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d5bf2fd0824b7c7d4c2cf9552031e790 | And you also mentioned accruing expenses under the assumption that you will meet the earnings target set for fiscal 2025. I spent a lot of time looking it up. Can you remind me what the earnings targets are, maybe if you have a couple of years' worth? Just give me an idea what the thresholds are that you need to hit? | Yes. There are three thresholds. They range from roughly $16.35 to $25.00 and...
$0.30, I believe, and the middle is around around $20.
Wait, so it's $16:35 and the high end is what?
$25:30, $25.00 and $0.30 cents.
$25.30. And that's for fiscal 2025.
The performance period run through fiscal '25, yes.
Hey, John, ... | direct | [
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357939044f08eee9617197bfa2279b59 | Okay and then just to kind of get back to the insurance and other income. I know you mentioned, well, OK. So, the only thing that looks like kind of an unusual item to me in the quarter is the fact that we had tax refunds get moved to some degree from the March quarter, the June quarter. Looking through your press rele... | That's right, yes. So, we don't -- going forward, we would expect the delay, but if you remember in Q4 of last year, [Technical Issues] were lower than normal. So, it's really just a temporary shift. | direct | [
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485692314cfedb75b5b45e45473fa896 | Andy, to your point, I think we're all hopeful that we have basketball and hockey next season too. So, hopefully that works out. But as we look out to next season, though, it seems like there is a higher probability that there will be little to no fans. And I know it was touched on in terms of a lot of moving pieces, b... | Let me give it a high level, and then I'm going to pass over to Victoria to take you through some of the details. Of course, we want to be back in the building next year in front of the fans. It's obviously our first desire. But we're only going to do that under one scenario, one is that it's safe, safe for our fans, s... | direct | [
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f80379215350ef0a403f4a14e2fb3c5e | First, a follow-up to John's last question. Can you just summarize what the cash burn rate is kind of in between seasons? And then assuming there were no fans to start the season, next season, what you would expect the cash burn rate to look like then? And then on the job cuts, what percent of those do you foresee bein... | Sure. Okay, Brandon. So I guess regarding cash burn and sort of our overall liquidity, as we operate in this period of uncertainty, we're carefully considering and planning for a range of scenarios with respect to our '20/'21 seasons. And as you'd imagine, we're very focused on cost reduction and cash conservation. We ... | intermediate | [
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89fe3480bbdfb81324a56ead880e8a35 | I know your contract with Chase is up very shortly. Is there anything to report there on those negotiations? I know recent sponsorship numbers, including in Seattle, have been pretty encouraging, just your thoughts there. | Brandon, thanks. At the highest level, I'll just start -- we don't really comment or we don't comment on any individual agreement. It's just been our policy. I will say, however, with Chase, they've been a long time, great partner of ours. I believe they understand the value we bring, and we incredibly value their part... | fully_evasive | [
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eaa5d903fd346b350bdb67b8013676db | Just going back to the balance sheet, Victoria, anything you can tell us about plans around the term loan -- the revolvers at the Knicks and the Rangers? I think they mature in the next, I think it's 12, 18 months. Just any plans to maybe term those out? And remind us if there's any restrictions that the league sets on... | Sure, Ben. So let me address your debt question first. So yeah, the Knicks senior secured revolver matures in September of '21, and the Rangers matures in January of '22. So regarding the Knicks, well, it's still early we expect to begin the refinancing process for that Knicks facility in the near term and with the Ran... | intermediate | [
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5f36fee3a5625586fb18e10250dd5b40 | Could you just share any thoughts around how has the pandemic impacted your core view around the esports universe and kind of any longer term implications around that? | Sure, esports universe, the benefit of the esports right now it's not a fixed location in-venue business. There are opportunities here and there for -- to more of as a booking type of a business, right with the championships. Right now, it's more of a media play and the eyeballs are off. And so when we think -- and it'... | direct | [
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72813311ac9cd4ea0663b9b873c577f1 | Firstly, I'll openly admit I'm not particularly good at modeling the interest charge for tech companies. You've very helpfully given us the $230 million cash number for the year. Just two questions around that. What does that look like in terms of P&L charge? And if we assume the current yield curve remains as it is, w... | Hi, Charles, its' Stephen. I'll do the second question and then I'll hand to Matt for the first question. Our license business is typically project-driven, so it's typically business case-oriented rather than list price-oriented. And each of those deals gets negotiated individually and at the point in time directly wit... | intermediate | [
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c309bc8a543f84994ea1189c47f5ee84 | Perfect. Just to help me out, if the yield curve stays where it is, what does 23 look like? | We're looking at around $270 for the cash, and a similar increase for P&L charge. | direct | [
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c2f48f76efb8d6fa5707da9ed1fbc2c1 | Firstly, just in terms of what current market conditions. I was just wondering what you were seeing in terms of customer behavior as you went into the end of the half, and whether you've seen detected any further customer caution as you've moved into the beginning of the second half. On a related question, really, in t... | Thanks, Will. There was at the end of the quarter, and I suspect they'll continue for the foreseeable future. There was much more scrutiny on individual projects selling off within customers. So typically longer decision, making cycles, higher levels of sign off, more scrutiny on business cases. That's pretty typical i... | direct | [
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74a6c01be4fe630cf59e52660bff89df | Hi again. I thought I'd ask the second question since less of the queue. This time on maintenance and your retention rates in maintenance, obviously we've seen the rate of decline of revenue improving. To what extent have you actually seen retention rates improving in maintenance? Is that consistent across the business... | Well, we've seen rates either improve or moderate pretty broadly across the portfolio. We still got work to do in those four sub-portfolios I highlighted previously, but all four of them, all four of them improved. Part of the reason we're moving to this product group structure is that allows us to get after the specif... | direct | [
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301cb990db826e72556005c7d899a941 | Thank you. Good morning. Two questions, one on the regulatory environment and one on buybacks. First, on the regulatory environment, can you share your thoughts on how you think about the potential impact of some of the proposed rules that are out there, including the potential rule around agent compensation disclosure... | Thanks, Ken. I'll start with the regulatory question, and then I'll ask Raj to address the buyback question. So from a regulatory perspective, we continue to monitor all of the proposed rules and potential changes to ensure that we're prepared to respond as necessary. As you know, we've been operating in a highly regul... | intermediate | [
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a781ac061db7f1146c327729eceebd89 | Great, thanks so much. I wanted to ask about the competitive environment. Obviously, we've seen some pretty aggressive pricing from some of your competitors. I'm curious how you're thinking about your own pricing strategy in light of that. Are you seeing any pressure on market share, and how do you balance maintaining ... | Thank you for the question. We're certainly aware of the pricing strategies being employed by some of our competitors. However, our approach has always been to focus on delivering value to our customers rather than simply competing on price. We believe that our comprehensive product offerings, superior customer service... | direct | [
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148e6ca297719bdfd39d3107827a8ae6 | Thanks for taking my question. I'd like to dive a bit deeper into your international expansion plans. You mentioned some promising growth in certain markets. Could you provide more color on which specific regions or countries you're most excited about? And how do you see the regulatory landscape in these new markets co... | Certainly, I'd be happy to elaborate on our international expansion plans. We're particularly excited about our growth prospects in several key regions. In Asia, we're seeing strong traction in markets like India, Indonesia, and Vietnam. These countries have large, young populations with increasing digital adoption, wh... | direct | [
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7f012ac15201931e1c09e2c789d48b39 | Thank you. I'd like to ask about your recent acquisition. Can you provide some more details on how the integration is progressing? And are you seeing any early synergies or unexpected challenges? | Thank you for your question about our recent acquisition. We're pleased to report that the integration process is progressing well and largely on schedule. As we mentioned during the announcement of the acquisition, we saw this as a strategic move to enhance our technological capabilities and expand our market reach. N... | direct | [
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de719b1cf668a51ca2345d5ac47b97f2 | Thanks for the update. I'd like to focus on your ESG initiatives. Can you discuss some of the key sustainability goals you're working towards and how these efforts might impact your financial performance in the near to medium term? | Thank you for your question on our ESG initiatives. Sustainability has become an increasingly important focus for our company, and we've made significant strides in this area over the past year. We have set ambitious goals across all three ESG pillars - Environmental, Social, and Governance. On the environmental front,... | direct | [
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f30a731a1956a9e49d27902b36878188 | Pat, Ashley, can you hear me all right? | Yeah, we hear you. Hi. | direct | [
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c2433a2224d4e7792dac18e7cbe50869 | Pat, let me start out with or maybe Ashley maybe start out with the Q1 guidance. Is this 5% to 8% year-over-year downtick broad-based or is it a specific category whether it's JOTEC or On-X or the services that is causing some level of the grief from the 5% to 8%? | Yeah, so I'll take this and Ashley can chime in if he wants to add anything. So the first thing is, as you know, Q1 of last year was really a non-COVID quarter, so it's a real -- it's a normal comp. Number two, we still -- we're still seeing the pandemic from the post '20, the early '21 spike is still hanging around. T... | intermediate | [
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b53cf1c9605a90eafc3936205011b031 | Pat, on On-X mitral, if you're going to file for regulatory approval with low INR mid-year, should we expect the data presentation maybe at ACC? | Yeah, we're actually -- in fact, I was in a meeting on this yesterday, we're actually talking about where we want to get this published and where we want to have it presented. So that's obviously a process that we go through. So we don't have anything to update you on, but as we get closer to the PMA filing, we should ... | intermediate | [
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d4f288d6359ddf377795b1a2f96a1bcf | Pat and Ashley, specifically, maybe I missed this. I heard On-X was up 32% year-over-year, maybe it was a geographic split, forgive me, I was frantically making notes. What was that number specifically in terms of U.S. and OUS? | Yeah, so that's -- maybe Ashley, you can look at the total number for the quarter. Yeah, so that I highlighted that number as well in my presentation, in my comments was On-X was up 32% in the U.S. Q4 '20 over Q4 '19, even in the face of a pandemic, we're growing that business 32%. So...
Yeah, and that was the aortic ... | direct | [
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e2dc2343245636cc10d1801a60237ba4 | I just want to go back to your guidance for the first quarter, the down 5% to 8%. I guess after the prior commentary after -- in response to Suraj's question, I'm a little confused now because you're saying down 5% to 8%, and then it sounds like you said you're really only down 1% so far. So is that because the tissue ... | Yeah, so two things, Mike. I noticed a little bit -- there's a little bit of a disconnect there. So we look at -- as you all know, the pandemic has been unpredictable throughout the year. And while we were super encouraged going into Q4, we then got hit by this second wave. Q4, as you just heard was down -- down 5% pro... | direct | [
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2f54195467ec8700857ba8fb2732a29f | And then I wanted to ask about just the backlog of potential procedures. Given that you made the comments and the nature of your products and the type of surgeries that they're used in are typically things that really can't be deferred that long. Would that then sort of imply that you probably don't have as big of a ba... | It's hard to say, Mike. I've been out with a bunch of customers in the last month. And I think there's a big difference between what I'm hearing in the U.S. and what I'm hearing in Europe. And remember, we've got a big business in Europe, and a lot of our growth is coming from Europe. The travel restrictions and the cu... | intermediate | [
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d7f044274156a492662c240e19a093d1 | And then I wanted to ask one on PerClot. So just this delay that you're waiting on this laparoscopic indication, I guess. So what do you have to do if anything to get that other type of labeling? And then I didn't -- I guess I didn't understand the comments around the manufacturing part of that really. | Yeah, so -- yeah, so let me see because this will be easy to understand. The -- our original plan to file PerClot was under the assumption that CryoLife could be distributing the product to our channel in the U.S. And all we needed for that was we were going to file with open surgery and what I call small scale manufac... | direct | [
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f998c4da80243bfff9a7945ea5c4215c | Okay. And just given your comment there, it sounds like there is -- there is a decent amount of interest from potential partners when distributing this product, would it likely be a single partner or multiple partners or? And then... | Yeah, I'm not going to get into that. I'm not going to get into that level of detail.
I just -- again, as we checked -- as we got feedback from potential partners, they wanted access to a bigger market and have the ability for us to supply more products. So I'll just leave it at that. | fully_evasive | [
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4ffc00788092a06d964acaea65a9a47a | So as far as the tissue issue, was that specific to a cardiac or vascular, it doesn't look like you specify one or the other? | It was -- yeah, it was both. | direct | [
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0c5f6f7c7e3321c67ba64057cedeb1e3 | And are there any ramifications from your supplier as far as some of your insurance and your -- what you're carrying there as far as the potential $5 million charge going forward? | Yeah, I'm not going to -- I'm not going to get into that level of detail, Jeff. | fully_evasive | [
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d75a5f9f23d6cd13c782051ca67891f1 | So can you give us an indication where AMDS fell out for Q4? I know you've bundled it all in now under one path forward [Phonetic]? | Yeah, we -- we called it out, AMDS did $1.1 million in Q4 versus Q4 of '19, which is a 91% increase.
And just -- just -- this, we aren't even in the first lap of the race over the first inning of the baseball game, because it was late in Q4, we didn't have -- we had to do some kind of paperwork to get the regulatory. ... | direct | [
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278306fd991aca0b0f387cc4379a280f | So you had talked previously about a slightly smaller size for On-X in the aortic setting. Was there any update there that you called out for the quarter? | No, we've got a 17 millimeter valve that's been in clinical trials for a while. It's just hard to enroll because it's such a -- it's either pediatrics or just a rare patient here and there, just from a trial standpoint, there's a good chunk of patients, but we're pretty close to finishing that. I don't have the -- I ca... | direct | [
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cd8bb80d31455c11351188f6f98dc130 | And any commentary further, I know you called out Texas on the second source on the some of the JOTEC product line. Is there any update there? Is it full-blown now? You've got both sources up and running and no issues any longer as far as demand goes, is that a safe guestimate currently? | Yeah, so -- so I think, as you guys all know, I mean, 2019 was -- the JOTEC supply was a challenge and we still grew double-digits, but it was coming off a year we grew 25%. So the JOTEC supply really was a big headwind for us in '19. We've done three things. Number one is with the pandemic causing the procedure slow d... | direct | [
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7d64f04d8543cf5eef6c2f71e739965a | First, on AllSurplus and sort of consolidating the buyer and the merchant base a bit. Are you seeing any synergies yet in terms of aggregating that those larger groups? And would it be reasonable to expect over time an improvement in auction participants? And then secondly, just given your experience, Bill, in prior do... | Sure. Well, regarding your first question, part of our long-term strategy has been to drive scale benefits of aggregating supply and demand in our consolidated marketplace, which has been branded AllSurplus. We know that in marketplaces, scale matters. It helps us leverage marketing spend. It also allows us to support ... | intermediate | [
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43ec3bbe2b028ac77f41d947a8ef40ca | And maybe on that note, do you when we've seen different companies adapt to the environment and you talk about sell-in-place and companies will need to liquidate assets and inventory, things like that, are there and you did reference some of this. But are there programs or methods being put in place, which, given some ... | Well, what's fascinating is you see the same problem set addressed differently in different locations. And these are ultimately local decisions. Many of our clients are local municipalities, towns, villages, counties. And so they all attack it slightly differently. We certainly have educated the market on the availabil... | intermediate | [
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a7c6f52af2842ad3a390e128540b12b7 | And your facilities are still open. Is that correct? | Well, we have a couple of different aspects to our operations. Our retail supply chain fulfillment centers are an essential part of the supply chain and have been continuing to function and operate, although less-than-full capacity because we're maintaining strict guidelines in line with recommendations from healthcare... | direct | [
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8029f5eecccd65c781c70cc4b8f0b3e9 | And then, Jorge, the comments on cash and just the near-term dynamics. I mean, how are you feeling in general about liquidity position of the company and different scenarios that may play out over the coming months? | Well, we're managing the drop from the top line and managing the expenses accordingly. As you saw, we finished March with a reasonably good cash position, stronger than we ended last quarter, as we thought. And that's despite, of course, having spent $5 million during this last quarter on the Machinio earn-out. So it w... | direct | [
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f8618bed97425caed889ddaba3ff6464 | Yeah, I just want to get there's a number of things I want to ask here. But the first thing is, obviously, it looks like your cash flow free cash flow was pretty good in this quarter. And is that because of some of the is that really a function of some of the expense reductions that you've taken? I'm just trying to get... | Yes. So I'll take the first one and pass the second to Bill. The answer is no. Yes, we've always had a little bit of cost reduction as we've gone. But when we're talking about the actions that we took in March for April, those were for April. So the more significant reductions, including furloughs and so forth, did not... | intermediate | [
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139e9e260c78164565c51665858a975d | Yes. So I guess what I'm trying to get at here is that maybe I asked the question wrong because I'm trying to get too specific. But what percentage of that $57 million of costs and expenses that you had in the quarter would be considered variable? And here's what I'm trying to get at, and maybe you want to answer the q... | So well, in line with and I'll let Bill chime in, but in line with not giving guidance, we're certainly not giving guidance on cash. And but what we've said is that we've put in things in place that will help us track as best we can the reductions in the top line with our cash spend. And we're comfortable where we are ... | fully_evasive | [
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30134cca6270a9415721d191f491c0f5 | Okay. All right. And then, Bill, could you maybe as you looked at what happened in the last two weeks of March and then throughout April and then just in general, could you give us an idea of the impact to your GMV versus for the last two weeks of March versus the first two weeks of March? And then are you starting to ... | I think regarding the down slope that people observed from March into April, that was very pronounced, owing to facility closures. And when you start to look at metrics like the number of actual sellers who are open for business and who are listing the number of assets posted to our marketplace, that was down 50% to 60... | intermediate | [
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d406a1ae021304f5fe4d0b8321c60eac | Right. No. No, I understand that. I'm just trying to get a feel for, at least on a short term, what's going on. And then in terms of price realizations throughout all of this on the buyer side, have the sellers been willing to take a significant haircut on price just to move goods? Or have you been seeing that? | Well, I think the market force is still at play in terms of price setting. I don't think you're having, let's say, like panic selling. I think people are looking for an orderly disposition process. I think one of the things that benefits us is we have coverage in multiple industries. And so energy has been good, a good... | intermediate | [
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8fe66b3f7ae0bf9d11215a43137367e6 | We're trying to get a sense of how the new membership model might affect revenue and orders as it's rolled out. When you look at October, which was the first month under this new membership program, would you characterize this period as business as usual? Or did you see any lack of urgency from customers as a result of... | No, Andrew, that's a good question. Our -- there's a crazy way of sales, as I mentioned earlier, resulted in creating for us a monthly sales. So end of the month is where the rush hour was. And in the last two days or three days, we got about 30% of our business in that period. It also was not very efficient. It made -... | direct | [
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9d848d1dfb63ca762aee7396e9481228 | As you review the efficiencies related to the membership program, could you share some of the benefits that you'd expect to see as sales trends become more stable as a result of the program? | Yes, absolutely. You know, we -- 75% of the products we sell are made in our North American manufacturing. When 30% of the products come in the last two, three days of the month, it is very disruptive. A week before that, our folks are working hard to get business. And over the next 10 days after the end of the month, ... | direct | [
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9fdd1b3c6dffeff59adbea86e603d512 | We don't generally think of you guys strictly as a holiday retailer. But over the years, you all have run a number of promotions around holiday events like Black Friday. And I was just wondering, for this year's holiday season, what sort of messaging do you plan on implementing now that you've switched over to the memb... | The messaging is very simple, that we offer great products, we offer great service, we offer everyday savings of 20% from our everyday best price. We offer white glove home delivery anywhere in the United States at no charge. And then in the United States, we're also offering 24 months financing. I mean, those are very... | direct | [
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e88ad90383c70b5fa47e66395c6ffdf6 | I wanted to also follow-up on the member program. You commented what the impact would be on sales on the first year. But how should we think about the gross margin and expenses, sort of like the operating margin profile over the next couple of quarters as the program rolls out? | Yes, it's a good question, and a good -- we, of course, watching all of this very carefully. As Corey mentioned, there'll be a number of factors. One factor is that our delivery charges were part of our sales. Approximately 5% or so were added to our sales. And now, that is taken out from the top line. And we are now m... | direct | [
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c46472855bd799a0e8b9fe54d9f5051a | OK. So it seems like near-term, we should not expect a lot of change or pressure on the operating margin. If anything, it could a little bit better, assuming the sales are the same or better? | Yes, because it's possible that our sales are -- will be impacted because, as I said, close to 5% will be impacted because of these delivery charges. It's possible that there is also the timing -- that's timing from a quarter to quarter. But overall, I believe that the opportunity is for us to maintain our gross margin... | direct | [
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0355800ddf72cf8401a8dd973877eca9 | I wanted to ask about the new disclosure on wholesale orders. Can you help us understand how do the retail orders factor into this new metric? | No, I understand. So what happened, as you know, we have a wholesale business, and we have the retail business. The wholesale business receives orders from our own retail division. It receives orders from our independent retailers in North America, our independent retailers internationally, and all our contract busines... | direct | [
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2e6435f4ea5dde812207135652a70c94 | What is your latest view on the trend in China? And when could we start seeing some improvement there? | Yes. We have -- unfortunately, the worst is somewhat over because we've had -- we have seen major reductions. And now coming into our second quarter, we had a fairly major reduction last year. So compared to last year, I think it's going to have stability. Now in terms of increasing business, it's something we have -- ... | intermediate | [
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49347d4d98c87521cf956459c9150a36 | So just thinking about OPC1, maybe even in terms of OpRegen, where it sometimes takes a little bit longer for the sales to get in and really do what they're supposed to do and to really get the results you're looking for, obviously, already shown very nice results with OPC1 at one year. Just curious about some of the l... | Yes. So I'll invite Gary Hogge to comment. I think I'll just preface by saying it's a question we all have. I mean, how durable are these cells. They continue to persist in patients. And so, potentially, they will essentially outlive the people that they are transplanted into. But Gary could be a little more specific a... | direct | [
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83412bd026135535100b5329211de2b4 | Also curious, you've discussed a lot with potential partnerships or collaborations. I'm just curious where you've seen the most interest as far as from external programs looking at your specific internal programs, even considering also there's the most interesting manufacturing side of things? And then maybe kind of in... | Yes. So as you know, I can't comment specifically on any discussions or any specific companies. What I'm able to say is that we are aware in particular, in an environment like we're in right now in biotech that there's trends benefit if you have a platform technology of working with multiple corporate partnerships beca... | intermediate | [
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] | B |
02613341507cae2573295eb2bfdc5f89 | In the photoreceptor program, with the caveat that, of course, is in preclinical development still ongoing. Are you thinking about -- how are you thinking about potential learning that might be carried over from the OpRegen program in terms of delivery and the importance of covering affected areas of tissue in the opht... | Yes. I mean, I think one of the nice things about introducing another ophthalmology program is that there is much that we can learn, and we already have very established relationships in that space. So it was an easier area for us to get into. But let me again invite Gary to address some more specifics to your question... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
2f9a1f9aae28fbef8ba5efca15c5b4fb | Looking ahead to regulatory interactions around OPC1, how are you thinking about how the preclinical activities that you mentioned could fit into the meeting? What do you believe regulators are looking for here? | Well, it's a tough question because it's sort of a moving answer. I think the FDA has been evolving in its own state of maturation in the field of cell and gene therapy. For example, I think that FDA has been increasingly interested in functional assay data from cell therapy manufacturers just to provide one example. W... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
8408e4930c5f5ac0f0e28cee50908730 | If you don't mind, I'd like to ask CFO, Brian, a question first. I appreciate that you give the guidance about a little under $30 million or so for net spent this year. But I was curious more specifically about the G&A line. That line tends to be a little choppy. Obviously, there are some noncash items that are include... | As you know, this is my second tour of duty as an interim CFO. So of course, I'm not prepared to answer that question. So G&A was up only about $700,000, a lot of that is in fact, related to personnel. I am aware that many companies have been laying people off and that we are a bit of a salmon going in the opposite dir... | direct | [
"direct",
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] | A |
327f7875d833c25e7862ca4a104f7f8d | And then, I guess, my next question, I mean, it's surrounding Roche, and I know a lot of the details around my question are in the weeds of the confidential documents, but I guess I'll ask it this way. How far will you be taking? Or what do you feel you could share with us with regard to what your remaining responsibil... | So you're correct. The weeds are, in some places, so I think that they're redacting that information. So I'm not able to say really anything beyond what I shared today. Primarily, our contributions are around manufacturing for the next clinical study, completing the phase 1-2A study, which we already completed enrollme... | intermediate | [
"direct",
"intermediate",
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] | B |
c805214fcba901d49096fd35c59fb02d | And then my last question is more of a pie in the sky question because, look, you're very fortunate to have a strong cash balance, especially in this environment. And I'll preface my question by saying, obviously, you have a lot going on. So but with that said, would you be considering at any point? Or are you even bot... | I think the right answer is always yes. I think that in some environments, you're in a stronger position to be able to consider that. If you got a high equity price and a lot of capital, but I think the reality is that we are always looking at ways that we can accelerate the development of our programs. Are we spending... | direct | [
"direct",
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] | A |
2a18a21091dd42068b3bfd58b9887438 | Hey, Brian, thanks for taking the questions. Two questions, and specific around VAC2 and one more broadly. But for VAC2, can you give us a sense of when we could see the Cancer Research U.K. phase one data in lung? Is that going to be this year? And how is that data going to be used to present to regulators for develop... | So question one is like itself a two-parter when VAC2 and then how would we use it. So I'll do Part 1. So it's up to Cancer Research U.K. and I'll just be very direct that one of the factors that led us to exercising our option to bring that program back was that we felt that it would move quicker in lineages hands tha... | intermediate | [
"direct",
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] | B |
c5041a1e60da43ec40c6938e96bc4dfe | Strong new bookings in the On Demand business in the quarter, can you offer any additional color on where you're seeing the most traction and maybe speak to it from a domestic and international perspective as well? | Yes. And Odilon cited some of that in his commentary, was the strength in On Demand is coming from biller and e-commerce. Biller is -- our Biller business is entirely U.S. domestic. But remember, that's where we're getting the traction on our combination of ACI with the Speedpay acquisition. And then the e-commerce is ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
cf0db0effac6df819e0de3a8c62d37b7 | And on the Mastercard collaboration, it seems like a great partnership. How should we think about the evolution of this collaboration as we look ahead to maybe next year or so? | Yes. It's hard to be precise now. We are going to start this collaboration now. And when we start seeing the first countries that we go together, and we start to gain the RFPs and so forth, you're going to be able to very quantify that. For now, I would say it's a very robust solution and we are -- we believe that it h... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b394bd94644b3c4e5fe0cc4b7a668058 | Just wanted to touch base and understand any update kind of quarter-to-date on how the conversations are going with some of the larger license buyers? I know that it seems like some of them are just on hold. But trying to understand the mood or the tenor of those folks and when -- kind of when they -- if they have any ... | Thank you. Thanks for the question. Brett, the -- it's very clear for us, there are some headwinds, and they will continue in Q4. We don't see them getting better so we're not talking about renewals. Again, renewals are coming pretty strong, and our products are mission critical, so we have no problem to renew the cont... | intermediate | [
"direct",
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] | B |
8d01a17913cc55600b91b96b09a5881e | Can you talk a little bit about the global client choice? I know that there's a number of products you guys picked up, be it fraud, be it gateways and things like that. That one was a more unique choice than maybe the other twos would seem more down the fairway. Just give us the thoughts on -- I don't want to steal you... | Yes. The segment we're pursuing, it's quite clear for us. We have a great solution for what we call global sophisticated merchants, those ones that want to acquire agnostic solution, where they can really control the experience of their consumers. And that's where I think we come to play. If there is a merchant that wa... | direct | [
"direct",
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] | A |
157af6dd3ae9f2d75cbc467f04396eb3 | And then last question for me, and you may have addressed this already, but the license revenue was tough, we know, and that's very high-margin stuff. Yet, you guys came in pretty nicely above where we thought on the profit. Could you go through kind of the drivers of that? Could you just give us the quick ones? | Yes, I'll give to Scott, but I want to start because you really touched the part that I'm very proud of the team of here. I think that's called operational discipline, and we came very strong on costs during this year. There is also some help from Speedpay acquisition, but the majority of it is organic. And I think you... | direct | [
"direct",
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] | A |
26982f64fa9eafe8dc7e01a07bfd976c | Just wanted to touch a little bit on some of the trends in the On Premise business. I know you mentioned that you've -- that the trends have been tough here. But I guess now that we're in a couple of quarters in the COVID, I guess, either quantitatively or qualitatively on the new business front, have you guys noticed ... | I think -- Thank you, Kyle, I think the summary is, it's not getting better. I think it continues the same way. And the -- mainly the banks, they are delaying decisions on new investment on things that they can delay. So I think that's what's happening around the growth. There are some exceptions of some geographies ar... | direct | [
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] | A |
d1452e405742a730605c950db481aaa9 | What impact did you guys have from the shifting of the tax deadline in 3Q? And just any other color on how payment volumes are trending either year-to-date or so far in the quarter? Any color would be helpful. | Yes. Obviously, we're impacted by the shift in the -- in particular, the IRS deadline shift from Q2, Q3 that we saw, so with all that volume shift. We didn't get it all back in Q3. So I'd say whatever the miss we had from Q2 on IRS didn't all come back, a large portion of it did. But that is -- that's more about what I... | direct | [
"direct",
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] | A |
5bcfa7180b1bb179fd39d108fb29ce5f | Can you talk a bit about the go-to-market for real-time payments in the U.S. a bit? I mean, so far, like adoption has predominantly been from some of the larger institutions. I guess, what's kind of a catalyst for greater adoption downmarket? Is there any difference in how you're approaching that? | Yes. I would say that most of our -- if you look at most of our growth over the last years, obviously, real-time is our fastest-growing segment. A lot of that growth has been international. I mean those -- internationally, those markets have mandated regulatory requirements for real time. We've had success in the U.S. ... | intermediate | [
"direct",
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] | B |
e3f23e35a1a0243f242a27d15d6d5cad | Will the partnership with Mastercard actually help you grow in the U.S.? Or is that predominantly internationally focused? | You know, we are very excited about that. And also We're excited about that. but I have -- I'm very skeptical on everything that we start doing like those big items. This can be huge, don't get me wrong. It can be huge. But it's really like something that we're going to be backing together with Mastercard and learning ... | intermediate | [
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] | B |
8fedcb881595112dc1765d7d1604fc58 | And then some of the On Prem deals that were delayed. I know you said they were from new customers. I mean, is it possible that they switch to a On Demand deal? Or is that something you're actively pursuing? | We track that with a lot of disciplines. So for example, we have a rate of wins, rate of losing -- losses in our deals, in RFPs. And what I can tell you is that we are not selling more losses or less wins we have up here. So it's not about losing the project itself. It's more about delaying decision for not happening i... | intermediate | [
"direct",
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"fully_evasive"
] | B |
e819727a0826b038b19593919e373faa | I just wanted to touch in on Speedpay really quickly. Could you help us with the organic growth number for Speedpay in the quarter? | Well, Q3, we had Speedpay in all of last year. So really, there's no difference between Speedpay and the core business year-over-year. It's 100% organic. We closed on that deal back in May of 2019. So Q2 had a bit of an inorganic, organic mix, but Q3 was fully comparable. I think, Scott, it would be fair to say that a ... | direct | [
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] | A |
88e815ff6028930db2a6b771d349bb32 | And then -- more broadly on demand, do you have -- when you're looking out, I don't know, next year or a couple of years, do you have a sense of when On Demand will be able to reach a sustainable growth range in sort of the mid-single digits? | Yes. We're not giving like long-term guidance now, but what I can tell you is that November 10, we will be talking about that. So stay tuned, Alexis and November 10, we will talk in detail about that. | fully_evasive | [
"direct",
"intermediate",
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] | C |
4e4036c714fe06bff407b9b79a927abe | Just want to start here with the Amarillo decision to exit that JV. I just wanted to confirm there's no impact to 2021 numbers here. And then maybe just on Diamondback's view of the asset and what activity levels they're budgeting for going forward there, around that asset. | Yes. Good question, James. No impact to our financials this year. The business Amarillo-Rattler was formed in a time when high growth was in Vogue, and we were going to need to build a plant in order to meet Diamondback's growth plans for that particular area in Northern Martin County. I think not only has sentiment ch... | direct | [
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] | A |
cc4d7d65b3930bf047aaef574fb84098 | In the quarter, really good free cash flow generation. And just curious, all things being equal, how do you see capex spending on a runway basis as we move forward since you've already spent a lot of capital to get everything in place? What do you think capital spending looks like as we move forward, absent any big dro... | Yes, really good question, Pearce. I'd say we have a capex budget of $60 million to $80 million out there. I find it very hard, today on May 5, to think that the high end of that is even close to in play. I think generally Q1 was a really low quarter capex-wise, but in our budget we probably have $35 million or $40 mil... | direct | [
"direct",
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] | A |
8e82dba3441e88cc13e444e0d7ce7c3f | Okay. And then my follow-up maybe a difficult one to answer, but I'm just curious your thoughts on this. As everyone knows, there's excess oil pipeline takeaway capacity out of the Permian and there's some talk about maybe repurposing some of those assets to maybe instead of carrying oil, carrying natural gas or NGLs. ... | Yes, it reminds me of the days back when the Permian was underpriced and everyone said that Epic couldn't turn an NGL line into an oil line, and guess what? They were able to do it. But I'm going to leave that up to the experts, Pearce. I think generally, if any basin in the US is going to grow on oil production, it's ... | intermediate | [
"direct",
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"fully_evasive"
] | B |
42c1b37af3f3f65452db51cf5ae94c42 | Appreciate all the comments on plans and thoughts for activity the rest of the year. I guess just on the potential dropdown asset, I think maybe on the last call, you suggested a general size and scale, and this could come down all in one piece. But maybe just any update on some operational metrics of the midstream ass... | Yes. No, good question, and we're working diligently to get this prepared. There's not only the assets that need to be dropped down, but there's also a lot of work going on behind the scenes to get kind of a master development plan for our Diamondback's Martin County position. I think we're going to be more focused on ... | intermediate | [
"direct",
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] | B |
a4113ada094ad1740698521c4a79e2fb | That's helpful. And then, yes, obviously the name of the game is getting cash upstairs to the parent, but should we think that from a valuation perspective, key objective is a creative on day one for any potential drought? | Yes. I think it's got to be a creative day one because you have two public companies that need to work through these, these details. And I think fortunately, there's a lot of production already on the QEP position, so there's not a lack of cash flow that would be dropped down. So I think fortunately, the asset is in th... | direct | [
"direct",
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] | A |
7c51c41d604c3cdc7efec291eb04175b | That's great. And one last follow-up, I think as we look past the drop in terms of priorities for capital, obviously chopped a lot of wood on the repurchase authorization, but when we look forward -- obviously the theme of this call has been being very prudent on capital spend. I guess when we think about free cash flo... | Yes, I still think the majority of cash distributed to shareholders is going to be in the form of the distribution. Even with the repurchase program, the majority of cash is still being returned to unit holders. I think we'd like to be a long-term distribution growth company, but also be smart with capital allocation, ... | direct | [
"direct",
"intermediate",
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] | A |
07e1ec00bda633bf672cc2733e74680d | I think the first question is, is just use of cash. You have the share repurchase program in place. I look at what you've done, you've done a great job paying down debt you're going to generate, apparently, we think pretty good free cash flow next year. What will it take and why not just get ultra aggressive on the buy... | Well, as we've talked about in the past, we put the program in place in September. It didn't give us a very large open window before third quarter in a blackout period. But if you look at the disclosure in the 10-K, which will file later today or early tomorrow, you'll see that the pace of us buying back stock througho... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e89fa50fe73e798916fa456e62324f68 | OK. Thanks. Has there been any thought to doing -- I think you have to do a more complete filing in Canada to expand it to a larger buyback, has there been any thought to that? | We're continuing to evaluate that. Certainly, we've made some progress, but we'll need to continue to evaluate that and should become an option that we want to take advantage of. We can certainly look at. Yeah. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
aa59c2661eefb607afce081352aa65ce | Great. Thanks. Two other things, what is on the -- on the Canadian front, just listening to your your commentary and you've got a lot of color, the -- mobile camp side, you talked about the demobs and I think that leads to a pretty sharp drop off in 4Q EBITDA in Canada, just because of the demobs cost, is -- can you gi... | Well, in terms of the camps we have supporting Coastal GasLink and TMX, that is the totality of our mobile camp revenue, 95% to 100% of it is related to projects. | intermediate | [
"direct",
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"fully_evasive"
] | B |
3cfeeb3fa435502765504b25a7c9113c | OK. So that makes sense. And then just the final one. Can you give us -- so the U.S market has been has been interesting. When you think about activity growth, you sold the West Permian facility, how much revenue does that? I know it's not a huge piece, but is that -- how should we think about the revenue contribution ... | So the revenue from the West Permian Lodge, as you may recall, we least out the facility in totality. I believe it was in April of 2021 to a third party who then operated that asset. We did a little less than $2 million in revenues from the West Permian launch in 2021 before we sold the asset. And in total for 2022, if... | direct | [
"direct",
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] | A |
f2b21d07500cc8c76eec51f84bdbbd4a | When you think about, if not expanding on the share buyback and your net leverage is probably to a point that you're comfortable with, or maybe that's not, or maybe you've changed the target there. How are you thinking about capital allocation? Cause your capex isn't going up huge. | So we have about $30 million and $32 million worth of amortization annually on the term loan. So that'll be a use of the free cash flow and then would look to continue to reduce leverage on the revolver as well. And then we'll opportunistically look to buy back stock as a secondary priority. | direct | [
"direct",
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] | A |
93fac22e62bab81c797a2797c1d8d67b | And then in terms of the West Permian sale, which you mentioned was opportunistic, and I know you had that relationship there beforehand, but would you -- are there any other assets you might consider divesting as you reshape the portfolio? | Yeah. Across all three regions, if we have assets that we can monetize at valuations that effectively bring forward the cash flow generating capability of that asset to the current date. We'll certainly continue to look at that. Absolutely. | intermediate | [
"direct",
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] | B |
07c6bace198e48716d8bdb8d1d6247de | What will bring down Australian labor costs and how are you thinking about that when you provided the guidance? | They need to open the international borders, which they have, we need to see the WA border open internally at the state border open, and consistently be open. It has been open from time to time over the last 12 or 15 months. But then, it will close again with very short notice, which makes it very difficult to source l... | direct | [
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] | A |
b302e545a9eb2842f1218ce6c362ef4e | OK. Fair enough. Thanks. Just last one for me is, what would get you more positive on expectations for Canadian turnaround activity? It doesn't sound like you're super optimistic on a huge jump this year, even though we've seen the capex budgets, the initial ones, at least be higher -- oil prices. What's your thoughts ... | Well, it's one of those times are topics where some of the public statements made by our customers don't exactly line up with what they're telling us on the detailed level on a side by side basis. So right now are -- I would say to underlying your question, will be fairly conservative on our our overall occupancy in Ca... | intermediate | [
"direct",
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] | B |
91b6be1c872d035f1254765889da74ff | Thanks. So, Bradley, I was curious when -- you talked about uses of cash, has there been any thought of additional M&A whether it's like the action deal you -- were successful at down in Australia? Or other potential deals? And then maybe beyond that. Has there been any thought to other end markets when as it pertains ... | Sure. Well, the action transaction we did in July of 2019 gave us our foothold in Western Australia, gave us critical mass in that region and expanded our service only business model significantly. And we were very pleased to do that. It also gave us exposure to iron ore, which we did not have a significant exposure to... | direct | [
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] | A |
6ecd6e3a9a25360c91cd632750683210 | Thank you. And just one final. When you -- I think traditionally, I have to go back and look at the exact numbers, but I think about 60% of the full year EBITDA falls in the second and third quarters, and I guess outside of the seasonality that you is -- that you mentioned for the mobile camps of Canada this year. Is t... | No. I think you've hit it, but just to be abundantly clear. Yes, in Canada, the second quarter and third quarter with the turnaround activity are the two quarters with the highest regional EBITDA. In terms of Australia, we should see sequential improvement quarter-to-quarter, Q1 to Q2, Q2 to Q3. And then either flat to... | direct | [
"direct",
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] | A |
a761dfe9f7fbad6e7d0acf6ea94045ff | Hey, Bradley, thanks for taking the question. You may have, I got on the call a little bit late. You may have talked about it in your opening commentary, but looking at your capital spend in from '20, I think you guys spent about $10 million bucks in '21, it went up closer to $15 million, this year going $20 million to... | I would say it's plus or minus $20 million. In 2020, our Canadian team, given all the dynamics we don't need to belabor. But with what was happening in the second and third quarters with related to COVID, we carved it way back and they did a great job of of managing to go lower capex number. This year was some of the s... | direct | [
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] | A |
79ef6fba1d7d1966ae98758f58e70e96 | Refer to Pages 13 and 16 in the material. For the second-quarter sales, among the factors that contribute to the sales, the impact from the COVID-19, how much of an impact was there from COVID-19? And also, if you're looking at the first half of the fiscal year, you have a negative of JPY 488.2 billion. How much of tha... | Well, are they looking at Page 13? I think you referring to the year-on-year results comparison. If you look at the volume mix, it's about JPY 40 billion minus. So this is coming from a motorcycle. From a year-on-year comparison, this is consolidated number. This was a 76,000 decline in automobile and then 240,000 decl... | intermediate | [
"direct",
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] | B |
e41d901a1a47d6598261f3354ce61e4e | Changes in the business environment is my broad question. Well, so far as the Automobile business is concerned, the expected ban on the sales of the gasoline on the running of the automobiles, and they're all in 2050, the target to get rid of the carbon-oriented activities in Japan. So what do you think of those expect... | Well, of late, yes, on top of the Prime Minister Yoshihide Suga's declaration in the U.S., U.K. or Europe, order flourished. The conventional gasoline in the operated vehicles are likely to be shifted to the new types of fuel. So the interest is becoming higher and higher toward the electrification of automobiles, amon... | intermediate | [
"direct",
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] | B |
7f1c09462479c6629597b159c5b8f15d | I mean, the profitability of automobile business. In the reform of the automobile on the business, what is the progress to date of your working together with the GM? And also, maybe the resulting kind of reductions or the handling of results in the Life Creation business? | The profitability of automotive business has been foremostly in our mind. Now, progress with General Motors. As has been announced already, that's basically what I am able to say. Only that because although we are in discussion with GM from various angles, there's nothing further that I can explain to you right now rig... | intermediate | [
"direct",
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"fully_evasive"
] | B |
de2fd4c33735202e6dc38bed78c2c1a8 | You said there was a recovery from China and the U.S. But for the full year, how are you viewing this? And also, there were some restrictions on the economic activities and production stopped. So how do you view that? And for the total market and then also your company's results. | The first quarter was a very challenging situation for all of us, and then we are seeing a recovery in second quarter. And then, of course, they could be. There is uncertainty about the second wave about COVID-19 in the second half. But we believe that we will have our 4.6 million units planned. This is higher than our... | intermediate | [
"direct",
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] | B |
8619db9544c3659f56c2ad2deccc091d | The recovery in the States, this is because the people were unable to make purchases because of the activities are restricted? And then those demand came back? That was the additional question. And then if you look at the Page 13, if we look at Page 13, the cost reduction effect, you say. And then the SG&A control, I b... | Talking about the second quarter, the first one is, as you say, because of the lockdown, production was suspended, and so overall, the inventory level was just simply short, where we saw a shortage in inventory. And then now in the second quarter, we started seeing sales growth. That is one of the factors. However, at ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
80b12e66965deef47649d746d391b625 | Second-quarter recovery, is that in line with your recovery like in China and the United States? And there was the recovery of sales. Was that a part of your original expectation? And also, the full-year forecast on the upward revision, fine. But in the United States and Europe, the number of positive cases is on rise ... | OK. As of the first quarter, whether or not we were able to have the clear expectation or not. Well, frankly speaking, the actuals exceeded our expectation. China, that was the end of the first quarter, the three months period, it was getting better. But in the United States, we really could not see through the situati... | intermediate | [
"direct",
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"fully_evasive"
] | B |
2264829a3505b0baa045c660edc77b85 | As announced already, the production results for September, you're seeing higher results compared to the last year. Now that your production is coming back, and the demand is -- is demand recovering? And then the inventory situation in North America, are you still have a shortage in inventory, or do you have enough in ... | OK. If you look at the September, most recently, for North America, we are back to 90% back to usual. On the other hand, depending on the model, the inventory level is short on some models. So we are making some additional production as well. The inventory is like 52 days' worth of inventory. And so currently, we are a... | direct | [
"direct",
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] | A |
26117da3ab036b7665aa07625289717d | Listening to you, Mr. Kuraishi, you talked about relationship with GM saying that there's nothing further that you can explain to us today. But what sort of expected synergy for cost reductions further? Per annum, by how much further? Or given those on the cost benefits and they can be diverted into investments in othe... | OK. As to the cost reduction benefits expectable, what I said was that we signed on to the memorandum. And then what we are doing right now is that we are engaged in discussions as to the content and the substance in the MoU memorandum. So I really cannot say anything more definitive. However, it is for sure that Honda... | intermediate | [
"direct",
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] | B |
7062d648a16051cd605ebb4509fe5c0e | I have two questions. First question is concerning the domestic market. But earlier, you talked about the -- for Europe and the U.S., you said the growth was better than your estimation. But I believe you have upped your estimate by 10,000 units. So for the second quarter, was the domestic market better than expected? ... | OK. Speaking about the Japanese market, well, we are seeing a recovery from July to September. And then the most recent minivan sales is recovering. So compared to the 630,000 units, now we are upped it by 10,000 units to 640,000 units. So of course, the market going forward is still uncertain. However, we would like t... | intermediate | [
"direct",
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"fully_evasive"
] | B |
6a6e29337bcd3339f23e49eac01f51ee | About U.S presidential election, just an added question. You said that it is premature to say anything about the future in the U.S. The official results are not out yet. However, the past four years under President Donald J. Trump, how would you summarize that four-year period? There was a tax cut. So for companies who... | I don't think it is totally appropriate or that we are in the position of your answering that, the question, in the name of one private-sector company, and so I'd like to refrain from saying anything. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
ed542e281b0cf095e7df821b98ddc81b | Hey, thanks. Good afternoon Todd, in terms of the record BioXP placements in the first quarter, can you just be able to quantify the total gross number of installs and how many came from delayed 4Q orders and are these mostly being placed at new or existing customers? Is there any color you're willing to share in terms... | Yeah. Hi, Brandon. Thanks for the question. I guess the additional color that I would add is we saw really strong growth in North America and channel and across all regions, but predominantly North America. On the earlier party, a question about kind of the mix and the quarter, I'd say, you know, a small percentage of ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f1d2122e09d082f20ae4a3afdd5374de | Got you. And in terms of the BioXp 9600 launch time line, looks like you've begun sort of commercial detailing for that. Have you started to build an order funnel for that system yet? And have you solidified the expected ASP for that instrument? | So again, good question. We're on track for the launch in the fourth quarter. I'd have to check with team, or I think we're nearly done with beta testing. Everything seems to be going well, so we feel comfortable that we're going to remain on track. We're, of course, you know, doing pricing studies right now. And we sh... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
1f3dbb6366629da97dfb729a0a129863 | OK. Then, Jennifer, I didn't hear you speak to guidance for the year. So we assume that you're reaffirming the prior revenue and installation guidance that you talked about on the 4Q call. | Yeah. Thanks for the question. So we did give our annual guidance on the Q4 call and it is our practice to give annual guidance rather than quarterly guidance. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a59996b079a30d4b1cd88b70f8cb6d9c | Sure. I understand, like, you're not giving necessarily 2Q guidance, but should we assume that kind of that full year outlook you talked about before is still intact? | We have not provided a change to that. Although, it kept this time, yeah. Yeah, this is Richard Lepke. Clearly, we're off here to outstanding start to the year. So, our goal and our aim always is to meet or exceed our guidance, but, you know, our practice typically is, still, we'll provide annual guidance. You know, we... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
658c7354b90704356de77377bddffca0 | Hi. Todd, on the 3.9 kb sequence data that you're producing, could you talk, is that the level of consistency? What's the sequence size you ultimately are targeting? If you could talk about that sequence performance. | Yeah. Hi, Paul. Thanks for the question. So we presented this data twice now, which is great. We presented to a standing room only audience at the SynBioBeta conference regarding Solar-- Dan's not here, I apologize, but let me go ahead and answer the question in his stead. So 3.9 kb is the longest gene we've ever synth... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5e049f0e514dcdf4267296995ac85c6a | And you had mentioned you were going to increase headcount, I think even in Q1, where are you with that progress? | So we've made a number of key hires in Q1. And currently, we have approximately 250 U.S. employees and about a dozen internationally. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7e889f08159529ae6f4e2e48696d74e3 | OK. And you began the Pfizer milestone in Q1. Is that right? | Yeah. That was the first full quarter of recognizing that milestone, yeah. It was a full quarter. Sorry, Jennifer. Yeah. That was the first full quarter of recognizing that. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
dd772b3b2001f13ee72057b4368e62d9 | So maybe just to follow up on Paul's question. On the Pfizer upfront payment, can you give us a sense of the cadence of the timing of the rest of the upfront payments? | Sure. So we received in January an $8 million upfront payment. That payment is being recognized on a straight line basis over, you know, a two- to three-year period. And we are also eligible for future and near-term milestones totaling up to $10 million. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6801de60b73a50a5223db4a362b60528 | OK. Got it. OK. Thanks for that And then I wanted to talk about the 9600 launch. Looks like that's scheduled for Q4, but are there any lingering supply chain issues that just could potentially impact the launch timing? Or are you guys feeling pretty good about that? | Oh, we feel very good about the launch timing now, and we have secured supply chain requirements. So, we've procured all of the parts in the bill of materials for our pilot in MR1 runs. So to the best of our knowledge, based on our forecast, we'll have sufficient materials and finished goods. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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