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9b79ef1b0729d4559af4fec4dfd6ec10 | It seems that previously the FDA was reviewing roxa in terms of both the DD and NDD populations together. With the new news on the AdCom, are you guys still expecting a similar review? Do you have any indication that the agency might review these populations and/or indications more separately? How you are thinking abou... | We can't really obviously share the details of the FDA's overall intent, because we don't want to speculate. But we're very confident in our data for both populations. I mean, the data are the same today as they were yesterday and we had the FDA tell us today about the AdCom. So we continue to feel very confident in th... | fully_evasive | [
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64cdb90e70bf2d63545f9a6341d40329 | Will you be -- are you expecting the 55-day prep time leading up to AdCom or will it be shortened in succession? Then the second question is that, would you have the option to call back CMO for this AdCom or do you think she will not be there. Then the third question is with regards to EMA, I think, you had said you ar... | In terms of your first question, about the 55-day prep time, the FDA has not provided us a date for the advisory committee and as soon as they do, we'll be able to communicate that. But we would assume that they are going to conform to their typical practices. In terms of calling back CMO, Dr. Peony Yu will continue to... | intermediate | [
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d2ac7a29860195b1bf006fc98aa63cec | I guess I'll ask two, one for Mike, one for Richard. Just Mike, there been lots of media and editorial about the birth rate. I mean I totally appreciate what your comments are around you've grown your business despite a headwind on the birth rate the last several years, but it just seems like there is a much more prono... | Sure, sure. So Ike with respect to the births, we have not to date seen any meaningful change in the performance of our baby business. Keep mine, a very high percentage of our business with Walmart, Amazon and Target is focused on baby and that's been the strength of our business this past year. Online demand for our b... | direct | [
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36d3b15be1770af0ae17226638531915 | A question on your assumed sales transfer on your closed stores. Number one, where do you think that that -- those sales will go? Is it other Carter's stores, is it online, is it to your wholesale accounts and what have you seen in the past? And then just the second question is around the competitive landscape, how is ... | Yeah. So a couple of things, Kelly. I think in terms of store transfer, we've experienced that transfer in the low 20s, 20% to 25% transfer. We've got good data on that. And that's transfer within our retail channel. So our stores and our online business and we've seen in both. We do a good job marketing to those custo... | direct | [
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52da880f40730e75ec4343cde5e17408 | Got it, thanks. And just to quickly follow up on Ike's question around the sales assumptions in 1Q. I guess, how -- why would sales be flat in 1Q with March being the easiest comparison? I think you mentioned that sales were positive in January. I'm not sure what you said about February, but just is that is related to ... | March is a significant month Kelly. So we typically look forward to March. It's bigger than January and February combined. I would say the product delay disruptions have been acute in wholesale. And as we get closer to the month of March, I think some issues have emerged in retail. We're just a bit more cautious about ... | intermediate | [
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244e594c7a7dd9817948683511fe4e58 | Hi, good morning. I guess, just looking at gross margin and SG&A for first quarter, can you maybe just -- it sounds like you expect gross margin to be up. I'm curious, how much the supply chain issues is going to cause some pressure there if at all? And then also on the SG&A, are you still expecting that to be pressure... | I'd say on SG&A, we are expecting SG&A to be up slightly. It won't be up at the same level as we saw in the fourth quarter. We are continuing to make our investments. You do have, I'd say, a more normal pattern of accruing expenses across the year, where we were suspending things last year just given as the pandemic st... | intermediate | [
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c63eb3d9f3fd186e223240227bf4f79c | Okay, great. That's helpful. And then, if I could just add a follow up. Just looking at the five-year top line and EBIT goals that you laid out, I think that gets you maybe just doing a quick math to a low-teens EBIT, and I think historically you had always talked about a 14%. So just curious, if anything's changed the... | Sure. The best outlook would suggest our latest models are focused on a 13% operating margin. We'll have a higher mix of eCommerce sales, which is our highest margin business. We will have a lower mix of lower margin stores and we expect to make continued progress on price realization through a stronger product offerin... | direct | [
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d8e1d904779f05e6435c102641c52a01 | Great. Thank you so much. Maybe, Richard, just wondering if you can elaborate a little bit on the full year guidance. Just given the 1Q this year should be pretty well above point you last year and 2Q probably should be the similar story because the compares are obviously very easy. The full year guide sort of implies ... | Well, I don't think we were specific on back half guidance first of all, Jay, and that was a bit intentional. We're so early in the year and there is still so much uncertainty, but I think we have to provide for some degrees of freedom here that the year may play out a bit differently than we have it planned. I think c... | direct | [
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5d8d06a0682f2e5172a7a409f37bff55 | Got it, understood. That's helpful. And maybe one more question from me, just on the high single-digit international growth forecast over the long-term. Within long-term guidance, you mentioned Canada, Mexico and Amazon growing internationally. Can you maybe give us some idea of what that Amazon piece might mean to tha... | Yeah. So, we're expecting the Internet -- very good growth in international. I would say 60% of that growth will be driven by Canada and Mexico. Those businesses performed extremely well last year particularly in the fourth quarter despite a lot of store closures. About 30% of the growth in international come from whol... | intermediate | [
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8692fe870c46bb7d21ca40acefc78ebf | Yes. Hi, thanks for taking the question and a great job in the quarter. I guess first on the product development side, you made a ton of progress over the last couple years, especially as you've been pushing the SaaS products out there. And Ramesh, you mentioned a couple new products that are sort of to be released ver... | Hi Matt, thank you for the question. No, there are no new products that we are planning. Our focus during the next year is going to be to settle down all the new software modules we've already created, settle down in the field, all the new products we've already created and all the products that have been modernized. T... | direct | [
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cde2ed185841500125d0b1d6c4d7a4a4 | All right. And then you mentioned a few of the deployments have hit a little bit of a delay from time to time. But you expect those to be relatively short-lived. Maybe if you could just give us a little bit more color there, has it been an issue of not having people on site? Is it a customer related issues, just maybe ... | Yes. So you summarize the two reasons well, Matt. But the overwhelming reason, the big majority of the reason why our current combined backlog product, services and recurring revenue is at a record level. The primary reason for that gap between selling and implementing before it gets converted to revenue has been the l... | direct | [
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5e7c38f07523a4837ba7e5f1cabc2270 | And then just a quick follow-up to that, you reiterated the guidance despite coming in sort of above, at least our expectations for the quarter and talking about sort of record levels of, of bookings and backlog here, is there just an extra element of conservatism given the ongoing uncertainty or have some of these pro... | Yes, sure. So Matt, in terms of record levels of bookings. The one clarification is, this was our best Q1 quarter of sales, meaning this was our best April through June period. And the previous record was two years ago, Q1, April through June of calendar 2019, that was before the pandemic or fiscal year 2020. So this i... | direct | [
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20f888e6e445a76e6ebc150aba4255ff | Great. Thank you. Great quarter, amazing free cash flow. It looks like that's been driven by great day sales outstanding. So that's actually my first question. Is this DSO level sustainable? | Nehal, yes. The DSO levels are sustainable. I mean, we obviously there was a lot of turmoil last year, but they've kind of settled into the range as they are now. And like, we've talked about the working capital adjustment on free cash flow, really smoothed out over a 12 month period, but the DSOs are in the-and the DP... | direct | [
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189724f384169358df861e424b684843 | Great. So then how should we be thinking about free cash flow relative to the effectively I think it's a $25 million that the guidance for the year? | Yes. Over the year it'll smooth out and be near the same number. I mean, you'll have some capex adjustments against that, but the working capital will smoothed out. So keep in mind, Q3 is typically our-is the bumpiest quarter with some large annual invoices that go out, but over the year, it'll the working capital smoo... | direct | [
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a57a76d471dd77a0c13518463f91de24 | Okay, great. And then normalizing for a one-time events' in the year ago quarter, how did subscription revenue fair on a year-over-year basis? I know on an-as is basis, it was up 33% year-over-year. And you may have said this in the transcript. I just didn't catch it. | Yes. So it was right around the 20%. I mean, a lot of the quarters in fiscal year, 2021. So there was the one-time credit, but there was also several other one-time kind of lumpiness in the quarters with cash collectability and larger deferrals. But if you take out most of that noise, it was around the 20% growth we're... | direct | [
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e993b3caab221a80b1f4f50ab30832eb | Okay, great. My last question is that I know that you've said backlog is at record levels across product, service and then subscription maintenance and support. But within the subscription maintenance support, does that include subscription being backlog at record levels as well? | Yes, Nehal. So the subscription revenue is near record levels and the professional services is at record levels. So the comp-with the combination of all three is at a record level. But yes, the subscription revenue is at near record levels as well.
And is part of that recurring revenue number image.
Yes. That's corre... | direct | [
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4d9ed2ef5b347cf0f3f67e73234d8a23 | Thank you. I did hop on late. It sounded like you were getting a lot of quantitative questions. So Ramesh, I wanted to ask you some qualitative questions. You on your message to your customers today at your conference mentioned, you're the most relaxed and happy you have ever been. Just wondered if we can get a perspec... | Sure, George. I'm not typically the kind of guy who is ever relaxed and happy, but what I've met was relatively, I'm more relaxed and happy now. What I meant was in all these user conferences since 2017, George, you always make future promises. You say we are going to invest in R&D, we are going to modernize our produc... | direct | [
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cc2ecde118fdf95f123134046d02a181 | Got you. Just looking forward to HITEC and G2E in terms of what kind of presence you anticipate having at those events? Obviously, I don't believe either of those really happened last year. And are those going to be live events? And do you think you're going to get the demo numbers that you would hope to get? | I think so, George, we are definitely going to be there in full force and we are looking forward to an in-person event. And the couple of shows we attended over the last few weeks, the attendance has been down compared to pre-pandemic levels. But we think HITEC and G2E are going to be very well attended. All the vendor... | direct | [
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bacb9ee648ec844e74343c76ba964bec | Yes. Good afternoon. Question is on how you're thinking about your expenses in terms of how they're going to grow throughout the year? And then somewhat related to that status of your hiring an India Development Center and maybe a little color of just how things are in India? Thank you very much. | Yes. After the second-well, hi, Allen. After the second wave, god done, things have stabilized well in India. In fact, I was there for a couple of weeks-a couple of weeks ago. So I spent a couple of weeks there as well. Things have settled down very well in India. We are still working remote for the most part in our In... | direct | [
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0a7c38009038282468e4e4b090e12cc2 | Mike, so looks like you push gross margins up to the 40% range and dropped the mic and walk by [Phonetic]. Congratulations by the way. | Well. Thank you. Yes. We are obviously very excited about what we've been able to do on gross margins but it's been a great team effort honestly. It's been a lot a lot of people involved. So I haven't quite dropped the mic but it's loose in my hand. | direct | [
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46d71ec44c544de8b105dc982e2d9bdb | Good to know. Good to know. So that is my first question guidance obviously continued strength at 39% gross margin at the midpoint. Is that a level that see is sustainable as we look out for the remainder of the year inclusive of any impact that UTIS might have? | Yes. I think Dan again one of the things that Bruce highlighted and I highlighted is the sustainability of the improvement that we've made on gross margin and I think you'll see that going forward and I think again I think the 39% certainly depending on mix and whatnot and if we see the continued recovery with increase... | direct | [
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a0e8ebe5a94d8e7815111ec66a48a9cd | Very helpful and Bruce you alluded to this one of the questions I had was on we heard a lot about semiconductor chip shortages. It sounds like we're good for Q1. What are you hearing and what are your expectations of any challenges as we look at Q2 and beyond? | Yes. Well, certainly it will be a challenge for the industry overall particularly what we're seeing and hearing is in the automotive side of things. Now one of the interesting observations that we have is that OEMs are focusing where they have materials on the higher priced and EV/HEV models which plays to our strength... | intermediate | [
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7e44395b9c6d01056064263c43cdbc97 | Very helpful and any update on share and business wins across both battery pads and substrates in EV/HEV as we kind of get into to the first part of 2021 would be helpful if Bob has any sort of color or update on share and do business wins there? | I'll take that. This is Bruce, we continue to see strength in our design wins. Customers are impressed with the performance of our products, our engineering support and as we had talked about over the course of last year we've been very encouraged by the feedback and by the win. So that continues. No change in that and... | intermediate | [
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26f76d49889c68603ea9c322d7eef5c4 | Okay and all the color on UTIS lastly was really helpful. Is it fair to say likely a slightly bigger impact in terms of percentage of revenue as we get out to Q2 based on your commentary that will likely be down and or down until closer to Q4 or is there is inventory in the supply chain that you've got that might offse... | No, Well Dan as you know the timing of that was early mid-February. So certainly we'll get a month and a half in the first quarter that we're not going to get in certainly the second and probably the third quarter as well and we had some inventory that was not destroyed in the fire. Therefore that will contribute to fi... | direct | [
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a1289b83a24a317711f0ac3ec296dbaa | So with South Korea can you just help us understand the options that the company has to restore its output capability? Do you perceive that you would only produce the product that you had been producing in that facility in South Korea or is there potential to produce it in another Rogers facility that's doing elastomer... | So that facility is the only one that produces the eSorba material, the polyurethane foam material. So what we're doing is looking at multiple approaches, looking at equipment that's available, looking at working on maybe some other lines that we have in other places to see if we can convert them quickly, and so I woul... | direct | [
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37e0246f1c082de608dbd035645eb7e1 | I'll move on to a comment you made Bruce on 5G content. It sounds like you may be seeing more substantial content gain than what I think I heard three months ago. I think I was hearing 10% to 15% or maybe mid-teens but you talked about 30% content gain and high-end systems. Can you talk a little bit more about 5G conte... | Yes. Correct. In the more advanced phones yes, there is a lot of, there are some very sensitive components that really require some higher value impact protection. So the opportunity for high end phones is more like 30% higher in these full-featured phones. So I think it's as 5G continues to gain momentum for the hands... | direct | [
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fa292b743b85186def8707721637873a | Mike or Bruce can you just help put a finer point on the extent to which you're seeing demand come back depending on the companies that we speak to some of them have six sub-segments in their "industrial business" some as many as 20. What would be helpful would be to have some deeper understanding of the extent to whic... | So the way that we're seeing this we saw the positive indications particularly in the EMS side, the elastomeric side of the house which is an agglomeration of many different sub-segments but mostly focused on capital investment as the main driver and so we see strong order in Q1 for these areas and so we will continue ... | intermediate | [
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8bc3ac62376092ac19576c11117bff10 | I guess the question is there have been inbound client concerns about input costs. Does the business have the ability to continue to offset those in whatever way that you were able to do so in the fourth quarter with either hedging or other mechanisms? What are some of the risks we need to keep our eye on as we think a... | Yes. I think your point on input cost is a good one it's one that we're concerned about and as we talked about we saw it in the fourth quarter but we're still with the efficiencies that we have from increased yields and just increased manufacturing efficiencies we're able to overcome that. In some of our business, we'r... | intermediate | [
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a1b20e3470944e1356efda10f45c34aa | Lastly, if I could sneak into housekeeping with the move to an advanced electronic solutions focus combining ACS and PES should we expect then when we get the calendar first quarter results that instead of three segments the company will be reporting on two segments. Is that how you'll treat things from a financial rep... | Well, that that would be our intention to combine those into reporting but we are in the process of changing our internal reporting to support that position and so that's what our intent is. Certainly we have to review that but that's the thought process but even if we do that Craig we'll continue to provide commentary... | direct | [
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3b3264ab4d40359d9b4d134bb79ad784 | My first question given the building momentum you're starting to see in the automotive market both on EV/HEV and ADAS given that autonomous vehicles are also starting to reemerge in the news once again and I know a lot of it is related to ADAS but from just the autonomous vehicle perspective what are some of the potent... | Yes. So Patrick and I think we've talked about this in the past and basically what we're producing our materials for the radar sensors, it's pretty scalable. So as you go to higher levels of economy you typically will have more radar sensors on a vehicle from let's say 2.5 today to some of the vehicles that have been d... | direct | [
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9a0d4f985172dc836b8b170bff33b87b | Maybe as my follow-up question for Mike and I apologize because I missed the beginning of the call with the recent fire in South Korea and I guess some of the shifts in capacity and getting products out, are there any kind of near-term OpEx changes that we should expect in reaction to that situation? I'm assuming it's ... | We didn't have that. We didn't have very high OpEx expenses in that business. The answer to that is probably is no but again I think what we've talked about is less than 4% of the revenues for that business and we'll probably have, I would say a similar impact on EPS but again from an operating from a modeling perspect... | direct | [
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73d0fa2536f5ac5dadc7abb43a7a7d05 | So you did a pretty good job outlining the outlook for the various segments. As I look at the cost-cutting measures you've taken, how should we think about sort of levels of EBITDA, either flat EBITDA or perhaps growing EBITDA, given all the costs you've already taken out in your outlook for these segments? | I think that, Dan, or not, Dan, sorry. I think our EBITDA clearly is going to be dependent on where the sales volume ends up. And as I indicated, it's really tough for us to provide guidance on that, given how uncertain it is at this point in time. So we're focused more on providing the guidance as it relates to overal... | intermediate | [
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18ff6a682e93c11c89144fee58ee5f35 | Can you kind of give us a view of your current level of liquidity, remind us of any near-term debt maturities? And then kind of give us a refresher on the piece of paper that you took out, I guess, late last year in that private placement? And how that impacts both interest expense and liquidity needs going forward? | I'll talk about the preferred stock that we issued in the fourth quarter. One of the primary benefits of that issuance was that it didn't create any demands on our liquidity or our cash position. The interest associated that was a pick and that's one of the reasons that we pursued that instrument is that gave us some f... | direct | [
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94af7acf021fa73822408a94ebf092fc | I'm trying to think about the magnitude of revenue decline in mobile in 2Q. We know China has restarted to some degree, but North American auto plants are going to be shut down for half the quarter, probably a slow ramp. Is down 50% a good proxy for how we should think about that revenue decline? Is that not enough to ... | Steve, here's the data points that I'll give you as it relates to our performance in April, OK? The Mobile Solutions group, in comparison to the trend that we had in the first quarter. So in comparison to first-quarter volumes, mobile sales in April were operating at about 45% of what we did in the first quarter. Power... | intermediate | [
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86d3f599cd614a5f7d547bf33cf19c4d | So if revenue is down, whatever, pick a number, $30 million, $40 million in 2Q sequentially, what percentage of that revenue loss would be released from working cap? Could it be $10 million or $20 million? | When we do our modeling on that, we typically look at somewhere around 20% of the sales change, we should be able to pick up in working capital. It's between 15% and 20%. | direct | [
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58ee763aefc04b21abafa19d039b093d | So if you net out what you think happens in 2Q from a revenue standpoint versus a working cap and cost action standpoint, do you burn or generate cash in 2Q? And at what level? | Well, I think we've modeled out a lot of different scenarios as you might imagine. And certainly, if we're down 30% from our plan on an overall companywide basis, there is a cash burn, OK, before consideration and even after consideration of some of the working capital pickups that we would get. | intermediate | [
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da608c10ee7347cdb02341a0dcee31da | Is any way to frame the size of the cash burn in 2Q? | Yes. I would talk, when we look at our liquidity, we're very comfortable that with a 30% down case scenario over the next two quarters with a slight recovery in the fourth quarter that our liquidity will definitely hold up through the end of the year. That's not an issue for us. | intermediate | [
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1979aac832fee080b5db0b5af33c85fc | On the impairment, I'm no accountant. So I'm sure I don't understand this, but my thought is that impairments typically relate to the future value of cash flows falling below the carrying cost of goodwill. So does the Life Sciences impairment inherently suggest a lack of profitability in that segment? Or can you just t... | Sure. I'll take that one, Warren. So it's all related to our market capitalization. I mean, our share price went from, let's say, at year-end, our measurement time of like above $1.7 down to $1.50 at March 31. And so it was just clearly a function of that our market capitalization went down below our book value of our ... | direct | [
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a2d907e3d0150cf34928fe2f03855a9b | Life Sciences business, in particular. Obviously, it's a tough environment right now, but how much visibility do you have when things start to improve? How long does it take to sort of flow through into your business as procedures start to happen? | Well, Rob, I would tell you that we have been in constant contact with our customers on the Life Sciences side as it relates to their expectations for demand through the end of, let's call it, through the end of this summer. I just gave you the statistics as it related to April, and that business held up reasonably wel... | direct | [
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67a50be2b53de3244509c909ac134bd4 | I know you discussed this a little bit, but I was hoping maybe you get a little more detail as far as how the conversations are going with the revolver lenders certainly, it seems like you're getting pretty close against that covenant. So maybe if you could just share any more detail on that topic as far as getting a w... | Sure. So we're in active discussions with our left lead bank, Truist. And they're very supportive of what we're doing. We've gone through all of our cost reduction actions. We've gone through all of our liquidity. We've shared forecast with them, and we're just working together. They want to see us through the strategi... | intermediate | [
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e81ab20d8e36214f88d96df4b89bb254 | As we think about the strategic alternative discussions like, are those still active? It seems like this is a really tough time to pursue those opportunities. So how should we be thinking about that? | Well, I'll start off with that. I mean, we have three great businesses, absolute fantastic businesses. They all have generated positive free cash flow. They're good businesses, and they're sought after assets. So I mean, I'll let Warren comment on, as he said, he didn't really want to comment anymore on it. But everyon... | direct | [
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f6cb5ff489622c0195ff6a18f7001770 | Also like just going back to the fourth quarter, I remember there was some commentary about cash flow being a little bit weaker because you guys were ahead on your payables and that you expected that to benefit cash flow in 1Q yet working capital was still negative. Did that actually flow through first-quarter result? | Yes. I mean... Sorry, unfortunately, we're not in the same room and we can't see each other. So we're trying to transition this as smooth as we can. In the fourth quarter, we did indicate that our accounts payable were in much better position, and we expected that we would benefit from that in the first quarter. And we... | direct | [
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9c5e51d896d1db8228a444c44de96897 | On the cost savings activities, is there going to be a cash component to that number? And is there a number you can provide? | The cash savings of the $20 million that we've itemized out is the cost reduction. That's all cash. There could be some minor severance amounts. The biggest cash outlay that we had was associated with the termination of our lease on almost two full floors in Charlotte. And that is already the cash number that Tom provi... | direct | [
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9aec5f1448c8d173161de5d3deaaff16 | There are a number of companies that seem to be emerging into the market was the concept of taking a more distributed model for oligos and gene synthesis. What is your view on that? And specifically, are they competitive be complementary or not of the above at a higher level, is the distributed model attractive? And ho... | Right now, the distributed model is for markets that are adjacent to us because the quality is just not there enough to be in the market that we serve of gene synthesis and synbio. So for instance, as a comparison, you can buy an oligo for $0.03 on our website, while the distributed model already goes at $50 per oligo ... | direct | [
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4f64135350d08be9184f01ff818e04e8 | The increase in gross margin, is that due to a higher share of NGS markets like Q2? Or is there something else driving the upside there? | Yes. No, the increase in gross margin guidance is a higher share of NGS plus. We've drawn -- we've increased our overall guidance from $110 million to $118 million up to $121 million to $129 million. So we're leveraging our fixed cost. So it's a combination of increased revenue plus the higher NGS. | direct | [
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65d5671d93b72baea7100516c341bf7d | First one to touch on the core academic customer. It seems like from order trends rather than activity levels have improved. But just wanted to get a sense for what you saw in the quarter. And then specifically, if there's any geographic dynamics to call out here, given we've heard U.S. has sort of lagged from a recove... | So good question. The dynamics in the quarter were interesting. January started off a little bit weaker. I mean, if we go back to January with the vaccine roll, I was just starting. As the quarter progressed, we saw increasing orders, so academic sector recover significantly from previous trends. We had a good quarter ... | direct | [
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d88ca0f4e0af77553f1d4a3171b04857 | I appreciate the color on expectations around some additional biopharma partnership seems like the funnel is strong. Just want to get a sense for expectations as to kind of development time lines and budgets. Just wondering If those are fairly consistent to any sort of COVID uncertainty at this point if biopharma is so... | Yes. So in biopharma, we made a big push in that area the last few quarters, both with the biopharma team that is covering antibody and optimizing them for partners. You can see that the number of partners been growing, the number of program is growing so that's going well. And then we also made a push on synbio by lau... | intermediate | [
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d1bf3876521d7f5a4a7da75a8d883635 | Can you elaborate a little bit on the academic markets rebound given commentary? And then maybe how that can serve as upside to NGS numbers? I know you guys raised your NGS guidance for -- during the full year guidance, but is there any upside there from academic recovery? | Yes. The academic sector is up by, I would say, roughly 20% in terms of orders which is good in terms of positioning us well for a second half, not significant in terms of impact on NGS. Most of the academic pickup relates to -- although we don't break it out as synbio. The good news is it did pick up. We didn't see a ... | intermediate | [
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8ed012630237aef0df20128d8280b980 | You've talked previously about how COVID isn't really material to the business. So I'm just wondering if things changed there regarding the new variance research into variance spread and so forth? | Yes. Thank you. So We're of the variants. As you may remember, we now a year ago, in March, we launched our first COVID test for NGS in order to enable scientists to read the entire virus sequence in order to detect variants and like to understand the edges. So we had also anticipated a year ago that the variants will ... | direct | [
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104ba3c6b4ac5321035885ac163804a5 | Jim, the supply headwind that you mentioned, is that baked in to the guidance? I guess, asking the question another way, without the supply headwind would the revenue guide being higher? | Vijay, I love your questions. Yes, the supply headwind is baked into the guidance. We're working with the supplier. We have a really good relationship with a supplier We're working this week to week, and we'll give an update on our next earnings call. And we had a very strong first half. So I mean, when we're growing a... | direct | [
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b966a2a4f577cfc7c682e8262d120b1a | Any, I guess, any way to quantify, Jim, I'm looking at your end US guidance. You guys did about 120% growth for first half. The annual guide at the high end. I think it's taking a 50% growth. So perhaps, is that where it's hitting you guys on the NGS side in anybody to point of fire? | Yes. I mean on the NGS side, it is impacting on the NGS side. And although we did increase guidance, it's -- we wanted to note that we do have a headwind there. We will give an update on the next earnings call, I mean we're obviously working to resolve it. And we'll keep you posted. | intermediate | [
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083f967ed61081375702a0d6815f5623 | Emily, one for you. I missed the part. I think you made some comments on data storage, having reached an important milestone. Maybe if you could just simplify it in terms of where we are toward the end goal. I think you guys had to get to certain cost metrics to where we are in the journey and what was this update? If ... | Yes. Yes, happy to do it, Vijay. So as you remember the goal is to get to a price point of $100 per terabit. And so to do that, we need to be able to make DNA at the 150-micron dimension of the silicon. And so we started our platform at 50 micron. Last year, we proved that we were able to shrink down to 10 microns. And... | direct | [
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adb8973264e3d373c25a452034d94982 | First question, maybe this was covered briefly a little bit. In terms of the guidance raise. Can you just provide contribution that was -- is that NGS largely driven? And anything you can provide there on the type of the customer despite the the headwind that you have here, just trying to get a sense of is that in liqu... | So just trying to summarize the question here. So in terms of -- compared to guidance, last quarter's guidance, we'll increase 110 -- so let me frame it $110 million to $118 million, up to $121 million to $129 million. We increased NGS from approximately $54 million to $58 million up to $63 million to $67 million. So I... | intermediate | [
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cee3476ba7c9e19972cfd228c78de7d5 | In terms of the assays that are used in liquid biopsy. Just wanted to get -- in terms of getting specked into those assays. any early indications as to sort of where you think those initial trials are headed? How confident are you that you will get -- be getting affect into these assays as they reach into larger trials... | Yes. Thank you, Puneet. So maybe starting by the last question on biopharma. Yes. Our funnel is very strong around biopharma is simply -- it's clear that there is big interest in what we offer on this cover an optimization because our antibodies are for human and even derived on day one. As far as when will the first s... | intermediate | [
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a613359dd7af9316dc703f182315d396 | Congratulations on the great results. I have two questions. And the first question is just want to quickly follow up about development taxi plans you just mentioned during the presentation. Could you share more details in terms of the scale, business motive, business model, and more? Is it more like a demonstration of ... | Thanks for your first question. Now in regards to robotaxi and its development plan, we are still in the process of doing internal discussions, so I can only share with you some of the basic and initial frameworks and some thoughts. So basically, we are going to adopt the current models that we have, and we are going t... | intermediate | [
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4b3ce21189a48e705e53580e9161f25d | My second question is about P5. I think we already touched on the topics a little bit during the presentation, but do we have more updates on P5 order intake and backlog at the moment? Probably just some rough quantitative guidance would be great. And roughly, how many percentage of the consumers are willing to take th... | Hi, Tim. It's Brian. Let me just, first of all, respond. We never give guidance or forecast on our specific orders and backlog. So that has been our policy since our listing. But just to give you some color on P5, we actually saw a very robust demand. As Mr. He, stated in the opening speech, we actually saw the backlog... | intermediate | [
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7c696740c6b7be16301596678eae1d09 | So question one is about the robotaxi. So can we quantify our solution on robotaxi? How much cheaper than Baidu and Pony and other competitors? And secondly, it's about our autopilot penetration rate into the first half next year, given that our autopilot 3.5 urban version OTA will be activated soon. And also for P5, t... | Thank you. Let me take the first question. Now in regards to robotaxi, basically, we're going to adopt all of our mass-produced model. So technically speaking, their cost would be a lot cheaper to our competitors. And on average, every month, we expect see 8,000 to 10,000 kilometers of driving mileage that we can accum... | intermediate | [
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786c9bf60e51a25218b859a527678393 | My first question is regarding Q3 because, in the third quarter, you started to make Q3 in your own plant. And how do you see the margin improvement after you make the car in your own plant? And also in the future, when do you expect to launch a facelift or a new generation of Q3 to improve the margin of the product? A... | Ming, this is Dennis. Let me address the first question. We actually -- we moved our G3 to our Zhaoqing plant in August to commence with the first model, P7I. As you rightly pointed, we actually -- we can see the scales improvement, so we see better labor and overhead efficiency compared with all that we have Haiman to... | intermediate | [
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81711ffdd10dc59b6b0626aa0685b0de | I got two questions. Number one is the dollar margin improving. Can you break down the different factors about the gross margin increase? For example, how much came from the higher [indiscernible]? How much came from the efficiency? And how much came from the product mix? That's number one. Number two, more technology ... | Bin, this is Dennis. Let me address your first question. Regarding the quarter-over-quarter margin improvement, majority improvement came from the mix improvement. In the our quarter 2, our total P7, accounting for about 66% of the sales. But in third quarter, because of the P3 migration, we actually saw more P7. P7 ac... | intermediate | [
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190a1824075cb23ed6ecf64c56a9af43 | Could you maybe go over long term, what kind of opportunity you see in Europe? Obviously, don't expect anything too concrete. But what kind of potential volume or what kind of percentage of the market you can maybe target or expect to see there in the longer term? | Hi, Edison. This is Brian. First of all, I mean, to answer your question, I want to emphasize that our current plan in Europe is mainly focused on building our presence capabilities and also make sure we have the right network and brand awareness buildup, so we are not emphasizing delivery numbers in the near term. And... | intermediate | [
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1268e593367913c156a731fbaf17224d | I have two questions. The first one is still regarding the autonomous driving. My understanding is from the XPILOT 3.0 to XPILOT 3.5, the -- hardware-wise, you cannot migrate to the newer version because of the different consideration of the hardware. How about from 3.5 to 4.0? Will you support upgrades on the hardware... | Actually, the hardware cannot be migrated to XPILOT 4.0 because of fundamental upgrade in computing power and sensing capability. We also upgrade the whole electronic and electric system as well. So basically, these two XPILOT systems are built on top of two very different infrastructure. Also, we are laying the founda... | direct | [
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c8c9fbc956096ecc4a7ddb9c85639054 | My second question is regarding the lower operation. I think Q3 has been available there for over one year, and P7 was available since last month. So far, how have you been faring the learning process in Norway, like what lessons you have learned? What has been preventing you selling more vehicles over there given the ... | Our international strategy determines that our target between 2020 to 2022 is to lay a good foundation for our international expansion in the following aspects, which are the software and hardware R&D development, our safety, and data protection, and also our team and organization structure revamp. So basically, in Nor... | intermediate | [
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4994e6aac3025a3617ebed053240a5a9 | On the profit margin, indeed, great result in third quarter. As we move to first half next year, how should we think about the possibility, considering positive and potential industry headwind on the positive side, P5 showed meaningful volume and P5 showed large part of component in Q3? So that's the efficiency gain. B... | Hey, Nick. This is Dennis. Let me address the first question regarding the margin. As I mentioned previously, our quarter 3 margin improvement compared with quarter 2 is primarily due to the product mix improvement. You're right. Going to the first quarter, we will deliver P5, and then the G3i volume will be better tha... | intermediate | [
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f509255cb69f32d5bf0164402c31ebbb | I wondered if you could actually expand on an issue you touched on in your prepared remarks that you talked a little bit about the wage pressures and then sort of the labor-related issues. I know that's an issue that's received a lot of attention nationally, just manufacturing sector having a hard time kind of keeping ... | Yes. Ryan, this is Brian. I think early on, as the demand picked up last fall, we adapted with increased overtime and also bringing in workers from outside of the area to help with the demand. And more recently, I think what we're -- as we've mentioned, wage rate increases. We have implemented a wage rate increase in o... | direct | [
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251ad262a3f04556b5f9078910afbb0f | Okay. And then my other question just has to do with, I think, the -- always the obvious question. I mean you've got secular growth drivers, but obviously, the cyclical dynamics in ag and commodities are important. And it just seems like from one week to the next, there's varying opinions on where we are with the commo... | You bet. Good morning, Ryan. This is Randy. And I really try to simplify this assessment. This is obviously a question we ask ourselves a lot. Investors or yourselves ask us. I really trying to simplify it down to what we see in supply and demand, and that's what's really going to support price and net farm income. The... | intermediate | [
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85b4da356248145611de9527e9516ef1 | Okay. And then one last one. Just regionally in the US I think you did touch on this briefly as well, but can you just kind of give us some more color on kind of where regionally in the US, you're seeing the real strength or is it just a uniform across the board or any granularity there? | There aren't a lot of patterns in the data right now that we would say are interesting at all, Ryan. We've got strength almost across the board domestically and internationally right now. So it's a unique position to be in. We feel very fortunate, but there's nothing interesting in the data that we can share. | direct | [
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189c47266f66db619818c1417485848a | Hey, good morning. So first, on Egypt, can you say who the customer is in Egypt? It seems like there's obviously a lot of focus on food security in Egypt following the pandemic. | Yes, you're right. We do see that being certainly a positive market driver in the region and some confidentiality from the customer's perspective, Brian. So yes, we can't share that with you. We can say it wasn't into the private sector. But we can't name the specific client. | fully_evasive | [
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93a42951e940e2af82c221a24d2b2ed3 | And can you say whether it's the same customer or that it's not the same customer that Valmont is serving or any comment? | I cannot, unfortunately. | fully_evasive | [
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3d5f5bc3a161703bfc3acafed339201b | Okay. Did you -- can you say whether you won business from a competitor or is this a new -- completely new project that you... | We can say that this was a market tender that was a published tender in the market that we were victorious on. | intermediate | [
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e052b8353693b23a7a30bcc3c8500679 | Okay, thanks. And then the -- I think I know the answer to this one, but I'd love to just hear a comment on it. In Irrigation, the incremental operating margin was about 20% year-over-year, 27% sequentially, and it's a little lower than historical. I guess, is that just obviously related to the huge increase in steel p... | Yes, Brian. I would say in North America, during the quarter, we got close to what we would expect on the incremental margin side. I think what really -- where we're seeing more of the dilution right now is on the international side and, as we mentioned, particularly in Brazil. If you look at it on Q2 to Q3 basis, I th... | intermediate | [
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d617ee355b537568d59a00fc97e2cb30 | Brazil, is it -- sorry, if you said, but is it primarily steel or is it wages or all of the above? | It's all of the above. Obviously, steel is the big thing. And the other unique thing about Brazil that's different than the US is just the lead time from quote to delivery because the government subsidized financing. We can quote a project that doesn't go into backlog until it gets the approved financing. And that whol... | direct | [
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25b31a790497275ea36f51891218a245 | Okay. And then last, Brian, do you mind giving me just the dry land conversion replacement figures in the quarter? | Yes. For the quarter, dry land was up to 33%, which is about a 500 basis point increase over last year. Conversion was 28% and replacement 39%. | direct | [
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c773b4f7fabedc8891d3b25dc30a61ce | On the international side of the business, Brazil was obviously strong. You got a nice order from Asia. But can you talk a little bit about the relative strength of the other markets versus sort of Brazil? And do you see the funding and financing remaining in place to extend those gains that we've seen this year into n... | Yes. I'll take that one, Jon. We've really seen, and we mentioned it in our comments, there aren't a lot of trend differences when we look at our international business around the world. And we often look at this between the mature and the developing or the mature and project-oriented markets, and there aren't signific... | intermediate | [
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51fe9a420888fc4d3277d3ea53f398de | Okay. Thank you. Brian, the backlog is up rather significantly. You mentioned some supply chain issues and so on. How much of an influence or how much did those issues impact the backlog number? Is it significant? | I wouldn't say because of delivery constraints or anything like that, Jon. Lead times obviously have extended, but both domestic and international backlogs are up. Obviously, the biggest increase is related to the $36 million Egypt project. But when we look at Brazil, that backlog is up more than double what it was a y... | intermediate | [
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ae0b14620ad55bd4eb0a08ee7a1e7260 | Okay. How extended are the lead times now versus maybe a year ago? | In the US, I think as the volume -- seasonal volume drops off, I think the lead times are getting shorter, again, kind of more in that traditional, let's say, three to four-week time frame. But Brazil, obviously, as I mentioned, some of the longer lead times there, you could go five or six months. So it varies from dif... | intermediate | [
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66f0994f812be986e95768413159918c | I was wondering if you could help us with the cadence of the Egypt project, is it going to ramp up once it starts shipping in June or should it be more evenly split? | Yes, this is Brian. I would think about it this way, $36 million project really spread over the next three quarters. Weighted probably more heavily to fourth quarter, first quarter of 2022 with the remainder going to the second quarter. | direct | [
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dc3c861ddc75edd77bee376870c9371c | Okay, thanks. And then shifting over to the infrastructure business, could you just provide an update on the Road Zipper project funnel and maybe any additional color on when you think some projects are going to begin to convert? Thanks. | You bet. We're still very pleased with the shift left strategy that we've deployed in Road Zipper, and we continue to put projects into the funnel. We continue to manage projects through the funnel. And in terms of total dollars, we see a lot of stability and slight growth overall. The tricky part is exiting the funnel... | direct | [
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ed083c26dee7fc866235e543aebaae30 | Follow-up on the infrastructure, I was going to ask about Road Zipper, but the other piece of infrastructure, I know it's just highlighting that it's been still sort of slower because of just getting that construction projects getting back after COVID and all. So we would -- I guess, you'd expect that piece to grow as ... | Yes. There's a combination of both. And we've talked here previously about the notion of the market freezing. And if you know that there's some money -- program money coming along sometime in the future, you might defer, delay and hold off on some projects until that money is there. But our view right now, Chris, is th... | direct | [
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8ada951f72a33301fc89e728f6975ea6 | So you would anticipate both sides of the infrastructure business, both Road Zipper and sort of safety products growing next year? | There's positive market drivers for both. And obviously, the road safety business and those projects are going to turn a little quicker. And there's going to be more of those. Road Zipper, our view is that it's not going to speed up Road Zipper implementation. Those are still longer-term, more complex projects. We do s... | intermediate | [
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5b0e9f26f7e9341d78857a4b61692331 | Thanks, guys. Lots of progress. Real exciting time. I know it's still recent from the release of the 413 data, and I know we still have to wait for the higher doses as well. But wondering if you've been able to do a little bit more work with kind of outside consultants and thought leaders about whether we could move fo... | Hi. Ken. Thank you very much for your questions. I think we have continued to talk about the WIN and shared those results with our KOLs as well as talk about the potential for that as a suitable primary endpoint. I think we continue to be very encouraged by data. What was obviously key for us in our data was seeing con... | direct | [
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b2611f4cb7aa9d2945c95180148961da | Thanks. Hey. Just two questions. I guess, first on 413, you had some variability, I guess, on speech-in-noise measures at baseline between the Phase 1/2 and the Phase 2a. I guess maybe a question going forward, have you thought about maybe having a hearing loss exclusion criteria going forward to try to ensure a bigger... | Thank you, Raymond. So with regards to the first question on the variability with 413 and the SIN at baseline, this is one of the reasons we're really happy to have the two studies, the independent studies showing a similar benefit. And that gives us a very nice data set to work from to look at some of the parameters f... | intermediate | [
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80fc8590da1b3aa4e0855e87a92fcfef | Hi. This is Pete Stavropoulos on for Charles. So I have one question on 313. So the Phase 2 study is supposed to read out in August. Can you talk about what would be viewed as clinically meaningful improvement? And then also with regard -- a second question, with regard to the time since symptom onset, would you antici... | Pete, yes. Thanks for the question. So looking at 313, as you mentioned, the data is expected in August as we've announced today. With regard to clinical meaningful level, the nice thing about the TFI is it was developed -- when it was developed by the consortium of researchers who put the test together and published t... | direct | [
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2d1bd19f80da410a95a0176afb2e9485 | All right. Thanks for taking the questions. Maybe the first one for Paul here. I'm just wondering, in terms of the expenses going forward, is there may be a reason for whether it's R&D or SG&A to maybe come down? Or should we see the spend kind of increase here throughout the year? | Hi, Frank. Yeah. I think we're expecting the expenses to continue on a rather flat basis across the year. We're right on our target guidance, which, as we mentioned in the release, again, is the -- at least on a non-GAAP basis, the $42 million to $44 million. So we're tracking to that. It might come off a little bit to... | direct | [
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74c9398ec9fa1176528ef38110e2cbd6 | OK. Great. And then on the 413 side, I know it's fresh data. But I was wondering, I think there were discussions of maybe talking to the FDA, but it wasn't set in stone. So is this the thought to have an end of, I guess, Phase 2a? Or is the thought to wait until full Phase 2, get everything together and then discuss wi... | Yes. So thanks, Francois. With regards to the FDA, I mean, I think our approach here is we do expect that we will be having some level of conversations with them prior to the initiation of the Phase 2 study. I mean, that is in part, not just due to the clinical, but also even on the manufacturing side, there are obviou... | intermediate | [
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06c90ec3ba78af7f9b59f7ee8e099f1b | OK. Great. And if I can sneak in a last one here. Any -- can you just remind us of the differences between the upcoming readout, the Phase 2 for 313 versus the prior trial? Anything in design that might be derisking here, maybe more severe patients or whatnot? And then lastly, in terms of -- on the tone of the FDA here... | Yes. I mean we did make a number of changes in addition to obviously expanding the population to look at patients with duration of tinnitus up to one year. So beyond the original 6 months in the Phase 1/2, we have taken some steps in the design of that study where we actually did increase the level of TFI severity requ... | direct | [
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eb531a69b38eb20a235d91b19bb81f36 | How much of native's Android version of mobile game revenue is contributed by third-party app stores? For this part of revenue, what is the average revenue share charged by third-party Android channels? We heard from media, one of NetEase online gaming peers was trying to negotiate for a lower revenue share paid to the... | The China has probably obviously the highest revenue-sharing ratio among all the market around the world, up to as high as 50%. It's true. A few of our native games enjoys a more favorable sharing around 30%, such as FWJ, and so we think the way we are seeing in China right now is unhealthy. And it's probably unsustain... | intermediate | [
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00555786ebdc05537500d7488b3798ac | Back in 2019, we had a revenue target -- overseas revenue target of 30%. In the following three to five years and because of COVID-19, the growth, especially outside of China, has accelerated a lot. And so wondering if there is any change to this target -- revenue mix target. Would it come earlier than expected? And th... | 2021 will definitely be an important year for NetEase in terms of internationalization. We have a number of games we're making, such as Harry Potter and Infinite Lagrange, which are expected to be launched during the year, and we hope to see fruitful results from those games. Thank you. Thank you, Alex. And, Alex, on y... | intermediate | [
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20710888c09fc124377c987e7ae42c49 | My question is related to the overall growth driver for the Cloud Music for 2021. Was that growth mainly driven by the subscription revenue ramp or to be driven by the online advertising revenue or even the live streaming could be growing faster. And then a small related questions on the CNY 1 billion video content inv... | Yes. I'll help translating. So Alicia, you're right. Our -- the three main forms of monetization for music is membership, advertising and live streaming. And one of the key focuses for music, going forward, will continue to be about creating our own content, helping independent musicians to create original content on o... | intermediate | [
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4f704f6e29092125c48b4015429bc090 | So my question is regarding your view on the PC gaming market. How do you think about the future outlook for this market in both domestic China market, as well as the rest of the world? And then how do you position yourself in such industry? Do you still allocate new R&D resource in the PC gaming development? Or you ju... | Yes. The outcome from both William and Junxiong our -- the mastermind behind many key titles in NetEase. So yes, that's something that we do care very much about PC because of unique specifications that the PC games can have and the user experience that PC games can deliver to our gamers that we'll probably continue do... | intermediate | [
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28a36ab11ad22b6d44046f212dfe5a60 | The first question is regarding overseas game operations. Will we consider accelerating the pace through the use of M&A or in-house development? And then my follow-up -- another question is about the regulations. Can management share about their thoughts regarding the regulatory environment in online games, live stream... | In terms of the overseas expansion, we're interested in both and talked about these self-developing games and also through M&A. In terms of the self-development side, there's a number of things -- there's number of ways we can do it. For example, Harry Potter, this is leveraging the use of a very famous U.K. IP and usi... | direct | [
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e8e3a8437cf70173efab3ea83efe172c | I want to ask about the pace and is there approximately timing of the launch of the few key IP, including Diablo Immortal, Pokémon, as well as Harry Potter? Would that be like spread across different quarters to avoid competition? Or we will just launch it right when they are ready? | Thank you, Kenneth. For our pipeline, first of all, we are very confident and excited about our lineups for 2021, including, just now, William and Junxiong just introduced a couple of exciting PC games. On the mobile side, as you have all noticed, Harry Porter, Diablo Immortal and Pokémon now all have already received... | intermediate | [
"direct",
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] | B |
dd4d7f538d8679602a6e68ec9d36a5cf | First question is just around Oklahoma, David. I just want to see if you could expand upon sort of what you're seeing there today, if you're seeing any sign of the win per day start to inflect down there. And then I guess just give us a sense of where your confident stands today, we're sort of digging out down there, s... | Thanks, Brad. So inflection point is probably a good way to put it. We've been monitoring the market very closely, looking at it obviously week to week, month to month and from our perspective looking at revenue in the state and looking at RPD, we can sort of see that leveling off for that inflection point. In order to... | direct | [
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] | A |
001bb5e841be0f6776a7b90e5f9f4971 | And then, next question. I don't know if David or Kimo want to take this, but obviously when we think through, you guys have been kind of working on this optimization for a while, it's not a new concept, it's obviously a decent component of your CapEx each year. But as I I hear you guys talk and some of the new product... | I think of course there's puts and takes, right. But I think on average I would say that you'd have some small incremental grow over from this year, but I wouldn't say there'd be anything material. I think what could change that statement could be if some other premium rollout goes even better than planned something li... | direct | [
"direct",
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] | A |
67718a1568f29ed3dd181cc96bfcb559 | And then last one is just around the table business. Doing over $1 million of EBITDA in the quarter is quite exceptional. I got your message around the margin differential in the fourth quarter, but I guess just again as we sort of look forward, do we kind of view this now as a or should we view this now as sort of a $... | Sure. Thanks, Brad. I think going forward that's about where we're going to be and obviously we hope to grow that. What we talked about at G2E and since then is that we really see that -- and not to be too repetitive with the prepared remarks, but we really see that the full product suite in tables has put us in a posi... | direct | [
"direct",
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] | A |
9a99b0bf46282f025df122b09005236e | Some of your competitors have talked about a renewed focus on Class-2 in Oklahoma recently. I was just wondering if that maybe amplify some of those competitive issues you discussed in the opening remarks and how should we think about that as we think about your recovery in that market? | Yeah, I think there's a -- I think Oklahoma is unique in so many different way, right, and we saw a couple of things last year that are really the factors that impacted. When we talk about competition, there is one supplier or aggregator, if you will, in particular that everyone is very familiar with in Oklahoma that h... | direct | [
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] | A |
503265aa1a68603ba382fb334cdb0748 | Got it, OK. And then next question is on the guide, just -- maybe just some of the puts and takes between the high and low-end especially thinking seasonality Q4 and Q3. Thanks. | Thanks, Barry. Yes, so there is a little bit of seasonality there in Q4 as we've always seen before. So as far as puts and takes, obviously unit sales is one of the puts and takes and we clearly can see that. You see here in Q3, we talked about in the script, we had some Canada in there. We had some tribal in there. We... | direct | [
"direct",
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] | A |
f49a3d7f5e8cc276c296980c19cbf686 | Okay. And then just last one. Last quarter you talked about one of the issues being potential softness from certain corporate customers carrying into the back half of the year. Did you see that in Q3 or do you think things have returned to normal there? | I mean, I don't know how much has changed there. I know that for us, we sell across -- if you look, yes, we sort of slice it pretty thin. If you look at our sales units in the quarter, yes, we had some -- a good sale to try -- we again Canada but outside of that we're spreading our units across a great number of proper... | intermediate | [
"direct",
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] | B |
22e7f0775a783292e56a489b4825a61b | Hey guys, thanks for taking my question. I wanted to specifically focus on your gaming EBITDA margins, which have been volatile in the year, given your Integrity acquisition and also just the mix in any given quarter of sales and lease games, but can you kind of help us think about where this should trend given the int... | Yeah, I think if you look at Q3, Chad. I think that's probably about where we settled, right. I think if I'm looking at same number you are, gaining margin was about 47% or so. I think that's probably what you should expect on a go-forward basis. | direct | [
"direct",
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6ede8f1cc7c3aa03e10f51616131d1c0 | Okay. Great. And then David, I believe you've opened a few new studios in the past couple of quarters and I think at G2E you noted some of the product that came out of there. Do you think you have the right amount of studios personnel at this point to deliver the demand that you were earning from your customers for the... | I mean, where we're at right now, if you were to ask me, I would say we're in good position. If you ask our Head of R&D, I mean he considers gaming studios like home runs more or better, right. So I think that we're in great position. I think that we have the right number of studios for the footprint we have today as o... | direct | [
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67772114d3506f2778cad07a4082af28 | So, I did want to ask, first of all, I appreciate the additional guidance that was given with respect to volumes and margins, that's very helpful on my end. Did want to ask how you or how you would -- how you are seeing or how you would envision operating margins in this kind of an environment? Obviously, in normal cir... | It's going to vary, Ben. So, as you know by now, it's a diverse business model and we got a lot of things going on all for the purpose of supplying energy globally to a diverse group of end customers, but with the commonality being moving that liquid or gas or power whoever the case may be, third-party, our own invento... | direct | [
"direct",
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