I know there has been some talk about that at times and just your confidence around that brand. And obviously, still -- obviously a strong position in that marketplace, but just the... | Yes. Chris, this is Jeffrey. So we absolutely believe there are opportunities to regain that distribution or some of it. Obviously, retailers are looking at brands every year, and they bid some out every couple of years. If you look at our velocity versus some of our competitors in the marketplace, it's so much higher.... | direct | [
"direct",
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] | A |
d308967fbbf3b70359d07eb75a349c4a | About maybe -- is there opportunities for M&A in this environment for you? And maybe just your thoughts around what maybe the confidence of the competitive landscape as well? | Sure. Sure. So we always look at M&A. We've talked about it periodically on this call. So we're always looking at companies. Nothing that has been that important or we felt was that strategic that made sense for us at this point, or perhaps pricing wasn't right. But we are continually looking at opportunities in M&A, w... | intermediate | [
"direct",
"intermediate",
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] | B |
e69c4d4836a77d65160a1982a000dcf5 | And maybe can you just talk on the competitive landscape at this point? Or I guess just the -- all the different changes, moving parts within the industry. Just how are they attacking maybe the consumer side? | Yes. So obviously, competitors are responding to the pandemic and just trying to understand the dynamics with consumption trends and consumer behavior. So we've seen some of our competitors, Diamond, for example, being very aggressive on building their recipe nut distribution. Planners has been aggressive investing in ... | direct | [
"direct",
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] | A |
ac18f3df96e0af2c438dfff30d14e05b | Do you expect interest expense to decline over upcoming years as you pay down long-term debt to close to 0? | Yes. Basically, our average interest rate on long-term debt is about twice as much as it is on short-term debt. And all of our debt amortizes. So yes, we do. | direct | [
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] | A |
fd47682101ad27e0880c898c486275d7 | There were some capital expenditures with the pandemic. Do you expect capital expenditures to go down over time post pandemic? | The capital expenditures we made for the pandemic actually were a pretty small percentage of our total capex in fiscal 2020. Our plant was actually pretty well laid out. That allowed us to create a safer working environment without a lot of capex. The big increase in capex that you're seeing for fiscal '21, that we dis... | intermediate | [
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] | B |
f062ec74ac284347b7d0bd992f4ca981 | That's great. You had near record sales and earnings and consumer sales were 82% of the base, which is huge. As the economy reopens, I think you said you believe you have enough capacity when food service and specialty retail sales and other areas open up and demand nuts from you. I believe you said you have enough cap... | That is correct. Yes. We've got an amazing infrastructure at all our facilities, Tim, and we've invested over the years. And as our business grew, we invested in new packaging, new capabilities, robotics. It just extraordinary investments we've made in manufacturing. So as we -- even if product line shift or volume shi... | direct | [
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] | A |
fbc28cf0f70a5482e03ff10d845b5eaf | That's terrific. Do you expect to sell the Garysburg facility? | We haven't made a final decision on that yet. But currently, we do have inventory there. We are doing some shipping and receiving. More than likely, we probably will put it up for sale in the fourth quarter, but we're still studying our options.
Yes, if you have a buyer, Tim, let us know. | direct | [
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] | A |
d033dbf67f35b1d2e0b3cb0b8f217407 | Yes. On their last call, Smucker indicated they had a solid Jif price increases due to higher costs and they thought those price increases would stick long term. Meanwhile, we have Conagra buying -- or selling Peter Pan and other nut lines to Post. How does this competitor activity affect your company? | Well, the peanut butter business -- the majority of our peanut butter business is private brands. We took some pricing activity early -- mid last year remember the timing?
Because of the crop.
Yes, because of the crop. So we did take some pricing in mid last year because of the pricing just as Smucker's and some othe... | intermediate | [
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] | B |
a454e0c7aafb5c1ae34c50f27b96d8be | Hi, good morning everyone and thank you for taking my questions. Congrats on the endpoint change, it seems to make sense and could be an important update for the program. I'm wondering if you can talk more about the background of how the endpoint change came about. I guess, for example, was it based on feedback from ad... | Yes. Probably, Maury, I can start answering your questions. So as you see that G-CSF is only standard of care currently for the last 30 years. Even with G-CSF, it's primary endpoint has been evolving in the last 30 years, starts with severe neutropenia rate, right? And Neupogen compared to no therapy, and later in 2000... | direct | [
"direct",
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c12d99baea5aa3f6d077dab6d8524e03 | Got it. That was very helpful. And then the second question I had was, I just wanted to clarify in the press release yesterday, it said a robust plan will be submitted to the FDA to prospectively validate this new primary endpoint, I guess is that plan finalized? When will it be submitted? And will it be validated befo... | Yes. So if I can just quickly answer this. This plan has been submitted, actually. So yes. So it's to validate that Phase I neutropenia or no Phase I neutropenia, how it's related to the clinical consequences of such as infection or FN or hospitalization and that those kinds of consequences. And we will be able to loca... | direct | [
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1d5061aa3ef2b49373669baef0cbc6cd | Okay. And then the last question I had was just we're looking forward to the 106 update. And in your 3Q 2019 press release, you stated the study 106 readout would be a final readout in the first half of 2020. But in the press release today, it says the 106 update this quarter will be an interim. And so I was just wonde... | Yes. So probably I can answer this quickly. Yes, thanks so much for the great questions. So currently, I think our time line is for the because of all of those very important time point to get to this interim analysis. As you also see there is the primary endpoint change. So currently, the time line is 106 Phase III in... | direct | [
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3cf9d4f3e99486dbc75160fd1d1b75b7 | Okay. And then the update this quarter, what should we expect what kind of specific measures should we expect in that update to be reported? | So well, at least you will see the the new primary endpoint, the avoidance and prevention of Phase I neutropenia in the primary endpoint with certain p-value, right? So we probably will save all the detailed data for a scientific conference. | intermediate | [
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503ac509f1d5ebc47256090af8ea95b4 | Excellent, thanks for taking my question. Hope everybody at BeyondSpring is well and staying healthy. And congratulations on a great year in 2019. So I have a couple, probably more related to the non-small cell lung cancer. So I think Ramon kind of talked about the first interim look and then the final analysis timing.... | Yes. So probably I can start, and Ramon can add to this. So we have reached our second interim analysis for the non-small cell lung cancer at the past event. So we will have a DSMB meeting soon. And with that, then the DSMB of as a company, we really cannot it's blinded to us on the efficacy data. So with the meeting, ... | direct | [
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] | A |
779a04dab8d0f1052a97dc31202f22b8 | Okay. So I also have a related question and I don't know if this has been discussed before, but in the enrollment for DUBLIN-3, EGFR mutant patients are excluded and that's a little bit different from other second-line studies that we have seen, given the fact that they could have already received drugs that specifical... | Yes. So probably I can start on this. So as you know that currently, TKI, the Tarceva, the Tagrisso, they are very good for the EGFR mutant population, right? So they are in our mind, they're really not the more severely unmet medical need. With the EGFR wild-type patients, if you look at the TAILOR study, Tarceva actu... | direct | [
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c6381313b00861b6809cbc2fa6e1d4e7 | Okay. Yes. No, that's actually a perfect answer. So last question I have has to do with the endpoint change. So Lan, I think you kind of talked about the goal of kind of positioning Plinabulin as all cancers, it's basically a broad label. And so help us understand the endpoint change for 106. Is that going to impact 10... | So that's a great question. So as you see that the 105 primary endpoint is not going to change because 105 is a non-inferiority trial, right? So DSN is a good endpoint for non-inferiority trial. So it's not going to change. Only is going to be changed in the 106 because that is the superiority trial with a new regime, ... | direct | [
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] | A |
d36420db60277b20b60637a3d257bf35 | Hi, good morning and thank you for taking my question. Congratulation on your updates, it's great progress. So number one, just to clarify, the change in the primary endpoint on Study 106, was that based on an FDA request? Or did you initiate this request? | I can yes, we did initiate this discussion with FDA. Because this is also a yes, it does. But we did discuss with them extensively. | direct | [
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9957817c0d4757acfd44799c8858ecff | Great. In terms of also, obviously, Study 105, there's been an interim analysis and of additional data. Have you been able to look at that with respect to the new endpoint? I know it's a different study, it's not in combination, but in terms of prevention of Grade four neutropenia, have you any data from that 105 Phase... | Yes. So we do look at well, so the 105 Phase III, if we look at the Grade four neutropenia rate in the first week, which is the we want to show the early onset of action, we do see a benefit there as well. We have less Grade four neutropenia percentage in the first week in the 105 study versus the Neulasta by itself. S... | direct | [
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] | A |
2e7346f5dad8a3bae6b27a96bada6fa5 | Got it. Okay. And then do you anticipate to also in your U.S. NDA filing include data from the interim data from 106 as well as, obviously, the 105, you'd, I think, previously planned to submit for approval? | Yes. So that's a great question. So it's always has for the U.S. FDA approval for broad label, we always have planned to submit 105 and 106 data together because it takes two studies to validate. So they'll both be combined to submit. | direct | [
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da040a77231dd80a0fa6495c40e2279d | Okay. And then just with respect to that then, on the 106 interim, will you report the DSN endpoint as well as your new primary? | Well, I don't know if we can at this moment because usually the interim, I think the well, I cannot I have liberty to say because this is going to be in discussion with the independent the decision. But we are confident that the Grade four neutropenia avoidance actually is more robust. And what if it needs, yes, I shou... | intermediate | [
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b5c08e62abf8bc41ea1141ab648c4bfe | Got it. Okay. And then any progress with EU regulators on the path? And how does this endpoint perhaps work with that process? | Yes. So EU, I think our strategy is to first file for U.S. and China. For that EU is we are planning to have meetings with EMA. And then talking to them about our studies. But of course, now with COVID-19, it's a little bit hard to meet with anyone. So but it's in the planning to discuss with the EMA. | intermediate | [
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] | B |
3b0da8b3522e10e43d6a5f358cd07d54 | Okay. Excellent. And then I guess you recently presented some new data that highlights Plinabulin's ability to prevent tissue iron overload. So is there any plan to initiate a clinical study around that observation? It's obviously helpful in several diseases and probably also relatively low-hanging fruit like CIN. Mayb... | Yes. So probably I can let Ramon to comment on this. Ramon has the most experience in this indication. Yes, Ramon?
Yes, thank you. Yes, we certainly have plans, as you indicate, this is low-hanging fruit for us. This is an additional benefit that Plinabulin offers in the chemotherapy setting. So with chemotherapy, as ... | intermediate | [
"direct",
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] | B |
cff70f3c5b677e670e8f6b7884e84569 | Hi, this is [indecipherable] for Tom. Thanks for taking our question. I just have one on the oral SERD. With all the updates from the other SERD programs like the Sanofi's and Genentech's, has the bar for what has to be seen for rintodestrant changed? | Yes, thanks for the question. Really appreciate it. I would say our internal measure that we communicated of CBR24 for between 60% and 65% really remains. To your point, as more data comes out in the SERD class, both on the efficacy and the tolerability and side effect standpoint, we'll continue to monitor that. But we... | direct | [
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] | A |
2821ea83ab4d8cf3890eeccd591c97b3 | Thanks very much. Soma, I appreciate the presentation and the color. But I have to ask, can you describe any payers that had a push back, but importantly how did -- how are the field agents able to actually deal with that push back? I think it's important as a lesson to be learned. And then the second question involves... | Yes, sure Tony. Nice to hear from you. So on both points, so as I said in my comments, we have had very little pushback from payers at this stage. And so at this point, what's happening is physicians are choosing to write it. They're putting it in and they're not having issues. In fact, as you know, we have this, one-t... | intermediate | [
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] | B |
d861e541a6bd497fba4ed60b48b8a852 | Great, thanks for taking my question and thanks to the whole team for all the added color today and like my predecessor analyst, a special thanks to Soma for all of her color. Soma, I may need to replay parts of your prepared remarks today at two-third speed so I can absorb it all. And our ability to process informatio... | Yes, absolutely. So yes, I tend to be a fast talking orator as you may now. So, appreciate that, so -- but interestingly you've got all the numbers correct. So that's the first thing. So on the 30-patient so what I can tell you about the 30 patient is it is an estimate. It has the way that the data comes into us as we ... | direct | [
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] | A |
f5bb94ae1820af880a17dd158eda22f5 | Hi there. Thank you for taking my questions. First one, just on the P&T approval process given kind of the COVID pandemic time frame, what's the average time from sort of initial presentation to the hospital for it to get through the P&T committee?
And then second, is it possible to use COSELA concomitantly with other... | Thanks. Thanks, Joe. I'll quickly address the first one and then I'll put the second one over to Raj. In terms of what your typical P&T timeline. To Soma's point, this is really very individualized that's on an account by account basis depending on either the institutional or top-co institution versus a large community... | intermediate | [
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bc9601f7d4495f5b0cd363ca093c19a1 | Good evening. Thanks for taking my questions. Thanks for the update on rinto. Just wondering if you can briefly review your strategy there again? And has there been interest from partners for that product? And then a quick question for Jen, just that the cash runway into 2023, does that include the 70 million left from... | Good to hear from you Ed. I'll answer the first one and flip it over to Jen to hit your second question.
In terms of rintodestrant, we are still on the same path that we communicated last year, we believe, given the competitive nature of the class, the cost of the Phase III development programs, let alone the signific... | direct | [
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94f8bb0dbf4b39772f958f1b2b4fae6d | First off, just to start off with what you're seeing in the current macroeconomic environment as it relates to your workforce and retaining that workforce through the weakness you saw in the fourth quarter in this fiscal year? And more specifically in regard to the restructuring of your sales and engineering teams, how... | Okay. So I think I understood the question, this is Pat. Good morning, by the way Chris. As far as retaining workforce, I think as Tim mentioned in his prepared remarks, we have seen a steady improvement in that condition, especially as production has leveled through the year in most of the places in which we operate. ... | direct | [
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] | A |
0e5a2479d229815fdc1109d1fe67fe8b | It's interesting. And following up on some of your comments in regard to FSE, I have Slide 7 of the deck in front of me. Can you talk about the level of visibility you have for this next fiscal year as it relates to cross selling opportunities, potential new businesses coming online as well as the synergistic opportuni... | Okay. Let me talk about the first one, which is how much visibility do we have. We -- that business is different than our other businesses, it tends to be discrete project oriented orders, but from some of the same repetitive customers and similar type products. And so we have a pretty good visibility to the pipeline t... | intermediate | [
"direct",
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] | B |
1a14af8a168cf16ac8ca5aa6efc6dec3 | I was wondering if you can give us a sense of the seasonality, you think of the truckload schedules in 2020, perhaps maybe just in general and then also, have you seen any changes in the last few weeks or so and the order patterns or the build schedules based on the COVID-19 situation? | You know as far as our expectation, initially going into the year 2020 for truck builds were that there was going to need to be some correction in the builds which unfortunately started in earnest in the fourth quarter and continued in early in the first quarter and we -- our expectation, and they were communicating cl... | intermediate | [
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d327bc41aa0f346784cabb4f9221af14 | Wanted to just switch over quickly to some of the things you said on EVs. You mentioned that there were some units coming out in 2021 and 2022, hopefully you're working closely with those OEMs, are those heavy vehicles or medium and do you have any sense as to whether the content per vehicle from CVG will be higher com... | Okay, sorry. So electric vehicle. Yeah, I mean I think the exciting and the interesting thing about that emerging market space for us is related to the fact there are some new entrants, right. So there are new entrants who need support, they need help, they need -- they need suppliers who have wherewithal across the mu... | intermediate | [
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3a458cbdb02082dc243719abcffb7a5a | There are two major truck OEMs that are in the process of possibly emerging right now. One I know is your customer, other one I'm not sure about, can you give us a sense as to whether there is an opportunity there? They've already been trying to work together on their supply agreements, but is there any kind of opportu... | I assume you're referring to VW and NAV. And you know, we have a long history and relationship and they are a major customer for us and Navistar in North America. We work with Volkswagen predominantly through Skoda in the Czech Republic on the passenger car side and a little bit on a little bit on the truck side, but n... | intermediate | [
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] | B |
72afd2f29593fa48006c53398db351ef | I just wanted to start off with -- just looking at the Packaging segment. It seems like, obviously, there's some potential headwinds and maybe in pharma or beauty, but I really want to get into the Home Care, just from looking at some of what the CPG's are saying, it seems like at least some of them feel there's a pote... | Hey, Brian. Good morning and thank you for the question. It's really a great question. Currently, for our packaging business, Home Care is a smaller percentage of our revenue. That being said, it's an important part of our business and we had really an outstanding year last year in that product line and what we define ... | intermediate | [
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9d03160ac61f5956a6d2509eb7f68e9b | Okay, great and then going off that, I guess, where within packaging, would you see maybe more of a headwind? I know a competitor of yours called out pharmaceuticals as being a tougher comp this year because of just the reduction in cold and flu this year. Is that an impact on you guys as well, or is your -- are you --... | Yes. We're largely in different areas of pharmaceutical and nutraceutical and again, as we look at that business, it was impacted negatively last year and so as we look at it this year, we're going to keep our eye on it, but we don't see a particular undercurrent we're worried about it. To be specific, when we look -- ... | direct | [
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f7a7bd416afa3b2b29770cbfd17a6d1e | I was just curious if you could talk a little bit more about some of the margin expectations across the various segments, particularly for Arrow in the first quarter. Obviously, you're guiding revenue up sequentially from fourth quarter. Maybe just talk a little bit about how much of the margin impact that you saw this... | Yes, Ken, thank you. I think the absorption question is one that is most challenging because we did take sizable cost actions as we moved through 2020 in response to the impacts of the pandemic and the balance we're trying to strike there is to reduce cost to the greatest extent possible. But at the same time, not to j... | intermediate | [
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58aebaea9b8894125923d35ec94581d7 | Right. So if I think about that kind of in the context of, obviously, I think everybody did put some costs out, both structurally and temporary at the height of the pandemic. As I think about just the idea of improving margins potentially is on better absorption. Should we be aware of any of the temporary costs kind of... | I think they'll only reenter to the extent volume upticks justify adding those costs back and they're variable and in that sense, we'll scale or conversely not depending on how volume of production goes.
And I'll just sort of offer up as well, Ken, maybe not specifically related to your question, but what we're trying... | intermediate | [
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ea3dc1ab6298fcd4dd44a700cc1fd16d | Understood. Just one more for me and then I'll jump back into the queue. Obviously, the balance sheet still looks like it's in really good shape despite a lot of expenditures for acquisitions and obviously, still under your 2 times leverage portfolio, or target, I'm sorry. Can you just talk a little bit to the M&A pipe... | Yes. Look, last year was tough, right, because there was certainly a number of months where folks hunkered down and deals were pulled or anyone even thinking about a deal, just had to focus on their business first. So we're glad that period is behind us. What we're starting to anticipate are some deals that were -- tha... | direct | [
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] | A |
7d4b27317324736a19b5a3d0fe3b01c9 | Hey, thanks again. This is Ken Newman, one more follow-up here. I just wanted to ask a little bit about the longer-term margin profile for packaging. Obviously, you'd already talked at length about the headwinds that you expect from an organic perspective within that business and now you've got potential headwinds from... | Yes. I would think we're going to be pretty consistent with the margins that we have been performing at in that business. I mean, you do have, as you point out, the higher-margin business associated with Affaba & Ferrari. At the same time, that's counterbalanced with lower margins in Rapak.
And then again, as we look ... | direct | [
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6ffa7831c79633ae862655f8fb8f50ef | Got it and then last one for me. I guess, switching back to the Specialty Products segment. Obviously, you've taken out a lot of cost there and the margin profile has been pretty good despite how volatile that market has been, is -- even with the revenue down sequentially into the first quarter that you're guiding, is ... | So if nothing changes, that's a reasonable assumption, but I would say that with modest uptick in the markets where our Arrow Engine, although it's a small part of our revenue base and specialty products and even TriMas overall, with a small uptick in those end markets, our margin profile will change rapidly because th... | direct | [
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b6aa90cd74329a5ddca58783ce6f28ee | First of all, would you discuss the type of water locations that OBX is resonating with your customers and what geographies around the world that it's being used the most, if there is any area that's seen a higher level of activity? | Sure. I can tell you that the majority of utilization is for our -- what we call the shallow water OBX, which is capable of going down to about 750 meters of depth in water. There are some areas where they're using it that are very near that and so there is a transition that occurs on occasion to needing our deepwater ... | direct | [
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df88259f60828f65ed85f18dcf985919 | And Rick, following up on that water depth, do most of the -- of the shoots tend to be in the, I'm going to call it, deeper water range of that shallow water OBX so as opposed to it being in under 20 meters of water, you really are in water that's rather deep? | The majority are not near that transition depth of 750 meters, but they are typically deeper than 10 meters or 20 meters. So, go ahead. No, I was just going to say that the prevalent use is in shallower waters, but not real shallow waters although they are used there in that circumstance. | direct | [
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a48fb19f455d081438c82939d473c9d7 | So they do -- the unit is being used in more open water rather than swampy areas? | For the most part, I think so, yes. And those are used in those areas, but if you just want to statistically look at coverage areas, I would say that's true. | direct | [
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] | A |
433b22287e672b1553fd0d5c82ea0f08 | That's helpful. Thank you. And what interest are you hearing from your customers at buying the OBX units as opposed to renting? | Well, certainly that conversation is always had. But in the minds of the contractors, it's driven by the level of utilization they would have for that equipment. Clearly with these increased demands, it goes without saying that those utilization numbers are going up. I mean our entire fleet in essence is being utilized... | intermediate | [
"direct",
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] | B |
46ccad2335a8eb8f7c718a47c3e9df5c | Thank you. And then lastly, the inventory obsolescence jumped versus the September quarter. That surprised us given that the business seems to be improving. Can you talk about what seems to be opposing dynamics there, please? | Yes. Bill, this is Tom. Not any specific inventory item per se, but just a general reserve that we felt was necessary based on the overall aging of our inventory. We have some inventory that's still old and continues to age and we felt like we needed some more reserves and so we put them there. So, it's not going to ne... | direct | [
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5bc77bea0887ec5452697c419e304994 | Thanks, Tom. And so that sounds like that was one of the more subjective obsolescence numbers this quarter rather than the more formulaic that that you've often had? | Well, there's always a lot of subjectivity into it. Yes, we have a formula for calculating it, but there also has to be a lot of inputs into what the formula spits out. So, it's always a lot of subjectivity. | direct | [
"direct",
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] | A |
721e0f9f711f49892c9c694b8f89c34f | Regarding backlogs, did you speak to how they were shaping up? And also, I'm trying to understand your non-core seismic business and versus or including adjacent markets segments and looked like they are a good quarter product revenue wise. Could you speak to year-over-year progress in the adjacent markets segments? | Sure. From a backlog point of view, I mean in our core seismic -- oil and gas seismic markets, where we're seeing the pressure for backlog is the OBX system, that's our marine nodal systems. At present, our entire fleet is in essence spoken for and out for rent and we are in progress of extending our capital investment... | intermediate | [
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] | B |
437f8da58fe98eb6a2972da26049d29c | Question about the OBX rentals. Can you remind us what the cash on cash return would be from renting those out? | Well, as we mentioned earlier in an earlier announcement last year, two of those contracts are expected to generate over $20 million in revenue just on those two alone. Now we had another contract that we had entered into for 9,000 of those units, actually the quarter four I believe, and those are currently contributin... | fully_evasive | [
"direct",
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] | C |
208947fea9393d16fe85b72b309dc55f | And could you give us any sense for what sort of improvement you might see in operating cash flow? I mean you were positive this quarter before CapEx and I'm imagining that would only get better as you get some of the profit contribution from these new -- this new $30 million investment hitting the field. So, It'd be n... | Yes. Damon, this is Tom. And it stands to reason that as the rental revenue increases, which we expect it to in the coming quarters, that that operating cash flow will also continue to increase. | intermediate | [
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e18ce6474f298098a4fc38896ff8266b | Okay, great. And then on the GSX side, a little bit slower there still. Do you see recovery there? Is it really more about activity picking up or is there a substantial size of unutilized capacity you've already sold sitting out there that would need to be utilized first before you would see your revenues increase ther... | I think you need see overall activity pick up there. I mean, there may be some unutilized assets that some of the contractors have, but for the most part, I think they're pretty much using what they have. You did see that as our traditional products, which really comprises mostly sensors at least with respect to the la... | direct | [
"direct",
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] | A |
4b865c7bda349dbbd8c434f4cfa3558f | Okay. And on the potential PRM tender, really nice to hear you could see some activity there. Would this be from what you know an existing customer or someone that's been in this market before or someone new? | This would definitely be a customer that has been in the market before and there's not a long list of those so you can begin guessing who they might be. | direct | [
"direct",
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] | A |
88f9eb00002949d1d23d471d4152d78f | Regarding the 9,000 stations that you delivered for rental last quarter, can you talk about what's the duration of that business. How long does that rental contract last for? | It's actually 5,000 that we just delivered this last quarter and it's six month minimum rental. | direct | [
"direct",
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] | A |
ae41f9c4f16d37872cd9c913cf80bf24 | Okay. Thank you. And then you talk about increasing -- you talk about your CapEx budget for this year and I know last year you discussed I think $30 million budget. Are you seeing more demand now or you think that that budget actually needs to be more than $30 million you had originally mentioned in that press release? | Right now we feel like the $30 million is ample, but a lot can happen between now and the end of the year so that could change, it could go up. But we feel like $30 million is ample for what we know now. | direct | [
"direct",
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] | A |
f6db2642410a738298bfeeb94f34a7b1 | Okay. And then in your 10-Q, you report how many stations you have in your rental inventory. Could you give us a sense for as we exit FY 2019, ballpark how many stations you think after the $30 million spend and what you have now, how many stations you'll have in your rental fleet? | It's going to be somewhere between 20,000 to 30,000 stations in the rental fleet. | direct | [
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] | A |
111fe5eb411920caf6baa31ef50af12a | Okay. So, it's 20,000 to 30,000 stations additional from when you exited FY18. | I'm sorry. It will be 20,000 to 30,000 stations total. It's a big range, but I don't want to try to get too narrow on it right now. | direct | [
"direct",
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] | A |
d090187dbfe1f400a9e687bb99dcc06c | Okay. And is that $30 million CapEx, is that entirely geared toward the OBX product? | Not all of it, but a vast majority of it is. | direct | [
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] | A |
2cd1f3806038afa1be7d2a26340109df | Okay. And then my last question is regarding the obsolescence -- the inventory obsolescence write-offs. If the land-based business were to come back, are those products at this point permanently impaired or can you reintegrate those products and use whatever work in process or whatever else is that you're currently com... | Yes. To the extent that we have reserves against our land-based products and in fact we do, they're not impaired from a functional standpoint. They can still be used. They are still workable and some of the components can be integrated elsewhere, but there -- it's not like they have a shelf life. | direct | [
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] | A |
0d2c26e5760f658bc4aab5443d2e7bb2 | I was curious, Steve, you mentioned the acquisition market slowing down a bit, but thinking it will pick back up early next year. Was just kind of curious as you're kind of I guess reading the tea leaves here, do you think you can get back to kind of the acquisition levels that we saw in the first half of this year? Or... | Well, the issue is not somebody is outbidding us, simply that the whole -- we don't meet the whole values that the sellers have. They basically say, well, maybe it will be better next year, which has been a losing strategy for the last five years. So that's really what's going on. And we're not willing to overpay for t... | intermediate | [
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] | B |
2e66da12f22c5f039560c4bf22132c39 | And my follow-up on the Giddings results here, you mentioned I think in the prepared remarks that the two wells are about 15 miles apart from each other. I was wondering if either of those were in any I guess close proximity to the first handful of wells that you guys first announced way back on the SPAC transaction? A... | Yes, these wells are fair distance from our other storage. We're not giving locations right now, eventually it will show up in the state records. But we're not giving locations right now because we might want to lease around it. There might be some -- I don't mean there's a company, but there might be some leases that ... | intermediate | [
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] | B |
21995c22719290cbe4649a71e4e97a2c | I'm curious on 4Q, your commentary that fourth-quarter production should be similar to 3Q levels, but completions will be weighted more toward Giddings. How should we think about the oil cut trending within your 52% to 54% range for next quarter? I realize the early time data on the two new Giddings wells actually look... | Yes, predicting between a percent or so of oil cut is certainly beyond my skill level at my advanced age. So whether it's going to be 54% or 53% or 52%, I really don't know. It depends on how much gas is produced by the Giddings wells and when exactly the well gets turned on and that sort of thing. It's very similar to... | intermediate | [
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] | B |
d6129486ec1c9408fe52d564a38e811d | And then on those new Giddings wells, any changes to lateral length or completion design or anything like that we should be aware of compared to the older wells? | Well, as in how much older? But compared to the more recent -- the wells in last year, though, these are widely spaced wells, these are miles apart. And we have a lot of leasehold, so there's no reason -- we don't vary the lateral length very much. So there shouldn't be any difference, but they're far enough apart and ... | direct | [
"direct",
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] | A |
e73b03a9f62e691e74889b17536ad09c | On the -- you spoke to Karnes, the -- maybe not the bid/ask any wider, but the A&D market being a little bit seized up. Can you talk to Giddings, are you guys still seeing relatively little competition out there? And what do you think the running room might be if you have success on these next three? | Well, I mean we're looking for leases, not really an acquisition in the usual sense of the word. So we're not interested in buying somebody else's problems. So -- and a lot of the stuff that's for sale is real gassy. And it doesn't really fit the model that we're trying to do.
So we're looking for leases. If you've go... | intermediate | [
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] | B |
c0b9abb5e8df39b4431894a2cb8d0c6f | And then so my follow-up, you mentioned that the lateral length and completion design are relatively similar on these -- the two new wells reported. The two vertical depths, is that substantially different? I mean is that something that will move the needle on the well cost or not so much? | No. Well, actually, I think we'll start to see the well cost reduce a little bit. Maybe a little less science fair project on each well, and rig costs have declined a little bit. So not huge, but -- so we should start to -- as we move into next year, we'll be focused on reducing the cost per well as we go forward, but ... | direct | [
"direct",
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] | A |
8b6e7a9d0ae6df5ba72f3ac85e09207c | I wanted to start with new enrollment trends, clearly strong across both institutions. Can you delineate, I know it's hard, but how much that the pandemic impacting demand for online programs from a macro sense is driving that versus your internal investments in technology, AI, recruiting, retention, etc? I know it's d... | Sure. Thank you. Yeah, it is a combination of both. We continue to see, as we said on our earlier remarks that, we continue to see good interest and I think that, again, the viability and the necessity of quality online education has helped improve the demand. So second, yes, I think as Ashish mentioned, we have been m... | intermediate | [
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] | B |
b47148e723f5a0e033bdcbf17e9d8d69 | That's helpful. And looking forward guidance is usually typically conservative, obviously. But how much of an increase in investment spending in those areas? You just talked about tech, data analytics, academics, student experiences, how do we think about the -- either in dollar terms or percentage terms, year-over-yea... | Sure. And if we can, I can have Ashish respond on that second part. But yes, we felt like again based on demand and based on where we feel the interest is, that it was worthy of investing, more significantly than we have in the past, especially in certificates or shorter duration programs and also in our corporate part... | fully_evasive | [
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] | C |
5fe2e1ccad948ad59d5975a0c60101aa | Helpful. Maybe sneak one more in. Cash flows was exceptional, obviously over $180 million in cash flow from ops. Then you give a little guide on the capex side, so probably that will tick a little higher. But just from the cash flow from operations perspective, can you talk about the puts and takes and how should we th... | Sure. I think -- sure. From cash flow from operations, I think as you said, it was $180 million this year. Keep in mind, there were some timing related items that were positively impacted in that $180 million for the current year. So it's about -- $39 million to $40 million was timing for this year. But on a regular ba... | direct | [
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] | A |
2acf1d674180df6c30524a21af38fd5b | Hi guys. Congratulations on the earnings beat, yet another. I got on the call late. I apologize. I am juggling a couple of calls tonight. But I was wondering what you had said about corporate initiatives and what impact that had on enrollment and revenue per student and EBITDA in the fourth quarter specifically, but in... | Sure. Well will just talk about it at a high-level first. What we are finding is, again, that there is strong interest at both CTU and AIU. As we said before, CTU has had more time to develop the process to work effectively with those students. And so again, as we said, it was -- at CTU approximately 20% of our student... | intermediate | [
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15d7829016294fe2c14d0608d874a070 | So less revenue per student, but the same or more EBITDA per student? Is that how I should think of it? | I mean, we don't necessarily talk in terms of EBITDA per student. But in the long term basis, yes, not immediately because those students do have a longer life, if you will and they retain better. So yes, over the long-term that is correct. | direct | [
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bfc9ad8553b6afc6ea8ced6ee5979d64 | Okay. Great. And then I got to ask this question since the last call. There had been no -- it was shortly after the election, let's put it that way. So just -- we have had some nominations; Miguel Cardona as Secretary of Education, James Kvaal as Under Secretary. I asked you this question three months ago and I am wond... | Well, again, we don't know a lot about them. We have read about their backgrounds and they both seem like -- obviously very experienced and good backgrounds and we really do look forward to working with them or the folks within the department that we typically have worked more closely with in the past. So we are lookin... | intermediate | [
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] | B |
300d048879c063daf78e8c8bba25ff8d | Good. I am glad to hear that. And we did cover this topic on the last call. So I won't go into any further detail there. I guess the last question for me, just a few cats and dogs here is, the AIU campuses, the CTU campuses, are they open again? I know they are small, as a percentage but... | Yeah, it is small. At AIU, we have started that on a limited basis and we are excited to have that. And as of this point, Ashish, correct me if I am wrong, I know because we are getting close, but we haven't done that yet at CTU. But plans to move forward pretty soon on that as well.
That is correct. | direct | [
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8fb56aff4a8aae22e60139662225e549 | Hi guys. Thanks for taking my questions. I just wanted to dig a little bit into just the margin differential at AIU versus CTU? I think we talked about higher corporate partnership, might be one of the things given it's a higher EBITDA at CTU. But can you just kind of discuss maybe what over the next couple years, now ... | Sure. Great questions, Greg. And first, from our perspective, the top priority is really the student experiences. But having said that, AIU has -- we believe, has the potential to have margin similar to CTU. But it's really more focused on, again, if they are growing at a faster pace, they tend to not have as much marg... | intermediate | [
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5ce6bd55c09009e9d9ebe943d70f67c9 | Thank you again. I was just hoping you could give a little bit more detail on the types of certificate and shorter duration programs you intend to invest in? | Yeah. And I think shorter duration is a better way to characterize them. But these programs really are, you find that there are a lot of students in particular in technology and in healthcare that want to again have a specific skill, reskilling, upskilling, to allow them to advance, because there's job opportunities th... | intermediate | [
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] | B |
c59f2fc54735451e108ae52c9318c487 | And do you anticipate the funding mix being any different in those areas than the mix of AIU, CTU today? | I am not sure, Dan, what you mean by the funding? There was the...
Oh, so corporate versus -- I mean, again, that's a good question. We think it will come from both. I think there will be those who are looking to change jobs or get a job in a particular field, and so it probably would come from the student. And there ... | intermediate | [
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] | B |
43ee5e1302326e1d944c5e9a77a19bc8 | Okay. And lastly for me, just update on capital allocation priorities? Obviously, cash continues to build rapidly. Are share buybacks back on the table or might they be, and in terms of M&A, are you seeing more opportunities like Trident out there? | Well, first, I think that's always something that's there, if we feel it's the right thing to do for the organization. But again, I think with the opportunities that are out there, especially as we go into a new administration, we want to make sure that our strategy in an acquisition area is consistent with what or if ... | intermediate | [
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] | B |
f2c1d0a2e9edd82392065216546fa116 | First one is on ST-920 and Fabry. So for the patients you've enrolled and treated, can you provide any additional perspective on the patient status and their backgrounds too? So I guess are they ART experienced, naive, or pseudo naive? Anything else you could say about that the patients. | So, Maurice, we're being very careful to just state often that we wouldn't give the results of the study or the characteristics until the end of the study. Because I think that's going to be easier for you to better know our product. Bettina is there anything that we can see the patients are all well.
Thank you, Sandy... | fully_evasive | [
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0e8efec6140493934d89db84f889cf61 | And then second question is on the Kite-037 and TX-200 cell therapy programs. Just wondering if you can comment and whether there are synergies between these two programs from a manufacturing standpoint? And is there any additional insight you can provide into gating factors prior to starting the studies for both -- fo... | Well, that's an interesting question. So both are progressing. Kite Gilead have guided that they will be moving forward to IND and into clinic very soon with the CAR-T. And for the TREC program, we have said that we will dose a patient in the second half of this year and are moving forward with great momentum to there.... | intermediate | [
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] | B |
e9ed79f29e18ccfc8ba9a06e2525cc3c | Just a couple quick ones from us maybe a little bit more high level, but for the -- first on the TREG technology, maybe you could talk about what these steps are from -- moving from an autologous approach to getting into the more allogeneic side? What are some of the gating factors steps for you to do to get into allog... | Yes. Thanks Sandy. Yeah. So the differences between autologous and allogeneic are many and there are two main aspects of it. One is the engineering and the biology that needs to be done to move from an autologous product to an allogeneic product, which by definition is a healthy donor's cell in a patient and we need to... | intermediate | [
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] | B |
b05e122c23ef89fde6a847497b8626d6 | I guess with the resurfacing of oncogene concerns from competitors in sickle cell, can you share your thoughts or update discussion, there have both on Sanofi on the [Indecipherable] as it contributes to oncogenesis? And should the source be traced to the conditioning step? Can you share your thoughts on forward with t... | Thanks for your question. And it's very difficult to comment on the safety data coming from our friends at Bluebird. We know several people there -- we know they are the kind of company that does the right thing. We know that they'll be making sure that they're understanding the patient journey. We're also confident th... | intermediate | [
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] | B |
2e742562569eec16af7d6925bb27597a | First is regarding Fabry program. Just wondering do you have the freedom to choose the dose based on the data you've seen so far say from Cohort one to cohort to cohort three, based on the data. I mean can you choose certain dose when you dose up? And the second question is, how often do you measure Alphaga A in a subs... | Yeah. Thank you, Sandy. And thank you, Gina for the question. So for now, what we have disclosed on our dosing strategy for the three cohorts that we're looking at a low and a medium and a high dose. And that's how we are looking at our dose escalation. As of now we are, as you point out, collecting Alphaga A and subst... | intermediate | [
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] | B |
81a795f8a0e3e2d6ada8027ec41db9d4 | And my second set of question is regarding the TX-200. Just wondering any additional improvements regarding the TX-200 as a construct since the completion of your TX cell acquisition, and also for the second half of this year what will be the initial data sets you will be collecting for the kidney transplant? | And then you ask the second question about TX-cell, we found from the acquired TX-cell that they have gotten really good process we haven't, we continue to work on it and understand TREG's, but there's nothing fundamental that we have done since the acquisition. And that was why we acquired them because we believed in ... | intermediate | [
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] | B |
a23a8bdce2e2d6f0a5ca8f0d384dbf1b | So first a few questions maybe just a couple of questions on the Fabry disease program. I think you said the second dose cohort has treated the first patient. How many patients are to be treated in a second dose cohort? And how many patients in total are in the dose escalation cohorts? And that by year end when you pre... | Yes, of course, the first cohort had two patients. And as far as cohort two and cohort three are concerned, we are expecting to dose at least two patient per cohort, we will need two patient dose in cohorts two to then move on to cohort three once we've accumulated sufficient data from those first two patients. We do h... | intermediate | [
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] | B |
01c6a9fad86d375e78792850966ef45e | Two quick follow ups to that. One, what treatment duration you think that you'll have across the cohort when you pick your expansion dose and two, when you enter the expansion dose, are you going to be in a good shape, CMC wise to say that that is your final commercial product? | We did create the first patient in cohort one around Q3 last year. And so we will have a year's worth of follow up by the time we report out toward the end of this year for the first cohort.
And as regards the manufacturing processes, we're continually working to improve that it's when one dose in this field. And we d... | intermediate | [
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96e7c416a898fa62f8990efc32a8571d | I wanted to ask also another question about the TX200 program. I guess how do you think about dosing in the TX200 program? And do you expect CAR-TREG cells to expand? I really just am trying to get out like what's the expectation for efficacy in low dose cohorts in the Solid Organ Transplant study. | So we never guide to -- the first dose of any study is always a balance between prudence and hoping that piece of that patient will get some benefit, but until you do the study, you don't know. Jason, TREG expansion or what happens to TREG when it's given?
Yes. Thanks, Sandy. We definitely expect the TREG to expand in... | intermediate | [
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] | B |
dcc0246b0bd0fb0dcb6778010d6f59fb | I also just wanted to see if and apologies if I missed it, but if you could provide any additional color on the timeline for selecting candidates under the Novartis collaboration. | We know their targets. They made the choice to instead of coming up with a laundry list of 10 potential targets that they would decide on three, and they shared them with us. So we know their targets and are working closely with them. | intermediate | [
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09eb45632eba336eb758e3e896251b32 | Two questions. And I know, everyone's asked about Fabry. But just what can we expect from updates throughout the year? How regularly would we be getting them with daily milestone based updates on selection etc.? And then, just broadly speaking, on partnerships, and how you guys are thinking about those who've done an e... | We've said that we won't give any more indication of the Fabry trial, either doses or efficacy or the safety profile until we've dose all three cohorts. So it's -- it will be the end of the year before we see anything significant. Mark, do you want to talk about partnerships?
Sure. Thanks, Sandy. So, we've had the opp... | intermediate | [
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5715bbb7c32c6b570b22e19ced724199 | So on the Fabry program, can you talk about the types of patients you would expect to enroll in the treatment such as, are they perhaps not responsive to ERT? They have poor renal function or are there other sorts of these symptoms that may push them toward using a gene therapy, as opposed to perhaps remaining on ERT o... | We haven't given any detail about the type of patient. It's because it's a very -- there are several categories of Fabry patient. And what you -- the one you choose for these studies is something that each of the companies is guarding carefully and thinking about with great input from outside experts. | fully_evasive | [
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843cb4725c2f55c92e8083229f92eba4 | And then if you can comment at all about if you incorporate any learning into the steroids regimen being using in the Fabry trial from the Haemophilia program. | We've learned a lot about liver function tests and use of steroids from Hemophilia and we have applied the learning to what we do in Fabry, but we haven't said what we're doing in Fabry. | intermediate | [
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] | B |
532c5f931cf2b6f3409504dbb3dc3f7d | I just want to start, Patrick, on the inventory clear out in CHP in the coming quarter. Could you maybe just give us some more color on what's being cleared out? Because I think previously, you said you were focused on WiFi 6, while others were focused on WiFi 5 and that's why you were losing share, but that would come... | Yes. So every channel partner has their own financial metrics and open-to-buy is based on their financial metrics. Even on WiFi 6, we have new products coming online very soon in the second half, involving some WiFi 6E products and involving some more new cable products. So we need to make way for these new products th... | intermediate | [
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] | B |
1d18af2a1ec56c837bc1f6ba99f8e62c | You talked about expecting to achieve the analyst day operating margin for the fiscal year, and that's going to imply a big uptick in Q4. What gives you the confidence to go out that far right now, given what you're unexpectedly experiencing here in Q3? And maybe you can unpack the key drivers to that uptick. I'd imagi... | Yes. You got it right there. I mean at this point, we said supply is still going to be limited for SMB. So we're expecting very modest uptick from what you saw in Q2. And we still reiterate that we will deliver the full $140 million of service provider revenue for the full year. So it's down to CHP. And as Patrick just... | intermediate | [
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1c0beacd00b527ad78b0957382527686 | It looks like you're clearing out inventory that typically generates cash. You already have over $10 a share in cash. I'd imagine there is going to be pretty significant downside volatility in the stock, given the forecast here. You had quarters in the past where you did like $50 million of buyback. Would you consider ... | Well, we're going to continue to be opportunistic buyers of our stock, and we will factor in a number of things in. I think from this point for the balance of this year, we will probably be free cash flow neutral, given the timing of revenue and the implied move from Q3 to Q4 and some of our seasonal dating programs th... | intermediate | [
"direct",
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"fully_evasive"
] | B |
b6c9d93ff56d7345629ceac9ef29e3d6 | It seems like the demand environment on the consumer side has changed a lot in the past quarter. Can you give us some insight on what you think changes and what gives you the confidence that there wasn't a lot of demand pull in during kind of the main part of the pandemic? | Yes. What we saw in the first half, especially in the second quarter when we had practically huge supply of the CHP products into the channel was the real market demand. So in the first half, the market grew about 40% over the pre-pandemic level. Now as we know, in the first half, there were still quite a few COVID res... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
dcf0266b9347331cdb49ddafcc3bd9da | As you try to optimize your inventory levels in the channel, how do you think about the increasing promotional activity and how that will impact your margins? | Yes. We are going to continue to be promotional. We talked about this heading into Q2. We see this as an opportunity to continue to gain back share, which is important in terms of keeping that mind share with our channel partners. But more importantly, for now and in the long run, it's our means for acquiring subscribe... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
76c0567f25b60ecff56dbdcda973396f | So first off, I just wanted to ask about inventory, just given that you have increased it so much and the demand has dropped off more than you had thought. What kind of obligations do you have as far as the components that you were preordering earlier on this year or last year? And does that cause any kind of bloating ... | Well, we believe that WiFi 6 is going to last for a long time, at least for another three years, four years. And WiFi 6E is at the very high end of that. So we don't believe that our booking of components will be wasted. So we are pretty confident. So that's why we were the first to get rid of the WiFi 5 products. And ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
99a60dea4096cfa9c5ee7b1d1db2e50d | And then if the market was slowing down so much, why weren't you more aggressive with promotions in Q2? And are you going to be a little bit more proactive of promotions in Q3 to just clear out some inventory? | We actually did. I mean, as you probably know, still today, about 75% to 80% of products are sold in physical venues, brick-and-mortar stores. And those promotion plans were planned way ahead. You just could not turn on the dime and make it happen. So, I mean we executed our plan in Q2 as far as promotion is concerned.... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
883f49ef6d5b1cc2cd12c20817dfca0f | Are you seeing any competitive pressures given the slowdown in demand? | Well, I mean we don't see particularly any change of behavior from any of our competitors. As a matter of fact, throughout the pandemic, our competitors have been promoting WiFi 5 products heavily. And that's why we have been losing share until just the last two quarters that we will be gaining share and when we have b... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
948b829f6d75f3ba3d3d7bcb6660da4b | And last question on the SMB side, are you a beneficiary of some of your larger competitors not having stock, or is this a clear-cut better product, you are seeing natural transition to the NETGEAR brand in SMB? | So, there are two big growth areas on the SMB side. One is the work-from-home solutions. So, we are not really directly competing with American vendors because they are more focused on enterprise. So in this work-from-home environment, the only competitors are Asian vendors. But when you try to run a business at home o... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
abaaebbb33f2004217ea265e07b4e2a4 | To the extent the quarter doesn't offer strong affinity support for the overall market thesis, let me ask you the obvious question. If I look at the Dell'Oro market numbers, they are projecting a market $200 million of growth over the 5-year period from 2020 to 2025 for SOHO WiFi coming from $8.0 billion to $8.2 billio... | Yes. I mean the major difference is that we are really putting a lot of our effort in a segment that is created by us, which is what we call the premium WiFi. So if you look at the home network, either going down the traditional consumer route, which is the easy setup and just purely mesh, or you go for the more seriou... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
93cedbcea6d7e3afe832718cebc0b8ab | Patrick, let me play devil's advocate. The mesh market goes from 8% to 34% year-over-year. It goes up 4 percentage points sequentially. To your point and recognizing that there is always the risk of a significant mis-extrapolation from one quarter's results. But in a vacuum, logically, why shouldn't this quarter have b... | Well, first, let me clarify, that 34% is not of the total market. That 34% represents the premium segment of the total mesh market. Yes. So, that's the same. So 34% of a smaller pie is still less than 34% of a bigger pie. I mean that's basically what kind of the difference that we are seeing. And as Bryan mentioned in ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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