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2d1900aa22eee3c1e10181660c89af01 | You've got arguably certainly the best portfolio audio-wise on sports in North America. We've seen a lot of announcements on DraftKings. I know they probably distribute like the Dan Le Batard content through you. But can you talk about how online sports betting and the halo around that? I know sports viewing is down, b... | So sports betting has always been a direct corollary to live sports. So when you look at where we'll go in audio, live sports, betting and other things, we've had a fantasy sports program for a long time. We have, as you saw recently with baseball, tied up digital rights. So the key to sports betting is, I believe, the... | intermediate | [
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48e9db20137038861853f218f1cdd10a | I was wondering on the cadence of continued paid promotional subscriber losses. Granted you said that you'd be on the path to maybe losing 1.5 million this year. But is there a path to that going to zero at some point? Or is that always going to be part of your range of the OEM relationships? And then secondly, related... | Yes. Maybe, Jennifer, I'll take the second one first. David, yes, the -- as you saw, we -- the cash flow in the first quarter, 211 was in line with our expectations. We had some working capital timing movements, some incremental cash interest, as I talked about. So nothing really unusual there. On the paid promotional ... | intermediate | [
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b9117773359c5cba6dc761693047f7a4 | And on the royalty decision that got delayed another couple of months, what is embedded in your expectations needed for this year? What should we be looking for? | Yes, David, so I'll just -- I'll reiterate what I think we talked about at the year-end call. We've taken a pragmatic view. I think that what we pay, what we have lobbied for in the hearing and what they're asking for is all public information. I think we've taken a pragmatic view. It's embedded in our guidance. And fr... | intermediate | [
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dfe696b8ee492c913c6c59bae514960d | First, could you -- there was a talk about you guys talking to AT&T about acquiring some of the spectrum that they have because it was complementary to some spectrum you have. And if that was true, I'm just curious as to whether or not that's something you're still interested in? And if so, what's the status of that pr... | So we've been working closely with AT&T and the FCC on the adjacent spectrum. And I think it's -- we're looking at various opportunities to use that in conjunction with government agencies. It's not for commercial purposes, but it's important to us to protect that guard band because it's next to our satellite spectrum.... | intermediate | [
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0fc049eeec1436638cf5eae401657570 | Given that you're migrating from the XM Sirius platform to one, and you're going to have a bunch of spectrum free under your control, what thoughts do you have as far as how you could possibly monetize that? Because I assume the SEC will let you keep the licenses. I don't know how they wouldn't. Have your autonomous ca... | We're still looking at a number of options there. I mean the decision around low-band satellites will likely come in the next 18 months. But today, we still have a significant number of subscribers on the low band. And we want to continue to maintain and support that business. But over time, we have looked at, and we'l... | intermediate | [
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4fe58f277b430764795bb5ecb3ae4d4f | I think you mentioned on a previous call about the omni platform deal that you had signed with Kevin Hart, where it's both on Sirius and Pandora and podcast and kind of doing that. And when it comes to major talent, I know that many of them are reluctant to be on anything other than the biggest platform you have. But I... | So thank you for that question. Not only Kevin was sort of the prototype for it, we have others that you'll be hearing about shortly that are multi-platform deals. I would go the other way. All our talent now is -- that we discussed within our current talent, Andy Cohen is launching a music channel, in addition to his ... | direct | [
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afcdcf41212aac0caa0f6b379e9a6bdf | One, involving your ad sales process. I wonder if you could talk about the ad sales integration with through a variety of options, especially between Pandora and Sirius? And whether the app usage and availability has broadened ad avails significantly? And then separately, on the 360 rollout process, en route to 360L be... | So on the advertising side, we've been able to, I think, capitalize on our strengths on the sales team side under John Trimble. We've brought all the teams together. They'll still soon be launching under a new umbrella SiriusXM Media, which brings together all of the capabilities that we have on the sales side across t... | direct | [
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68dca111af30ffebe1387b4668dd8bb3 | First one, just on the Ford Direct win, congratulations on that. Just wondering if you could help us understand the dynamics on that. You're one of five. How does this line up with the GM precedent? How many incumbents were they prior? And then also, if you could just give us an idea of when potentially dealers can sta... | The Ford and GM deal are similar in approximate size of the opportunity, GM has got about 1,000 more dealers in our network than four. But I think there are some fundamental differences. Number one, recall that GM was an exclusive provider with one website company prior to opening it up. And Ford has always provided ch... | intermediate | [
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0f548e7b771b024e9f98551f03d6b5d2 | I believe your leverage target was three times. It looks like you guys have hit back on a net leverage basis. Just curious now how you're thinking about the use of cash? You guys have done well with our recent acquisitions, haven't done anything in a while. Curious your thoughts on maybe doing some inorganic growth and... | Yes. I would say, we're really excited that we were able to bring leverage down below the three times level. That being said, I don't think our capital allocation priorities have materially changed. We remain focused on driving growth in the business, both organically and also inorganic opportunities could be of intere... | intermediate | [
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46b9919825c9e086926782c287937fd5 | Alex, was a pretty strong dealer customer add number in Q1, kind of in line with what we thought on the DI and the website customers. So always tough to kind of parse out underlying organic versus DI and dedup. But maybe if you can just help us think about as we go forward here, obviously, we're all very well aware of ... | Thanks, Dan. Well, look, we're really pleased that we had record sales in Q1. The year started strong. And by the way, continues the momentum. We're growing our dealer count well in Q4 of '19 and grew it again in Q1 before COVID. So we were on a growth trajectory before COVID. Certainly, the whole world changed in Q2 o... | intermediate | [
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0f0a1ac0606b03622218f217febe03ac | You always talk about the strength you're seeing with fuel. I mean, just to kind of go off of your comments as to go about ARPD growth. Obviously, I would think, a pretty good contributor. You probably don't want to break it out, but how rapidly is that scaling in terms of where it's being offered, uptake to tax rate? ... | Well, I think what's exciting about fuel, Dan, is that it's leading to some of the strong gains you're seeing in ARPD. And yet that product platform has only penetrated less than 15% of the U.S. So we've seen strong initial adoption by the most digitally progressive dealers across the country, but we've got a long way ... | intermediate | [
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0e3715cc1e4f777e68cda8095a320866 | You mentioned strong SCO helped reduce the planned marketing investments. Can you talk about the sustainability of this strength? Is it growing versus the competition? Do you expect this to kind of persist throughout the year? | Our SCO strength certainly has been persistent over the past three years. There's been no platform growing its share of organic traffic more consistently and repeatedly quarter to quarter than cars. And so we think key to that is our differentiated content strategy, while other marketplaces, just harvest listings, we'r... | direct | [
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8354890eae52ccc8ec9b1befc600b187 | Maybe just looking at opportunities in the landscape, maybe, I'll call it, auto tech. You have fuel, you have dealer Inspire, one of your big competitors got into kind of the auction environment. Do you see opportunities out there as dealers get? I think they're zeroing in on finding inventory more creatively or more a... | Sure. Well, look, we still got a lot of runway to go with our existing organic solutions, right? We're still under 5,000 dealers on websites and a much bigger universe. We still haven't even really begun to focus on the independent dealer segment with website solutions and fuel, as I mentioned before, early, early inni... | intermediate | [
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9719179184e1d4447c9aefb428cfd5b8 | Curious on the dealer growth and the customer pick up there. How much of that was reactivation of suspended dealers versus new dealer growth? | Well, look, everybody lost a lot of dealers during the pandemic, Ryan. And so we're almost back to our pre-COVID levels. So a good healthy percentage of that is dealers coming back. We saw particular unnoted strength in franchise dealers engaging in the platform. And so we're right back almost to our pre-Covid levels. ... | direct | [
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3e6f4ffa7a4adf7b90005be901971cd2 | How much is left in kind of the pipeline of suspended accounts that haven't necessarily made a decision whether to drop or to reactivate yet? | I don't know if that's necessarily the right way for us to look at it, right? What we're trying to do is go out there and create like a healthy dealer base that is interested in not just our marketplace solutions, but our entire suite of products, which includes BI and fuel. So we're evaluating the opportunity that way... | direct | [
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a686c0b77210c1e7f4de28e83133ec6e | And then just on Q2, I get the OEM revenue down and the challenging new vehicle, just from the supply side, etc. But I guess, it sounds like fuel is on fire. It sounds like DI is doing well. You have this new for GM's ramping. I guess, all of the good stuff that you talked about with the business, it feels like that sh... | Well, look, we are being cautious because the chip shortage is a macro factor that's evolving by the day. So I think our low end of the guidance range is partially driven by that, like there's just a lot of uncertainty there. I would say we're seeing really strong robust trends on the demand side and on the dealer side... | intermediate | [
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3a99adeaadf4e05e8b2bcc042d964cd4 | So I guess are you assuming potentially dealer churn because of that environment? Or do you think dealer growth can continue, and this is primarily an ARPD, I guess, headwind? | Yes. It's not an ARPD headwind. That's been strong and growing. And dealer count has been solid as well. In fact, we grew dealer count in April. So we're seeing the growth trends on dealer continue. I think where we've applied some conservatism is just on the national uncertainty and outlook there, which, as you know, ... | direct | [
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70791b5dcae100b918f4f7c0d5889181 | You talked about or I guess the online shopper, there's a lot of push toward end-to-end online solutions for dealers. Have you seen any cannibalization of your marketplace subscriptions with customers that are doing more with DI? | No. It's just the opposite. In fact, as dealers are embracing digital retail, increasingly, what we're hearing from dealers is wanting to augment their website volume with users from our marketplace. And we're seeing this through the DI connected platform right now. If a user comes to the dealer's website through cars.... | direct | [
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2ea0ad86e4511209c423975aabfd277a | Can you talk about the relative sizing of your MSR and Agency portfolio today? If I look at Slide 13, it looks like the interest rate sensitivity from both is the relatively kind of matched up. Can you just talk about kind of your expectations and willingness to kind of continue to grow the relative size of each? | Sure. Good morning, Doug. Thanks for joining us. That's a good question.
So as you point out on Slide 13, right, on the left-hand chart, you do see the interest rate sensitivity of the Agency RMBS and the MSRs being roughly equal and offsetting. But if you go to Slide 12, you see that there's a little bit of a differe... | intermediate | [
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b5fae8d2660cb3c321f97cbd60106707 | Got it. And then if you could just -- I guess, how do you think about the current sizing of the flow program relative to the expected runoff or is it kind of sized for growth or is it size to kind of replace runoff at this point? | I'd say that, again, it's market dependent. We're very pleased with the amount of flow servicing that we're acquiring, which, as Matt said, is largely offsetting the run off. We do, as we've noted in the past, have recapture programs with our existing sub services as well and that's part of what we're doing also. The a... | intermediate | [
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10bd08071c82fa55aaf96c60529401b5 | Hey, everybody. Good morning. One quick housekeeping question and then a couple of other questions. I didn't hear it, have you guys provided a book value quarter to date? | Good morning, Rick. Thanks for joining. We did not provide it. But through the end of last week -- it's early in the quarter.
But through the end of last week, we were up a little north of 2% so far in the quarter. So that's coming, again, from spread tightening -- we've seen some spread tightening in coupons. So that... | direct | [
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54c41df0575e6de5942715b3460efa37 | Perfect. Thank you, and thank you for all the technical stuff. It's a really interesting call and the materials are helpful. I'd love to understand Slide 11 a little bit better in terms of MSR pricing.
It's consistent with what we've heard anecdotally, which is that with the big supply of MSR available due to producti... | Sure. Good morning, Rick. Nice to have you here. I'll take that one.
Well, I mean, as you see in the chart on the lower left, the price multiple of new flow that we're acquiring is a little north of a three multiple. We did say that the MSR spread has tightened marginally, maybe only 50 basis points, that doesn't have... | direct | [
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490b77b109dfc125dfbf80e070bd9b42 | Got it. OK. And then last question for me. As you increase modestly the allocation to IO, can you help us -- and again, just putting this in context of what we saw last year, think about liquidity and funding for those assets, and does this create a risk that we should be considering? | Sure. I'll take that one. I guess we're looking at it on an opportunistic basis here. It's atypical for us to be able to source significant quantities of IO.
It's coming sort of as a function of the huge demand for strip down bond that's happening today. The spreads on the asset are a little bit tighter than what we'r... | direct | [
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89ae2dd41858c887e50c378f020d49e9 | Hey. Good morning, guys. Good to hear from you. A couple of questions here.
Can you talk about where subservicing costs are right now? And how they may have changed over the last, call it, a few months? And then on the funding and hedging side, are you seeing opportunities to take advantage of a flatter term structure... | Good morning, Eric. Good to hear from you too, and thanks for joining us. I'll take the first question, then I'll let Matt talk about the repo question. Subservicing costs have been stable.
When we enter into our subservicing agreements, we have a pre-determined cost to service schedule that sets out what the costs ar... | intermediate | [
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bbba1972b53bade73c2cd5338b15489c | Great. That was really helpful color. And then on the four bulk transactions over the quarter, can you give us some sense or just some kind of market color, if you will, around the competition in the market for those transactions? And really, what, in your opinion, would catalyze potential additional bulk sales to take... | Yes. I think as we've said in the past, we find signed the pricing in bulk transactions to be situational. There are some packages that we think are pretty tight and some that are attractive. The competition for bulk package is pretty good right now.
I mean, it's competitive. There's, I would say, that market has peel... | direct | [
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b02c49cc8c9dc541665446c77b3abfdf | Yes. Hey. Good morning. I just wanted to go back to the IO versus the MSR.
It seems like one benefit that IO would just be, I guess, less operational risk that you don't have to do a service event. But obviously, so I guess net-net, do you -- is that the preferred place to capital exposing versus MSR until something c... | I think it's certainly true. You don't need the operations in order to manage the IO position, but the financial risks are certainly similar to the MSR position in terms of managing the interest rates, the prepay risk, the transactions risk that we have. As Matt said, we view this as really an opportunistic sort of env... | direct | [
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10c7aaed69101c7d4df6031995aab736 | OK. Great. That's helpful. Thanks.
And then just on the roll specialness, you guys noted it's down in January. Can you just talk about where it stands now relative to year end? And then just what do you expect that to continue to be active, etc.? Do you think you could see improvement in specialness in the near term? | Sure. Bose, it's Matt. I'll take that one. I mean, it has come off significantly.
I think the main thing that's caused that is that the vendors really changed their purchasing activity. They've pushed their purchases out into the back months, which more matches the origination sales. So for example, we talked about th... | direct | [
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db14e59cf287fb31f71c75e43defd5b2 | OK. Good. Thanks. So just one last one.
The issue with Pine River, the litigation, is there any time line for when there's a resolution on that? | I'm sorry. I was on mute there. Excuse me. As you know, the situation is active.
As I'm sure you can appreciate, I can't really say much more than that. The Board continues to believe this is without merit, and we're in early stages of this process. And again, I'm sure you can appreciate, I can't really say much more ... | fully_evasive | [
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a6982e5ab1e0c2367a40a299fc9f4bbe | Hey. Thanks. You guys briefly talked about primary secondary spread in the opening remarks. I was curious, a couple of things: first, with respect to where MSR valuations are today, do you think that significant compression of primary secondary spreads is already reflected in those valuations and so more generally sort... | Trevor, thanks very much for the question and thanks for joining us. Yes. So certainly, a compression in primary secondary spread is baked into current MSR pricing. That's one reason why we've said in the past that while optically servicing prices might seem lower today than they did pre crisis, most of that reason is ... | direct | [
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1dc00540e0514b9bd07ed1ab2cedb32a | OK. Got it. And then one more question, looking at Slide 13 and 14 on spread exposure and the level of spreads today versus historical levels. And I think generally, they've continued to tighten in January.
Do you guys continue to find opportunities to add more either through MSR or IO, in light of where spreads are t... | Yeah. That's a good question. Again, we don't have a target for that number. We think, like when we talk about our other interest rate exposures, we think the net exposure to mortgage spreads is already low.
We are finding the ability to sell these strip-down CMOs at low to negative option adjusted spreads, which allo... | direct | [
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d68548653ecc74738c81d711f1bf80bf | Hey, thanks a lot. Just a couple of questions. The first one, Steve, maybe just comment on in past experience, how long some of these auto cycles have taken to sort of trough and rebound. And you mentioned that nine of the top 20 grew by over 50% year over year, which is pretty astounding given the overall environment.... | Hey, Michael. Thanks. Great questions. With regard to our past experiences, I mean, we have been through this before, right? What we saw in the last cycle, that was back in 2015 and '16, that cycle was driven by three big things: lower-than-expected gas prices, higher-than-expected employment, increase in distracted dr... | direct | [
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1d5b1821d7e203e2766804941337aac9 | Noting that they're increasing certainty on Medicare Advantage advertising, requiring all Medicare Advantage marketing materials to be submitted to CMS prior to use, just wondering if you guys have seen any slowdown in lead generations from your supply partners or your own interest assets in this? | Yeah, understood. And sorry, you broke up a little bit, but I think you're asking about whether the CMS pre-approval requirement for Medicare Advantage advertisement has led to any kind of slowdown in our ecosystem. Yeah, it hasn't. We actually we're having a very strong enrollment period and we haven't seen any materi... | direct | [
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3ff7b20100c2400c672e855e360658ba | Got you. OK, thank you. That's helpful. And then as a follow-up, we saw that the conversion in P&C was pretty different than we had expected. So just wondering what the private market dynamics were in P&C this quarter? | Yes, that's a great question. So what we saw in Q3 is that we had some large supply partners who scaled this tremendously over the years to establish direct relationships with a couple of larger P&C carriers. That resulted in this shift. But as you know, we don't provide guidance related to the mix of open and private ... | intermediate | [
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b9bbaf0b9e853c68bf0a530b44551b74 | Great. Thanks. Two basic questions, if I can. First, within P&C, are you getting any -- are you seeing any signs of concern about insurance companies wanting to raise rates but having some regulatory friction? | I could answer that pretty quickly. That is something that we're seeing mostly, quite honestly, just in the trade press and not any specific feedback that our partners are giving us. | direct | [
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ccd54214e8cd9b5f98f62df0e3c45b04 | OK, perfect. And then I don't know whether this is manifesting itself at all, but a number of the, I guess, senior health brokers are struggling with retention. I was hoping you could walk us through what impact that has to MediaAlpha, if any? | Well, those brokers are both demand and supply partners of ours. And again, to the extent that they're going to struggle with retention, that would lead them to actually sign potentially a lower expected lifetime value to the customers that they require. And so that would lead them to pull back on the bids that they ha... | direct | [
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38e1fd79aabdbfa0f0ee3cd57b004a95 | Good afternoon. So it sounds like, in terms of the cycle itself on the P&C side, that '23 is the year where, hopefully, things get back to normal. Is there a lag from the time the underwriting improves and where marketing spend goes up? Or is it pretty much simultaneous with the improvement in the underwriting margins.... | Yeah. Hey, Frank. So I would not characterize the market coming back in 2023, I would characterize it as we don't know exactly when it will, right? And so I mean, we do have some partners calling us that they expected back in early part of this year, again and then we have other partners calling us they'll be back late... | direct | [
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3f306f5c33956d8ecfa50d26f17473a6 | Understand. And just one more on this topic. I think last quarter, you called out two of the large -- of your top carriers, were you saying that more than two that, that number has increased since last quarter in terms of those who are either contemplating or have cut budgets? | Yeah, Frank, that's right. That's right. I think we started to see the early signs, right? And those are early signs that we were seeing in Q3, right? And there is one aspect of this cycle that I alluded to, which is different from the last one, which is it did unfold quickly and more uniformly across all carriers -- o... | direct | [
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6cfae518d5c890e18f839a7e43a11e68 | Got you. Well, I guess having diversity is a good thing now with the strength you're seeing on the health side of the business. So maybe just one question there, you had earlier question on churn. But I'm just curious, as we listen to the DTC brokers report this season, there does seem to be a bigger focus on quality o... | Well, I think it would affect the business positively. And I think that that's part of why we're seeing very high levels of demand from some of those broker partners that you're referring to. We're seeing demand at levels of two to three times previous periods from those demand partners. And so as they focus on quality... | direct | [
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e673b7e4de93ec87dad49078360ff0a1 | Can you please comment on what has changed for 2022 in regards to the wind market dynamics? I believe you had mentioned previously that 2022 was looking very strong but now you expect the market to be flat in 2022. So any comments there would be very helpful. | Yes. Laura, thanks for the question. I think we did comment on first quarter that volumes looked pretty good for us early on as it relates to 2022. That has not changed. I take our -- those comments about the market being flat, mostly from comments and discussions with our customers and our customers' customers. I thin... | direct | [
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49325a4e71e264a02a59d560590f5548 | And just to clarify, flat versus 2021, that would be right, not 2020? | Yes. I'm sorry. I misspoke. That's correct. | direct | [
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1459435521fff8cc7a210e00b47a2196 | And then on the dedicated manufacturing lines, I see that now you have 54 lines for the end of the year versus 50 in the prior guidance. Can you help us understand a little bit the moving pieces? I know you have the four lines with Siemens Gamesa going away and four lines with Nordex being added. So what's causing that... | Yes. So it's a little bit of a technicality here. It is technically 54 at the end of the period. And so that would be at the end of the year and then because the contracts that expire, expire on 12/31 at the end of the year. So there are a number of contracts that are expiring at the end of this year. So going into 202... | intermediate | [
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4531b9c8ca92725bce38831b7aa7f395 | The average selling price is going up for the year. Wondering if this is purely driven by the new lines with Nordex or that in a combination of you being able to raise prices given supply chain constraints? | No. The primary driver of that is the raw material input costs going up. So that's causing the increase in the ASP just based on how our contracts operate. And then yes, a portion of it is the Nordex lines, but the larger piece is the raw material. | direct | [
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2cbd4fd20d52728729a5566f4c6186b3 | With the infrastructure bill and the potential reconciliation bill that would come at the end of the year, are you guys seeing anything -- when we talk about infrastructure, we tend to think about things like roads and bridges and railroads. But I also think -- it occurred to me that buses could be a direct spend. It's... | Yes. There's a pretty significant amount of it that was aimed at transit and school buses in the bipartisan deal. So that -- and that's outlined in the deal. So there's a fair amount for that. From our -- that's great news for us and for our customers, clearly. But the biggest part of the infrastructure bill from a win... | direct | [
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20102a779ab02cc1329a8c00e1d11811 | You -- in the deck, you gave $460 million between Proterra and Nordex for the incremental for the contracts that you have. Can you give us just a sense of the split between the two and over what time frame you're contemplating? | No, we can't give you the direct split between the two, but the Nordex deal is a three-year deal. The Proterra deal is a two-year deal, a two-year extension. | intermediate | [
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a73a18f0073f2d850c0400c5b0a6585a | We're tracking through all the companies that we follow what's going on in terms of shipping and logistics. And it just occurs to me that you guys -- at least I know your customers are the ones who pay for the blade to ship them, but that will impact their level of demand and so on and so forth. So if we're looking at ... | Yes. Very different from a blade standpoint. So there are specialized ships, and then there's obviously specialized rail fixtures as well as specialized truck fixtures. So it's really hard to compare it to a container. However, with that said, I mean we are impacted by container pricing as well, right, as we bring raw ... | direct | [
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117714f21065cf3241ef187ee4c63098 | Maybe just on the raw materials, can you remind us when -- or how the contracts are set up when they maybe reset based on price. And then I know you've kind of got the shared pain/gain setup that you've talked about. Maybe just talk about the current situation in that context. | Yes. So we have -- one of our customers is 100% responsible for raw material price increases. So that -- 100% of that goes to the customer. That just happens real time. As pricing goes up -- or as raw material input costs go up, price goes up. With our other 50% of our customers, if you will, it varies, but our average... | direct | [
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861fb8f14cd218ec92e3bce98dcbf533 | Maybe last one from me. Just on the launch in China, I know working to fill those. And this has kind of been a question ongoing for some time, but any traction -- well, first of all, just traction in potentially filling those, but then secondly, traction with some of the local OEMs in China. I mean is there any interes... | Yes. We're -- I mean, we're still actively working those lines, if you will. It's a little bit tougher with the Chinese OEMs from a cost standpoint. We have had many conversations with them, and those continue. Nothing to report as of today. And then with our other -- with the Western OEMs, we're still working on diffe... | intermediate | [
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e28d7a46c319d1950d7aae384c2cb93d | You referenced your expectations for the market in 2022, just curious, when you think about your business, your contracts, your market position, should you kind of mimic the market? And maybe alongside of that, given what's gone on this year, can you expand margins in a flattish market next year? | Yes. It's a good question. I think in response to Laura's question earlier about lines under contract. So we'll have fewer lines under contract next year. We expect to have better utilization next year. So even though we expect a relatively flat year, we do expect better utilization. And with better utilization general... | direct | [
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dd5a3c7b8a074253475804abcc8e928b | You had a pretty sharp rise in transportation sales sequentially. It looks like that's kind of a seasonal thing or a timing thing because last year, the second quarter was similar. Is there -- can you just kind of speak to the trend there on the non-wind blade side? And how -- because I see your full year guidance, but... | Yes. As you think about the non-wind blade sales, it's made up of, one, the transportation side, the field service side and some other revenue in there. So all of those are kind of contributing. I mean -- so you do have some seasonality with field services as we continue to ramp, especially you'll see some of that. So ... | intermediate | [
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aa149cd0d435c22a945f1757f794d045 | And you did talk about the changes in wind blade average selling prices and with raw materials being a big piece of that. But the underlying trend there, given blade length, etc., that should still continue to sort of trend higher over the next couple of years, just driven by blade design and larger blades, correct? | Yes. Longer blades, more importantly, heavier blades, right, and then also the content of the blades. So as more blades go to carbon from pure glass, you'll see an increase in the ASP as well. | direct | [
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cc601fc9284f90b20bbb856332482144 | Bryan, when it comes to the measures you've been taking to create a more resilient, flexible supply chain, could you give us an update on localization? Where are you at now in terms of what you've achieved? And then what do you still aspire to do when it comes to that initiative? | Hi, Tom. This is Bill. I'll take that one. It continues to be a very important initiative for us for a whole number of reasons. I mean going through COVID, us having localized a number of suppliers the way we had prior to that certainly benefited us during that period. And we will continue -- I can't give you a specifi... | intermediate | [
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bf3f8fdb0c1aeff09560b509ae0403b2 | And then when it comes to the four lines in Juarez that we'll be getting relinquished by SGRE, at this point, just based on your current OEM conversations and indications, would you expect those to most likely be absorbed by an existing customer or a new one? | I would say probably an existing one given that we've got the top five outside of China. I don't see a Chinese OEM coming in there. So I think it's more likely that it's one of our existing customers. | direct | [
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04df74a56baee4656fd87946171c6797 | For field service, inspection and repair services, could you just update us on what your current customer mix is between turbine OEMs and then wind farm owners and operators and whether or not there's any notable changes occurring within that mix? | I would say it's probably 90-10, maybe 85-15, OEM versus asset owner. We're having -- we continue to have a lot of discussions, and it depends on the region, quite frankly. In the U.S., it's primarily OEMs; in Mexico, might be more asset owner; China, asset owner to some extent. So it just -- it varies by region, but i... | direct | [
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fcd2cf5b5fbed915cea151009d004922 | In the context of what's happened with COVID in India, specifically in the last 100 days or so, can you give an update on the status of your operations there and the personnel? | Yes. Actually, we managed through that very well, Pavel. Thanks for the question. It did impact us slightly from a production standpoint, more so from raw material availability because of suppliers, but again, managed it very well. We have a significant portion of our associates there are now vaccinated. And so it did ... | direct | [
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910d39353cd49364efa6cad1054e0f59 | And across your global manufacturing footprint, all five countries, are there any operations where there is capacity constraint on either a regulatory basis or due to agreement with the union? | Yes. No, we -- no union constraints. And again, as you know, we're unionized in Turkey and in Matamoros, no constraints there. And I will tell you in China, and this is very recent, we were on a voluntary shutdown in one of our plants in China for a number of reasons. It's likely we'll be shut down an extra week there ... | direct | [
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0a0d7c40e4e7f52c861bea40ce2b90e9 | I want to just focus on the investments in MIRROR for a minute. The 3% to 5% dilution, you're obviously above what you had initially expected and I think what we were all expecting. So in light of that, can you just maybe frame out your expectations for the long-term opportunities of the business that are getting you s... | Yes. Hi, Lorraine. It's Meghan. So as we mentioned, MIRROR sales in 2020 exceeded our initial expectations at approximately $170 million. And we did guide to $250 million to $275 million for 2021. They are still very early in their life cycle and the path to profitability there is very much within our control. That sai... | intermediate | [
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f04b49b0854b233ff306e1636d7a7d81 | So with respect to the 2021 guide, I think it implies kind of EBIT margins that are a couple hundred basis points below 2019. Maybe just break that down for us a little bit more. I guess, how much of that compression is the MIRROR investments versus your outlook for the core? And then just bigger picture with respect t... | Yup. Hi, Mark. It's Meghan. So if you take into consideration the color I offered on guidance, lululemon operating margin is slightly above 2019. So on track, essentially for our Power of Three growth plans. And that dilution really is driven by the MIRROR investment that I just outlined and really geared toward invest... | intermediate | [
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031d96e2d90f96b07104220843c94ff4 | Can you talk about your progress toward scaling the business in China? And just from a -- maybe from a margin perspective, where that sits relative to the company average and how you're planning that progression? | Hey, Mark. It's Calvin. Just quickly on the Power of Three initiatives, doubling men's, doubling digital, quadrupling international, and then I'll quickly jump into certain markets. We're on pace on men's, on pace on international and arriving early ahead on our digital, as we said. So as Meghan alluded to, we're in a ... | intermediate | [
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8a3310f092fbfb2e1a201626fbfb2f54 | Calvin, you talked about gaining a point of share in 2020. I'm curious to how you think about your ability to continue to gain market share in 2021, particularly as several large global brands are doubling down on their women's business. And then maybe just a clarification on MIRROR. What have you seen in terms of the ... | OK. Thanks, Erinn. First, on market share, very optimistic with the product that Sun indicated that we will continue to grow share across both men's and women's. We did so in 2020. I believe we were the only of the major brands to do -- to achieve that goal. And we have a very strong business in women's. And I understa... | direct | [
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0cbf96cc8c87b7a29ac222045575155b | Just wanted to ask about what you're seeing today in terms of store traffic and productivity? And how are you thinking about the cadence of store productivity over the course of the year? And then second, you did mention that air freight, higher markdowns and distribution expenses were headwinds in this current period,... | Hi, Paul. It's Meghan. So in terms of productivity, we saw productivity in stores of 71% in Q4, which was in line with our expectations. We do now, in Q1, have more stores open at 96% and we are not in our peak traffic period. So the constrained impact is lessening. We do expect that to improve as we move throughout th... | intermediate | [
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d2b961e9c9dec097d726ee0ab9b0672a | Calvin, maybe as we think about recovery post pandemic, so do you anticipate -- or maybe are you seeing signs of pent-up demand for technical innovation on the sweat side of the business as in-person or maybe people begin to think about in-person fitness again? And then I'm curious how you see lulu's lifestyle assortme... | Great. Thanks, Matthew. As I indicated, our technical performance of our product all through 2020 was the drivers of our growth predominantly. And I don't see that diminishing in any way. I think people are finding ways to sweat, they've adopted new ways to sweat. And when the world opens up, and they'll be able to go ... | direct | [
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162cc7c12b8db7b43fcc71215586b8cb | Meghan, so outside of MIRROR and the pull forward that you've cited of the DTC investments, I guess my question is on an underlying basis, is there any change to the annual plan, I think that you laid out at the Analyst Day, for modest SG&A leverage on low teens revenues this year? And then as you see it today, is ther... | Yeah. Thanks, Matt. So as I mentioned, if you consider the color I provided, from an operating income perspective, lululemon is essentially in line with Analyst Day. And we have a bit more expansion in margin and a bit more pressure on SG&A, and that's because of the shift in investment profile between channels. So pul... | intermediate | [
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073526b69729b84b25a0a09100fc60ac | So I just wanted to talk about men's versus women's. Men's seem to be underperforming through the year. And just because your women's business was just so much stronger. I think you kind of leveled out in 4Q. I'm just trying to look at the filing now, but can you kind of explain what was going on between the two gender... | Yeah. No, for sure. Thanks, Ike. We've -- I would tell you, our assessment is 100% behavior. Looking at his behavior at the beginning of the pandemic and shifts of where he was purchasing, how he was purchasing drove a lot of the declines in apparel that the industry saw in the men's categories. And that started to pic... | direct | [
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4d57fc194acaa66e988bc7ddb4a0d1aa | I'd love to get actually based on what you presented on the Battery Day. In the last six, seven months, I want -- I was wondering how much progress you've made on that front, first, in terms of process development. So how are things coming together on your pilot line? Are you getting to the kind of production throughpu... | Well, so we have the -- and Drew can add to this. But we have the -- a small sort of pilot plant, which is still big by normal standards, expected to have like a 10-gigawatt hour per year capability in Fremont, California. And we made quite a few cells. We're not quite yet at the point where we think the cells are reli... | direct | [
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eb2669e2fb7b99ca784e1bad880fa665 | OK. And I had a quick follow-up on maybe, Zach, for you on your energy business. So I understand like the negative gross margin with solar roof ran. But I was wondering what do gross margin look like there when you look at the storage business and where you -- what's your ambition in terms of gross margin in that busin... | We're aiming for comparable margins in storage as in vehicle. But it is important to bear in mind that vehicle is more mature than the storage. So -- we're already are at margins with the Powerwall. But some additional work is needed for the Megapack to achieve good margins.
Yes, Drew, what do you think?
Yes. Sorry, ... | direct | [
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c7f337ac64738787e2cacecee47afa9c | Hi, everybody. I was hoping maybe just, first, you could talk a little bit about how you're thinking about the rollout of version 9 of FSD and the transition to the subscription model. It sounds like some of this is about to roll out next month. I'm not sure if that's the subscription model, but maybe you could just sp... | Yeah. We're working on getting FSD subscription out. There's a couple of internal technical dependencies, but from a business model perspective, that's aligned, and we're hoping to roll that out soon. The key thing that I say here, there's a lot of potential for recurring revenue based on FSD subscription.
If you look... | intermediate | [
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06a7b191fd881cf38e3a9c6f5bb7fa52 | OK. Great. And I was hoping, Zach, maybe you can just talk a little bit about opex. There was a noticeable increase, even excluding SBC. Obviously, a lot going on this quarter, but can you maybe just talk a little bit about how we should be thinking about that going forward? | Sure. On the R&D side, what we're seeing, as I mentioned in my opening remarks, is kind of a convergence of a series of programs that are happening. And our R&D opex spend kind of correlates to where we are in the product life cycle on different programs. And so we're kind of at the tail end of investments in, what we ... | direct | [
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b723445242104cede7d62d8414702a47 | Hi. good evening. Thanks. Two questions. One is on COGS. I think we've gotten from Battery Day a pretty good feel about the potential for COGS reduction related to powertrain. But I'd like to get a sense of the path to reducing COGS, ex powertrain, as you'd still need a meaningful reduction on that front to make the ma... | I mean, I think all of the above.
Yes, I mean on the vehicle side, there's plenty of opportunity as well. Obviously, building a car like a Model S lot is quite complex and has various moving parts. Model 3 and Model Y were steps of improvement in that. But when you look at some of the other advancements that we're inc... | direct | [
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d3e9b3f19838c3f1ce9c0e2541b583e1 | Great. And then just related. As you see Berlin and Austin ramp, I'd like to just get a sense on the comparison of Fremont versus the new capacity. Obviously, Fremont non-optimized because you bought the old NUMMI facility. You had to retrofit that to your need. So maybe you can give us a sense of how your new capacity... | Yes. I think we don't want to talk too much about future product development. The earnings call is not the right place for -- to make major product announcement. So yes. We'll get there, but we'll talk about it later. | fully_evasive | [
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5165e4a0bb73b99f56a5c1465d661137 | Jim, regarding the interactions with the FDA for potential accelerated pathway approval for cirm plus ibrutinib for MCL, is that something that you think might be possible that we'd see this year? Or would that be more of a 2022 potential event? | Thank you for the question, Carl. As you know, the FDA is difficult to predict. But if we can complete our discussions and negotiations with them relatively quickly, we might be in a position to announce a regulatory path forward during this calendar year. Time will tell, though. | intermediate | [
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672acffd142426c1735840da7b862cd2 | I was thinking, assuming that the data that we expect -- or you expect to present in the second quarter is compelling, that would certainly help with those conversations, I would imagine. Just, and then, a follow-up, unrelated, do you have any feel, and this is more of a question for Richard, with respect to the timing... | Thanks, Carl. As you know, we have not been historically providing and don't plan to provide any specific quarterly or annual guidance on our spend or on the grant revenue on an annual basis. I would state that with the $14 million in total sub-award proceeds, we have about five quarters left under that sub-award. We e... | intermediate | [
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296b0e704d5b0f64a9be5695609349fb | Now given the initial results with solid cancers with cirmtuzumab, are you planning to further explore the drug for liquid hematologic malignancies? | Thank you for the question, Shivendu. The answer is yes. And so we are -- one of the compelling things about ROR1 is it's expressed on both hematological malignancies and solid tumors. Diffuse large B-cell lymphoma, or DLBCL, is one cancer that we haven't started working on yet, and we are interested in it and are doin... | direct | [
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0017192de66000f091a7e0546ffa3e9d | Just one more general question regarding enrollment for the ongoing trials, as well as these expansion cohorts that are planned. Could you just give a flavor of how that is going? Given the pandemic, are there any difficulties? Or it's all, like, it's all OK, it's going well? | Yes. So of course, like every biotech company, we were -- we wanted to make sure that our clinical programs remained robust despite the COVID pandemic, and I'm happy to say that they have. In particular, enrollment of Ewing sarcoma patients remained quite strong. And in fact, enrollment during the pandemic was higher t... | direct | [
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46693e21c55f52f019e266cf80a01c74 | With regards to the exciting collaboration with Karolinska Institute, I was just wondering if there are any more recent updates on that front? | So what I can say is that that collaboration is active. We're doing work together, exchanging information and materials. And I think, as you know, that Karolinska has particular depth in the natural killer space. In fact, NK cells were discovered there.
And they have developed very deep experience and expertise with b... | intermediate | [
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004dd951abca47b4012dc350e0f622d4 | I want to ask first just a little bit about the comps as we look at this quarter versus a year ago. Comps are obviously, very strong right now through the first two months. Can you walk us through last year in the March quarter kind of how the sequential comps moved month to month last year? | Yeah. Through the comps. Well, we had a difficult start last year, because we essentially had no winter weather in January and February. So we were comping down --
Minus 7.4% in January. Minus 13% even in February.
In February. Then our business start -- rebounded as weather sort of normalized. We finally saw I think... | direct | [
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2868bc05d2dc1ca08d3849894b9fc460 | And then, you gave us some guidance on new openings in 2021. Any guidance you can give us on kind of the timing of these? I think you said potentially five stores that will open. | Yeah. None -- Q1 we think could be evenly distributed through the remainder of the quarter could be well, one or two in the second and similarly in the third and the fourth. At this time, it would be our best call. | direct | [
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d6463f8708b9319bf7a139d5a1e55cfd | Ok. And then Steve, you talked about it a little bit in your commentary, but just walks through your comfort today on inventory, it sounds like you've cleared through pretty well on the winter inventory if you just kind of confirm that, and how much of that was really apparel and soft goods driven? And then kind of how... | Sure. Sure. In terms of the winter, we've had an extraordinary sell-through of our, of our winter product. And our winter product, I mean, apparel is the largest component of winter, but there's a footwear component, and as well as a hard goods component and the sell-through has been significant in all those categories... | intermediate | [
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cd2f29d2cf88f1e5cd0c971679355de5 | Ok. And then the last one for me. Just curious, your views as we look at the potential for another round of stimulus checks coming out, how much you feel like maybe you benefited and got any bump in prior stimulus packages that were given out checks to consumers? | Honestly, Mark, it's hard to quantify. I mean, it certainly can't hurt, but it's as strong as our sales have been, and so many strong categories, certainly we have positive weather at the start of the first quarter. It's very difficult to parse out how much of that is related to stimulus, but yet, obviously, it can't h... | intermediate | [
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51c3e284bb0b5413d841252dcd9befaf | On gross margins for the Americas business, I know there was a weak cold/cough and that impacted results, but just want to get my hands around what a normalized gross margin looks like for that business and just thoughts for the rest of the year? And I guess more specifically, I think we've been seeing margins in like ... | Well, as we said last year and the beginning of the year, you had a lot of pain and lower margin and gross margin was a priority, the simple answer is I think it will progress back toward the 33% as the year goes on. Yeah, yeah, we really prioritize lower margin products based on societal needs rather than profits last... | direct | [
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6c93264c35bb577cefcdfd08760641e7 | Okay. So the number bounces back going forward as we think about the percent this year. | Yeah, because we have -- we sold existing inventory. The spike last year started in mid-March and we sold existing inventory in the first couple of weeks of the spike, which had a very solid effect on our first quarter, but then, as we made product to replace the inventories that we drew down at the end of March that w... | direct | [
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ab8fc036573359a4881cfcbc03336ceb | Okay. And then at least talk a little bit about on the balance sheet, just some priorities as we think about capital deployment post the Rx divestitures, I guess you said a little bit of time since the deal was announced. Should we just be thinking about kind of this being potentially larger deals, or maybe just a fast... | Yeah, I mean, the answer to the last part is no. I mean, we have significant cash, we're generating cash and we will generate a lot more cash, and we have a large revolver. So -- and I'm not thinking about deals of that kind of magnitude. Having said that, I think you are focusing in on a difference of how I think abou... | direct | [
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aba4adefb1c4a46101a4bfaf82800d87 | On the US private label market, for which categories would you say that private label products still have the most share growth potential? | I mean in the categories that we have products and I'm assuming, right. So, our market shares and depending on where we are vary, we have in oral care and in nutrition, we have half the level of market share or penetration that we do in OTC. Within OTC, there are segments that are -- we're under penetrated and versus o... | intermediate | [
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8af864dd209dc536dc59df73106585a3 | On the Irish tax situation, I understand you're not commenting on specifics, but I just want to make sure that I heard correctly that you submitted a settlement proposal to Irish Revenue? And then just a quick one for Ray, when do you plan to issue prior year results for the quarters and years, so folks have credit mod... | Yeah, we don't have plans to do that right now, but they have to be audited and by our auditors in each quarter as we go forward. So -- but we -- I think that they are going to stabilize in the second quarter. Our first quarter last year was was impacted by not only by COVID, sales of albuterol, you might recall we got... | intermediate | [
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a0e98f7fa4505c0fb4a12bf9a12a3b61 | First on cough/cold, you're obviously betting on a better year in the fall and I was just curious, the IQVIA FAN forecast that obviously could not have forecast this past year, but in previous years, how close to the mark was their forecast? And then, I think, you said you're expecting sort of the lower end of the rang... | Sure. Let me do them one at a time. Cough/cold, I think we're being conservative, but just to be clear, IQVIA and their estimates of flu have historically been very accurate and it sort of the trusted source. The FAN data is a methodology is patient level data, which is HIPAA-compliant and that's the largest longitudin... | intermediate | [
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23b94c1c4db373fd85d4335b64401461 | Just wanted to get some clarification around the gross margin -- excuse me, gross margin profile of the cough/cold line, outside of, I guess, some of the Mucinex products, I would assume that's a much lower margin line and then overall average for the consumer segment, maybe that's an incorrect assumption, but just som... | Well, Ray is doing that. Just to be clear, gross margins, we're up versus a year ago and in the first quarter and relative to Chris' question in the beginning, I think you'll see them continue to progress and grow from here, but cough/cold, I think you're right. In general, I think there are a little bit lower of... Co... | intermediate | [
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3a80ff5027ca1f6948628c7e4dea0565 | Can you please add more color on why the operating cash flow was weak in the first quarter and maybe talk about what the outlook is for the full year for cash flow? And also can you help us understand whether the $70 million of asset acquisitions in the quarter was revenue contributing? | So the answer to the second question is, no, not significantly, if at all. They were -- Rx acquisitions, they were pre -- they were basically -- they had been pre-approved, but they were related to -- yeah, we're going to get -- but we're going to get that cost of them back, but they had no significant impact on our re... | direct | [
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a39ff6189478440376bdb5683b9640ef | First, I want to start with just how do you see the contribution of metastatic revenues to overall NERLYNX picture evolving as you work to develop this indication? And so far, have you seen any off-label use of other HER2-driven cancers, given the solid benefit you've seen on brain mets? | Hi Samantha, thank you for the question. So I believe Jeff said in his presentation that somewhere between 8% to 10% of our usage is in the metastatic setting. So I think that's remained what we've continued to see. Now when they come in as a script for metastatic, we don't know whether or not it's a HER2-positive meta... | intermediate | [
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9fdc40f45f6a9bd21104132fa2b84f62 | And then just on the guidance -- on the updated guidance, I wanted to confirm that, that is for both the adjuvant setting and the metastatic. Is that correct? | Yes. That is correct. | direct | [
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c05f5deff557962fc0c6e6038fed3a29 | So first question is about an interesting research paper recently, like identifying neratinib as a potent COVID-19 environment produce inhibitor using computational approaches. The research kind of followed an earlier nature publication looking at four different [Indecipherable] that can delve [Phonetic] into the main ... | Yes. Thank you for the question. Yes, we are aware of that publication from that Russian group. And we have had investigators who have been doing work on neratinib in COVID-19. I don't want to say too much about that research. But it is suffice it to say, we have had many external researchers who have done some work wi... | intermediate | [
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"fully_evasive"
] | B |
6fbbb2e5454e99f29b973c0b613712b2 | Then we have one follow-up on the HER2-mutant cervical cancer cohort update. So compared to the SGO data, there were five more patients data included for the safety analysis and one more patient data included for the efficacy analysis. Can we know like approximately how many patients have been enrolled into the cervica... | Yeah. Thank you for the question on the HER2-mutated cervical cancer. I apologize I do not have the update on that in front of me. I know we do plan on presenting more data on that. I don't know the exact timing of that. So I'll need to get back to you on that. So I apologize for not having that in front of me. To your... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
0ea741b073ebe49bcc5da29a3d9ea56b | Just wanted to get your thoughts on NERLYNX pricing. Are you comfortable where NERLYNX is currently priced? Or should we expect the pace of increases to be similar to the four increases at 10% each that has occurred over the last 18 months? | Matthew, good question. I appreciate it. First of all, I would say we're not going to proactively comment on any future potential pricing strategies. We wouldn't do that. But what I will tell you the way you want to think about it is we are very, very committed to ensuring a very strong value proposition in this market... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
8f66c4f4abfeb0abda1eafa9f648407c | I believe there was new language added to the package in sort of NERLYNX recently as it relates to ExteNET trial, specifically in regard to no statistical difference in the OS after eight years of follow-up. So just wondering how you guys think this will impact sales moving forward? And then for the patients that are s... | Yes. So to answer your first question, Scott, as you know, the ExteNET trial rolled a wide range of patients. And in the ITT population, it was both hormone-receptor-positive and hormone-receptor-negative patients. As you know, the actual use of the drug clinically does not tend to be in the ITT population, it's not in... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6959f7ac69f5bd68f2ad84e8a67eaa59 | My first question is for Jeff, and just if you can maybe just comment on how you're seeing the sales force, particularly with regard to virtual interaction capabilities. Is the sales force rightsized? And just what sort of feedback, given the commercial dynamics in the market right now, you're seeing with regard to oth... | Yeah, happy to. Thanks for the question, Paul. Yeah, obviously, a unique environment right now with the COVID pandemic that -- well, I guess, fortunately, none of us have been through before. Clearly, as you've seen, as we've highlighted, and I know many others have highlighted, the amount of direct access to customers... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
599efc65e5c3e77431aff5911be044db | Given we were in many ways far removed from the panic buying of the second quarter, I was hoping you can maybe go into a bit more detail on what the main drivers were of the strong Surfactant sales performance in the fourth quarter? | I think generally the increase in disinfection and hand wash has continued to change, consumer habits have changed. So we have -- that has sustained our growth in the Surfactant market. And as we look at our customer comments and we just finished our Annual Global Meeting, our American Chemistry -- our Cleaning Institu... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
0c13e0ee810f2f51421d63252091280d | And so with so many Tier 2, Tier 3 accounts added this year, how should we think about the ramp-up in dollar sales for those accounts? For example, maybe to be more clear, maybe you got in the door selling 10% of their total surfactants needs, but you believe you can service say 25%. Any color you would be willing to g... | So, fundamentally, we think we can grow our share of their wallet. We do use metrics in terms the number of products that we're selling to each of these customers. And generally speaking, the penetration that we have varies around the world depending on the markets that we're in. For example, in Brazil, we're actually ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e3f1cad18668d4e8e8d88318118e1d54 | As you look at the options for adding platforms for new surfactant chemistries, has this surge in, call it, traditional oleochemical feedstock prices kind of related to all this biodiesel demand? Has that changed your thoughts on potential M&A targets or would you say that you're largely feedstock agnostic? | So we are still somewhat feed stock agnostic. But the -- there is a strong demand for more bio-based surfactants in the consumer product industry in particular. So you will see a move over a period of time to more bio-based products and/or vegetable-based feedstocks, products derived from vegetable feedstocks over a pe... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
7f8bc4f7152972f6886ea609d1332059 | Wanted to start up with a couple of questions on the INVISTA acquisition. I think if I do the math here around the EBITDA contribution, you said $100 million of revenue, 6.5 to 7.5 times EBITDA, it sounds like eventually expect about a $24 million a year type of EBITDA contribution. What can that contribution look like... | Thanks Mike for the question. Look, we were very clear on providing guidance after full synergies as you can expect the first year is a transition year, but we're going to have one-time cost of integration, etc. So we don't want to provide any specific guidance for the short-term. However, as you see in the numbers, it... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
61c106bca084fe34acbffb2971deb5fe | Wanted to also understand the impact of INVISTA and this acquisition on your phthalic anhydride business. Does the amount of merchant commodity phthalic that you're selling decline as you start to funnel some of that production out of Millsdale to be used as a raw material for the Wilmington location that INVISTA has? | Yeah. So the short answer is yes, a little bit, but in INVISTA is primarily based on an alternative asset. So most of their business is based on PTA versus PA. So PA derivatives are part of their portfolio. Relatively small in the big picture. But I will make a comment that last year was a difficult year for our phthal... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
2df54a3d82934fae672e20306aec5e53 | Wanted to ask also on the capex front, your elevated number for 2021. I think you mentioned the 1,4-dioxane capacity addition, but maybe talk about what are some of the other key projects that are involved in your capex number and what would normalized capex look like I guess going forward after 2021? | Yeah. So let me say that there are kind of three different drivers for the increased capital expenditure. The investments in 1,4-dioxane are kind of the largest component of it today. And as we said in the script that we were looking or working with our customers to make sure that we get an adequate return on those inv... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
88710221c833d639e1b4e66b2c16264d | Maybe some of your thoughts on what kind of inflation you could be seeing and some of the pricing dynamics as you look at each segment? It seems like the pricing is up pretty nicely in Surfactants at least in Q4 and still under some pressure in Polymers. So how should we think about raw material versus pricing progress... | So what I'd like to do is answer two questions. One, prior to the freeze that we're experiencing down in the Gulf Coast region and specifically Texas and Louisiana, what we've seen with the increase in the oil prices, our raw -- key raw materials orthoxylene, diethylene glycol in our Polymer business, linear alkylbenze... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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