uid stringlengths 32 32 | question stringlengths 16 2.61k | answer stringlengths 7 8.6k | eva4b_label stringclasses 3
values | choices listlengths 3 3 | eva4b_label_letter stringclasses 3
values |
|---|---|---|---|---|---|
3c50a826eb9fdbee7dfa94eeb0b3d772 | Yes. Can you hear me this time? | We can hear you.
Yes, we can hear you. Loud and clear, Craig. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
f02c0c8859d989787a7e7d426972c87c | Thank you. I have no idea what happened there. Look, I have two questions. Housekeeping question, circulation revenue across Dow Jones, Australia and the U.K. with and without currency. Did you give that? Maybe I missed it, but that's my first question. And my second question, Robert, you mentioned, I think a lot of pe... | Craig, just in relation to your housekeeping question. So circulation at Dow Jones was up 6%. In the U.K., it was flat. But in reported numbers, down 5%. And in Australia, it was down 2% in local currency; reported, down 8%.
Craig, obviously, the tech topography is evolving very quickly. If you think back even 12 month... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
9b3b287034730305ea41cd91cdd45a59 | Good afternoon. Thank you. Good afternoon, everyone. And just on the -- you mentioned $16 million [Phonetic] in lease and principal deferrals. Wondering if you can talk about what you're expecting over the next 18 months and maybe tied to that, what concessions have you granted your partners and how long those continue... | So the principal payments going forward, the deferrals that we were able to accomplish so far, we have not projected any further deferrals in any of our projections on cash flow. So they're the existing debt schedules that exist. And as far as with our partners, the agreements we have with both United and American are ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
9218359863803fa90bd2f1f929dda714 | Got it. And then, just for a second question, regarding the CRJ700, the comment about possibly being operated by Mesa I think is new. If kind of GoJet can't take delivery as it seems to be the case based on kind of SkyWest's comments, have you negotiated the economics around operating these 50 [Phonetic] seats or is th... | Well, Mike, correct me if I'm wrong. Brad, you can jump in. But we have had discussions with United. I don't think we finalized things. I will mention that we had made a proposal to them a while back, but I don't think that if in fact they came to us and asked us to operate the aircraft, I don't think it would be a hig... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f058419f254d3d6247dbe898262262da | So just on the cargo business and the breakeven number, is that after the start-up costs? | No, that's on a run rate basis. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4e2abfa229dcd06f647034ba305a15ac | Okay. That's helpful. And then the other question, part of the question is, is there potential to grow that business with DHL? | Yeah. I'll be frank. I don't think we would have taken on the business if we thought that two aircraft were going to be the limit. I think that we feel very strongly that if we can operate these aircraft properly that there is significant growth opportunity. As the package program becomes more important to America and ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b8d49f45646b86da3d348428013dca44 | All right. Got you. And they're wanting the 400 versus the 800? | I think that I'm not really having privy to what DHL is thinking. These are aircraft that had been in their fleet. And so, they moved those from another operator to us, but I do think that the long-term plan would be to probably just given the fact that the age of the aircraft is to probably focus on 737-800s going out... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
438631a79a41a99ab2dfa7e2432aa55f | Hey, good afternoon guys. Just a couple here. On the $277 million CARES Act loan, do you have a sense of the potential cost of that to the terms? I know some carriers have indicated the size and they've thrown out numbers anywhere from LIBOR plus 300 to LIBOR plus, I want to say, 400, 450. Are you in that range, or any... | Mike, do you want to respond? I mean, I don't think we've gotten that far along. We have a rough idea. We think that's probably the range. The range would actually start out a little bit lower, but I think when we've had our discussions, that's been the range. Mike, do you want to add anything on that?
Yeah, that's th... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
d35dce0596629224059460c955c7f4b6 | Okay. Okay, that's helpful. And the -- let's say that you do operate the CRJ700s in tandem with the 175s, are -- you're going to fly them as 50 seaters, right as CRJ550s or you're actually going to opt them as larger regional jets? I wasn't -- it wasn't clear. | Yeah. No, if -- assuming that we take delivery of the 175, which we fully intend on doing at this point, to operate those aircraft, they would have to be operated as 50-seat aircraft under United current scope agreement with their pilots. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0156a91c69ab0ba8a27e8bd80b8e26d5 | Okay. Okay, that's great. And then just lastly, when we think about how you're going to account for the DHL business, I think Jonathan, did you say you cover crews and do you think maintenance, did I hear that right, maintenance on 737s and then DHL picks up the aircraft fuel and the cargo revenues? | That's correct. It's just a crew and maintenance, CMI, crew, maintenance and insurance contract. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
368e90afc7f8b49408a004d33300ca3f | I see. So, then does that -- like how do you -- OK, so you have some sort of revenue that offsets that. I don't know if it's going to be, it's going to be -- I don't know, maybe you're going to call it CPA revenue, but it will be tied to DHL. Maybe, it's all in a single line item. | Yeah, I mean, just to give you an idea, order of magnitude, we're estimating the revenue on two aircraft. It's very small. I mean, we're talking about $8 million to $10 million. Obviously, we have to grow the business pretty significantly. But the longest journey begins with the first step. And we just believe that giv... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
637b9f23625952c2e89d1ae2516fde87 | Yeah, I agree. And then just like on that maintenance though with the 737, do you -- I mean, are you going to have to have your mechanics proficient on 737 maintenance? Do you have to get spare parts and the like, like how should we think about that? | Well, yeah, Mike, we're setting up part agreements, maintenance agreements very similar to how we do on the existing passenger flying. So it's not going to be much different.
I can add to that, Mike. We're not going to be responsible for the heavy maintenance, the engines on the 737 and the C-checks like our contract ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
dd368ad684663fb5e8e5f57cd3a6752f | Jonathan, following up on Helane's question, do you view the opportunity on the cargo side or on the air travel side is greater for Mesa longer term at least in terms of your growth? | That's a good question. I think the cargo business will take some time to develop. DHL is a conservative company. We have to develop our reputation with them. Could we be at 10 aircraft in 18 months? Yes. When I look at big opportunities, I still strongly believe that our biggest opportunities are within the regional b... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
106e82c4f30d81eea116d38d9156c9a8 | Okay. Thanks. That's helpful a lot. Just one follow-up, I guess, probably for Mike. How variable is Mesa's cost structure, at least in percentage terms? And do you think there is any structural benefit that you will carry through the pandemic, at least on the other side, that you could expect potentially your cost stru... | Yeah. I mean, part of our -- one of our challenges in our cost structure was the cost to train pilots.
And to attract pilots, and the bonus impact to the pilots.
And that's going to certainly change going forward for some period of time. We were paying significant bonuses to attract pilots. We had higher-than-normal ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2d6e6d0cea281e47be6de7b47de29078 | Hey, thanks. Just on the cargo side, kind of curious how large that business has to be to kind of get to profitability levels. I'm guessing as you grow that, the overhead is going to over more operations and is that what takes it -- gets it to be profitable? | Sure. I mean we're -- at two aircraft, we're slightly better than breakeven. And I think we're spreading all of the costs over just two aircraft. But I think to the point where we get eight or 10 aircraft, it would be profitable like most of our other CPA business -- comparable to other CPA business that will probably ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
98895cb3bfb0484f06af4f3449c98bca | Makes sense. Thank you. And if I might ask just a quick question on the United, it sounded like over the weekend, United might have to downgrade some of their 76-seat aircraft to 70 seats if they have to furlough pilots. Does that have any impact on your agreements with United, if some of those have to be Mesa aircraft... | I think that there is -- yeah, it doesn't have any impact. We would just have to reseat the aircraft and push some of the Embraer 175s from 76 seats down to 70 seats. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a4433e609c696c524e3f16f8c93d5853 | First question I have, the year-over-year growth rate in JG Alliance has slowed significantly in the last few quarters you commented. Can you provide the factors that caused this? How much was market conditions versus COVID? | I think that's the same thing, right? I mean the COVID impact affect the advertisers' budget. And the advertisers reduced their advertising budgets. So they impact our JG Alliance revenue. Because our top advertisers basically are like JD, Alibaba, right, Weibo, especially JD and Alibaba, is affected by the logistic, w... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
9f067371f9ecba3bc5d03808e47008b7 | And then a similar question on subscriptions. We're down to single-digit growth for this quarter. Is that generally COVID too? Is that more churn on some of your subscriptions? Just maybe take me through the factors that led to single-digit growth compared to what historically has been a little bit better growth there? | Yes. For the first question, surface, I mean, Q1 is a single digital. It is mostly impacted by the COVID because in March our headcount incentive has been a lockdown by more than one week-around one week. And we see in Q2, the subscription service will pick up and recover. We will see double-digital growth Q2 and Q3 as... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
d31fcc65c56b2a41688150b8a91d3a53 | I'm just curious when subscriptions, how do they change when there's lockdowns, they stop paying their subscriptions. That's what I'm confused about is why there was slower growth? | No. The impact is basically for the subscription service, its impact the new customers. So any new customers but it's basically delayed the contract renewal and delayed the paper, right? So when the lockdown time happens, we just cannot ship our site-contract to the customer. We cannot shipment-deliver the invoice to t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
593a147cbf9fe20be92e87f0e16edda4 | Now with lockdowns easing albeit probably slowly. I wonder, are the segments beginning to improve, although I guess how do you think also then about advertising budget, it seems that you're still pretty weak, even without COVID, given the economic uncertainty. So maybe take us through how things are improving over the ... | Great. Brian, this is Shan-Nen. Back to your question. No, the ad budget demand has slowed down as what Chris has said in his script. So what we have seen is things as has been slow compared to previous quarter or previous months. So what we have seen is if you look at quarter-over-quarter, we expect the Q2 ad spend or... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
c12125320ba2f6dd1ac6bf3ce2ef15cb | And then the new product you launched, talk about how you see that with adoption and potentially impacting revenue given those condition? | Yeah. So as you know, it's very difficult for those in the advertising market. So the APPs on the traffic, so they have various demand for them to improving monetization efficiency, right? So I mean before they probably-only what we've won a net worth. But currently, they will-what we've free or for or even more advert... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
724f7dbacc3824a20792329efedefeb9 | So my two questions are, number one, on the kind of the gross profit margin. It's kind of compressed a little bit from about 76%, 77% to down about 69%. And I want to know kind of more what's behind that with respect to the traffic pool cost, I guess, is a revenue share, if management can give us some more color on lik... | Hey, Ryan. This is Shan-Nen. OK. Back to your first question on the margin. Yes, this quarter, we have been giving more shares of the revenue to the traffic pool in the JG Alliance business. I think this is something that-a part of the negotiation that we have undergone with them. So having said that, going forward, I ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
eb90c52c1ff4c4a0874743451a7dc241 | First, on your first one on kind of the gross margin issue. So I guess, I mean, when we first started talking about the JD Alliance and it's kind of being a unique traffic pool and kind of a very differentiated offering. It sounds like this is something that frankly ATC companies really were kind of effectively price t... | Ryan, on the first question, yes, you are right. We're providing a very specific unique services to those apps that need monetization. But what we are seeing is in the first quarter of 2022 due to the lack of demand or the reduced demand for the advertising. You can see the ECPM or the price that the advertisers are wi... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5a03206f21cf0b9b60cdb365ab77ccd4 | Almost. It's the question. So what was-that almost sounds to me kind of like a pocket subsidy that you're offering, the app developers, which is-it's a little bit different than just kind of saying there's a structural change in revenue share with the asset holder. So is that a better way to characterize, I guess, the ... | Hey, Ryan. Yes. There are some of the arrangements that we have with the app developer at a fixed ECPM arrangement, which means that if-let's say, if we are supposed to give them a dollar or renminbi ECPM, if we received $2, of course, we got a good margin. If we receive a 1.5 win ECPM from customers, we still have to ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
d39c51e8ae24f6c3f90fab2ad1fba684 | Yes. Just the overall outlook kind of really on kind of maybe second half, maybe if you can give some color on the different verticals that you're exposed to? Because I know that kind of gaming-irrespective of the recent announcements about new games being announced have been released that maybe there's some kind of e-... | Cool. I guess it's not really a benefit from COVID. But on the other hand, maybe I can call us silver lining. What we are seeing is we have seen a lot of our customers, the subscription-related customers has gone overseas like the likes of BYD, MT, some of the [Inaudible]. So when they venture into overseas too high, r... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
df84793ddfcaf8ba4861f4fa7fe9d249 | Could you please give us an update on the size of the JG Alliance kind of the DAU pool? I think you guys did that last quarter and like that transparent for rate. I'm sure we all appreciate it. Give us that... | Sure. The DAU pool in the traffic for JG Alliance still fairly stable. It's about-I think in the last call, we had it at about RMB 190 million DAUs. So this is fairly stable. I think the numbers that I'm going to give you is the ECPM that we've seen has declined. The ECPM quarter-over-quarter, we expect to drop about 2... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
84bddcf3f99dde57559d98271bbb68f9 | And I think as you commented on an earlier question, that's more or less kind of market softness since I got that, has there been any kind of meaningful churn in kind of JG Alliance kind of DAU outside of, let's say, normal acquisition. Because earlier, you announced some pretty large kind of marquee type wins you know... | No, I think there hasn't been any big loss or big change. I think what we try to do is even though let say our DAU did not increase from $19 million, that's fine. What we have seen is we are able to increase the exposure or the ad load that we talk about. I think a couple of quarters ago, we used to have like 0.5 per D... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0ad44ea3bcdc898c3e0d9ab8d2d207ed | And what's the ad load these days roughly? | Yeah. Still around 1.5% because of the lack of demand. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e89cd05babae3106fc5d19d26fbb39a8 | I guess first on your AUC, and I understand it's difficult to predict in terms of market movement, the impact. But just trying to get a sense, if we look in the fourth quarter, IBOVESPA was up around 11%. I estimate that market appreciation benefited your AUC roughly 7%. So I don't know in terms of maybe the asset mix ... | OK. Tito, thanks for the questions. So going to question No. 1, the AUC.
As we said during the IPO, basically, we have three main parts of breakdown in the AUC: equities, fixed income and funds. And in funds, we have all kind of funds in that third part. And I mean, it varies from time to time, but you can assume that... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
98c339cec51c98a023134d342206e36c | Maybe just one follow-up, though. So moving on to then the institutional revenues, we also saw a big increase there. Maybe if you can help us put those into perspective also in terms of market movements.
Like how sensitive would that be to the movements in the market? And we saw like BRL 300 million this quarter, up f... | OK. Yeah. Basically, the market appreciation that we had in fourth quarter represented roughly more than 40% of the AUC growth, so it's not that you take the BRL 409 billion of assets under custody as of December. And you take out the BRL 350 billion as of September '19, and it's not BRL 20 billion per month.
As I sai... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
7b2729c2a9175477b9b122ca8c7eb646 | Hello. Hello, everyone. Thanks for further disclosure regarding the coronavirus impact. That's very helpful in your presentation.
I have a couple of questions. The first one, can you tell us, I mean, how much of your revenues were related to performance fees on your asset management platform, including both your own a... | OK. Marcelo, thank you. The first question about the performance fee, yes, it played an important role in the fourth quarter of '19. We do not disclose exactly the number.
But as you know, there is this seasonality in our business regarding the performance fees that are charged on the middle of the year in June and in... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
08d0d39adbedb3617d0f916292d67cca | That's very helpful. If you allow me just one extra question. Regarding your technology, your IT systems, during this time of volatility in the market, it seems that XP, according to the press, had experienced a lot of -- or several issues in terms of Spiti. That people are not being able to trade or maybe things takin... | OK, great. So yeah, the platform, what I can tell you is that the platform is working just fine. We have an IT team all over it. But just bear in mind that XP is by far the leader of the market, right? So if we talk about retail, in BOVESPA, in equities, we have around 50% of market share.
If we go to futures, that nu... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3b78b597c26cf108de560b639d65304c | Nice. Sorry, lost the connection before. I have a question, you mentioned earlier that on inflows you are not seeing a major impact from coronavirus. I want to understand a little bit better in terms of product mix, if you've already seen some changes and in case of redemptions, not only from the mutual fund but also f... | OK. Thank you, Mariana. Yeah, the inflows, as I said, I mean, so far, it's been business as usual. We have in our DNA the education business, right, the financial education business.
And in times like this, this is more important than ever for all the Brazilians. One other point to make here is that different than oth... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
be892073ddda55a6d1f557fb7dda78e0 | I was hoping you could talk a little bit about the degree of what was pulled forward out of 2Q into 1Q, looking at the guidance for the second quarter at the mid-point, it's around 4% growth, which is well below what we would normally expect. So, can you give us some granularity, was it a couple of million dollars of p... | Yes. It's roughly a couple of million predominantly from one carrier deal that we'll receive acceptance ahead of what we thought will be the schedule. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
81f1307c97d6aa41b0a622246ec05a3c | Second question if I could, the slowdown in Europe obviously accelerated over the course of the quarter post and when most people gave guidance, but it seems to me that that's probably more on the ADC side and less on the security side. So, can you talk a little bit about the delta between the growth between security r... | Yes. We did see a decline in the ADC business, but in Europe, it was mainly focused on a country basis. I think we saw weakness in the UK and in particular in Germany, that's our analysis, not necessarily ADC and security. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
234cba43c9a8cc6e4978da68f5b0e5d4 | Just going back to the ADC piece, had you expected that to be up a little bit before and so there was severance in your expectation within that? | As you know, we are looking for ADC business to be flat to 5% up given our focus and we were able -- if I'm looking like 12 months period, we are able to achieve that, in this quarter specifically we did not. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ffcf8cf961256024fc7ecce69de20d7d | And then just going back to ShieldSquare, clearly, you've got some cost kick in here, but it sounds like you have unbelievably executed that in terms of getting it in the marketplace that -- rapidly to get customers already. Can you talk about whether you expect any revenue contribution over the course of the year from... | Yes. So, we're definitely encouraged by the pace of integration and the customer feedback. So, we're seeing already booking, I mentioned one customer in -- the first customer in my comments, we already winning more customers, it was just another win, very nice win today displacing competition. So, we're progressing the... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
73c6e3771647d833ee72e3e4afe73b00 | Roy, I did want to go back to Europe again, because I -- frankly, I'm a little bit surprised you are disappointed by it, I mean, 21% growth is a number then I'll take any day. I guess my question is, why are you not worried about the Americas over there for four quarters in a row now, year-over-year, well, there hasn't... | Okay. So, my statements were related to bookings, not revenues. Obviously, the 21% in revenues in EMEA we're -- and in APAC we're happy about, but those are given the subscription business a result of earlier bookings in '18 to some extent '17. As regards to Americas, we did have a nice booking result in growth in Q1. ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
9921fa03c38f5a58db2cd4d464d72c18 | Okay, very good. And then as a follow-up just on Cisco, Doron, can you talk about the contribution, business activity there, how is that progressing? | Yes, I'll take it. The Cisco revenues is below our plan and it's not in line with what we obviously expected. However, we still believe in the relationship and we do see meaningful contribution down the road. We know we stated and repeated it several quarters by now, but that's our view. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e78a2eb20cccbb57526df07c16186b28 | Okay. Any color, Roy, you think it's not moving as fast as you had hoped? | There's multiple ones in terms of our, I would say, affinity to a Firepower on one end, at the other end, we just now expanded the joint portfolio and the focus of the teams and so on. We've done some -- we are seeing larger pipeline, significantly larger pipeline. We are seeing involvement in larger deals, but we do s... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ea606dac99560e471dc14bc8f36dbbe3 | Curious to get your perspective, you've launched some new cloud subscription services and in the first quarter you also had a number that you added to the menu in 2018. I'm just wondering if there's anything you can add to how those are doing in the market, is there anything new in terms of attach rates or total deal s... | Yes, so the -- as I've mentioned, the subscription business as a whole and cloud in particular continue to grow very strong. And we've seen -- I've shared some information in the Analyst Day, for example, on one of the cloud subscription, the ERT Active Attacker Feed and we gave some at that point, it was I think $600,... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
c8db6773b0b3509b7b6e55ef0c2fca80 | Great. Thanks a lot. And then I know you added the Global Elastic License and, I mean, aside from the other subscriptions you added. Is there any headwind to call out like you have experienced in the past that would -- that we should think about in terms of the year-over-year growth rates, pretty impressive growth, but... | Yes. As we discussed, there is headwind given the model, but we took it into account in the guidance of the -- of the yearly guidance of 7% to 9%. So, obviously, when you take a cup, perpetual deal and move it to subscription, there is some headwind to revenues, but it's in the model, we don't see any reason to change.... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5b6f863ed1e4dce7663fb699c765df93 | Okay, great. Thanks a lot. And one last one, typically, Q1 is your low point for profitability and given the strong result this quarter and your comments, appreciate those around OpEx, does your view change for the year? Are you still going to see margin, operating margin ramping through the year as you've seen in the ... | No, I think that we will continue to see the growth from 2018 as we expected and then I saw some of your models, the change between the quarters in a way right now is a bit meaningless because if you take the revenues quite flattish between the quarter, so, overall, we will improve 2018 (ph) and we will see the delever... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7f2e64467315bbaad2f31d6ea1b5c6a5 | Thanks for taking my question, gentlemen. One is, could you give us any more detail on how you're doing with Check Point, I know that relationship last year was struggling a bit, you were really getting some on the performance through it, and then -- and how the Nokia relationship is evolving (ph) ? And then the second... | So first on Check Point and Nokia, those relationships continue at the same pace. I've mentioned that we've now expanded also the portfolio with Check Point and I think also with Nokia, we are starting to engage in more carriers. So, all-in-all, we feel good about these relationships. They are developing. They are not ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e0584168d44d97962d0e53a19956e957 | Thank you. And one final question, what are your 5G plan, because you do have a strong carrier presence in multiple data scrubbing centers. What would be -- any specific products you are coming out with or to go after 5G? | Yes, so we mentioned that in the Analyst Day, we obviously see that as a growth area. There's new requirements for traffic management, there's new requirements for security and we're working with our partners there, Cisco, Nokia to address this market. I don't think it's a 2019 opportunity. I think it starts in 2020 an... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
47c34f9a6a039fa60eb8cbd4aef63607 | Hi, thanks for taking my questions. Most of them have been asked, so I guess two quick ones. First one, can you talk a little bit about the acquisition pipeline given where your cash balance is, are you seeing anything out there that would be relevant for you guys, how do you think about these? | Yes, we continue to be active in the market and we are meeting companies and possible targets, but we will continue to have the same policy of being very conservative on tech acquisitions, looking for business impact, and return on our investment, but definitely we are looking in the market, we think there might be som... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
14aafa2716ed4eeaafaf26551eb5c472 | Thanks for that. Maybe just a final quick one on -- last quarter you disclosed recurring revenues were about 65% of sales. Is that in Q1, was that something similar to what we saw in 2018? | Yes. So, Q1 obviously went a bit down because some of the product recognition, et cetera, but as I said, in other areas for 20 -- for the rest of the year, we will be back on the -- in the neighborhood of the 60s (ph) , but Q1 was a bit below. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e5c647353957e6d4d338e4fbaaf47c2a | So, is it possible maybe to comment on how much of this business is net new to Radware? | We don't break it, but it depends on the offering, some of the offerings has a significant portion, let's say even 50% net new, and it depends on the some of the newer offerings, of course, CWP and the Anti-Bot, it's almost 90% net new, so it really depends on the offering. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
4f24b7cb9276cc7d48e84372144b1d2b | Okay. And then maybe just ask a little differently. So last quarter you mentioned a multi-year cloud security deal that was one of the largest in the company's history. Are we seeing the same continued momentum that we saw last quarter? | Yes. As I mentioned in my comments, it's a very, very strong business for us. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1ed832e3a3670723f52ff9b1b7cd8f98 | Thank you. I was hoping you could talk a little bit about strategy here for a second. You guys have gone through a period of pretty tight cost controls because you've been transitioning from your traditional perpetual business to SaaS and to cloud and to security. The fairly flattish OpEx spending that you're mechanica... | We agree. As Doron mentioned in his comments, our OpEx was below our plan meaning we are -- we are not in line with our hiring plans and where we took measures to accelerate that, but definitely we're seeing the opportunity for growth. We're definitely adding people in our plan across all departments of the company. So... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
82b66fbff32c28c741b125977a7f0f91 | So, if we were to look past 2019, which is obviously an investment period, based on your comments you've just made, should we be thinking about the company as a 10% plus growth company in the headlights beyond '19? | So, in our model we gave a 9%, the three-year, we gave it a year ago. We still feel very comfortable with that as we showed one year has passed, we all know a way to achieve the second year, and so far we feel confident in our ability to continue in that space. And hopefully, with the investments we will make, we will ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
0acfdf19f3058580f31a785157c14b0b | If I could one more question, so your growth rate in the June quarter obviously because of some of the pull-ins in the 1Q is a lot lower than most people were modeling. But it seems that, that probably belies your pipeline. Can you talk about the deal pipeline to what extent, are you seeing strengthening in the pipelin... | Yes, so for the full-year, I don't want to speak quarterly booking guidance, but for the full-year, obviously, we're looking book-to-bill above 1% and that would support the next year, 9%, and that's the part of the model -- that's how our model works. So, definitely we're there and reaffirming the guidance meaning tha... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
c060a4de82a1f09a91aeedf41c73d7f4 | So I wanted to talk about. We looked at the organic growth down about 7. I wanted to make sure that Houghton was trending about the same. Was there any differences and maybe their end markets that you'd like to share with us at this time? | No major differences really. What we saw between the two companies was pretty similar impacts between the different types of businesses that we have. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a2487c849a7d3843f3eb06f252c730c0 | Okay. You mentioned about 2% to 4% market share gains and that's what I think historically Quaker has done. And you talked about several initiatives that Houghton might be bringing on. I'm just curious if over time do you expect that number to increase as far as market share gains over the market? | Yeah, I mean, the one thing we've, I guess, committed to Ed and trying to set expectations is you're right like Quaker historically has been growing above the market 2% to 4%. If you look at what we did this quarter as a combined company, we did 2%, and we said it, it probably be get back to that 2% to 4% after a year ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e1d880fd19316589b8bd21f7da3fd460 | Got it. And in the release you talked about $2 million in synergies. I just want to make sure that's part of the $5 million that you expect this year and do you still expect that additional $3 million. And Mike in your prepared remarks, you said $30 million in 2020. I just want to make sure that's the 2020 component an... | Yes, you're correct Ed in both of those. So we would expect to have three year, so in the fourth quarter and then we would have an incremental $30 million next year. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ddcd492c92e776872b813b5f4b11a176 | Got it. And the change in the business segments, I guess, the global specialty business, it looks like the majority of that is a traditional Quaker business. I think there was about $12 million of the $50 million in -- from Houghton. Would you provide you know the pro forma for the segments for 2Q 1Q as we go forward o... | Yeah, Ed, this is Shane Hostetter. So the amounts, the breakout like you said is obviously there's components between Houghton and Quaker. I would say your estimate is a little light on the Houghton side, but we won't be disclosing the individual components between Houghton legacy versus Quaker, but the Quaker legacy w... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
88051e20f50236ec0323dba15231f2ef | Got you. So, we'll see the true-up as we move forward each quarter that reports. | That would be somewhat. In the quarters on the call, correct. That's correct. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
eed6ff462b6791e25ba95665ce60147a | I was wondering you mentioned the $2 million synergies and your expectation that you would get another $3 million or so in Q4. We're going to get some contribution from Norman Hay in the fourth quarter. Just curious as to why we would be moving from a $61 million pro forma EBITDA number to something that's lower than t... | At a high level, it's really because, I mean this is just our best forecast that we have from our businesses. There's certainly some components in there like foreign exchange transaction that have kind of the lower operating income that was a positive this month. We wouldn't expect that going forward. There could be a ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
8252c1c968f40a45830240e8fd98dabd | Got it. And maybe in terms of those the extended shutdowns.I'm assuming that you saw some of that activity take place in Q3. Were there specific regions or end markets where that activity was most pronounced in Q3? | I don't think we saw too much from a customer perspective around extended shutdowns. We did see certainly some lower production at our customer level because maybe things in their supply chain or their customer chains as far as inventory corrections, but we didn't see anything too much from an extended shutdown. We did... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9e22119f2ff48163f1bc09f9ffe3ad2d | And then wanted to also ask about the raw material versus pricing situation, obviously, you guys had pricing down in the quarter overall my assumption is that that's starting to follow what's going on with raw material trends. So is that true and then my other question regarding that is has Houghton seen similar trends... | Sure. When I think about pricing right now, I think, in raw materials, I feel we're in a very stable raw material environment and therefore we're generally on a pretty stable pricing environment. So, I don't think of our -- think of what we're in a mode of declining prices right now I think it's relatively stable. So o... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5f9a009a438ad841529bd4b46d566a0c | Okay. And then I had a question on the Asia-Pacific business. You've had two quarters now where volumes were lower. If I think about kind of Q4 of 2018 and Q1 of 2019. Both of those quarters saw good volume performance even as we're seeing markets deteriorating around you. So given those challenging comps, is it fair t... | Sure, yeah. It's hard to tell, I mean, when I think about Asia-Pacific for us they continue to be very optimistic. And I feel their overall performance has been really strong. So yeah their volumes were down 4% but in context of some of the like automotive markets and China for example double-digit being there you know... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e5233b0e4307f6c92b700aca0f0e55af | All right. Thanks. And then one just kind of quick housekeeping question. The inventory purchase accounting adjustment that you made. You noted there was a gross margin impact or gross profit impact of about $10 million. Did that also fall down the P&L and impact the operating profit and EBITDA as well or was there an ... | No, Mike. It impacted operating profit as well as EBITDA. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ee87bad79fefaf96a2309247f79c7ab1 | Maybe if you could start. I know December is a little bit tough to forecast, but could you discuss on a sequential basis if October, November were stable or weaker than September and if any end markets recovered or stood out otherwise? | I would just say October was fine and was consistent with our expectations. November is really hard to comment. It's still kind of early days here in November and like you said December is going to be the -- is the one that's really more of a wildcard. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
1cebffa2302bec6793ac66d9955b5637 | Okay. Got it. Was October weaker than September though kind of what I was getting at? | I think all I could say that October was fine. We weren't disappointed we thought it was that October was consistent with our expectations. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3f779427affa25c619f6ee1508f84515 | Okay. Got it. And did you discuss your gross margin expectations in Q4 and what are the selling price and mix and input price and synergy components of that? | No. We don't generally give specific guidance around that but. It's 35% since what we've said until the synergies again begin to kick in. So, again staying in that 35% area that's the guidance we have set for the second half of the year and we're sticking with that. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
7e1df08d4030cb27e39db10d314de71d | Okay, great. And then just looking in the slides. Why did your capex come off 0.5% two years into the integration. Is there some investment you're turning off or any other color you can provide on that? | I think we were thinking that normally both companies were around 1.5% of sales for capex and then we said in the next two years. We're going to begin a number of optimization projects in our supply chain and how we do things with different sites and that will require some additional capital investment to optimize that... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
567dab726218bf6975f243d31e7fcbfb | Okay, great. Thanks. Last one from me. Mike, you've mentioned a couple of times how excited you are about the equipment business at Houghton. And my understanding is that Norman Hay actually brings something to the table on that front as well. Are you able to tell us what exactly that opportunity might look like from a... | Yeah, the -- I don't see it as a big as more as a revenue thing and certainly will there be some revenue and then this whole-it's early days in this whole effort. But what I guess what excites me is I really feel it's -- could be a part of our offering, it can be -- continue to be a differentiator as we go to customers... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6f61a59873e0a68b0b164046bede2949 | Good morning. Most of my questions have been answered, but I guess two things. One on the Houghton side, are there any parts of their end market exposure that would improve with a lag to the turn in activity in end market -- in the end markets or much like Quaker is their entire business basically coincident with the e... | I think it's most of the business that they have is very consistent with that, with Quakers legacy business. I think they do have other type of businesses like the offshore business that would have a different set of characteristics to it that you know as the price of oil goes higher and so forth. That could pick up al... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ee1e717f4e9d61a08c168ff3b0dcd781 | And then secondly with respect to sort of the operational rhythm at their, on their side of the business. Is there anything that they were doing differently from Quaker in terms of either inventory management or price indexing, price negotiations with customers like Quaker could benefit from or is it mostly sort of Hou... | I think both companies actually did a good job of managing price. So I don't think there's a lot to do there. You didn't mention inventory and management maybe and stuff like that. You know we are -- have been very happy and impressed with what we've learned about their working capital management practices and just man... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ae257278b1e8726564b96f5b468c5f32 | Thanks. Congratulations on this ESG perspective. It's certainly good to see you guys kind of pushing this forward. If you could help me just kind of step back, and I think for investors and myself, it's -- the big question is like what is the value of this ESG for you? Obviously, we've got the credits. But help us put ... | Yes, sure, Scott. It's Mac. First of all, let me talk about what we're doing with that project, OK, which is TerraVault I. We're making the permit applications for -- we've already done it for A1A2, and we're going to do it for 26R. Those numbers are somewhat meaningless unless you know what they are. But that gives us... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2c0c7adf1db957f5627b2477c379df11 | Yes. No, and I appreciate that. And maybe just when I think about the simplistically, and if I were just to sort of take the midpoint of that, call it, $250 per metric ton of potential credits and looking at like the Elk Hills CalCapture. I mean, am I doing the math right, where that 1.4 million metric tons per year, I... | Yes. So it's a great question. Let me distinguish between this project and the CalCapture project. The project that we're talking about today in Carbon TerraVault I is a CCS project. CalCapture has actually been designed as an EOR or CCUs project, where we would capture the blue gas off of the Elk Hills power plant, ca... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c841236e2a6e64f6567a86c4c9ed69aa | Got it. So I mean the bottom line is, is look at the TerraVault, when you're looking at that, it's -- what factors like how much of that carbon per year are you actually capturing in storage in the credit for that. And so there's -- fundamentally, you need to find the source and obviously, build the infrastructure to g... | Yes, that's a fair statement. But I think that when we look at the value chain and we think about that, I mean, we have an inherent natural resource in that we have depleted oil and gas fields that show -- show pretty tremendous potential for CO2 stores. That's the billion tons. And we're focused on the -- obviously, t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5fb7f60f6e9253a6235068a8ce0467ea | Yes. Okay. Excellent. And then as you -- has -- obviously, we're talking about the carbon capture in the reservoirs are amenable to it. And I know there's been some studies. But remind me, has there been an actual? Has there been actual carbon sequestration done on any part of the field that you have the confidence tha... | I think -- this is Chris Gould. We have obviously extensive 100 years' worth of history on these wells from these reservoirs from operating them. And so we're leveraging that data and that insight that we have collected to make the assessment of the 1 billion. And we believe that those are permanent CO2 storage capable... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ca4757c950a57e64c3bc2e794327bfaf | And joining also. I'll apologize for this because that was like a long number one question. I'll call this my second question on the solar side of things. Can you talk about the structure of what the agreement with the partner is SunPower looks like? Is it a joint venture? Would they bring technology and you guys bring... | Scott, this is Jay Bys. No, it's nothing as exotic as that. In the case of SunPower for behind-the-meter projects, we're looking at a PPA structure, where we are the off-taker enjoying three benefits primarily, lower than utility costs on the energy, LCFS capability and the ability to put extra energy back on the grid.... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
de81d8147c93c7d333486549e40a3710 | Hey, guys. Thanks for the call. Congratulations on a terrific quarter. A couple of quick questions. In terms of the electricity business and the infrastructure or trading business, it looks like another very strong quarter for both of them. What should investors expect for gross margin for those quarters for the remain... | Yes. I think so, Eric. If you take into account -- so looking at the second quarter, if you look at both of the elements that you talked about, electricity business and infrastructure optimization. We saw about $35 million of benefit, $35 million to $40 million. Some of the settlements, especially natural gas tends to ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
23c66465f2a719411721408c3ad29bf7 | Great. Terrific. Thank you. Very helpful. And then second question, with respect to the A&D selling Ventura and buying on into Mount Poso and Kern Front from Mira, does the full year guidance, it looks like it doesn't contemplate at this point, the Ventura sale and that you'll reassess guidance once that closes, pro fo... | It's true for both, rural America, we closed Mira after the end of the quarter, and we're still working to close Ventura, so both transactions, the net impact of that transaction will be reflected next time we issue guidance and is not in the current guidance. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
07056cb8a87dc5d6da6f9a742d3f5b9a | Okay. Terrific. Thanks for clarifying that. And can you -- it looks like considering the oil composition a pretty accretive trade, is that -- and I know there are a lot of other benefits in terms of streamlining the operations and letting you focus more capital. But from your vantage point, did you see the trade as acc... | Yes, absolutely. Definitely accretive. As we're looking to look at our portfolio. We -- as we talked about before, we'll see both acquisitions and divestitures on everything on the portfolio. So if we see an opportunity to buy into our core, we'll do that. And then the non-core assets that are not getting the levels of... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9a044eda9a0fe95edf354946f3883d9b | Yes. On the pivot to more of the maintenance and downhole activity, can you remind us where you're at in terms of the backlog with that? And how much more you all can lean on that going forward? Because I think you had a bit of a backlog coming in from last year, but just kind of curious what the plan is to work it dow... | So Scott, it's Mac. I'll ask Shawn Kerns to jump in here after this. But we have been reallocating capital into opex, as you say, because we did build up a maintenance backlog through the end of last year, whether it be the prices, whether it be the restriction on cash, if you will, or building liquidity through bankru... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
667ecdf4bb03a0345cd948f5a1da39e4 | Dave and Rafael, I wonder if you could talk a little bit about just the current demand backdrop. I mean, clearly we're hearing about lead times stretching out in the semi industry. Many of your peers are talking about raising pricing. I guess, specifically to you guys, can you help us understand what your lead times ar... | Yeah. John, let me take -- you covered a lot of ground with that first question. So let me take some pieces of it, Rafael, if you want to add anything. And if I missed any, John, will give you a chance for the follow-up. But on the first one is certainly we've read the same reports and seen the same releases from our p... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5c315bf5a689f846efa35222b4c091c3 | Just a quick follow-up, Rafael. Rafael, I know you don't specifically guide gross margins, but I was wondering if you could give us some parameters around opex for the next couple of quarters? I mean, we're heading into strong cyclical recovery in revenue off of what was kind of an unusual expense year last year with C... | Yeah, on a gross margin, like we have said before, just think of 70% to 75% fall through, so you figure out what revenue -- incremental revenue, you want to play in and just fall that through at 70% to 75%, you'll get a good place over the long-term, right, any one quarter can be a little higher, little lower, right?
... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
14f812a6277a5e268eba7e674c0472cf | Thank you for taking my question and congratulations on the strong growth. Just wanted to follow up on the demand question and I'm curious, even if you are able to supply because of your very strong strategic capacity, do you think your customers, especially on the automotive side, might be constrained with other parts... | Sure. Vivek. Yeah, I think that's a great question. We see the same reports that you're seeing and I think the best way to maybe describe what we're seeing in the automotive market is just a just-in-time supply chain that's restarting from essentially a full stop that happened in the second quarter. And just as a remin... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c1433c7cda8aa5d9fcb6ae3f2a7db9bb | Yeah. Thank you, Dave. Good to see the growth in the Embedded segment and I know you made some changes in that business last year. Do you think we will start to see the benefits of that in 2021 because they also tend to be somewhat stickier markets. So I'm just curious if you could give us an update on what are you doi... | Yeah, I'll give you a feel on those ones. So, first, we're pleased with the progress we're seeing in Embedded. Our plan has called to first stabilize the business and then start to prove that we can resume long-term consistent growth. We're leveraging our competitive advantages, particularly, building a broad base, mor... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e8452f2e3323c2c4b3d0c0ce5f8e871a | Yes. Thank you. Dave, just following up on your comments around autos, and particularly the just-in-time inventory angle, certainly 2020 was a challenging year for the supply chain and we're dealing with some of those repercussions now, but do you think you'll see some changes to that over time in terms of how they ope... | Yeah, Craig, I don't want to speak for our customers or how they're managing their inventories. I think, as you've seen us and how we've managed our business and our operations, we just worked very hard to try to have capacity in place to support our customers' needs. You saw the decisions that we made earlier in the y... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
8c47e62b2227b311de7aa2aec24e9c6f | I do. Thanks. And then just looking at Analog up 25% year over year, I know that comes off of a difficult year and coming out of a down cycle and so that's some of it -- but just curious, at a high level just to get your thoughts of just the type of strength you're seeing and how you feel about what the demand is out t... | Okay. Well, yeah, I think that when you look at where that business is, I think that we've just come through a -- from cyclical indicators and those types of things, you'd even have to go back to 2018 when the industry had reached a cyclical peak, then you throw in sprinkle on top COVID-19 and it was really at the begi... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
f0206499c64165ef60c14f74e7b7033a | Good afternoon and congratulations on the strong execution. Amidst the strong demand environment, as we all know, foundry capacity is pretty tight both leading edge and lagging edge, and I know the TI outsources above 20% of its wafer requirements, most of it with your embedded products, MPUs, MCUs. So because of the f... | At a high level, we have long-term agreements with these suppliers, like we do with other suppliers. Even though we only outsource relatively small part of our of loadings, we're still being a big company that's still a good amount of loadings, right. So we still get some decent leverage. So we're seeing some hot spots... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
789b02bb7ac10a826e053e2d9bfd95e9 | Yeah, absolutely. Yeah, thanks for the insights there. Can you guys just provide us with the shipment trends quarter-over-quarter, year-over-year by geography. I know it's shipped to location, but I think it's still useful to kind of understand the breadth of the overall demand profile you guys are seeing. | Sure. So, in the quarter -- and thank you for the preamble there, so I won't repeat it, but year ago, Asia was up and all of the other regions were either flat or down and sequentially all the regions except for the US were up. And just as another point of color on where we ship our products, 90% of our revenues come f... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
575540805d64c99d95f45effeebe240c | Thanks a lot. Rafael, I guess, I asked this question last quarter too, but you again bought back merchandise [Phonetic] stock. And I totally get that you were running kind of the plan in the first half and you were certainly ahead of the 100% for the full year, but you also have a pretty strong intrinsic value model fo... | What I would tell you is that as we talked about during capital management, our goal is to return all free cash flow to the owners of the company. We generated in 2020 $5.5 billion of free cash flow and we generated $6 billion of free cash flow, so clearly well above the cash flow generation. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6beceafc9ccf984e6a72f505dc9db434 | Okay, thanks. And then I guess -- yeah, yeah, yeah, I do. I guess, can you give us an update on the 300 millimeter, the new fab and sort of the timing around that. And I guess, on that, can you qualify for some of these subsidies coming from the government or is that mostly going to be leading edge? | Yeah, sure. So, the update on the factory is the same as nothing has changed as far as our expectation. The new factory is being built. We expect it to be completed in 2022, so next year. In fact, we should have some form -- some level of output in the second half of next year. So that's all going as per plan. When it'... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2b8436725fff15ece35283acc531cb89 | Yes, thank you and congratulations on the results. First question for Rafael, I typically wouldn't ask you this, because I know you get a lot of these, but the royalty this quarter was pretty material, $162 million. Can you maybe add any color on that? And should we expect sizable things like that going forward as well... | Yeah. So it was about -- inside that $162 million, it was more -- most of that $162 million and we recognize it based on accounting rules. The cash actually comes in, not quite like that, it comes in over time, but it just is a licensing agreement. We've had those for many years. They have become the minimals at the hi... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4c533b47155f40bbe7f5ca0040531743 | Yes. Thank you, Dave. So I know your long-term goal is to grow capex at 6% -- to spend 6% of your revenue and capex. I think last year it was 4.5%, was there sort of any COVID-related issues that slowed things down? And as we look at 2021, do you think it will come in close to that range sort of 6%? | Yeah. So I'll go ahead and take that. So, yes, our guidance is 6%. Our guidance continues to be 6%, capex as a percent of revenue, that's a long-term guidance, includes everything that goes into capex as far as building and equipment. Now, of course, that number can fluctuate, right. Like you pointed out, it just fluct... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
239cc5b4d0563e266717187076d5800f | Maybe one question on the succession plan, and then I have a follow-up. But Norbert, I think you alluded to this in the prepared remarks, but I'm wondering if you could expand on the timing and the rationale for the move now versus later. | Yeah. Thank you, Laura. Thank you for the congratulations. So, I'm glad you asked the question. So, first of all, the transition will not be effective until January of 2022. You know, I have always looked at succession planning as one of the key responsibilities of any CEO. And so, we have worked on this really with th... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
d103944cb8cf0947c05d3507d4f26331 | Maybe one quick follow-up there. This is probably a naive question. But with respect to the phase 2 readouts coming up in the first half of '22, both of the studies we noticed are showing primary completion dates in June in the clinical trials at gov listing. So I'd just like to better understand the communication stra... | Yeah. So, Laura, we mentioned before that both trials are enrolling as planned. We will not be able to comment further on the studies and their readouts until we are closer to completing enrollment. And at that point, I think we can provide a little bit more guidance. But at this point, we are still very confident that... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
b2b56fcb88e6ae489da88f3f6682220b | I have one quick question regarding the phase 2b trial of NYX-783. Can you remind us about the rationale for selecting the 150-milligram dose, even the U-shaped dose-response you've observed so far? And do you have any -- I think you mentioned the preclinical data to support the efficacy program. Any color there? | Yeah. Happy to answer that. So it's a little bit of a trade-off. And you mentioned the inverse U-shaped dose-response. That's one of the factors that went into our thinking in selecting the 150-milligram dose. The other two were the ones I mentioned, you know, the fact that from a safety and tolerability point of view,... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ad7778a395e2372002a114c9d635e299 | Could you help us understand where you'll be conducting the two studies? They seem relatively large compared to some we've looked at, and so that's a good news. Also, will you include all-comers or all types of phenotypes for enrollment? And then do you allow cognitive behavior therapy to occur during their study? | Thanks, Charles. So, thanks for the congrats. And yes, happy to answer all of those questions. I think, you know, for the duration -- sorry, for the location of the studies, we're going through feasibility now. I think it's certainly quite possible that we'd be able to conduct both of those studies within the U.S. that... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
fe0fb90cf0138a4169b2975944d1e2f5 | Last question is regarding reduction of variability or placebo effects. Do you intend to have enrollment criteria that require a certain baseline CAPS score and/or no change or limited change from screen to randomization? | So I think with respect to placebo effects, there are quite a few things that we'll be looking at to attempt to manage the placebo effect. I think some of those are things we'll talk about in more detail at the time that we're initiating the studies when, of course, we can go into detail with, I think, more finality on... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
17bda3753828f2100e7d1b7ec28379c9 | So I actually have a question on the 458 phase 2 in Parkinson's disease, dementia, and Lewy body. And Andy, you mentioned that you'll be looking at endpoints in attention, memory -- oh, no, wait. Hang on. Yes. Its attention, memory, and executive function. If I ask you to sort of rank order those endpoints in importanc... | Yeah. Thanks, Ritu. I'll ask Harald to comment a little as well, maybe. But I think the simple answer is that they're all clearly linked to NMDA receptor function actually. And that depending on the individual patients, I think they can all be extremely debilitating. So, it's a little hard to rank them in those ways. A... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3c95e6cd38136b7281c033002d717fe2 | If you look at PDD versus LBD, have you had conversations with the agency that cognitive dysfunction in either of these conditions would sort of -- it's sort of understood to be similar. I'm just thinking about the sample with DRP and how the agency's understanding of a condition across different underlying pathologies... | Yeah. I think it's a great question, and it's certainly a discussion to be had. But I think the good news is that there is common underlying biology to Harold's point, that means that it's quite relevant for us to be studying them together with the same endpoints and the same drug. And so, I think we'll have to wait an... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ea143f14c2b8f75cd93e7e3e6caeedeb | My question is a bit more higher level. And it's -- what to do with the confidence that in the PTSD trial designs that, if positive, they would service the pivotal trials. You guys had the recent FDA interaction with Type C meeting, and I'm just wondering like how confident you are coming out of that. I just asked beca... | Yes. Thanks, Myles. I think what we've been saying is that we have confidence these designs can service pivotal is positive. But we understand that that is ultimately going to be a matter of FDA review. The meeting we had, with the Type C meeting, a complete end of phase 2 meeting. We don't have a full agreement on eve... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b2c3adb6151db9302cb233ce6580caf6 | You're going to exclude patients with complex PTSD. Is that correct? | So, formally, because there isn't a separate diagnosis of complex PTSD in the DSM. We will not formally be excluding patients with complex PTSD. There may be other characteristics of complex PTSD that would otherwise be excluded. But as a specific exclusion, complex PTSD will not be one of them. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
833e1bd3af78a90ae9a1ed1efd6f67d5 | Based on your Type C meeting with the FDA, what would you expect that you would need to show on CAPS-5 Total score to be had to consider it as registration supportive? And based on your discussions with KOLs, what is actually considered clinically meaningful? | Yeah. So, you know, the key thing is obviously to be able to separate from placebo successfully. And we talked, I think, a lot in our remarks about some of the strategies that we're putting in place to do that. And in the way that the study is powered in order to separate from placebo, of course, it depends a little bi... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.