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35d788e3884f3903dd3605c9459590a7 | Hey guys, thank you. Thanks for taking my question. Greg, you've been open in prior calls both on Liberty Broadband and Formula One that you guys would like to see Charter raise the 26% cap so that Broadband can accrete a higher ownership level in Charter as Charter continues to shrink its share count through the buyba... | Yeah. A couple of things. We have not sought formal approval of that 26% cap, and it is still a year out probably before it becomes an issue. But we have had productive dialogue with the independents. And I think as we outlined on the call last week, they have -- many of them have their issues to be worked. But many ha... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
db09c59d62060c7328301d6255767229 | Would you just share your lessons learned from the installation of 5G, and more importantly, the customer uptake and the ARPU effect on the total per customer or per account? | All right. I think our principal lesson to date is that speed continues to sell. We've seen a very substantial performance increase in the network as we moved to the 5G implementation, particularly on the 4G side. The 5G radios and network supplement the 4G installation and greatly increase the speeds on the 4G network... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
08eb29398aedf854f86baae8cfa71ce1 | And as a follow-up, also from a business point of view, and this is probably for you Greg, when you think about lessons learned, either in the implementation of this and/or the uptake, what can be evaluated in terms of additional installations, not for GCI, but for Charter elsewhere in the US? What are the lessons that... | Thank you for the question. I'm not sure we can say just positively, we know what the lessons are for all cable [Phonetic] at Charter. But, I think, what it's shown is that the platform that cable has -- is an excellent platform for 5G and offers opportunity for increased bandwidth -- mobile bandwidth for customers. It... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
cff494d0c48d2fe1141c987f72e8b289 | And any thoughts about the ARPU effect on a total basis in terms of incremental? | I am reluctant to say that because I've generally been of the view that this mostly, because of competition, gets dissipated away. If you look what happens with 4G and to some degree 3G or LTE, the 4G equivalent, you've seen that most of that did not result in increased ARPU. And I'm somewhat reluctant to imagine, we'r... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e4db87bbc880be4a43f6ec5a8ccdbff1 | And, clearly, the value of the network and the broadband network, specifically, as a backbone, for 5G, is now obvious. Is that correct? | I love the way you say it it's now obvious. I hope you're right. But I think I don't know if it's now obvious. But I think hopefully it's being proven and I agree with your thesis. | intermediate | [
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"fully_evasive"
] | B |
aa048d74c3211965dbec742ad6988966 | Thank you. And one last one. First and most important, congratulations in terms of the merger between the two company. Did I read correctly that the team from GCI will stay and continue to manage the business and there's not going to be any change? | Yes, you read that correctly. | direct | [
"direct",
"intermediate",
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] | A |
c3f4f250f4a429a9d86bcba87be7924a | Hi, one on L-Trip if I could. The Trip shares are now sort of notably above the $17 base price in the preferred. How do you think about paying the preferred coupon going forward in terms of cash pay versus PIK-ing? And are there potential sources of liquidity you wanted to pay down in cash going forward? | Again thank you. I think there are potential sources, but I suspect given that's a non-cash flowing holding company, we're most likely to PIK it. And we'll see what other choices we have along the way. But I would say PIK is the most likely alternative. | direct | [
"direct",
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5195008a5d354cb025a69f4e50f678af | Thanks for the follow-up. Greg, just because you opened the door, you mentioned you see the discount at 21%. Number one, is that pro forma? And number two, what are you assuming your GCI stake is worth in those calculations? | Yeah, that is pro forma. And we have a range of values. So, I'm not going to lock down on the GCI value. We let the marketplace do that. But we -- it's somewhere in the 20% -- just over 20% range. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
27dc3f9745f244ea0fff5934c808bedb | Good morning. I was hoping to get some insight into why is the 0.58 ratio the same for Class A and B shares of GCI Liberty when the GCI Liberty Class A shares will be losing their voting rights if the transaction goes through with Liberty Broadband? | Thank you for the question. I believe since this was done by two independent committees, both the independent committee at GCI Liberty and the independent committee at Liberty Broadband. They believe that was the fairest case which the shareholders see have higher liquidity. Given the strength and size of the B vote, I... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e5bd8d073bb34181a566cc61faee1553 | I wanted to ask you about your current expectations for the timeline of the second BARDA procurement, especially when you expect to receive the $38 million from BARDA, and is that receipt might spill over to the first quarter of next year? | As you know and as I said in my prepared remarks, the positive topline data delivery to BARDA is the trigger for the process that we'll execute upon the second procurement. We continue to believe that we will have data provided to BARDA from that study in the latter part of this year, at which point that will start the... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8c6be1a6bbfbc6b683d86665d53ce43e | How do you think the demand in sales contributed by the hospital-based use of NUZYRA will look like for the remaining of this year? | As you saw on the slide, which represented a part of our business which is in the community, you can see that the sales in the community continue to grow that are actually contributed by the hospital doctors. That's the blue bar that was in the chart. Of course, we also have a hospital business that wasn't represented ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f00c7c0b0172e94d1b083f66a7bfd2cd | I wanted to ask about the Phase 2b NTM study. You mentioned that you believe positive results from this study would be supportive of both guideline inclusion, as well as label expansion. Looking to get a little more detail around what gives you that confidence and kind of set the stage around that. | Two parts to this question. Number one, as you've heard me say before, this study is the first of its kind. It's the first really randomized controlled study ever done in mycobacterium abscessus. It's certainly the first randomized placebo-controlled study done in any of these devastating lung diseases. We feel from hi... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
da6af495bf352a16564736bfac0a76fb | Toward the end of your prepared remarks, you mentioned a future investor event this fall. Any details you could share at this point around that? | We are in the planning stages currently based upon the inbound interest with regards to NUZYRA for NTM, both on the abscessus side, but now, on the MAC side that we are receiving through our Medical Affairs Group. We think that this is a timely event that will allow us to actually review more robustly the in vitro and ... | intermediate | [
"direct",
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] | B |
f933a2f7efdaf9171b659d49f59219b7 | I think I heard there were 35 to 40 reps added this year, or was that by yearend? And I'm just kind of curious around the numbers as that progresses, where it is right now and where would you expect it by yearend? | We're going to add 35 to 40 by the year -- by the end of the year. That will get us to about 80, 85 representatives. And our plan, obviously, after that is to add another 35 to 40 in the middle of next year, and then again, the following year. And I should be clear these are all in the community. There is an opportunit... | direct | [
"direct",
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] | A |
3ffdda1bba08442ffaa845e71bc68b51 | Could you actually give a general breakdown between the IV and oral in terms of the revenue this quarter? | That's about 90/10, so 90% of our business is in oral. | direct | [
"direct",
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] | A |
230b31983998bb7fbd430aeb0d15bfad | I think we grew from about $27.6 million in terms of SG&A to about $30 million, roughly $3 million in growth. Is that the trajectory of increased spend for SG&A that we should expect throughout the remainder of the year? | I think when you take a look at that delta today in terms of this past quarter, Bert, I think that's really a reflection of our expansion and the commitment of resources into the community salesforce currently. We continue to remain confident in terms of our operating expenditures that were very much in line with what ... | intermediate | [
"direct",
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"fully_evasive"
] | B |
a3aa5465e93931abc5047f9dfd54d073 | Just thinking kind of looking at flu seasons and patterns, and obviously, COVID has had a material impact with regard to flu, is there any sense that flu season might return to normal in the fall of 2022? I know it's tough to predict, but just your sense there. Or more normal. | Yeah, I think it's really hard to predict. I mean, if you had to look at the current surveillance date in terms of Southern Hemisphere, both in terms of Australia and other southern hemisphere countries, they are actually having a very robust flu season. That being said, again, those countries like Australia have been ... | intermediate | [
"direct",
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] | B |
785890b574b35cb29de6d640c7280986 | As the U.S. operations come online, should we think about cost of goods any differently with regard to gross margins? And then, I'll get back -- actually, the next deliverable beyond this one for BARDA, could you just remind us what that next deliverable is? Again, you've been very clear for the rabbit study this year,... | With regards to the -- I think when you say deliverable, you're probably referring to the next procurement milestone. The next procurement milestone is a combination of studies for both the PEP and the treatment program. At the time where BARDA and Paratek were speaking about providing some more clarity on what the pro... | direct | [
"direct",
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] | A |
066a1a265527b252ab4ca2d754cda150 | Hi, there. Hi, management. Thanks for taking my question and congrats on a strong fourth quarter and FY '20 results. I have two questions regarding 2021 as well as potential guidance and then some questions on expenses.
For 2020 -- for 2021, I was wondering if the company would be -- would be giving guidance, and as we... | Maybe I can take the first question regarding guidance. We -- we are not filling up a two-year guidance. And then on the going-private process, for the given unpleasant change still remaining for centuries, to be cleared around some of the sub-specialties not recovering, we also believe we're not in the clear position ... | intermediate | [
"direct",
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e01cfdd9e53ab1c3ec231cbf1c796051 | Got it. And then for supplies expenses, do we see that to be maintained as a higher ratio going forward due to the increase in higher-quality -- or higher-complexity service as well? | So I think there are some mix changes as a result of that. Actually, Roberta, do you want to --
Well, generally speaking, you said supplies expenses, right?
Yeah, yeah.
The question is about supplies -- yeah. So generally speaking, supplies are very linked to revenue. So as revenue goes up, obviously, price go up. I... | intermediate | [
"direct",
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] | B |
c8b2f43656b6a25858971545b40e7175 | Just your confidence level that plinabulin will have an FDA advisory committee, I know that so far they have not asked or requested that an Adcom be scheduled, but given that it is a new mechanism of action, which is a typical trigger for convening a panel, curious if you can share your thoughts on maybe why an Adcom w... | We did have in this letter from FDA saying very specifically there is no Adcom had planned at this moment. We think that probably that's due to two very positive elements during the two-month review. Number one is FDA inspection did happen in our New York office in the beginning of May. And we do not have any 483 [Phon... | direct | [
"direct",
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] | A |
86ae71c6fa1245cb662310a274af0069 | And then, my second question is just as you look at the data generated with the triple plinabulin plus IO/IO in tumors that have progressed beyond PD-1 therapy in the small cell lung context. What are your thoughts about looking at this combination in non-small cell lung? Obviously, a bigger market opportunity. And I a... | The goal is indeed together now with plinabulin what you call proof-of-concept evidence that it works in specific IO combination and then, the next step will be that we move these combinations into first line. So moving into non-small cell lung cancer is certainly the plan as one of the next steps. There are two big IO... | direct | [
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834eb433b9e855582ca9d6e60862abab | First question is just for Phase 3 DUBLIN. If you can provide any specifics on where you're at in respect to reaching the 439 events needed for the final analysis. And you've guided to top line data midyear, but do you think this will be more of an August or September update? | So as of now, we did reach -- and these will 439 death events, which is the final analysis criteria. So we're still cleaning the data. No analysis has been done yet. So I think we guided market that it's midyear because when you do the cleaning to make sure the raw data is same in the EDC system that is that extensive ... | direct | [
"direct",
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30a9aa0f82e5618820c4fa8c7631b38d | Just wondering if there's anything additional you can say on the patient baseline characteristics at this point, including proportion of patients who are PD-1 failure patients and how baseline characteristics factor into your efficacy expectations, or is this something we can learn more about at your R&D event -- Day e... | First is I think our R&D next week will be very comprehensive. So we are going to go into details into the designs and also primary and secondary endpoint to the DUBLIN-3 Study. So I think that's the right platform to review the details. And then, secondly for the baseline characteristics, they all are balanced. So we ... | intermediate | [
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2aff05486fa199ea1856863be57a0706 | So, my question has to do with kind of the regulatory sentiment. So the question is that the basis of the question had to do with during the COVID pandemic, I think NCCN was really aggressive in terms of updating guidelines regarding management of CIN patients. I'm just wondering through the breakthrough designation di... | FDA is kind of independent from the NCCN guideline members. But as you see, we did get breakthrough, right. This is for the unmet clinical needs and also to raise the standard of care. So that's the two criteria for the breakthrough. And secondly, we are also grateful, but yet to give a priority review. That's another ... | intermediate | [
"direct",
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] | B |
1c11f6c6c550fdd32dd80cbef66b5bea | So from a modeling standpoint, how do you think about the ramp? Rich, in your prepared remarks, you did talk about if you're kind of building an integrated infrastructure here in the United States. So how should we kind of think about that SG&A build maybe basically from now to PDUFA and maybe from PDUFA to launch? | So we have a three-fold through pre-launch approach, and we talked about this before. We're talking about addressing this, driving the awareness of this neutropenia vulnerability gaps, day one to day seven, eight, nine. So this is where plinabulin has its effect and it's the perfect partner for G-CSF. With 1.4 million ... | intermediate | [
"direct",
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] | B |
59ca3e6265808c15df115097cda38ca7 | So my question is about the content cost moderation. As we have seen several rounds of regulation and -- from both the national level and the industry level this year on the moderating for the content cost as well as the compensation for actor/actresses, can management share some color on whether we have seen the per e... | Let me first review the historical development of regulatory changes. Back in late 2018, three platforms including us and six major production companies have issued a joint statement, and we have limited the top actor/actress salary to maximum RMB5 million -- RMB50 million per title. Previously, that could go as high a... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a48db1182a8770d03d8ab78b74589cc3 | So my question is about the user time spent as well as the subscriber retention rate trend when we get into the second quarter in April and May? | Eddie, thank you for your question. Yes, you are correct that entering into April and May, we have seen the time spent for both free users and membership have been on a declining trend, although on average per capita level, the time spent doesn't decline that much, but total time spent is declining. Also for our member... | direct | [
"direct",
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"fully_evasive"
] | A |
ced41ed124481563372cd42148a74a19 | My question is given the delay and the shortened school summer holiday this year and overall travel sentiment also negatively impacted by the COVID-19. So how has that changed our overall variety shows and the TV drama launch timing plans? Any difference this year versus previous summer? Any tractions for the advertise... | As far as we understand, this year's university entrance exam was delayed for a month, delayed to the beginning of July. And the practice in China is the other school students, the summer holiday will come after that and -- but the next term -- next semester will still begin at September 1. So that -- we think the summ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ed6721372f024747efbfce74af78a8ec | So my first question is relating to the membership growth spike during the virus and then dropped afterwards. Just wonder what lesson the company has learned through this opportunity. And going forward, in order to retain more users and increase more members, what are the main strategies or directions that the company ... | For all the users, including free users and the member -- paid members, we have observed that in the past, around two years, those user time spent has stabilized, entered into a very stable development stage. So their behavior is quite -- it's quite stable. So then usually, the consumption, their time spent will increa... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
680088e859081e1a81776eaaacce2133 | In terms of the monetization here, we saw that in terms of the total revenue growth, it's still a little bit soft. And then is that related to mainly because of the advertising growth slowdown due to the COVID-19? Or is there eventually some structural reasons that we should be aware of? And then I think in the press r... | I think it's a normal pattern that during the pandemic outbreak, people watch too much entertainment. So I observed there are some fatigue, in fact, that people were -- had -- somewhat tired of this too much online entertainment. We observed this also in previous years when there is Olympic Games. And after the Games w... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ad8da616594977d22a090830d21b28d9 | I have a question regarding the timing on profitability. Given that the content cost, we are seeing the benefits coming from the cap on the artist compensation, and in Q1, we have seen that the gross loss is actually less than RMB300 million, given the fact that more and more benefits on the content cost will come in 2... | Okay. This is Xiaodong. I think this is not like a new question. It's a very frequently asked question. I think the answer will be exactly the same as we provided before, because nothing actually changed for the foundation of this business. If we can -- as I just mentioned, we can still improve the quality of our origi... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
131944354a1b6445a014d5baab67f33c | First, on the SaaS bookings number, really strong. Can you just kind of give us a glimpse into what is the buildup with that? Is it M&E, is it GLC, is it energy? Is it all of the above? Just any kind of granularity would be helpful. | Yes. I mean we've had strong bookings kind of across the board. So we obviously represented some material growth in M&E and GLC, and both of those have strong bookings. And so we're seeing both strong bookings in terms of expanded renewals and net new logos. | direct | [
"direct",
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"fully_evasive"
] | A |
65624a5be2c7d8c19e170221155a85fb | And then, if my math is correct, I guess the midpoint, your Q4 imply revenues, like 14.5 million. Can you maybe help us get a better sense of kind of what's PandoLogic versus core Veritone, appreciating that the Pando business will seasonally be stronger in 4Q? | Yes. So I mean, we don't really give that level of detail on our guidance. But what I can tell you is, I think you can infer that, obviously, we have strong momentum. And absent Pando, we would have been raising our guidance on an annualized basis. And then obviously, the addition of PandoLogic will add some more incre... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
449a1cd28c4e0644e67caa07af554fe5 | Last one for me, on your utility customer, the East Coast, I assume that's the one we've kind of been speaking about in the past. I know you guys said there was some kind of data readouts that you're waiting on. So I guess my question really is, what are next steps? Is that data readout there? Are there milestones we'r... | Yes. I'll take that one. So it's kind of a three-phase approach. First, it is really about forecasting and controlling the inverters that are connected to the solar arrays. We delivered that software in July successfully to the customer. And that's been again implemented and collecting data. So we're very excited to se... | direct | [
"direct",
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"fully_evasive"
] | A |
0090cbb71f1c7fb81cb28a0c1dda24d0 | I know when you announced the Pando deal recently, you talked about the opportunity for cross-sell. What's been the feedback from your existing customers thus far? | Yes. I think at this stage, obviously, since we haven't closed, we've been operating sort of by the book. So we haven't really entangled too much of a proactive co-marketing, co-sale effort. That being said, we've obviously been contacted inbound by a multitude of different customers, who we're very excited about and t... | intermediate | [
"direct",
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"fully_evasive"
] | B |
0329949db0b677ba564b1153957a9771 | So No. 1, is there -- in your Q3 guidance does that include any PandoLogic revenue? | Yes. I'll take that one. So what we've said, Pat, is we expect to close PandoLogic late in Q3. And that's really late in September. And so you can infer that there's a little bit in there, but not a whole lot. | direct | [
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] | A |
1d98e0757a5832b645c6452a76782913 | OK. And how much risk is there of that? | Yes. There's always risk with timing. This one is, is really customary in Israel. There's a mandatory 50 days stay. And so does that have risk? We've been told small risk that it could move out. But if it does move out, it shouldn't have a big impact again on the quarter. It's more impactful in Q3 and Q4. Yes. | direct | [
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] | A |
33cef58759989f39159fa9060d96eae0 | OK. This is very high level. Why is it going SaaS instead of in advertising? | Yes. I mean, the way that this is sold and marketed is as a SaaS product. It's not sold and marketed as an advertising product. So we're including it as such. | intermediate | [
"direct",
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] | B |
3754fde63fad20bd64c2713259d9b1b1 | OK, go one level deeper for us. What's the key difference there? | The clients are paying for the use of the software to as their primary platform as compared to agency representation revenues. So it's not a service-based business with humans. They're paying for access to the platform and the use of the platform to manage their acquisition. So it's 100% a SaaS product. The execution o... | direct | [
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] | A |
74b5a7848b9a10b38017e9f297ac0c27 | OK, perfect. And so this goes back to a question other investors asked me, and it's not my space, but I'm sure you guys will know in this call. Is this more like the Trade Desk, then the old Rocket Fuel? | There's definitely some parallels to some of the more established DFT's out there. Yes. We do think it's going to be a little different where we've already going to be doing, I say more further integration into the HR systems of the respective clients. But yes, there is a lot of similarities from a functional perspecti... | direct | [
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] | A |
f90d0f1c8510f76118671e37ad57ff9f | OK, great. And then last one, and I'm not sure, Mike, maybe it's you. But when people asked me, when investors asked me, what sort of long-term durable, organic growth rate for this business? How would you guys answer that? | I mean, on our analyst day, we kind of used 44% CAGR to get in the next five years to get us to that $500 million growth rate. I think that's probably a good proxy. I mean, obviously, that will likely be accelerated over the next 18 months with the acquisition of PandoLogic. But I think that's a good long-term growth r... | direct | [
"direct",
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11dbeb6e90eb4c3581d525450ef42eee | Hi, this is Nick on for Chad Bennett. Thanks for taking our questions. Just on advertising revenue. I think this is the first quarter we've seen a sequential decline in quite some time that business. Just need additional color on what's going on there. And then how should we think about that advertising revenue in Q3 i... | So with respect to Q1 and what we mentioned, Nick, is we had one customer, DraftKings, that had an exceptional quarter. And the reason they had an exceptional quarter was largely due to states opening up some of their gambling, etc. That didn't repeat in Q2, it most likely won't repeat in Q3, but we feel really good th... | direct | [
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] | A |
ecd08c5520addabe1469d7292c1e236c | Hi, guys. This is [Inaudible] on behalf of Mike Latimore. Thanks for taking my question. Can you give me an update on the prospects for reaching phase 3 of Air Force imagery deal and what would be the timing of that? | I don't think we have an update on timing though I'd say we're still active. Everything looks full speed ahead as we progress through phase 2. But no, we don't have any updated guidance on moving into Q3 -- I mean, phase 3 at this time. | intermediate | [
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] | B |
9098cb59b9054cc3aea3856d25cf477a | OK. And what has been the biggest of advertising gross billing for active customer growth? | I think part of it is we've been leveraging aiWARE and kind of our data insights to continue to improve results, and therefore, that has afford us the ability to increase spend on behalf of our larger customers. So our ability to maintain and grow larger brands with increased budgets is obviously very accretive. And th... | intermediate | [
"direct",
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] | B |
49273180a789ee81423bfa18d18ee9e5 | How should we think about your growth for the next couple of quarters? | We expect our growth to remain steady in the mid-single digit range for the next two quarters. This is based on our current pipeline and the ongoing demand we're seeing in our key markets. However, it's important to note that there could be some variability due to macroeconomic factors. | direct | [
"direct",
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] | A |
4835c91dc648b81898aeaab075c935c2 | Can you provide more color on the margin expansion you mentioned earlier? | Certainly. Our margin expansion is primarily driven by two factors. First, we've been implementing cost-cutting measures across our operations, which has helped reduce our overhead. Second, we're seeing improved efficiency in our manufacturing processes, which is leading to better economies of scale. We expect these im... | direct | [
"direct",
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] | A |
74b08e8b0cd1467db924380d0b3b2a50 | What are your capital allocation priorities for the remainder of the year? | Our capital allocation strategy remains focused on three main areas. First, we'll continue to invest in organic growth initiatives, particularly in R&D and expanding our production capacity. Second, we're actively looking at strategic M&A opportunities that align with our long-term goals. Finally, we remain committed t... | intermediate | [
"direct",
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] | B |
a93583cba2ba548eede1f47566275bb4 | Just wanted to touch on the -- the expectation for prepayment activity here as -- as we're sitting in Q1 and heading into Q2. Any thoughts on -- on the level of prepayment activity? And, you know, in light of that, how aggressive would you get in -- in deploying capital to build the portfolio? | So, we have a vision on prepayments that we've been told should happen in the first quarter or the second quarter -- the first half of the year. And so, we're able to look forward and see that. We also have very, very strong pipeline and origination volume expectations for the first quarter. So, we -- we think that the... | intermediate | [
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176b47d73729bf58c15ee1ef21762f5e | Right. And can you maybe give us some flavor to, you know, the -- the level of origination that you'd expect to deploy here in the first half of the year. So, for example, if you look at the fourth quarter is pretty strong stuff from an origination standpoint. Just want to see that's kind of in line with your historica... | Well, this is Gerry. Yeah, the demand for venture debt and for equity are both extremely strong going in -- coming out of the fourth quarter and going into the first quarter here. As Rob mentioned, I think, our portfolio companies rates are 22 of our portfolio company based on about $500 million in equity alone last ye... | intermediate | [
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6eb737aa6d34f17a6455e238e072972e | Hey, good morning. I wanted to talk about the environment for a minute. You know, obviously, you guys are -- are venture-lenders but what are the competitors to two lenders in the D.C. space that can actually be equity capital? You talked about a significant model of venture equity capital that has been raised in -- in... | Yeah, that's a great observation, honestly. Because basically what we're seeing is an all of -- all of the above strategy. Just -- just as a, you know, kind of top-line example. I think of the seven new investments we added in the fourth quarter, five of those also included either new equity rounds that came with them ... | direct | [
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9319e46ca13cda71e965d316c843a41a | OK. That's -- that's a helpful color on -- on what you guys are pursued in the market from a competitive standpoint. You know, I believe you guys historically have -- has set a target of leverage range of 0.8 to 2.0 times. Obviously, that -- that's a pretty wide range and could probably fluctuate where you guys intend ... | You know, Ryan, that's a -- a great question. You know, like you said our target has in between 0.8 and 1.2 to 1. And we -- and we only start each quarter and we plan out the quarter based on the liqui -- liqui -- liquidity we have the strength of the pipeline and then n determine, you know, how -- where things fall ou... | direct | [
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d050be4b6264f86fc405859dbe66d405 | First off, revenues, particularly product revenues came in a little bit light of my expectations, Street expectations. I'm just wondering if there was anything timing related, or maybe supply a little bit of color on how these orders are kind of flowing through given the strength in your bookings. | Yes. So bookings are strong. Backlog is quite healthy and strong. We're slightly below the midpoint of the provided guidance range. We had some headwinds from an FX perspective internationally, and then there's a little bit of timing delay in the U.K. from the Brexit influence as well and a tiny bit in the Middle East ... | direct | [
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ed01d92bd5caee2d34169ad45eccaaa8 | Okay, that's great. And then shifting gears to the gross margin. So product gross margin, a very strong quarter. I think it might be a record there on the gross margin. Meanwhile, service and other gross margin has kind have been ticking down a little bit. Where do you see those to kind of -- moving over the near to mi... | So for gross margin, we have a favorable product and customer mix in the third quarter. We do expect gross margins to continue to increase over time, with the caveat that typically the first quarter is a lower quarter in revenue, if you will, and then we build up during the year. So there's definitely a little bit of v... | direct | [
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0cfeeccdb7d17ab0c4e8f2d5c625fe78 | Peter, you mentioned I think, that some of the rev strength growth in the quarter was due to the population health solutions, just curious if you could call out strength in any particular health solutions. | Really across-the-board. I mean we went live at a larger program, if you will, that was nationwide, so that has some really good enrollments and that's the majority of it. | intermediate | [
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4c7b369b96bf029cfee14cc677586168 | Okay. And then also, you said some nice government deal flow in the quarter. Is that fairly typical for the 3Q? I mean how does this compare to past years? I realized the government fiscal year end here at 9/30. | Yes. So third quarter, typically, is the higher quarter for government business. And so we would expect -- it's the highest quarter likely for government business in the year, so that's for bookings, right? We're very pleased to see that also the government is adopting components of the Autonomous Pharmacy, like the XR... | direct | [
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f4a62f368ac7f732246981cdd38d2c1e | A couple more here. Adjusted operating margin, obviously, a very strong quarter and above your typical 15%. I think you've kind of talked about that in the back half of the year, coming in north of that 15% historical target. I'm not trying to put you on the spot here, but you've got Q1, you just explained that typical... | Yes. So we think for now it is. We do see strength year-over-year, that is absolutely correct. But we do have investments booking in the past with the Autonomous Pharmacy and some of the products that we already mentioned, and we are building out the new products as well. Plus we're investing in services, on a professi... | direct | [
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132ab8c97bc82d770c6d83a9a8ba7f35 | Okay. Another question regarding DSOs. You shown steady improvement the last couple of quarters, bringing that number down. Do you have an internal range or target that you're shooting for? And maybe how close are we to getting there? | Yes. We're definitely reducing the accounts receivable balances, if you will, I think we went over the drivers compared to other MedTech companies on prior calls as well We do not have a formal DSO target. The DSO is purely a mathematical calculation of the gross AR balance of a revenue in the quarter. The one part tha... | intermediate | [
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4f69a4f8656bd358d87312ffd8b36a7d | One last one for me. Regarding Mercy. As you mentioned, top 5 health system, by my math, that's an extremely large contract, 10 years. The last sole-source agreement you signed with them, I believe, was back in 2003. So this is consistent with that kind of that longer-term partnership that you've previously had. But as... | Yes. I'll take that question, if you don't mind. These big customers who have been our customers for a long time really have to look at the redeployment of the newer technologies and really redesign it from the ground up, not just replace what they have, but how do you get much more out of the technologies and with coo... | intermediate | [
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a77502cf283f28835db96319fbcfb2e5 | Just a couple of questions. I noticed SG&A coming in as a percentage of revenue the last couple of quarters. And I know early on, you're scaling up headcount a little. I'm just wondering where you are on that front. | Yes. So we'll -- we'll drive a little bit of leverage here in the third quarter, fourth quarter. But we are growing, looking at backlog and bookings momentum and the pipeline momentum. We will continue to scale the SG&A as we're hiring. And like we said, we expect to do in the fourth quarter as well, we expect to go up... | intermediate | [
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415fee3eb64eafecab706540f3195d96 | Okay, OK. And I know you've obviously announced some nice wins recently, especially, obviously, in the U.S. So just wondering, outside the U.S. now if you're seeing any change in the business environment there. | Like we said in the earlier -- from an earlier question, we do see some headwinds from an FX perspective on the British pound and the euro. We do see some delays from the NHS. Capital spending, if you will, in the U.K., we think that's merely a delay that's mostly related, we believe, to Brexit. And then in the Middle ... | direct | [
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b6b9a43b71989d5c91c890a2a157e4ff | And finally, I know the tax rate obviously came in quite a bit in the third quarter. How should we be thinking about that going forward? | Yes. So we got it for the full year, right, for 9%] blended rate. And the fluctuations are really kind of depending on the benefit of the stock option exercises, so that's why it ticked up a tiny bit. But in that range, it's probably fair for you to assume in the future. In future years, however, got to make sure that ... | direct | [
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d8aee1fb50faa9b88a68137c375a66e3 | Right, right. And then, finally, Randy, early on, you've mentioned a lot of things that you see you could be making a difference on, things like opioid crisis, etc. Just wondering if you're already having conversations regarding any specific things you could be doing in terms of working with your existing customer base... | Yes. I think that there's a whole new set of regulations and, I guess, scrutiny around opioid management and every healthcare institution. And we have solution sets now, and we are putting time and energy to advancing those to even more at the next level, because the scrutiny is this is one of the areas that pharmacies... | direct | [
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285ab8d43a4137ea1a7a07720a8039df | That Vizient deal, can you give us some color on that? Is that kind of like more of a partnering situation? Or how is that going to work? | Well, Vizient has always been a GPO that we've worked with over the years, for many, many years. Probably that new part of the Vizient deal is really -- they only had the core products and not a whole expansion line. And so we were able, in this round, to expand the product line to include IV workflow and robotics, the... | direct | [
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ec938909040206c0379e35b592cd05c7 | Do you -- you probably don't want to give a percentage, but are you in like the majority of their hospitals? Or is that a lot of. | Whatever our market share is, is probably the same market share that were in their hospitals. So -- or probably about half, somewhere around half of their members, maybe a little more if they represent the larger groups. | direct | [
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1dc37548a51ede3d08c1ccb8c4861140 | Okay. Curious, just in a general sense, on the operating margins. As you've talked about this before, but I just kind of want to see as you get more experienced with these larger multiyear platform sales. Net-net, should that be generally a lift for your operating margins? | Well, large-scale always gets economies of scale as well. However, what as we said on an earlier question, there's quite a bit investments to go to really bring the this vision of Autonomous Pharmacy to life. Randy talked about some of the areas that are cumbersome for pharmacies that are on big issues like opioids. If... | intermediate | [
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fca93e4e7a7799cb59531e79adc48686 | Good job on the record results. I had just 2 things. You talked about some major expansions in the quarter, certainly Mercy is a very good one. How about -- how should we be thinking about net new wins these days? Do you still view yourselves as net share gainers in the market? And my other question relates to the term... | So for the market share perspective, we've always mentioned this. And as you recall in a relative share of bed counts in the U.S. We do believe also this year that we have gained further market share, if you will, at a fairly consistent rate. We were clicking away and taking away about 100 basis points to 150 basis poi... | intermediate | [
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ba558b1c9bec4fa378e0bd580739e11d | Just a question on your leverage. You guys have made pretty good progress in bringing that down. When do you anticipate getting to your target of below 4 times? Do you think it could happen with the next heating season? | Yes. I think a combination of growing the EBITDA through acquisitions, and as I said earlier, the way we're funding these acquisitions, we're not really adding to our debt. So it is some excess cash flow that we're using to grow, but I think with the multiples we're paying, we're growing EBITDA. If we continue to gener... | direct | [
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959c5ae899bb5912fcb2bedb01f7bb53 | And I guess, with the acquisitions that you've completed and also the ones in the pipeline. Are the returns essentially in line with historical multiples more in the 7 times to 9 times range? How should we think about that? | Yeah, every deal was different. As I've said in the past, some deals will garner a slightly higher multiple, if we think there's a much more competitive situation, and it's a strategic market that we really want to make sure that we give ourselves the best opportunity to win that up -- that acquisition. And others may ... | direct | [
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dcee6ae693af2b8dab65c8b8504768c6 | Okay, great. And the last one, just if you could touch on your brand refresh efforts, perhaps the cost and timing of when you should maybe see some tangible impacts or benefits from this program? | The cost is very minimal. Frankly, it's mostly going to be through communication. It started back at the end of June with a public announcement of our three pillars, which is our commitment to excellence in customer service, our SuburbanCares initiative, which focuses on the commitment that we have to our employees for... | intermediate | [
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6ce0d4cc5e420cc3a8243c768677cffb | Okay, great. And I guess, would you guys consider perhaps longer-term exploring -- maybe ESG reporting, given the nature of your business and the other social efforts that you guys are making? | Well, this is our -- this was our start of that, OK? And that -- that was really partially our attempt at getting ahead of that ESG reporting is to -- when we started seeing the focus of different investors and institutional investors, and we said, look, we have tremendous ESG already very clearly involved in all aspec... | direct | [
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c404deb85729d3acbc4ddbbda9f88e6f | Exiting the wholesale channel and in mindful of your outlook just on gain on sale margins, how are you thinking about the cadence, you only provide quarterly guidance here, but the cadence of GOS margins over the coming quarters and will exiting that channel provide some support or upward pressure, really how are you t... | So, we think, net of the adjustments for the provision increases as we mentioned, margins are expected to be higher in the third quarter within the range that we talked about and exiting the wholesale business actually provide some upward lift to margins. | direct | [
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701238f3903ed2dd7522a0cf68e5e038 | Any areas where you're leaning in or maintaining investments that you'd like to call out? I'm thinking technology and a few other things, anything to flag there? | No, I think really if you look at the $375 million to $400 million full-year run rate cost savings, about 65% of those are going to be in the people area, with the balance being a blend of other third-party and infrastructure related as well. There will be some investments that we will make that will offset some of tha... | direct | [
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91982240fce680381e93bcc10897f42a | Just on your commentary that you expect to be breakeven by the end of this year, what are you expecting on the revenue side there, how much contribution from home equity are you expecting or is it mainly on the cost side, that gets you back to breakeven? | Yeah, I think that the primary focus is adjusting our cost structure to the market forecast that both Pat and I talked about. I think HELOC is a very modest because we're launching it later in the year, is a very modest contributor really, really de minimis frankly. | direct | [
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a740cc59e738f51e737387c6e37b15fa | And then just to make sure I understand the volume guidance in the context of exiting wholesale, I guess when do you expect to kind of stop funding volumes and how much of kind of the 3Q volume guide is from wholesale? | Hi. The plan is to fund out the remaining wholesale pipeline, which is approximately $1 billion and have the entire pipeline wrapped up by the end of October of this year. | intermediate | [
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a6368cdac8c12d3666b844635e4c05ac | Follow-up on the question about the plan to exit 2022 being profitable. Can you comment on what kind of baked into that projection in terms of where you need to see volume and gain on sale levels, is it kind of steady from what you're expecting in the third quarter, is there any improvement at all baked into the expect... | Yeah, I think broadly speaking, of course, we're looking at in-market that looks more like in the low $2 trillions for the year, so that implies a slow down through the second half of the year. And then as I mentioned in my prepared remarks, we're looking at a decline into 2023. So I think it's important to recognize t... | direct | [
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d03b5174820ea05080e4aaa306559598 | You mentioned the impact of higher rates on the repurchase provision in the second quarter. I guess when you -- when we look at how rates have moved so far in the third quarter if they were to stay relatively steady from here, would it be reasonable to expect some of that provision to come back in 3Q just based on our ... | Well, it's -- we think that the provision levels are accurate for what we see in the future. We think that over time, as rates continue to rise at a slower pace or remain stable that that gap will come back and the provision will look similar to historic levels. So this was an anomaly around the differential between th... | direct | [
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9a2d5f709ead93eb01b14ac3ea47fbea | How much of opex or operating -- I'm sorry, operating expenses will decline from the exit in the broker channel? And is this fully embedded in your guidance for $375 million to $400 million of expenses? | Yeah, Kevin, it's included as part of the overall run rate reductions in the $375 million to $400 million. | intermediate | [
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f15607be1509a980976daeb575ace4db | And then how much is coming from -- directly from the exit of broker channel, are you able to provide that? Or -- | No, we don't provide that level of specificity. | fully_evasive | [
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914f84149c3de6a4b4c46a330a8b468c | How much of the $375 million to $400 million of expense saves that you laid out has already been achieved as of the second quarter with the $520 million of operating expenses that you reported, excluding the $41 million of goodwill impairment. | So in terms of the $375 million to $400 million of expense reduction, so that's really not -- I think goodwill is not in that number, just to be clear. So we've identified substantially all of that and have action plans against all of that. There's still a bit to solve for, but essentially I'd say that we're very close... | direct | [
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7d686c59168cb56c1c93f3a80603ec5c | So when we think about the move in operating expenses from $606 million in the first quarter, the $520 million in the second quarter, how much of that is due to the expense saving as you put in place versus production declines, is another way to look at it, like how much more do we -- should we expect? | We had headcount declines of -- was about 25% reduction in the quarter. We had a 40% reduction in the quarter -- quarter over quarter for marketing expense, 15% was personnel related and then 8% was volume-based commission plan. So there was adjusted expenses were 17% lower quarter over quarter. So it's -- we didn't br... | intermediate | [
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06bb2a5502ba2d6d3336fd4da8e0a1b4 | What top of funnel trends have you been seeing as mortgage rates have pulled back a little bit in recent weeks? Just curious, are you seeing any more organic traffic at all as that's happened? | Not to a material degree. | direct | [
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ae0d294d6b1ff4a790619bf2bfc60c0a | How do you think about your ability to gain market share in this declining originations market? Or is this really more about positioning yourself to stabilize the cost structure and then gain market share once volumes really do stabilize? | Yeah, we're not going to chase market share. So we are very focused on pivoting to a purpose-driven, affordable lending, underserved lending model. It's going to take some time for us to get there. We're very laser-focused on cash flow profitability. Certainly, we have areas that we think we're strong in from a market ... | direct | [
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160fdf085398f9d0e887d3951cb3df1c | Are you just getting out of the broker business or are you also exiting the work with the JVs? | No, this is simply related to wholesale and non-delegated correspondent business channel. And in the partnership channel, we'd always separate it those to entities, joint venture still being a big part of our focus with new builder and affordable housing and such and wholesale and non-delegated correspondent is what is... | direct | [
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879b7ce7b400b91a63af213f5500242f | Could you just talk a little bit more about the decision to exit as opposed to just attempt to take out some of the cost and try and continue to run those businesses? | Yeah, look, I think we want to stand for something. So when we talk about purchase driven, I think the demographic shifts in housing and mortgage are such that we think the future is around serving a broader contingency, particularly the diversity of the millennial and the subsequent generations there. So -- and that i... | direct | [
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f8331c1f447ef15d22eda914ed8b7c02 | And then just one question about the guidance for 3Q, pretty wide range on the two origination ranges. What kind of gets you to the high end and what scenario gets you to the low end of those ranges? | I think we -- they're same dollar ranges we've previously given. We understand the context is wider because of just the shrinking market. So I think it really is dependent on market conditions in the near-term. So it is -- it's a very fast-moving market. Part of that range is how well our JVs do in completing inventory... | intermediate | [
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81f6997a07be7a645c19cc0cc74aa91a | Was this related specifically to repurchase liability? Or was it due to loans and pipeline that were unable to be sold or the market moves quickly against you? How should we think about like the decline in gains on margin in the second quarter? | Yeah, it's almost entirely in repurchase activity and the market price differential from the increase in interest rates. | direct | [
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50ff3d185dc617a1fabd7723aa84dcfc | And so the repurchase liability, is that related to the -- your pipeline from the second quarter? Or is this loans over a long period of time that is related to? | The loans that were sold home loan over the last 12 months that come back for record warrant violations or performance-related issues. And there were -- it was 3% loans repurchased in a 6% world, right? You have a differential of almost 300 basis points. And on top of that, new yield requirements by purchasers of these... | direct | [
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8e1f300f31b71da245d90afdcc035873 | Can you give us a sense for the cadence and magnitude of MSR sales? | So we are trying to accelerate the cost-cutting and expense savings into the third quarter to -- so we can preserve most of the balance sheet and have to sell less MSRs to cover operating losses. We did complete a $18.6 billion MSR sale in July. That was in the 6/30, the June 30 quarter end marks reflected the value of... | intermediate | [
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58857301d44930bf5674c11238ed59dd | Can we start with the Avaloq partnership? Can you provide a little more color on how exactly that came about and if there's any way for us to think about the revenue opportunity potential there? It sounds like there's some other stuff in the pipeline. Would that be sort of similar-sized opportunities to Avaloq? Or larg... | Sure, Dan. Yeah, I don't think we can give specific you a revenue number on Avaloq in particular, but a core part of the strategy, the trusted identity strategy as we build these more open cloud-based platforms and mobile tools is to really access a wide range of partners and ecosystem partnership model really across m... | intermediate | [
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45adcf2a426f053d1159f57080e292f5 | Software licenses had a nice rebound in the quarter. Can you give us a little more color there? Anything in particular you'd like to call out? And what are you thinking about for the balance of the year in the mobile security license business? | Yeah, I think it's -- certainly, the first quarter was a slow quarter in terms of mobile security, and I think that was partly based on the magnitude of the order increase in hardware authentication, right? So institutions, I think many of them were very focused on that during the first quarter and didn't order quite a... | direct | [
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b9f093adc1571d74cd64b54b17195f2d | I just wanted to start talking about the pipeline you mentioned of about 50 -- over 50 customers for the TID platform, I think you said. How should I think about the realization of that pipeline and how that would affect revenue in the future, and when it would affect the revenue? | Yeah, I think that it's pretty consistent with what we've been saying since the beginning of the year in terms of what our objectives and goals are for this year. We do expect there will be some revenue contribution from these new solutions in the course of 2019. We expect that to certainly become more material in 2020... | direct | [
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0b4b697c6063186424505f32cf51f1ef | And then if we could talk a little bit about the gross margin. You expect third quarter to be sort of in line with the second quarter, I think you said. And the hardware orders to come in the third quarter and then sort of wane off into fourth quarter. So I guess that's going to make the gross margin being a bit lower ... | Sure. So just maybe a comment on the gross margin. Mark jump in here, if you need to. What we said is that Q3 will look a little more like Q1 and then Q4 will look more like Q2 or in that neighborhood, maybe better, probably better in the fourth quarter than Q2. And that really is just being driven by mix. We have very... | intermediate | [
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b2a68228e0732895e2ce6379a22f9637 | And one last question about the research and development and the run rate for that, what to expect for the remainder of the year. Should it sort of stay on the same level after second quarter? Or... | We expect to see R&D costs temper a little bit in the second half of the year, but not too far off from where we are in the second quarter. | direct | [
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ca1830e7fbb6f2c3bc8ff66fd153a105 | So just a couple for you. One, I think you talked about the significant ramp in the e-signature pipeline in Europe, which I think is kind of long awaited now. How does that shake out? Or can you say in terms of cloud versus premise, will that be predominantly cloud? Or is Europe going to be slower as you look into the ... | Yes. So first of all, I would say it's not limited to Europe. It's a more global affair than that. Certainly, opportunities in Asia are coming to the fore. So it's a little bit broader than just Europe. And I think there will be a higher propensity in some respects to -- for customers that are outside of North America ... | direct | [
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1b7b65222460e325d70557de33ab1bf1 | And then on the R&D line, obviously, continuing to invest there. Can you talk -- are you willing to talk about how much of that is in the Trusted Identity suite versus ongoing kind of evolution in mobile security products? And how much has started going toward the hardware business just given the resurgence we've seen ... | Well, I'm not -- I won't -- I guess I could just say no, but I'll try to give a little more color.
Let's not say no, right? I think -- I would perhaps think about it this way. Hardware, first of all, let me start with that. Hardware consumes a modest amount of R&D. And it's -- I think, I would characterize it as simil... | intermediate | [
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a64a0ccea9ebea3904dd519cb56bf264 | I just wanted to follow up on capital-deployment priorities. You mentioned a recovery in the second half from a working capital standpoint. I know inventory kind of ran up on this quarter on the PSD and the hardware demand. What are you sort of thinking about as far as where the cash balance should be going? What are y... | So it's a good question, Matthew. It's something that we talk about a lot. We, in fact, had a discussion about this with our board last week. I said Matt.
I'm sorry, still on the last call. Sorry, Dan.
So as we do every quarter, essentially, we just had a pretty robust discussion with the board last week about capita... | intermediate | [
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] | B |
47100995ec019976a653a39ebf7727d0 | So on TrueCar Plus, can you give us a sense just the cost to dealers on a per transaction basis, what's the margin trade-off for the dealer by using the TrueCar Plus platform? And how have you seen the traction in the Florida group, given like the tight inventory environment in terms of adoption of that platform? | So Rajat, thank you for the question. So we have not disclosed anything around the economics yet. We will do so at the right time. But we'll -- at the moment, we have not -- we've not done anything around that.
This is really focused on the pilot program. So this is really making sure we do all the right testing, real... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
7fa7edb65086eaabeedd9b2b380e871c | Is there an opportunity for higher monetization here just anecdotally? | Absolutely. And I would say -- I would argue significantly higher monetizations is probably the right word to use. Yeah. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
2d97e60cd5d4f0edeedbc0d02b9f3ce4 | Is that coming from like maybe getting more share of the F&I? Or is there any other part of the transaction that allows you to get that apart from just overall experience? Just curious as to where -- what buckets you should be thinking of -- | Yeah, I think you allow through online -- by helping dealers lean into your online sales, I think you're allowing them to think through the reshaping of the buy-in its entirety. And we want to help them really be able to compete with a lot of the other online platforms out there that do obviously -- do direct sales. An... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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