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1f4372bc10b613436485e9518ded7e4a | Hi Adolfo, good morning. Thank you for the questions. It's two questions, actually a pretty general question, I was just wondering if you could provide more color on what are the main initiatives regarding our cost reduction efforts. How are those working down, your payment reductions on paid leave of absence, maintena... | The main initiatives of course are related to in the case of Cancun in the terms of amounts. So we these key terminals closed, we are not burning the same amount of energy as if they were open. Also in the case of Cancun, we are in the process to shut down and one of the runway because today in accordance with the [Ind... | intermediate | [
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7ae2ee68cf13bfeefb681158cbc6e402 | First on the plan to double the Generic injectable business in several years. Is that all organic or are you assuming some inorganic growth as well? So talk about how much is in the pipeline there and some of the bigger drivers over the next few years?
And then just on the Specialty business, talk about the additional... | Let me start with your first question, which is on injectables. So currently, our expectation is all from the organic growth. We do have a solid pipeline of 75 injectable products as Chintu mentioned across the various complexities such as peptides, long-acting depot, the drug-device combination. So it's a very rich pi... | intermediate | [
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c84c69ac4980827b8c814f7329638bd0 | Just a few. So first, as the business evolves, what are your thoughts on potentially divesting some or parts of the legacy oral solids business and just getting out of oral solids or the more commoditized piece of the business, how do you think about that or how should we think about that, that's number one.
Number tw... | Good morning, David. Good to hear from you. So let me start with the first question, which is very strategic question you did ask. And as you know, Endo adopted this strategy to divest out of the OSD more and more on diverse and more of a complex generics portfolio. We do not like that strategy. We are a meaningful pla... | intermediate | [
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27902ed64de18198b6e24977a916ddd3 | Couple of questions from me and congrats again on the results. Firstly on the Generics industry, the -- while Generics sales does see a lot of churn annually, the fact that you call out around one-third of revenues from new generic launches over the last 2.5 years, how does that compare to the industry standard? And ki... | Good morning, Balaji. Excellent question. So comparing the generic industry other players may not be a good comparison, because some are already at $3 billion, $4 billion range like Teva and Viatris, so they will have harder time to match the one-third of new product launches within two years. As we've been keep saying... | intermediate | [
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92a875e2935290630a689544dbac39c1 | Based on the guidance, can you also just describe the pushes and pulls toward the implied second-half run rate? | Thank you, Balaji. So we're very pleased with our progress and continued momentum and remain very confident that we will deliver at the high-end of our guidance or even above. For more details and as you know there are variables that go in the guidance, I'll turn it over to Tasos.
Thanks, Chirag. Hey good morning, Bal... | direct | [
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6e0c86cb2d499ef9257bee7e3f7d6720 | Can you speak to the level of competitive intensity that you're seeing through your key Generics and how price erosion has been trending relative to expectations?
And then my second question is on FP [Phonetic], are you anticipating that Q3 will be strong as it has been historically driven by the back-to-school demand... | Hey, good morning, Greg. This is Chirag. I'll take the FP question and then pass it to Tasos for the Generics price pressure that we see every year. So FP we're doing good, we had a growth and it's growing, compared to last year and we expect that to grow slightly as we improve our supply chain. We are working with bot... | direct | [
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a700a8bf4bff7986f41f5b006eaac30f | I've got a few questions on biosimilars. First, could you provide us with an update on your biosimilar Neupogen candidate. I think last quarter you had guided to a potential 2021 launch. And it looks like that's been pushed to 2022?
And then more broadly, can you talk about the time lines and level of investment neede... | Excellent. So Daniel, good morning and excellent question. We always get the biosimilar questions, we love it. So, Neupogen, the only reason it has moved to 2022 is the facility inspection in Chicago, FDA has resumed inspections and they're prioritizing it. So hopefully, they get to the facility as soon as possible. So... | direct | [
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87894565405f7f6d24dcea40025da1ae | Dave, I wanted to follow up on your comments about the overall market which, as you noted, has been challenging for buyouts given elevated valuation levels. Obviously, this year, we've seen a large correction in the public markets and I sense some decrease in valuation of private companies as well. So at the margin, ar... | Thanks, Mickey. I appreciate the question, and good to talk to you. I would say that the quality is probably as good as it has been. We are seeing a few of what we call broken processes, where guys were going to market, say, over the last, say, five, six months with perhaps expectations of value that were not realistic... | direct | [
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74ca11ec2aab772c82db28fc656d0e0d | And to follow up on your EBITDA comment. With the prospect of a recession developing, and who knows whether it will happen or not, I think it would be helpful if you give us a sense of the portfolio's average EBITDA of the portfolio companies, their debt to EBITDA and their interest coverage ratio just to give us a sen... | Mickey, unfortunately, I'm not sure I can spout off top of my head with 27 portfolio companies, frankly, what the average EBITDA is and so on. What I will tell you is this, we review, and in fact, we're going through the process currently as we speak, every one of our portfolio companies with our team. And we look hard... | fully_evasive | [
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2868ac1082682c552086465280233008 | Dave, in terms of that EBITDA growth you just mentioned, I'm glad to hear that. You have some investments in portfolio companies which are manufacturers. So does your comment imply that generally your portfolio companies are passing increases in their costs, including wages, on to their customers and defending their ma... | Yes. Every one of our -- I say yes meaning that we push hard with every one of our portfolio companies, not just the manufacturers, by the way, to look at price increases. And they've been doing that. We, of course, started that process back many months ago, right, near the beginning of the end -- near the end of last ... | direct | [
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b6acef70e2ed26a086733fe089229a9b | Dave, that's helpful. My last question is related to Hobbs which, as we know, is on nonaccrual. I see that you restructured its debt. Can you just remind us what issues Hobbs is confronting and what's its outlook in this kind of environment we're in? | Yes. I'd say that one of the biggest things that they're confronting is, what I'll call, delay in some jobs because the good news for them is that they have a very significant backlog. We're seeing that improving. And where it's been the last couple of months certainly is they have the backlog but, if you will, there's... | direct | [
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6a36c7e911e2ef4dfdd7f74a265b748e | Hi, there. All right, thanks for the time. And are you at this point with this kind of very strong backlog build, are you able to get better pricing? Are you looking at customer requests that seem, let's call it, more profitable than maybe in past periods in your experience? So can you just talk about the pricing envir... | Great question, Paul. So as you know, we have a unique resource here. In that we can go from early stage process development all the way through commercial. So having the commercial operations, adds a certain amount of regulatory compliance and quality oversight to everything that we do here. So typically, we don't -- ... | intermediate | [
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6cff4c8e8ac5fe25d5197bebc5af38b8 | And then [Indecipherable] next part of my question, with your backlog building to these levels, what's your thought on capacity expansion? We know that you've got space, but when do you start thinking about that part of your capital expenditure program? | Right. So we do have tentative plans for building out the remainder of our Myford facility, where we have quite a large area essentially equivalent to what's currently in production right now. We are in active discussion with our clients in terms of when we pull the trigger on that and exactly what capabilities we put ... | direct | [
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cae411aeccab509a66a5ac7d013da6ed | First -- you know, first question, just with respect to the backlog. So obviously, you've reached a nice level here. But in stating that you expect the majority of the backlog to flow through revenue this year, if we just do simple math, 61 plus 15 for the first quarter, it leaves you about $10 million of the current b... | Sure, Steve. As far as backlog, backlog can increase or decrease in any given quarter, depending upon a couple of factors, one of which is how much business -- new business we sign and how much revenue we recognized during the period. So, backlog isn't necessarily a number that will continue to increase quarter over qu... | intermediate | [
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34355d39efd4dca08f66a8277f68ff18 | Yes, yes, certainly, I understand that. I think, to your comment in the prepared remarks with respect to the shutdown, the second quarter is going to be light, right. And certainly the first quarter, while it came in as expected was less than 25% of your guidance level. So if we look at the flow of revenue through the ... | You know, Steve, for the year, we're reaffirming our guidance of 64% to 67%. And as you pointed out, yes, our first quarter was under the 25% mark. So, that being said, we're a capacity business, and as we fill that capacity with revenue through our production, we're going to have some highs and lows in our revenue num... | intermediate | [
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57e8fd5912c6f77b7579b43c3918d2b2 | Yes, OK. And can you talk a little bit since it's come up here in this earnings report with respect to comp structure and what have you. Where's your business headcount expected to be from the end of FY '19 here in the first quarter and then as you move through the year? Are you adding people to the business? | Right. We're not adding terribly significantly. We do need to add a few revenue producing positions in operations, process development, analytical development. Generally, in terms of the overhead positions, we're stable there. So we don't see a very significant increase in headcount. It will be commensurate with the --... | intermediate | [
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e97ef958753589244c5548e7646c073c | Okay. And with respect to the comp structure and gross margin, can you give me a little bit of color around that? Does that -- basically, does your commentary relate to wages and on a unit produced basis costs, or is there a long-term comp component in there? What exactly is that? How do we look at that with respect to... | The way I would structure that for you, Steve, is when we transitioned this business about two years ago from a development company to a pure play CDMO, we went through significant changes and reductions in costs during that process to stabilize the P&L and to move forward with growing a pure play CDMO.
So given the f... | intermediate | [
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901be5f0cc7a0e032d6844f2b4e0e9b1 | I just wanted to touch on the market and the current outlook. Just to understand your strategy for possibly managing the current environment, looks like rates will probably be softer and you will be rechartering below the existing levels. Just wanted to get a sense of how you might net that? And if the environment, so ... | Yes. First of all, utilization today or like in the last quarter was slightly below 100%. And generally, we had the utilization rate of between 98% to 99-plus-percent every quarter. Now we have six coming off charter until the end of the year, and this is something normal. You've seen that in this quarter, we chartered... | intermediate | [
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73d7d48ddb0c6652b204ccf8e0fd9b8c | Got it. And also just wanted to touch the impact that the coronavirus has had on shipyards and dry docking. What should we really be expecting for the amount of time that dry docking takes in the current environment? | Look, for scrubber rental fleets, to start with that. The scrubber rental fleets have been, even before the coronavirus, there were delays, simply because there was a lot of demand for installation of scrubbers. And the shipper capacity was not big enough in order to have this demand absorbed. Now this has made even wo... | intermediate | [
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0adc73193e6f736197fa181df5879451 | Greg, so I'll start with some of your contracts, specifically on the 11,000 TEU ships, the three that you contracted, was there? So what I would think are pretty good rates. And so I assume they were probably done a little bit earlier in the time frame. But if I'm not mistaken, there's two more that come off contract s... | Yes. The first three ships, you mentioned those 11,000s. We chartered for $38,000, the two of them for one year. And the third was chartered at $38,750 for a three-year period. Now those charters were concluded during the first quarter, not yesterday, but I guess it was during the quarter. Now we have two more sister s... | intermediate | [
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ff9775964e2b58cc131f743574a68010 | Right. OK. No, that's helpful. And another thing, it looked like from the income statement that you guys have been buying back preferred shares. Can you maybe if you can quantify what you've done there and sort of what the thinking is around that? | Yes. We have been buying back for a couple of reasons. First of all, that we have been in a lockout period for the last three, four weeks because of the results, and we may be resuming from tomorrow. And secondly, because there is, I think, liquidity for those types of instruments.Now ballpark figures, we have bought p... | direct | [
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718a8384599cea5d232e4a0154f69a57 | And I suppose with those preferreds, I think all four of them stood trading below par your â once you're locked out, that's still something that you're interested in doing? Yes? | Yes. Yes. I mean depending on how they trade. But now the rate is between $18 to $20. We managed to buy some at the price of like $14 to $16. So we had a profit of $600,000 by paying $1.4 million, which you know, it is quite substantial. As a percent, that's vast, but I mean, the dollar value has not been that huge. So... | direct | [
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80a06cdbf1fae09ec5676d63788ad645 | Sure. yes. OK. No, that's helpful. And then lastly for me and I'll turn it over. With respect to the five new buildings for Yang Ming that begin to deliver later this year, just curious if there's any interest or capacity by either your self reaging your shipyard to slip those back a little bit? Is there any flexibilit... | No. Nothing that I can report at this stage. I think the first couple of ships will be delivered just with one month delay. This is the latest schedule we have today, which is meaningless, considering that each of the five new buildings have a 10-year charter. So nothing to report regarding whether this could slip back... | direct | [
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f99ec553e0a27e37862a101b3e1fbdf7 | Good results. It's good to see the steady cash flows, even though the market backdrop, of course, is challenging. Great dialogue before as well about the 11,000 TEU ships, we'll look forward to the next ones. I do have a question about the 9,500 TEU ships that came off. I believe they're at $29,000 before. You mentione... | Yes. These are five sister ships in totals. In total, the five 9,500 TEU ships built in 2006. We have reached out to the first two, which came off charter and we have rechartered them for a period of three to six months, as we mentioned. Now regarding the charter rate and the trade because of confidentiality reasons, b... | fully_evasive | [
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575769d76d05a5e8c9618db0fd419e80 | OK. I understand. I figured I'd try. I figured some broad guidance there. But next question for you. With the coronavirus shutdown of a lot of the ship docks, I know there's been some backup and demolition as well. Now I know you have several older ships that are coming due for surveys that you might have considered sc... | Yes. Look, first of all, we don't like to demolish those vessels tomorrow morning, right? So depending on market conditions, we're going to take the view whether it makes sense to keep owning and managing those vessels. All in all, also bearing in mind what is the related capex for those vessels in order to continue to... | intermediate | [
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e412acba57aca568a0e6995de38b05a9 | My first question is related to our revenue growth outlook in 2022, which of how are the major countries' performance doing and what's the outlook for 2022? And my second question is regarding our margins. Margin in the last few quarters have been on an uptrend. And from here onwards, any cost savings we can continue t... | As the world enters the post-pandemic area, the macroenvironment that we encounter has become of increased uncertainty and volatility. On the one hand, you see that with multiple countries gradually lifting lockdown bans, there has been negative impact on users' online social entertainment activity. And on the other ha... | intermediate | [
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0ba9fa4e79e44e568c289ebd959e456a | My first question is about the competitive landscape in overseas market. How should we envision the changes in this year and how should we think about the seasonality? And my second question is about the YY Live transaction. Can management share about the progress, as well as any contingency plan or any strategies that... | Regarding your first question on the competitive landscape, I've shared my views multiple times in our previous earnings calls as well. So, I've just mentioned that our global business turned profitable in the year '21, and we have officially entered into a sustainable growth stage. So, this means that under the curren... | intermediate | [
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26e8a96516c01716bb720278e0bd51ee | So, I have a couple of questions, both of them regarding Likee. So, what's our plan for the user [Inaudible] pace this year? And additionally, what's our expectation on the Likee monetization of those [Inaudible] and also user trend? Secondly, can you share more about non-livestreaming revenues [Inaudible] target for t... | Regarding your first question about Likee, as I just mentioned in the prepared remarks, in the year '21, we took some proactive changes to Likee's -- to adjust Likee's marketing strategy and focus on the identification and cultivation of content creators. As a result, although Likee's MAU did suffer some fluctuation, a... | intermediate | [
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4bcd6a0461df64efc5d46ae613935a6a | Yeah, hi guys. Congrats on a good quarter. My question relates to the Glick JV. Last quarter, you indicated that it could -- not will but could potentially go back on accrual and I believe it was October and I was just wondering if now with another quarter behind you, if you're still feeling like that's the reasonable ... | Hi, this is Mel. I will take that question. Our original plan was for the JV to start paying again in October. However, given the uncertainty, it's hard to say definitively. We will reevaluate things at the end of the quarter. If we were to put the JV back on accrual status, we recognize interest income just for that S... | direct | [
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63fe702a3a22b763ab65b8175acd39a4 | No. Just the announcement announced within Oaktree in June about the new sourcing network that you're going to have. | Sure. So what we did there, we have a variety of sourcing professionals across Oaktree, embedded in a variety of different groups here. What we decided to do was to lift out all of those sourcing origination folks to speak for the entirety of the firm rather than for specific strategies. In addition, we are adding memb... | direct | [
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7a295c5e3da54662b3b910551c8864de | Going through your release, there was a sentence in there that you expect to return to normalized rate of production in the second half. Can you maybe just provide a bit of a month-to-month overview? I mean, we're now in August. I assume -- July is obviously done, and you put this out after July was over. Can you maybe... | Hi, Heiko. I think it's fair to say by the fact that we've kept our guidance unchanged. I think you can work out, but we also mentioned that two-thirds of our production will come in the â the second half of the year. So, we're seeing a progressive ramp up through Q3 and then I would characterize Q4 as kind of a steady... | intermediate | [
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1bbd6961942c1455a305ea57a82628cc | Are you having trouble getting any specific components at site? I mean, it seems like random little spare parts or like random odds and ends are hard to show up. It seems like the important things tend to show up even though the higher costs. But is there anything that you're not getting to site that you need? Is there... | There were certain issues around some parts associated with the mining contractor mobilizing. I think that was just also part of the mobilization process, things like bucket teeth and things like that, but I think we're on top of those now. There have been some delays in measly mobilizing because of some equipment supp... | direct | [
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cac49f81607321c339b78a040d61f79c | So, Sandra touched on this a bit, but I'm just trying to get a handle on where costs might settle in once steady state is reached later this year. I mean, do you think longer-term ASIC of $1,200 an ounce or so, sort of like what we saw in 2020 is achievable? I'm just trying to get a sense of what the thinking is there. | Well, you can see the ranges that we've guided to. So, that should give you a feel for what our expectations are for the balance of the year. A big component of the cost increase has been fueled, it increased very significantly in Brazil. And I mean, I don't know if you saw today that the Victory oil price below $90. S... | intermediate | [
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59e7d3d57987df8ef2ae478d212015a8 | And then just on Urucum North underground. I know originally, you guys had plans to potentially start development work there later this year. Is that still the plan, or has that been deferred to the first half of 2023? | The first thing that we have to really get an understanding on is what the permit taken timeline should be. We think the permitting should be relatively simple given it's within existing operations, but we haven't had that confirmed. So, the exact timing may have been moved our hands in any case. That being said, obvio... | intermediate | [
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e84686b16b0da43f13e7317e79e8e351 | Obviously, the stuff I want to touch on has already been asked. But any update on the fine related to the fish kill that you guys announced, I guess, is it late 2021 or early 2022? | No, there's been no update on that. | direct | [
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663ef2c21fc74708e07f66493074768f | OK. And then I guess all the settlement around -- on accountability. Is this an indication that you guys might be looking to sell that asset as well? | Well, certainly assessing -- and, as we've said, assessing all our options, including potential to restart operations there. But certainly, everything is on the table right now in terms of what we do with Coricancha. As we've said previously, our capital allocation priorities are on Tucano. | intermediate | [
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39b88f3f799fb6c0710581e8c42934ca | OK. Fair enough. And then if you don't sell Coricancha and you just complete the current asset sale based on your guys' revised cost estimates, do you feel comfortable you can cover your debt with the return to positive cash flow from Tucano? | Yes. I mean, as I say, we should be back to steady state -- to steady-state operation by Q4. And our current mine plan shows healthy 2023. So, we should be in good shape on that basis. We just had to overcome the real pivot in the main plan with the [Inaudible] issues that Urucum Central South, but we're now coming out... | direct | [
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6ce5010eacc034435fa72ee49761996f | Last week in the United States, that court trial for those precious metal traders who accused of manipulating gold and silver price that is due to a close. What message do you think that mining companies might want to tell potential and current investors? | I have to confess not familiar with what you're referencing. | fully_evasive | [
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27b93fc3c369b4e43a59fe74eae9c6e5 | Moving on to my next question. It's a macro question about the junior mining industry. It's an interesting time for investors thinking of entering or returning to mining stocks where some investors see buying opportunity at reasonable stock prices. When you are speaking with investors, how are you addressing the risk o... | Well, I think -- we, as a company, are no different from other mining companies and other industries, I think, as I said earlier, we're trying to navigate our way through uncertain times. And by doing that, we have to say, being careful with our capital allocation. We are looking to where we can reduce costs and improv... | intermediate | [
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fda4c7db949442b6d064c61827e9a5df | So Juergen, if Microsoft and PlayStation are able to get supply to catch up with demand for their next-generation consoles, how would that make your life better or not have an impact when I think about your outlook for '21? | Sure. So I think they will ultimately catch up with demand here. But I don't think it's going to have a big impact on us other than potentially just shifting the timing around of the market a bit. I would view it as a net positive for us that the new console sales, essentially, some of which probably would have happene... | direct | [
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1a512d8a03d77dcd5d8c41bbb73f538a | Excellent. And then my second question is, you did an amazing job discussing product opportunities, ways to expand your current portfolio, but I want to know long-term how you thought about services, which is something that CORSAIR has talked about. So basically, non-hardware revenue, what do you see as the opportunity... | That's a great question, Tom. And the short answer is, absolutely, we're looking at that. We look at, obviously, our strength in gaming hardware as a key set of assets that we can bring to bear on new categories. So hardware will continue to be of strong interest to us, and be able to leverage distribution, supply chai... | direct | [
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a6e38f0ec61e11336bb86e0e04d3379f | OK. Thanks, guys. Good afternoon. So, Juergen, you said you're assuming the console market is down mid-single digits in '21. Does your guidance assume that you give back share, you maintain share, or you pick up some share? And then separately, you talked about a number of the drivers influencing gross margins. So if I... | Sure, Drew. Appreciate the questions. So for the console market, I mentioned that our working assumption, while it's a bit tough to call this year with all the puts and takes, and certainly, the strong start to the year makes it even more difficult to kind of judge, our working assumption is that the console headset ma... | direct | [
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377af26d8d4e3947813fd279751d4fac | Juergen and John, congrats on a good year, and thanks for the granularity and the drivers. But just kind of taking it up to 5,000 feet. When you think about kind of mix of the business, console versus, we call, other, where do you think three years, five years, where do you think console as a percentage of sales you ca... | Sure. I think in the next year or two, we'll have more than 30%, 40% of our business outside of console. And I think in the next three to four years, we should be well over half the business outside of console. And that's not that we don't like the console business, by the way. That's just a matter of taking advantage ... | direct | [
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4be3aefe7f1eafd37bf21e88978f1fc5 | Right. Do you see kind of kind of the build versus buy -- and obviously, it seems that you're making small buys with brand and technology. But do you see the opportunity to leverage the Turtle Beach brand into other markets? Or are you going to leave Turtle Beach brand really the dominant console brand and really go wi... | That's a great question. One of the things I like and has been a pretty big change for us is up until 2019, we were a one-brand company. So everything we looked at from a market segment standpoint always had the complication of can we utilize the Turtle Beach brand into that segment? Or do we essentially then potential... | direct | [
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d85a8f70386a6e02074d66b4617c054b | That's helpful. And maybe one for John. When we think about the model, kind of this 12% adjusted EBITDA target. Is that kind of a good number where we should model where we'd expect plus or minus maybe 100 bps or 150 bps quarter in, quarter out, or year in, year out. But is that kind of where you're pegging this thing ... | Yeah. Great question, Mark. So 12% is the mark that we set for 2021, and we would expect that to inch up over the next two to three years. Obviously, we're investing to drive growth. We want to get that engine moving here. But we do expect to increase that over time. | intermediate | [
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5c7ac225206722464e01f8f172532b20 | Great. Congrats on the solid results, Juergen and John, solid results every quarter this year. Thank you for taking my questions as well. So I guess maybe I'll just start with -- a lot of my questions have been asked already. So Juergen, maybe I'll start with the question from you, kind of a strategic perspective. Wond... | Sure. So first of all, we are in eSports. We're one of the top gaming accessory providers. In fact, across the console and PC landscape, we are the top-selling keyboard, headset, mouse provider in the United States. So we are in eSports. We've been partnering with teams for years selectively. And so we're in it. We're ... | intermediate | [
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7915b7c54e72bad8fc1637c19d3349ba | Got it. Fantastic. No, that makes a lot of sense. And absolutely. Well aware you're already in eSports, just wondering how much growth can be fueled or how much additional or incremental activity you could be involved with, but it sounds like it's a part of the puzzle and you're already established there. So that's hel... | Sure. So with our financial model for this upcoming year with revenue growth, again, our underlying assumption is based on the console gaming headset being down roughly mid-single digits. That's not a small -- at half of the market share nearly, that's not a small number for us, by the way, right? So that's $10 million... | direct | [
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b89ee8f879a8ebcf0ab513ef55ad9bd1 | Hi, John. Good afternoon. My first question is on, now that you have a much more expanded installed base, as well as more product categories, how do you think about gaining better insight on your consumer behavior on the way they upgrade or the way they use their devices? | Interesting question. So we do, as you probably know, extensive modeling of the markets and supplement it with consumer research. This is one of the ways that we, I believe, have done quite a good job forecasting what the underlying market in our core console segment is going to do. I know we're looked at as the bellwe... | direct | [
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1344c47199dc7096f940e4ae370138de | Got it. And my next question is your expansion for ROCCAT, as well as any other PC or non-console product categories. Do you think there are any useful lessons you learned on ROCCAT's growth with which you could apply to Neat? Or is there a different category that requires a different growth tactic for you in the futur... | That's a great question. The Neat acquisition has gone quite well and largely to plan. So it would be hard for me to say that we learned some lessons in terms of especially things going wrong. We did make decisions early in the ROCCAT acquisition to stop some products that were generating revenues because they just wer... | direct | [
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edd5c7a07f6056fa4e10e53903cfbb62 | Maybe first, Sean, I was curious, you've been through a lot of cycles. I guess we don't really know what this cycle looks like over the next year. But what are you looking for in the business or in the field to sort of suggest maybe some changes to how you allocate capital or operate the business? And are there things ... | Yeah, great question. First of all, as you've heard me say many times, Lamar has been around for a long time. And we buy through the cycles. So I don't think you're going to see any of whatever the business cycle brings affect how we would view M&A, for example. And given the strength we're seeing in our digital footpr... | direct | [
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95867083addeb99ea2c8b81f953fad8d | OK. No, that makes sense. And then, I wanted to just follow up on your comment about rate. I mean these rate increases or the benefit of rate, these are big numbers. Can you talk a little bit about how much of that is showing up from advertiser mix? In other words, are the same advertisers paying you 10% more this year... | Yeah, it makes a lot of sense, Ben, and we get this question a lot. We've been a REIT for I guess, five or six years now. And I've been telling our REIT investors that inflation is our friend when it comes to Lamar. And that's because our average length of contract is four months, which means every four months, we get ... | direct | [
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ba9b11ba0ed90600ed6a9795d0a236c5 | OK. That makes sense. And then, maybe for you or Jay, I want to ask about the acquisitions you've completed. And I see the margins on those acquisitions are lower than your overall margins. And I'm wondering, I know that the assets that you bought are not all the same billboard, 40%-plus businesses or maybe they're not... | Sure. Ben, yes, I think you're misreading something on the margin contributions from acquisitions. With the exception of the Colossal acquisition, which was completed last year, Colossal has a different margin profile. It operates more sort of in the 10% to 15% margin range. But with that exception, all of the other tr... | direct | [
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f5287d032b9fa28bc2790dc834349062 | Thank you so much. I guess, this period is really confusing to me, and maybe you can sort of give your color in terms of what's happening. But we're watching ad agencies put up double-digit growth and their guidance implies a deceleration in the back half. And then, a lot of the digital properties like YouTube or Roku ... | Yeah. Jason, so here's what we're hearing. And there is sort of a difference between what's going on in your traditional digital platforms that rely on pinpoint accuracy in determining who the viewer is and what their proclivities are online. As you know, Apple has come down with new privacy protocols that have called ... | direct | [
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83e8a3dd54dbbe118af9928c60069378 | I wanted to follow up on the comment around national versus local. In your guidance, you're saying 3% to 5%. Does that depend on the national piece kind of staying strong or improving? Or is that 3% to 5% range depending on just across the business? | Well, it starts with what we're seeing in our pacings, which includes both, right? And right now, there is a little skittishness out there, as I mentioned in the insurance category. But we, as I mentioned, think that's particular to that vertical and not indicative of a broader slowdown in national in our book. When we... | intermediate | [
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feb0c784ac7520ddcf7bdde7729db332 | And to follow up on political, it's growing well, and it seems like it will continue in a big way to really potentially move the needle this year? Is that fair to say? | Yeah. It's not a top 10 category, but it's a nice tailwind. This year is a mid-cycle year. It's not a presidential year. And yet we're pacing well above what was the 2020 presidential cycle. It's the first time I've ever seen that. So yes, political is going to be exceptionally strong this year. | direct | [
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ce2aefebb5957b3418ade1832a2bbcd6 | And then just two last ones for me. One, you talked about how your contract is coming up every four months. On the business that isn't the long-term business that you mentioned that you, I guess, focus on retention, so pricing might be a little bit lower. Are you seeing more, I guess, people not renew because of the pr... | Sure. If you have followed us for a while, Richard, you'll notice that our verticals and our customers tend to be remarkably stable, right? I mean, year in and year out, the verticals are very stable and year in and year out, our top 10 customers are the same ones. That said, as Jay mentioned, we're basically at peak o... | intermediate | [
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47f2cac00aa47cdaccc40613f73faf0c | And then last one for me. On the M&A front, have you seen asking prices change? It seems like your pacing is kind of picking up. Is that due to prices being a little bit more reasonable these days? | It's been interesting to see what happened as we came out of the pandemic. Last year, we greatly exceeded our M&A expectations with over $300 million in deals, we'll be north of $350 million this year. Billboard companies are great businesses, you're not going to steal one even if things get a little soft. So we're not... | intermediate | [
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bfdb5bbda774a955671105bf98976467 | Joe, I will start out with TRS-RenTelco and then two questions over Modular. Just -- I wasn't clear when you spoke to the long-term opportunity of 5G, how are we to take the near-term business conditions on that, aware that it's a very good long-term opportunity but how are you thinking about that for 2023? | Yeah. Sure. We anticipate that 2023 will be similar to 2022. The demand picture really has not changed significantly during the start of the year and so we are optimistic on how that's going to transpire for the rest of the year. | intermediate | [
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97aa4dff774bf3f826f99cee130dfa6f | Swinging over to Mobile Modular. I guess this is kind of jumping right into the model, maybe keep bringing you in, but how should we think of cadence now, particularly with sales as, there is an increased sales component with Vesta, just how should we think about the rental and sales revenue cadence as we move through ... | Yeah. Scott, let me try and offer a few comments to be helpful. I think for our business mix, the summer months are very important for the education season, and in a year when education is strong, we tend to have a lot of activity in the summer months, which if the net is a positive for us, then you see some lift in th... | intermediate | [
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1bd0395833d0b44b23146da4f07b2f8b | You spoke last call about already booking projects for 2023, and clearly, that's going well from what you just said. But could you elaborate a little bit more, how is your visibility now versus historical and what type of projects are you seeing? | Sure. I would say that our visibility hasn't really changed too much. It's obviously tougher to see in the second half of the year. But the good thing is a lot of these projects are -- they take a while to come to fruition and projects that we have in the pipeline now are scheduled to close at various times in the year... | direct | [
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a47c66828fbd81a4c9b5dbe0116dc941 | The synergy outlook for Vesta, you haven't really seen their books when you announced two weeks to three weeks ago, it was the same day the close, now that you have had a little bit more of a peak. Is there any commentary and -- magnitude or time with regard to cost and end revenue synergy opportunities? | Yeah. Scott, I would say we don't know a whole lot more on that topic than we did just over three weeks ago. But just as a reminder, we established a goal of $8 million of EBITDA benefit in 2024 through synergies and roughly two-thirds on the cost side and one-third from revenue opportunities. And we feel very good in ... | intermediate | [
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31661d00ce357305669cfab9b5e2ae3b | Could you just go over how we think about the model -- in the model, some of the retained Adler assets and just how that plays into the model on that dynamic that you expressed, which I think was new on this call versus when the deal was announced? | Sure. I will just recap. And I can understand it was a level of detail, but really as you said, gets into some of the modelings of the value exchange, but just to recap a few of the details here. If we look at the published numbers, you can see today for the full year of Adler, Adler had a very good finish to the year,... | direct | [
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74d38e3f7492e9a3826d769c72eb70bc | And then just the tax rate this year 2022 was a bit lower than 2021, I believe, and it looks like you are guiding 2023 a lot closer to the 2021 rate, just any elaboration there on the moving pieces? | Yeah. Scott, the tricky thing is we have -- as is customary for a lot of the major rental companies, we have a pretty significant deferred-tax liability, it relates to the fact that we invest a lot of capital in rental equipment, we get some tax shielding. So, we all tend to carry a large-effect deferred-tax liability.... | direct | [
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38c93ce35382b02233198bb7d118980e | You mentioned that you found some sort of rich veins in some of the bigger social media platforms. Do you think that that's sort of going to be the profile of your media mix going forward? Like how far afield from those platforms are you going to be taking your testing? And, you know, can you just talk about any signs ... | Hi, Michael. Thanks for the question. I'll put the traffic quality initiative a little bit in sort of a framework and then we can kind of answer specific questions. So, we kind of break it into three phases.
The first one was the cutbacks, right, of getting rid of traffic that was lower quality or with partners that w... | intermediate | [
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0af59874be5a855ca03dc6d6bda244da | And the follow-on was just, you know, what signs do you have that the traffic is higher quality? | Yeah. You know, our main metric is really around the monetization, and monetization by that traffic source toward the audience and toward the brand. So, we sort of track those in a very, very granular level. We talked in aggregate about the monetization has more than doubled over the year and has held steady.
And as R... | direct | [
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78c1cef45a749e22aa02e21da43e0bbd | And then maybe just last follow-up, and I'll go back in the queue, is just can you sort of refresh us on how to think about the road map from here with respect to timing, like you're going into that third phase of sort of the rebuilding, where you're going to be leading to new partners and new sources now? Like any tho... | Well, great briefing, Michael. As our -- well, we've been really pushing internally here that the traffic quality initiative is a part of our DNA going forward. It will never go away, right? But the key part is that third phase, which will be more around how you optimize and how do you accelerate and how do you strengt... | intermediate | [
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48b69f465fa978a9513c4d7325651c46 | This first question probably reflects -- or relates to the last question that you mentioned that there were -- you had sourced some new business from these large digital providers but at lower margins. And I'm wondering what level of margin that was at and does not reflect the benefits you got from the higher quality t... | Hi, Jim, thanks for the question. The bottom line, we'll sort of put in one framework here is that obviously, it's -- we do not -- we have a baseline of profitability that we have to hit. And regardless of the sources and how much we're investing, there is a profitability threshold that we make across all of our media ... | intermediate | [
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f8a5ef8a8daea1ef6f739eea0aaf678a | A couple of others who might serve your group. I know Ryan Schulke is one of that founding executives, of course, involved in this. You mentioned that there were several others. I wonder you might say who is in that mix in this strategic process. How do you move from testing the strategies to executing them? And how is... | Yeah. So, just when we talked about the founders, Jim, in a couple of releases that we had, there's really four key ones. There was Ryan, who's chief strategy officer. There was Matt Conlin, who is chief customer officer. Sean Cullen is EVP of Insights, who looks at the data and see the insights across the various prop... | intermediate | [
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4ee4eee98b9b268e6127f6865783cbb0 | And then coordinating what they're doing on a strategic front versus what you are doing on the execution front? How does that work exactly? | Yeah. So, obviously, where you're really pointing toward in my mind is how is the team working and how effective is it? And how granular are we getting? And one of the real strengths of Fluent has been our reporting in our numbers and how we look at things. So on a minute-by-minute basis, you can see how things are per... | intermediate | [
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a1721d713728a4aca55d3161a78b51ed | OK. And it does not really change the key vertical orientation you developed in recent years? | No, we haven't. We did talk a little bit about the Winopoly call center and how we've started to connect to higher-consideration, higher-value transactions with brands in insurance and in financial services, home services. It has great growth possibilities from a vertical, Jim, but as in Q2, our vertical mix wasn't as ... | direct | [
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779cb01bce3220c3fe41e4e34179fd25 | Firstly, maybe you could talk about how the current clinical hold to the phase 3 study, how that plays into your phase 3 development plans, given that you now expect to run that phase 3 study primarily OUS. And then for the VGX-3100, what additional data can we expect to see at an upcoming medical conference with respe... | The full safety follow-up is expected to finish later this year for REVEAL 1. So we will have a comprehensive unblinded patient-level, safety and efficacy data. So that's what we would expect to have later this year. In terms of the FDA partial clinical hold on phase 3 for INNOVATE trial, Aspen, you're absolutely right... | direct | [
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c0f57eb57c5a07d864fccfb5b946d1f2 | Joe, just a follow-up on the last question. Can you just talk specifically in terms of what are the steps that Inovio is going through in terms of, you know, identifying sites worldwide, submitting protocols to relevant regulatory authorities, protocol updates. So that -- just wonder if you can explain that. Number two... | I think the whole landscape of vaccine availabilities, the orders, and renewal, that's a changing landscape. So, you know, every week or every month seems to be changing. One thing is for sure. You know, there's only 5% of the global population that's received COVID-19 vaccine thus far. So there's a huge unmet demand g... | intermediate | [
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7c5a239b63788b0ef263504f64c188a0 | Joseph, just with respect to the discontinuation of the DOD funding for that phase 3 trial, just curious if you could comment on how that, first, will just impact the perception of the vaccine program and platform potentially? And then just secondly, pivoting the program ex U.S., how has that development strategy and r... | Well, certainly, the DOD funding decision came as a surprise. You know, they had been working with us in our ex U.S. pivot for many weeks. And, you know, obviously, they didn't see our unblinded group-level safety or immunogenicity from our phase 2 trials before they made that decision. So, you know, really, as they in... | intermediate | [
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ba7c020ee712f311f0cdfd966fe89d8c | I know you're targeting countries where there is a severe vaccine shortage and are therefore able to run a placebo-controlled study. But just wondering if you considered having an active comparator arm or doing some sort of noninferiority study just considering, you know, there are vaccines that are approved. And just ... | Well, you know, that's a great question. And we have internally considered those different options. And we still feel that case-driven placebo-controlled study is the most expedient way to get to our efficacy question for our vaccine. So that's the path that we're pursuing now. Of course, the landscape has been changin... | direct | [
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c84da7881d1e13811b9cea3eb40b35f3 | Do you still intend to disclose preliminary data for INO-3107 in RRP this year? | Well, that's a great question. RRP remains an important disease target for us, and INO-3107 likely -- likewise is a very important product for us. We received the orphan drug designation last year for 3107 for RRP. And we have our phase 1/2 trial that's open-labeled as ongoing. So most likely the most impactful amount ... | intermediate | [
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c5a6c7a851947453adb15eff4c617929 | So we saw the data on the biding antibodies, the neutralizing antibodies in the prepublication. And could you comment on the geometric fold increase in the binding antibody titers that was several kind of higher than the genetic hold increase in the neutralizing antibody titers? And overall, what's your opinion on the ... | You know, I think this is a very good question, important question. So, you know, both neutralizing antibody titers, neutralizing antibody responses are very important measurement of vaccine's immune response, especially some of the early emergency approved vaccines, that seems to be an important aspect of the protecti... | intermediate | [
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b19aba67bd9c83ba679fd011725a4caf | And one more question I have regarding the long-term opportunity for INO-4800 or INO-4802 in terms of the boosting of the other vaccine or de novo use. So where do you see the -- not the long term, the midterm opportunity for the vaccine? | You know, we think that boosting -- well, many of the experts, global health, and key health experts, both here and abroad, feel that COVID-19 vaccination is going to be an annual seasonal boosting regime regimen to follow. And if that -- they are correct, having a vaccine that can be boosted safely and tolerably, you ... | direct | [
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df3c921cb72676deee2e48de5f3551f4 | Could you tell us a bit about whether another Inovio plans to allocate a certain amount of your existing cash position to the phase 3 global COVID-19 trial? And how much you would need to raise from external parties to complete the drug? | As we look at, as Peter summarized in the remarks, we have a very strong -- over $0.5 billion in cash right now. You know, we definitely want to -- and that's one of our strength at this point, but we also want to maintain that cash, and we want to limit our expense as much as possible. So we're working with currently ... | intermediate | [
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136052d2c11cf5c71999dfad10ebd8e5 | Can you just comment on the neutralizing antibody response, immune response in the comparison to convalescent plasma? It looks like there's a pretty sizable sort of difference there. And what gives you confidence, I guess, moving forward with respect to the reaction from, you know, investigators and also subjects to --... | So yeah, you know, the geometric mean titer, which we presented in the prepublication met archive this morning really lays out all of the data that we have, both from all of our 400 subjects at the group level unblinding, but also compared to some of the convalescent samples that we were able to acquire. So we feel rea... | intermediate | [
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2d4e8bd7a7809af44bea690aa2ceee7c | So first, can you talk through the dynamics and expectations for pension expense into next year? I know there's a lot of moving pieces that could change through the remainder of the year. But if we look at it today, what do you estimate the impact is for 2023? And you would have to go through a rate case for recovery i... | Hey, Kody. It's Frank. Yes. Great question.
We've seen about $0.05 per quarter benefit year over year from lower pension expense, and we expect that to continue through the year. We set the rates for the year essentially. It's when you set the discount rate at 12/31. So that's pretty much the expense for the year, othe... | direct | [
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f5dbc22cf2683f389baff06d0db4d18e | Right. But if I'm thinking about 2023 and discount rate has higher asset performance likely a lot lower, I guess, just the net impact of that. You have a view on that into 2023? | Yeah. I mean right now, and again, we'll have to set rates at the end of the year, so it will depend upon where assets and discount rates are at the end of this year. But just when we look at it today, we're not seeing a lot of change net-net. You've seen interest rates go up since year-end last year, and you've seen a... | direct | [
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b84db69c566fa10d358487b95b342a39 | OK. Got it. And second, just wondering if you can talk through the latest trends you're seeing with inflation and the impact on the O&M budget and capital plan looking forward. Also, any mitigating measures or procurement strategies that you're implementing? | Yeah. Great -- another great question. From a supply chain standpoint, which is all kind of interrelated, we're not seeing a tremendous disruption there. It's a little bit slower delivery time on meters and some of the pipe and such, but we're not seeing a disruption to our business to our projects.
We've been going th... | direct | [
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5f120e80b9d958400285068bfae6dedf | Great. And sorry, just one quick follow-up to that is as we're looking at '23, any large sort of renegotiations of contracts that we should be keeping an eye on? | No. Our big contract here is always going to be our union contracts. That's -- I think that's got two years in it still. So we just renegotiated that a couple of years ago.
So that's a couple of years out. And every year, we've got -- it might be the paving contract or the location, etc., come up, but no one of them pr... | direct | [
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37e119b50cf9a383f37fb991fbf7d628 | The first question I had on the order growth was definitely within the guidance which I gave, but a little lower than we were looking for. Did you all have any issues with getting communities open or as we've heard some other builders talk about weather delays forcing communities to the openings to the end of the quart... | No, Jay, I think for us, it really it was, as we talked about in May, and started to benefit from in June, we really use the stronger environment to try and reduce incentives and drive margin. And that progression for the quarter for us showed the effects of that. I have no doubt that had we not been pursuing that we w... | direct | [
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3b979c47dc55ae028bb0520cff6c7d20 | Got it. And I apologize but you said already, but could you quantify what has happened with incentives and on closings, and also what's happening with incentives on orders, maybe this year versus last year? | We don't have a consistent metric that we have publicly disclosed around that. So, it's a little bit tricky. What I can tell you is that every week and in some and most cases is more frequent than that. Each of our divisions and each of their communities, it has got a pricing strategy that they're following and directi... | fully_evasive | [
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7f884a11f18db13347bbf2c7d4c2f849 | And then just looking to the to the fourth quarter guidance, closings that's flat year-over-year, certainly better than we were expecting. But I would have thought the additional volume would have produced a gross margin a little bit better than flat quarter over quarter. Can you talk about what's happening there? | Well, I think Bob made the point that in the third quarter, the gross margin was at the high end of the range that we had kind of anticipated it got up to 19.25. And then beyond that we benefited from some warranty pickups. And we won't have those in the fourth quarter. I don't think, so we still see a positive progres... | direct | [
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46d011acb0b4041d08dcb50ebae23896 | Yes, absolutely. And then the last one I had. Just any kind of color or insight you can give us about community camp growth in '20? And what we should be modeling? | Yes, Jay. So, you know, obviously, it's difficult to predict the quarterly trends. Let alone try to go a couple quarters out and tell you what we think is going to happen. We clearly said we're going to benefit from the comedian comp growth we've already experienced. We've already achieved and that's going to drive hig... | intermediate | [
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fccea4f07186ddc6045a7dd350e4fd02 | Hey guys, good after. Nice job on the quarter. Just to stay with the demand, can you talk about just translate price point maybe and understand the market is improved broadly, but any relative or differences you would call it or pockets of weakness or strength? | For us, the strength was pretty well across the board price point and markets. There's no question that the focus that we have as a company in the first time, first move up on the on the one side and then the active adult side, both benefited. We don't have a huge exposure to the second and third move up market. So, I ... | direct | [
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] | A |
c5253a2ec062a2c9a8a6fdb9b7e91582 | Got it. That makes sense. And then just shift gears to capital allocation side. And I know you guys touched on earlier, but maybe just some more thoughts about. How you guys prioritize and specifically the way the buyback first for further debt reduction maybe beyond the target you've talked about? And just from a high... | Well, I mean, in terms of the high levels, we want to get total debt below $1 billion. It will take a period of time to get there. We said that we expect to reduce at least $50 million debt this year and we said today, that we expect to reduce debt in dollar terms next year by even more. So that kind of that break tria... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
904f71e37cff39951bfbaa76af58b694 | I was hoping you guys could comment on what you've seen in the California market? I guess last quarter I think you guys had a view given the imperilments, but I'm wondering how the market has progressed since that time? | It's good question, Alex. The fact is, this spring California has participated in the improvement and demand that we've seen across our footprint. We're competitively better positioned with a price adjustment that we took, and we saw pretty significant improvement in sales base in California owing both to our better po... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6fe02cf19524a153f3c4bb0834b09826 | Got it. And then also I guess we've been to Vegas recently and I've seen you guys are doing pretty well based on your price points there. Do you feel like there's more land that would enable you to keep going once now you finish some of the current project? | We do, we got a terrific land pipeline in Las Vegas and we got a great position. I mean it's good I example of what we do well, extraordinary value at an affordable price. Are there lower price points available in some of the submarkets? Absolutely, but I can tell you in terms of the bank for the buck-in and value to t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b12d6ccc32111a65807363fbf05521f7 | And one last question on the $1 billion debt target by when do you expect to hit that? | That's a good question too. We said over the next several years. Look, I think over time that will become more and more clear, to us and obviously to the market. But if we reduced that by at least 50 this year more than that next year and we sort of talked about $1 billion, that gives you kind of 200 and change quantum... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
05646de53c2db436e5a08c2ab3de8570 | Just couple more. Bob, tax rate for the fourth quarter, will we see a repeat of this credit we saw in 3Q? | I don't think so it's possible. We were always looking to maximize our ability for tax credits. But at this point, I don't see any in the fourth quarter. So, the tax rate should be in a 25% range. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
bbca00b65c52e519ae00cf43b911573a | And then, I was going to ask now that July's completed, any color or commentary you guys can give us on July would be helpful? | Yes. So, obviously, the paint is still dry with some month just ending yesterday, but I'm pretty pleased. Our one month on a year-over-year basis performed better than any month in the third quarter. And better than the third quarter as a whole, obviously. And as David said, it was up double-digits or maybe Bob said th... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ccaf59539ecb9b19027846d6f075e23a | Got it. And then just on pricing power. I don't ever remember you guys breaking out by a percentage of communities or something like that. But if you've talked about, what type of pricing power do you have? You feel like you can accelerate it in certain communities or certain markets? | Yes, I mean, I think each market has an individual, the specified mix of the community. So it's so hard to talk about. But let me talk about one market. Talking about actually, Alex asked about Las Vegas, Las Vegas is kind of interesting. There are two facts about Las Vegas that kind of get to your question. The first ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
8b1f583b9cba4b9a0423793b277eb6bf | I want to talk a little bit about mitapivat and maybe just as you're doing some of the education for patient support. How frequently do these people, kind of, see their physicians and like what kind of outreach and effort needs to be done there or is it more just kind of like a structural, kind of, warehousing effect o... | Hey Alethia, this is Darrin. Yes, the issue is not going to be necessarily getting patients to come back in because they're usually under -- for those who've been diagnosed and obviously attached to a physician, they are under some, sort of, monitoring plan, right? Those with more severe disease are going to see their ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e87b848a871644a8fa243a6ff73ef5a6 | Maybe one quick question on the regulatory filings here for mitapivat. Wondering, which branch of the FDA you are interacting with, with those regulatory submissions in PKD. Is that hematology or the rare disease division? | Hey Kennen, it's Chris. The FDA team we're working with are in the cardiology, renal and the oncology, hematology divisions. The submission itself is in the cardiology, renal. So, it's an interesting setup, because the people who have been most involved with us and are most active on the submission are in the hematolog... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
20b341dfc87d958251e6f3392952d6c4 | That is just what I was going to sort of follow-up with and just wondered around some of the interactions so far. You've got division sort of up to speed on rare diseases and PKD or what have the interactions to-date been like? | The group -- the team that we've been working with -- with FDA has been with the program for -- has been advising us and interacting with us since I joined the company. So, they are very well acquainted with the disease and the special nature of what it takes when you're in a rare disease population. So, I don't have a... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c7ff5d92965aa8e9b22e2d71aab0d489 | Perhaps a broader strategic question. I think many of us on the street we model a price cut for mitapivat longer term to account for the SCD indication. What threshold of peak sales in SCD does mitapivat have to meet in your view to justify a price cut versus say maximizing the value of the product by keeping ultra orp... | It would be premature to talk about what peak sales would be in sickle cell. What I can tell you is that it would require assuming you just wanted to at least breakeven, right? As you move from the first two indications and into sickle cell then you account for cut. What we think would be required would only require le... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
35329853cbf59e20b0975a0b9b6353b6 | Could you just remind us if you intend to launch simultaneously in both the US and EU for mitapivat in PKD? And then knowing that you're sort of discussing this at your Investor Day in 4Q, maybe if you could just comment on the structure and size of the launch team and your progress in terms of identifying more patient... | Got you. Alright Salveen, this is Darrin. There's a lot in there so let me see if I can unpack that. Let me start with the structure question first. So as I mentioned in my prepared comments earlier, we fully hired our internal and external teams and that's about just under 20 representatives -- sales representatives a... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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