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edaaceb323e9e56b659ccbbe8decd118 | Can you elaborate on where your expectations around inflation have changed relative to last quarter? And what you see as more structural versus transient previously? And then as a follow-up, do you expect the pricing that you're implementing to fully offset the inflationary pressures next year? | Sure, Pam. I'd be happy to talk to that. Thanks for the question. I mean, I think as we've been talking, and you can see in the external world, we still see that grain prices have come down, but remain elevated. But particularly within transportation costs, we're seeing significant increases versus where we've been, an... | intermediate | [
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644b6534cf495892f6ef8ce899f785a0 | And then I just had a question on your distribution expansion. So you saw good store growth during the quarter that accelerated sequentially. Is there anything that you're doing differently that's contributing to that distribution expansion. And I'm curious about the composition of the store growth if you're seeing par... | Thanks, Pam. So the first thing I'd call out is, last year, about a year ago, we hired Pete Pappas to lead sales for our organization. And he went to work building not just an organization, but a real strategy around how to focus our team, how to allocate resources. And frankly, the biggest factor, I think, at play her... | intermediate | [
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8448f47534ed249904081945166964f5 | So I guess my first question is thinking about the distribution expansion, just to know one of the big pushes this year has been to really increase total number of placements and items per store in conventional grocery, where you're significantly under-indexed versus kind of what you can do in the natural channel. Just... | Yes. I appreciate that, Adam. And you're absolutely right. There is a massive opportunity for us in conventional grocery. We already, in many parts of natural enjoy sort of the No. 1 rank in sales of branded eggs and have been there for quite a while, and we have great relationships there. I think there is an element o... | intermediate | [
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f3728ed6459e019fbafdb809fb743e96 | OK. And then just a quick follow-up on the pricing kind of point. You talked about 40% of the portfolio kind of being subject to price increases. Is that a -- Any way to quantify just or help us frame just the magnitude of it as we think about where the wholesale price is going? | Sure. I'd be happy to, Adam. So again, you're right, we said 40% of the portfolio, we're taking a price increase in the mid-single digits on that portion of the portfolio. | direct | [
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5fd1bf1931da01e1f0c4ccd9bc825deb | So Q3 household penetration on a percentage basis was 4.4% versus the 4.5 in Q2. And I think households were essentially flat sequentially as well. Maybe we're splitting hairs here, but the first quarter since the lease 2019 that there wasn't any sequential increase in household penetration. So wanted to get your take ... | Yes. Thanks, Matt, for that. And you sure have eagle to see that I think, very small sequential change for sure. Look, the headline here is headline -- the household penetration continues to grow year on year. And the reality is it's a 52-week look. And so if you think about the prior period, the prior year compare and... | intermediate | [
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0efecfce025a64a6b39b9744d273b2fa | Cool. Thank you. And just impressions in Q3, I think the figure you called out is a jump since this summer. Anything you can share regarding who these incremental impressions are from, assuming some of these households are already purchasing, but are you able to see the mix of potential new households on the receiving ... | It's really early. We definitely have an eye toward experimentation and learning from all the different sort of advertising efforts that we put down aided by the investment we've made over the last year in the insights team on our marketing team. And so while we don't have any clear reads to share, I would say that eve... | fully_evasive | [
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d4d8b69dc4809217074083a99cdae240 | Great. And I just want to squeeze a follow-up. And just given the strain across the food distribution landscape, were there any third-party related one-offs during the quarter that we should keep in mind? Thanks very much. | No, no material one-offs, just inflation in freight rates is the biggest thing that we saw. | direct | [
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85f225a777df7442ea1b0ebe3842240a | Just a follow-up here on pricing. To what extension should we think about -- I guess, yes, how should we think about demand elasticity given the price increase for 40% of the portfolio, is that something that you guys see as a risk, I guess, once the pricing does flow through? And then I have a follow-up here. | I can take that one. So it's a great question and certainly one that we think about a lot. The reality is that a lot of it has to do with what the rest of the category does. So we are more interested in cross elasticity of demand than the elasticity of our products specifically because it has to do with the interplay o... | intermediate | [
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e02cf6f4f352a64b8af770858cd0a2ee | Got you. OK. Yes. And then just, I guess, a bigger picture on foodservice. I think you mentioned that food service distribution went up by 175% this quarter. And I'm just trying to think like just longer term, what's the strategy for that side of the business? Where do you see that play -- what kind of role do you see ... | It's interesting. If you'd asked me a year or two ago about food service, I might have said something a little more circumspect, hey, look, we've got great products and a great brand. And on more of an opportunistic basis, we find these really powerful partnerships with local and regional concepts, and it works really ... | direct | [
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c74b09bd4fd163764f559814fadea748 | Promotional activity is up compared to the prior year. But if we take a step back, can you talk about the level of promotional support you currently have in the market? And has the near-term inflation you're facing impacted your ability to achieve your desired level of in-store activity to support trial by new customer... | Yes, the level of promotional activity that we've talked to in the past in Q3 and Q4, we had to support the new distribution is planned distribution. I don't think that the inflationary costs of how to take our foot off the gas there because we feel it's important to drive that trial. And really, we're just returning t... | direct | [
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e58852d93897d607a841e939be192f43 | OK. And then as a follow-up, does the recent pricing action allow you to maintain a more normal promotional calendar next year? Or I guess, do you expect to realize that mid-single-digit price increase on the 40% of your portfolio? Or should we expect there to be some incremental promotional investment taken against th... | What I'd say to that is because of the way that we communicated it to retailers and because frankly, we didn't overreach as I reportedly some CPG companies are really reaching as far as they can on pricing. We don't believe we'll see pressure to kind of give it all back in promotional spend, and we'll work very hard to... | intermediate | [
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0463ec20b8e8d8bd663ebe30e0fea28a | Just two quick questions. One I think is an easy answer is because of the egg market, you don't get any pre-buying or accelerated buying because ahead of your raising prices, right, you can't stack up on the eggs or anything like that. So there's no change to the distribution of your sales. Is that -- I'm assuming that... | Yes. I think the key factor there, you're right, is that, frankly, it's a very perishable product. So there's a limit to how much a retailer could forward buy. And so while they might be tempted to do it, it'd be very limited. | direct | [
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8b9367ce19d5585fa389a999ca893bd6 | OK. And then the second question is, you talked about how the pricing may or may not cover the entire inflationary pressures. Can you talk about other opportunities that you have to offset that, what you're doing with the contracts that you're doing with the distribution center? Are things like that may be able to stab... | Yes. Sure thing, Ken. So we are constantly and continuously focused on eliminating waste in our system. And I mean waste in the lean operation sense of it. So a couple of things that I would call out as really exciting opportunities that we've been working on for a while now, and we'll continue to focus on in '22. One ... | direct | [
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78944957a475cd3a423ee793a1e3eaa1 | Just going to the guide, I want to understand just -- and make sure that we understand the dynamics of additional supply coming on and how we think about that impacting the overall guide. Clearly, we saw take rates kind of come down in 1Q. And I guess the question focuses on how do we see that start to bounce back to t... | OK. Andrew, it's Elise. Thanks for the question. So first, I think it's important to understand some of the key assumptions in our guidance. We do have a wider range for the fiscal year to reflect the uncertainty of the environment. And then the baseline assumptions, as I said in my closing remarks there, that macro co... | intermediate | [
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0bf2e1e98c4e6c395c7668c0546298f6 | And then secondly, just on Keystone. As we think about that rolling through the model. Help us understood, understood it's a small contribution as we kind of relate to this year. But what other investments are necessary to get that going? It feels like a different go-to-market motion. Is there anything else to call out... | Drew, this is Yaron. So Keystone is in its early days of its effort. Again, we've been working on this for about a year. There is a small dedicated business unit focused on Keystone for that year, but we're also leveraging a bunch of our capabilities on what we call the core business on both the publisher side of our p... | intermediate | [
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58c0a613b6a8de921eab4b01669e711a | For the guidance, Elise, what is the embedded assumption? So you talked to the -- qualitatively, but how should we frame the impact of FX headwinds versus lower demand and the magnitude of it in full year guide? And then the second question, Yaron, on Keystone. How are you pricing the product? What's the subscription p... | OK. Thanks, Shweta. I'll take the first one on FX. So our forecast for Q2 and the balance of the year assumes current rates, which are essentially April rates for us. And you might recall for most currencies, we have long positions. So we sell in multiple currencies, and we do have some offset in operating expenses. Wh... | intermediate | [
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4c5d2edfc5c6e07854789d48ca04f703 | In the U.S., when you look at your business, Trade Desk has been talking about OpenPath, which is a direct onboarding into publishers into their demand, their DSP of demand. Have you seen weakness from that in your U.S. business competing with you? | Hi, Laura. This is Yaron. I don't believe we have -- supply path optimization is generally something that's less relevant to our space since in the vast majority of our business, there is no supply path optimization. We're the only platform between the advertiser and the publisher and the most direct connectivity that ... | direct | [
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8549c3f2f5ce78eca7f3c00259c50459 | Let's do CTV product update. You guys closed the vi acquisition in January. We thought that this company, new company added $30 million of CTV and in-stream revenue. Can you give us an update on what's happening on the CTV side, specifically, in terms of growth and investment? | Sure. So yes, hopefully, we'll get the David perspective when he joins. But in terms of CTV, so the video intelligence or vi acquisition that we made does have a small portion of CTV. The founding team there, so the team from vi, that world of TV and connected TVs. And so they know it quite well. But it is a small port... | intermediate | [
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81c068dcbcaac5e9aa6d84c8a7dbd6e8 | So we did take revenue guidance for the year down 15%, but we took EBITDA down by 50%. So our margins -- our estimated margins for the year went from 30% EBITDA margins to 20%, which is well below really the rest of ad tech. So could you talk about what's happening with margins and the different guidance like why they'... | Sure. Maybe I'll share some thoughts on that, and then I can hand it to Yaron for a broader perspective. So as you said, the EBITDA guidance that we gave, it implies about $225 million of cash costs, which is significantly less than we had originally budgeted based on savings plans we've initiated at the end of Q1. So ... | intermediate | [
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f454c2a3bb3d1f1fe37d4a0324dec5ba | Assuming we weren't in a digital advertising downturn or whatever we're in here and we just isolated the supply wins that you guys talked about in the prepared remarks, how much revenue or GP Ex-TAC do you think that would have added to the system this year? I guess we're trying to understand if we kind of roll through... | Hey, Ross. Thanks for the question. So in terms of the new partnerships and generally, the growth in supplies, obviously, the returns are very dependent on the RPMs. I believe the deals we mentioned and the new supply wins are really sort of where you see the gap between our current guidance and the sort of reduced gui... | intermediate | [
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29df7ca0e83c2320c9660c24335b2158 | I guess, just the first question, Peter, around capital, when I look at the tangible common equity or the leverage ratio is around close to 6%. Just give us a sense of how you're managing the balance sheet. I'm assuming, liquidity could continue to come in as we think through the new stimulus that was announced back in... | Well, you're right, Ebrahim. We've experienced and/or enjoyed 10.2% deposit growth in the past two quarters, which obviously is extraordinary, we think that's a great testament to the brand. But to your point, is putting some pressure on capital. The risk-based measurements are looking good. And from a stakeholder stan... | direct | [
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40ade2a15b6125a93bf5192338a02846 | And just, Dean, following up around your expense guidance for $385 million. Just wanted to clarify, for the first quarter, are you looking at the reported $98.9 million number? Or are you looking at a core number ex the $3.7 million? | It would be including the onetime items. | direct | [
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d09e4ffb0b449987545ff1883c215a8f | And just one last question in terms of fee activity means feels like tourism is opening up, you're seeing a rebound in activity. What's your best sense in terms of just the second half of the year as you think about just the macro economy and the hospitality sector and the planning that's going on to kind of get touris... | I think that the -- well, let me start with the expectation. Ebrahim, I think that there was always a reasonable forecast of about two-third return of visitors by the end of this year. And I think as things have played out, that's probably potentially somewhat conservative. And so we're already seeing in the numbers, a... | direct | [
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a5792035b06eb7657d2e3d49d69b6ea2 | Maybe just a quick housekeeping item out of the way. The PPP balances, I think you mentioned $745 million is -- could you atomize the round, I guess, what came on in Round 2 and maybe Round 1 forgiveness just to try to track the coming and going. | Yeah. We originated $200 million, roughly $260 million of new loans in '21. And then what came off was about $43 million. Mainly -- almost all of it in the 2020 vintage. | direct | [
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69d9f43aba8649de2589f5d52108f087 | And then maybe for Peter, I thought that slide 27 was interesting. Kind of breaking out that expense and not to oversimplify things, but if you were to overlay that on maybe the savings that you've called from the physical spend, what would that compare? And I guess, we're not even capturing potentially the revenue enh... | Yeah. I mean, I think it's tough to give hard forecast numbers on that, Jeff. But I think that conceptually, we think that our investment into digital and digital marketing and operating efficiency gives us an operating leverage opportunity or story, if you will, that's probably of the best we've had for quite some tim... | intermediate | [
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7a44c6e2f642e601ac2ef2de46b3952d | Just a clarification on the PPP fees in the quarter, do you have that dollar amount? | Yeah. So kind of to break it down, we had about $900,000 of fees that were accelerated due to the waivers and forgiveness that occurred in the quarter. And then in the net interest income, kind of the base, we had about $1.8 million. So in total, it was -- yeah, $2.7 million. | direct | [
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4099de8b21b790481306e265b5a258a9 | And then just the pace of forgiveness, do you think that's going to accelerate here this quarter? Just trying to get to a more of a reported margin and NII forecast. | Yeah. The expectation is it will pick up. Last quarter, we had expected to be -- to have more forgiveness. But I guess, with the new program, they were more focused on that at the SBA so we do expect second and third quarter to pick up in forgiveness.
It's a tough forecast because we're dealing with borrower behavior ... | direct | [
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f071b7b741d7e85d76997c96eba96514 | Just on -- then just comments on loan growth, it sounds like you expect to see some commercial gains in the second half this year. Is there anything that's giving you confidence in that right now? And then what -- are there any other types that you see continuing to increase noted construction and residential mortgage ... | Yeah. Yeah. Sure. So construction had a good quarter. It was up 8%. CRE was flat, C&I., net of PPP was down about 4%. And I would say, overall, the quarter for commercial was down. But really, production was not bad. Really what we saw was somewhat of an outsized paydown environment. So our rolling four-quarter paydown... | intermediate | [
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1dd8c3a83f40303020b24233a43c0d9b | I wanted to catch up on expenses a little bit and understanding you had some unique moving parts within the quarter. When I think about that $385 million run rate, and I know that includes the severance and the card rollout that you had in there, the guidance is a little higher than it was last quarter. I've got my not... | It's all of that, Jackie. It's -- yeah, so we made the decision pretty late just to go forward with the contactless rollout. That obviously is contributing to expenses. Like we would hope and anticipate, we've got a full slate of investments to make down the digital marketing and efficiency fronts. But we do see a much... | direct | [
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009f87613611e7748b8a2817a8115afc | And then just related to kind of your buyback comments and the capital discussion. As you think about actions you might want to take if you decide you want to get back into share repurchases, but balance sheet growth is still pretty strong. When you think you'll evaluate options, do you mean internal balance sheet mana... | Well, yeah, I think all options are on the table. We take a good amount of pride in the purity of our capital stack. So I would say that that would probably be the third area that we look at. The first obviously is generating quality earnings to help build capital, which we feel good about. And secondly, we've got some... | direct | [
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e82bc36c91a5d24295ebf0be22ae3fcf | Just wanted to go back to the PPP fees for just a moment. Do you have the comparable numbers for what was in fourth quarter? In other words, the PPP forgiveness of $900,000 that was in this quarter, what it was in 4Q? And then also just the regular fees at a rate of 1%. I assume it was pretty close to $1.8 million but ... | Yeah. So the accelerated fees were about $400,000 in Q4 and about $2 million separately embedded in the NII on interest income for the loans. | direct | [
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2b9a8c2ab3b2eb1eed1b9993948b15ba | And then if you think about Round 1 and Round 2 in terms of what's remaining, what is the actual amount of total PPP fees that now remain. Round 1 and whatever you do in Round 2? What's your balance under that? | Yeah. In total, it's about $19.2 million remaining. | direct | [
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89284c2b2b0ab8d0cd6d4798585b0da6 | And then I just wanted to ask you on branches. And I apologize if I've missed this, but I see your branch accounts down to 63. And I know with the branch closures, it was getting down to 50. Can you just remind us where you are on the timing of closing that? And then if there are any more onetime expenses coming throug... | Yeah. As far as branch optimization, Laurie, I'm not foreseeing any additional expenses at this point. We took a pretty large charge, as you recall, last quarter, to bring down our in-store branch network. And there's nothing really of scale that I see on the right. Now things change. So we'll see. And then on the sepa... | intermediate | [
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756ec9b7fa64df2539da3e322c56f7d3 | We have seen a lot of recent M&A, and this is an unusual time to be doing it, where buyers stock currency obviously can go up. And we just haven't heard a refresh on your thoughts around M&A. And so given that you have one of the strongest stock currencies of any of the regional banks out there at 2.7 times. Can you ju... | Yeah. Well, it's pretty unchanged, Laurie. We've -- we for 20 plus years, 21 years now, have been pretty committed to building an organic growth story in markets that we know and understand well and have a great market presence. And we think that's resulted in a great valuation. And basically, the color we're getting f... | direct | [
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e072ba51ed5c79ec3f58bbd8c41187d4 | Hi. This is Jessica Hui on for John. Two questions from me. My first question is, what exactly is included in the cash runway guidance that gets you to mid-2024 besides the $6 million upfront payment from Gilead. The PR mentioned projected and anticipated future payments from partners and product revenues, and those ar... | Jessica, Jim tried to answer that question, but let me just reiterate, because of the nature of the agreement, there was nothing -- we're not allowed specifically to define the points where Gilead can enter into the option period to take a license during this option period. Having said that, they can do it at any time.... | intermediate | [
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5a06220cfd70d8f39a1e43bd5faa7d01 | Hi, guys. Thanks for taking my questions. First question, congrats on the recent Gilead partnership. I'm curious to hear your thoughts on business development broadly regarding other pipeline assets post this deal? | Jonathan, with regard to the BD activity, as you are well aware, we have been very active for many, many years in continuous BD engagement on both our clinical and preclinical portfolio. And I'm pleased to say, in addition to the success of the recent partnership with Gilead, we have ongoing discussions on a number of ... | intermediate | [
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d9dca76f8964786d77e592930613e309 | Would that -- I guess, to my second question, the predefined decision points in which Gilead may elect to exercise their option to license the program. Could you give us some more color on that? | So Jessica, Jim tried to answer that question, but let me just reiterate, because of the nature of the agreement, there was nothing -- we're not allowed specifically to define the points where Gilead can enter into the option period to take a license during this option period. Having said that, they can do it at any ti... | intermediate | [
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9021a586c79baa5e67c7c5123a2d5331 | Could you provide some color into the progress of the MGC018 dose escalation study in combination with the lorigerlimab? I think, the study has been ongoing since earlier this year with the newer Q4 weekly dosing. And I was wondering if your early 2023 lower lorigerlimab update could potentially provide some more line ... | Yeah, Charles, again, without specifying the timing of things, obviously, we had taken a -- I would say, a reasonably aggressive view of this, where we set the dose of the lorigerlimab component at 6 mg per kg, and that continues. The plan was to dose escalate in a reasonable fashion with the MGC018 starting at 1 mg pe... | intermediate | [
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fbd068a8697d20853f3f617725aa2e22 | Got it. Great. And maybe one follow-up, if you don't mind, on the lorigerlimab program update, specifically in 2023. So looking forward to that one for sure. And I was wondering if you could also help us contextualize the lorigerlimab update relative to some of the other PD-1/CTLX4 bispecific data that we've seen emerg... | Yeah. So as we noted today, we have been encouraged by the data we've completed in the four expansion cohorts, our enrollment plans. We will discuss one or more of these expansion cohorts, which in many -- in several of these cases are quite considerable. Given that, as we've already noted that we're doing combination ... | intermediate | [
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a9dc5a6400a585e486dcda15f5c735ed | The question is on the evolving prostate cancer landscape. What are your views on the opportunity for MGC018 and what critical benchmarks are you looking for for comparison? And for a second question, are you -- what's your latest thinking on development for teplizumab? Do you think we could expect like a business deve... | So with regard to MGC018, as we've stated quite clearly, this year was prioritized to operationalize the planned Phase 2/3 study in patients with castration-resistant prostate cancer who had progressed on chemotherapy, as well as, one androgen-receptor targeting agent. As we noted today, we plan to have the first patie... | intermediate | [
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59d7dd5b4d364d03a63787de83ba5c16 | Yeah, good afternoon, and apologies about my voice here. I have two quick questions regarding, [Inaudible] and the Prevention Bio progress. They announced this morning that they're labeling discussions there. How confident are you in the approval coming soon in November? And then, when do you think royalty -- talking a... | With regard to the prevention announcement today, we, obviously, have been very encouraged all along with their public communications. We know nothing more than that was stated today publicly. But my sense is that we are exactly two weeks from the PDUFA date, and they would not be putting out these reports of the label... | intermediate | [
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7041ce814a56e2ee56cd28e1eefcdae8 | Thank you so much. And I have a follow-up question, I might have missed this in earlier questions. So we still expect MGC018 data next year, and I believe it was first half, if I'm not mistaken. And here, I have a question around the dosing since you have changed the dosing recently. Will the update that we'll get be i... | Yeah. So we have not treated any new patients as of yet with those two dosing schedules, that will start on when we start the TAMARACK study. Obviously, these doses were extracted from our analysis of the patients that were originally started at 3 mg per kg on a Q3 weekly basis, and how those doses were altered during ... | intermediate | [
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4dd5f5c6108d87d948819b6a6e243b3d | Thank you, and appreciate the commentary on fiscal year '23 at this point. One thing I want to zero in on relative to the EU. So you'll remove most of the factors, $0.10 of benefit continuing to flow through. As you speak to offsetting with repurchase, is that part of what the repo that you suggested for Q4 is getting ... | Thanks, Eric, for that question. As I talked about in my remarks, we do anticipate that the Austrian transaction, the German transaction, which have already closed, we anticipate that the U.K. transaction will also close in the fourth quarter. So consistent with our comments, we do intend to offset the dilution, and th... | intermediate | [
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7cad061de7bbc41d46bd86532ffd3be0 | Thanks very much. Good afternoon, and thanks for all the detail. Britt, I just want to go back and talk about inflation. You talked a little bit about labor, and I know you and Brian talked last quarter about some special bonuses and increasing wages.
But how do we think about wages going forward as we continue to hav... | Lisa, thanks for that question. Maybe I'll just step back for a minute and just address labor and inflation separately. And maybe I'll just start with inflation. Our business model has a normal component that's built into it that relates to pricing.
When you have a model like we do that's founded on both supply and se... | intermediate | [
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] | B |
8d958f5899799f3943aa91f09805e41e | Yeah. Hey, thanks for taking the question. Britt, you talked earlier in your prepared comments about -- in the Pharma Technology Solutions segment about access to medications, and you highlighted a couple of businesses. You mentioned a $15 billion market opportunity here.
Maybe if you can just give us a little more de... | Thank you for the question. I'll -- I think you addressed it to Britt, but I'll jump in and start with my thoughts. I mean -- so this -- we think we're extremely well-positioned in this marketplace. And one of the things when we're anchoring our growth strategies we try to anchor around is making sure we have different... | direct | [
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2187af56602436df42456665c3ce6cff | Thank you, and hello, everyone. So with respect to $0.45 core business outperformance you called out, which is now captured in your fiscal '22 outlook, how do you think about the sustainability of some of those drivers behind that outperformance? And related to that, how should we think about the fiscal '22 baseline EP... | Let me take those in two pieces. We're pleased with another quarter of strong operating performance. And obviously, you saw growth across each of our segments. So as we look at the outlook for the remainder of the year, we expect that the momentum in our business is going to continue.
And we haven't provided any guida... | intermediate | [
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fe971960350f5495c2a23f005bcaba34 | Good afternoon, and thanks for all the colors so far. I want to talk a little bit about the U.S. pharma segment. As you think about into next year and thinking more qualitatively as much as anything else, but how do you think about outside of the COVID-related script and volume recovery, the other moving pieces? You di... | Mike, thanks for the question. Maybe I'll start and then I'll let Brian jump in here. Again, as we think about it and some of the things that I mentioned here, we do expect a full recovery of prescription transaction volumes. And we're certainly pleased that transaction volumes have continued to increase throughout the... | intermediate | [
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] | B |
074229cfc3dfea0e6d071680ffb8a1ba | Hey, good afternooon, guys. Congrats on the quarter. I guess, Britt, my question is the medical segment operating income raise was pretty significant even if you back out COVID. Can you just dissect for us that outperformance and how should we be thinking about the sustainability of earnings in that segment past 2022? | Yeah. Thanks for the question, Brian. Maybe I'll just start. Just to remind you, since fiscal '19, this business has grown at 10% from an adjusted operating profit perspective on the core basis outside of COVID programs.
So we've seen strong growth in this business now for a number of years. It's one of our higher-mar... | intermediate | [
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] | B |
4ac7a1affdf26e57628ebe199baf4837 | Yeah. Hi, good evening, and thanks for the comprehensive details. So two follow-ups here. One, just to clarify, as you think about 2023, should we assume that all the buyback activity is going to be offsetting the dilution from the European divestitures? That's first.
And then secondly, as we think about the COVID imp... | Ricky, let me take the first one, and then I'll let Brian comment on the second, just it's more a mechanical question. As I mentioned in my comments, we do expect to offset any dilution from the European divestitures through capital deployment, and that could be share repurchase activity like we're doing in the fourth ... | intermediate | [
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] | B |
88333df332e0db820bc7ecc12fb7adce | Thanks. Good afternoon. I also had a question just around the -- your comment around the normal customer renewal activity in fiscal '23. I guess I just want to make sure and confirm the messaging around that.
So I guess, first, can you remind us how customer renewal activity and any related pricing step-downs trended ... | Yeah. Thanks, Steve. That's a good question. I'm happy to answer that, and I'm happy to clarify.
When I speak of normal, what I mean by that is in any year we typically see about a third of our U.S. Pharmaceutical book renew. As we have seen over the last few years, there have been no material impacts to that. Certain... | intermediate | [
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] | B |
a565a50664221f504ab27c708fa48905 | I would love to just touch on the ID verification side. As you think about demand and the pipeline, I'd love to get a little color around how that's playing out, especially around, as you think about the gig environment, the Airbnb customers, how do you think that plays out? Maybe not even over the next 12 months, but ... | Yes. That's a big question, Bhavan. Just meaning it's far reaching. Certainly, the idea of being able to not just validate identities digitally is a big deal. It's still -- we've talked about this being early stage market that's growing rapidly that is a big category. Where the problem hasn't fully been solved, I think... | intermediate | [
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] | B |
2bc3c4df6fc358b195f18e09678f39b4 | I guess if we think about it, right, there's lots of ways to approach this concept, right? You've seen Equifax' recent acquisition of Kount. You've seen LexisNexis talk about like, "Oh, we can identify a device and give you a score on the risk of a device." I guess the biggest question is, and obviously, you're the par... | Yes. So what you just outlined there is there's a lot of different approaches, a lot of different -- not just providers, but concepts and how to attack this problem. You mentioned a number of folks that are either complementary or channel partners to Mitek. And ultimately, what you're trying to put your finger on is wh... | intermediate | [
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] | B |
1f6b7dee0354c2bb1933825664c85eaa | Competition, you've seen a number of folks come out and say, OK, so we can do ID verification, like, matching the ID to a passports or driver's license or everything else. And the approach, the business has risen to more than ID matching, but like ID verification, but ID management. And I'd love to have your color as t... | Sure, sure. Again, another really big question. So I think what you touched on is this idea of identity access management, which is a much larger category that IDV, identity verification, is adjunct to. And Gartner is making these predictions that those two categories are starting to couple and intersect where you've g... | direct | [
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] | A |
4ce98de781bb0d94cd306559282c804f | Max, starting with you, the company's performance has been, let's just say, quite good since the financial guidance was withdrawn early last year. I was wondering if you could just give us a little color on what it may take for the firm to reinstate financial guidance going forward? | Sure, Mark. Well, thanks for the kind words. We withdrew the guidance along with, I think, the overwhelming majority of Russell 2000 companies back in the March-April time frame. And the reason we did that is because there was just so much uncertainty, not just around COVID, but then the knock-on consequences around th... | direct | [
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1fb94e3feef14f27f6f0f4f38747acd7 | And then switching gears a little bit here to your channel network because building up your partner network has been a big initiative at the company over the last, I don't know, year or two. I was wondering if you had any progress to report on that front this quarter. | Yes. I've become really cautious in these calls of using customer names or channel partner names only because it is a competitive environment, and we've got a lot of competitors. Since we're the only public company, we've got a lot of competitors who get the benefit of listening in on these calls. We have invested in t... | intermediate | [
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] | B |
9e5e24b4640fb033a6473ef795bf1a16 | I was wondering if you could just provide an update of where the company is with respect to sunsetting the legacy on-premise platforms. | Sure. So we -- I think we started that initiative two to three years ago and said it was going to take us a while to get through it. We've done a great job getting -- sunsetting the on-premise identity platforms. They were all domestic and primarily in Europe. The only thing that's left that's on-premise is some of the... | direct | [
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] | A |
479e2590f61045d301e53dead52871ea | Sorry. I think you just mentioned there was a couple of new releases, remote deposit updates in the quarter. Is there anything specific there or are these just general updates for the software? | Yes. So there were some pretty -- we get down into the details, some pretty important additions and capability improvements for our existing customers in both those releases. So it was the Mobile Deposit 4.8 and the Global Deposit 2.2. There were some things under the hood that I think the layman wouldn't necessarily f... | direct | [
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] | A |
1c2f1bbd5aebaad6434a50772100e534 | Got it. That's helpful. And then just on the legacy systems. I mean it's pretty safe to assume that most of that, from the previous question, is cleaned up. So from a kind of cost perspective, operating perspective, that's a large area. Are you seeing the benefit of that? | Yes. I don't know that it's all behind us for sure. I think Jeff did a good job of outlining where we are in that process. Every quarter, we have less of those legacy systems out there. Obviously, we're not continuing to provide or sell new ones. And that -- so that's in decline, as Jeff said, over the course of the ne... | direct | [
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] | A |
c0addd686decf359fb055268adc6b788 | Good afternoon. I'd like to hear your thoughts on mobile deposits and how do you think this might react as we get to the end of the lockdown and people start going back out again. It strikes me that this is a behavior that would tend to remain sticky, but I'd like to hear what's your best guess about that. | Yes. Sure thing, Allen. So first, congratulations on your new gig, and great to have you on the call today. We referenced in the prepared remarks a report that was just released by an organization called Cornerstone that did a couple of thousand consumer surveys regarding digital banking and specifically the use of rem... | direct | [
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fc984be6801ae23ef811c71e49df12c4 | Yes. That seems to make sense. And then the numbers on identity are very good. The outlook is very good. How do you feel about as -- and this business has good gross margins, but it's kind of an emerging business, but can you remind us of how you think about what this can look like when it's more at scale? | Yes. For sure. And just to remind everybody, the emerging businesses have strong business [Technical difficulty] we're investing heavily in you could say striking is being disciplined and thoughtful about those investments so that as it does scale, as all these cloud mobile businesses do, it turns to breakeven and then... | direct | [
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] | A |
dc89ad24d1d8f8fb3c3cf037db5ec981 | And then just -- I apologize, but when you were going over the patent litigation -- or the litigation stuff, when you talked about the efforts that you were making where you went to the patent office, could you just repeat kind of what the actions were and what your next steps are with that? | Yes. So specifically on the PTO, we had asked the PTO to crack those USAA patents open and take another look at them. And they refused to do that on a procedural matter. It had nothing to do with necessarily the validity of the patents and the challenge there. And that's really the sum of that part of the prepared rema... | direct | [
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] | A |
a013009ab72723639f3220be6f0b4148 | Quick question. Eric, could you just repeat the order numbers by geographies that you referenced that those were nominal dollars, US dollars? But could you just repeat those, I couldn't [indecipherable] | Sure, sure. They were, they were Q2 in US dollars, and the original numbers were, our EMEIA region was down 10% year-over-year. Americas was down 4% year-over-year and APAC was up 3% and then I commented that China was particularly strong within APAC. | direct | [
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8850b771a368b889ba3da0840ed76e1b | And then, Alex, could you, maybe just speak for a minute or two. You referenced Huawei kind of stopped shipping in May and now have resumed shipping here in the third quarter. Can you give any sense of kind of order of magnitude that I would consider that backlog that's now shipping that slipped from second to third. A... | Yeah, maybe refresh Rick, what we said publicly. We stated at the Investor Conference that Huawei in FY '18 had been about 1% of our revenue directly and obviously their supply chain would also be a customer of ours as well when you look at the OSATs and the rest of their overall supply chain. So when I look at these t... | intermediate | [
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] | B |
ea57a9b6f03666bc0be4bb9e2771dceb | And then with Intel selling the modem business, presumably to Apple, obviously Intel, I think it was kind of losing money in that business because of their aggressive spend on development, and that's your reference. I mean Intel was a sizable netty customer on the scale up and development on the modem side? | Yes, certainly. I don't want to talk too much about specific set of customers but Intel is a major global powerhouse in technology as I said and Intel has been a good customer of NI for many years. I think in general the resolution of the uncertainty about the future of that unit is good for the supply chain. And I thi... | intermediate | [
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] | B |
56e148ecff8b07acadb4daba2c5837a7 | I wanted to just spend a moment if I could on the auto business for a second. I'm curious, obviously you're talking about the shift to some of these new growth technologies and where you are seeing some growth but obviously having some lags. What were some of the more traditional yield exposure there? Is there a timefr... | Yeah, I'll comment on that. John, this is Eric. So look first of all, the fundamentals of our strategy and why we think this is an attractive space in the long-term remain the fact that there is a lot of frankly technology disruption and change is an opportunity for NI in the long term. Specifically, in your question, ... | intermediate | [
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] | B |
13b36ee1cf390e8237313b0d7e03cb43 | Got it. And then maybe just a quick question on the orders as well. We saw the large orders, the orders over 20k kind of turned negative here in this most recent quarter. When we think about that going forward, is that indicative of this overall macro uncertainty as well? Should we think about that is more leverage to ... | Yeah, John, this is Karen. Thanks for clarifying on that. We believe the orders over $20,000 are still a growth engine for us moving forward and in the long term. If you go back and look at where we were in Q2 last year, had a pretty tough compare year-over-year. We saw order growth but at the same time period last yea... | intermediate | [
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] | B |
9d675df17c9d932b704faa51e0f8423e | For the phase 3, you have two interim OS assessments by independent data monitoring committee at 164 events and then 246 events and then the final at 327 events. If successful, could either the initial interim assessments at 164 or 246 be enough to file for approval? | Yes, those are designed such that with statistical significance at those endpoints. You've got -- you'll have PFS in hand response rate data in hand and overall survival with -- at those early end points, pretty significant advantages, we would expect those to be the basis of a regulatory submission and approval. | direct | [
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] | A |
75f714a82ee394b40951775bcab42d49 | Can you talk more about the twice-a-week dosing and what you've seen in prior clinical data that supports the rationale for moving the twice per week dosing into the phase 3? | We have evaluated twice weekly dosing and have been shown that this has been in effect a safe regimen in several studies. One of the reasons why to move this forward is we wanted to have the opportunity to have even a more intense dose. We know that we want to try to maximize the effect we've seen, and we really haven'... | direct | [
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] | A |
369f662b48ade523dfe2073c48018726 | Just wondering if in communications with FDA, if they communicated on whether an accelerated approval path based on the phase 2 data and additional supporting data, if that's still on the table? | Yes, as we discussed at our last call, we essentially delayed that conversation after their feedback earlier this spring with a focus on getting -- moving with the phase 3 trial and knowing that without this additional safety data in hand, we were a little bit limited in our ability to make a strong case for the risk-b... | direct | [
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] | A |
a28eb9c2c5f9c7e834cccab41beb3f23 | With the phase 3 , you're administrating shortly after completion of radiation. Is there a time frame that's mandated in the study? And maybe can you compare this to the time frame post radiation that patients saw ONC201 in the phase 2 analysis population, that would be helpful. | We'll enroll in the range of two to six weeks post radiation for this study, and that contrasts to the prior efficacy analysis in the relapsed setting was more than three months, that wash-out period there. So this study is substantially moving patients up closer to radiotherapy, which we think will get them a better s... | direct | [
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] | A |
ccf672b626da9a62b04ef351107542b2 | Is there a time limit associated with the EBS deal closing and when the BARDA contract needs to be finalized, is that to be a 2022 event? And then second part of that, should we anticipate any substantial additional ex U.S. revenues going forward? Or have you kind of hit the key markets? | Yes, there is an outside date in that agreement that's available there for both parties, Joe, it's September 30 in that agreement. And then as it relates to the international opportunity, we continue to have discussions with parties internationally. I think the declaration of the public health emergency, certainly by t... | intermediate | [
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] | B |
c8dc736292c20cfbc8c2ea4fc41a2668 | Just circling back to the potential for accelerated approval, have you set a meeting date with the FDA yet regarding accelerated approval? And does using the two different dosing schedules in the phase 3 study somewhat tamper the expectations for accelerated approval? | Yes, I'll let others add to this. We're preparing the materials that would be the basis for that meeting now as the safety data set is just -- has just been completed. I would suggest that having that study in place and up and running and really well advanced at the time an action from the regulators would be taken on ... | intermediate | [
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] | B |
b7c9bedd2d65504eb37528b61a2ec8b8 | Regarding monkeypox, have you been approached by any government outside the U.S. regarding potential purchases due to monkeypox? And perhaps if you could just review in a little bit more detail the preclinical data for monkeypox and your thoughts on either you or Emergent pursuing studies in monkeypox? | Maybe I think, Ed, as it relates to the conversations with parties outside the U.S., those were likely accelerated as a result of monkeypox, although maybe never directly referenced in that context, given the approval in smallpox. As Mike said, those conversations are ongoing. Maybe I'll turn it over to Randall, just t... | direct | [
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] | A |
9b6a5ffc7e4f3cd25ad3ffa82f037862 | Possibly, Allen, if you can remind us from the relapsed/refractory glioma phase 2, what were the immediate prior treatment regimen for those patients? Was it mostly radiation and also the temozolomide chemo? And the second is on ACTION, would have been better to have a physician's choice as a control arm rather than a ... | Yes. So in the first quarter, the choice of the control arm. And I think the -- I think it's important to note in the control in the phase 3 trial, post radiation therapy, there really is no standard of care. Patients typically receive the radiation therapy and then they wade wait into progressive disease. So this is a... | direct | [
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] | A |
93ec0581f70c7b201e3bdc1c21a60054 | Just curious on the time line, what are you thinking of to bring this drug pre-IND or in the clinic? | Yes. We've mentioned that drug is being evaluated in two studies: one, a pediatric and another an adult. The adult study is being sponsored by the NIH and to be fair, our focus has really been on accelerating ONC201. And so we are escalating that dose through that program. I would expect to be able to get into sort of ... | intermediate | [
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] | B |
255e6793c76516c7b7ffe758b87b7551 | My first question is just around the ferrous market outlook and I think -- and over the past couple of quarters pricing for ferrous scrap exploded, had typically been a bit more of a premium to domestic ferrous prices than what we saw this quarter. Is there anything that you're seeing there either in the domestic or ex... | What I would -- what we see right now in both the export and domestic markets is strong demand. And as you know, Emily, the domestic markets typically price -- the domestic market typically prices at the beginning of every month and the export market trades on a daily or weekly basis. What we're seeing with strong dema... | direct | [
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c7f4d3bc0646f42b5c2218b2586a5181 | And then my follow-up is just around sort of what you're seeing around China's scrap consumption so far, following sort of the export, sorry, the import ban being lifted earlier this year? | So the scrap import policy in China continues to be modified by the Chinese government. And I think the changes are still in the early days. I think the most important takeaway is their articulated goals and demand for more scrap. And whether they -- where they get the scrap I think is probably less relevant than the f... | direct | [
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] | A |
ef9b302b17bae9690a6bce3e25bc775a | Question I had was on the non-ferrous separation investments and just where you are in the process? I know you gave color in terms of where you are in the capital spending, but where are you in terms of the rollout and how much of the -- and I think what was it about and $10 a ton EBITDA benefit? Where are you at relat... | Yes, we just commissioned two major systems, one in the West Coast and one in South Eastern U.S. The one in the West Coast is a non-ferrous recovery system that extracts Zorba and Zurik from our shredding process. And the one in the South Eastern U.S. is another major plant that we can use to convert Zorba into other p... | direct | [
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] | A |
b49e9315688cf240bf449b888c640a5b | Okay. So it sounds like by this quarter you'll be around -- you'll be around or including about half the benefits of at least what you would target initially, right? About halfway through. | Yeah, then the $4, yes. So that's -- yes, and just sure of half of the $10 we had targeted. | direct | [
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] | A |
034ecc279d49bde2f39763f26c353bcb | But you haven't had any of the benefits before this coming quarter? | Not significant enough to call out in our results because these are two of the major systems that we are in the process of ramping up during the third quarter and the fourth quarter. | direct | [
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] | A |
4023c00532809eb0fe0657c4ed32e65a | Okay. And then on the guidance commentary I just wanted to be clear in terms of what you said. So this quarter you did about $80 a tonne in EBITDA per ferrous ton shipped. I think you said basically you're ferrous scrap volumes will be about the same as this quarter and you're saying even with a lower inventory account... | Yeah, that's correct. The core business -- the core recycling business is doing very well and we expect performance in Q4 to be as good as Q3. Even notwithstanding that there will be only half the benefit from average inventory accounting, that was $7 of benefit in Q3 and we expect only half in Q4. The impact of the fi... | direct | [
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] | A |
f4c8b4087a5bd665f54526ea1722d2dc | Okay, that's very helpful. And then lastly, your commentary on your non-ferrous volumes for the fourth quarter. Does that take into account some of the early benefits you'd be seeing from benefit sharing more non-ferrous from your investments? | Yes, absolutely, that 10% increase sequentially in our non-ferrous sales volume outlook includes benefits of increased production using the new technologies. | direct | [
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7088edd0e3d280a1a11797e59cf92c95 | Can you just walk us through some key assumptions in considering these revisions, particularly with aspect to the kindergarten business, as well as overseas and complementary education services divisions, please? And then, also if there are any kind of update on potential refund obligations, either in China or in the o... | Regarding the revised guidance, we have put all the conservative consideration we can have our best estimation [Phonetic]. For instance, for our domestic K-12 business, because of all the kindergartens are not back to campus as we speaking right now, so we conservatively considered there will be 2.5 months kindergarten... | direct | [
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] | A |
e13bb6fb3060798f3a947571e88f3f2c | How should we look at the margin trend in the second half? Because on the one hand, you have operating improvement and more leverage on the operation, but on the other hand, the revenue will be lower. So, how should we look at the margin trend? | Number one, we generally don't give the guidance on the margin, but I could answer in the following way. So internally, we are taking initiatives to reduce the cost structure a lot more aggressive than what we think this reduction of the revenue would be, because we want to make sure we are more conservatively prepare ... | intermediate | [
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0b959e1f8f964d7f94f3d8e855c464e5 | I have a couple questions about your comment about the growth and demand from the first quarter going into second quarter. Could you share a little bit more details about demand increasing you saw such as whether the patients are coming from hospitals or community setting or whether they are pneumonia or seeing patient... | The growth has actually being driven through the primary care side of the business. And we're seeing quite clearly an improvement in the number of prescriptions that are coming, or an increase in the number of prescriptions that are being generated by that primary care side of the business. And the differential in that... | direct | [
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b3fd69e5dda95370b6229d0ad57dce33 | Do you see mostly coming from the skin or pneumonia patients? | It's mainly in skin. The pneumonia season was actually almost non-existent. This year, we were expecting to see some improvement in our pneumonia indication, as we went into the winter, it started and then very, very quickly dissipated. And so as a consequence, we very quickly pivoted our field force away from the pneu... | direct | [
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] | A |
765db2e194a7b90ef615907cb448cccd | Expanding on that, as you guys are expanding the community sales force, and we are approaching the warmer months. How do you see the sales growth trajectory like clearly remainder of the year? | So the -- we're starting to [Inaudible] see some quite clear seasonality in our business, with Q1 being a little bit softer than the remaining quarters, and that's because of the insurance resets. And in this, this instance, we also got hit with an Omicron wave. And then we see an acceleration as we go through the year... | direct | [
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1dc0eaab7e9f5a62664fd29c6a8f41c3 | With regard to, what -- with regard to spending that's married to that, and apologies for the granularity here or diving into it. But how should we think about the trajectory for R&D spend throughout the year and SG&A spend throughout the year, given the elements you've just described? | One of the important facets of the trends that we have seen through the balance of the first quarter with momentum that we see moving into this quarter is that, it continues to buttress our confidence in our commercial model, and the success of the NUZYRA product. As we had said on our last call, we continued to be min... | intermediate | [
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] | B |
101edce038c9dbb69cb95e673b6da7e6 | So, just to be -- if there's -- it's possible to get a little bit more direction throughout the year, is there -- should it be growth in both steady throughout the year? Or can you give any indication with regard to that at all? | We have -- expenditures coming that you're well aware of that include, primarily from, R&D from the BARDA side. And we do have investments that we talked about, specifically on the commercial expansion, and that commercial expansion will happen primarily in the second half of this year. | direct | [
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450f998b1f02d73bbb2dca3b1f892fa3 | Could you talk a little bit about what additional work non-clinically is required for that program? And then I'll just ask the last program. -- Last question, you also mentioned, Evan, once again, in your opening remarks, potential for other stockpiling and other DoD purchases. I just love for you to elaborate if there... | So I'll take the first question around nonclinical work for NTM. So we are, these are not so much required activities, as I think we've generally on the microbiology side, which is where we're focusing most of this work. That's completed all the required studies that we did to conduct. What we're always looking to do i... | direct | [
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"fully_evasive"
] | A |
3fe0abfd6f5fe3da51beed6df2ecc4ae | Year-over-year net growth of 51%, you highlighted the gross demand was 82%. And so, firstly, I just wanted to understand, what's driving this delta, and especially this past quarter with the Omicron wave and the lack of a typical flu season, how much of that delta do you think it's really transitory? | So look, I think -- the first thing to say is that we see continued growth in gross demand as a really good early indicator of the net sales to come. Just to make sure you understand how we measured these things. Our net sales take into account the gross to net, which includes rebates, discounts, co-pays and inventory ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6e7fedf3258de7a8cba0bae718fbd1dd | I know this was asked before, but I just wanted to get back to the expansion of the MSLs and the community setting. Is there any way for us to have a sense quantitatively or even just qualitatively, the impact to the SG&A lines throughout the year from that? | Yeah. So, Ed, it's Evan. Relatively small, it's all within our current guidance. And nothing has changed from our guidance at the -- at our last call it. So -- they are strategically focused and placed to align with the broadening of territories that Adam has on the commercial side. And they are clearly, I think, an im... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ad1936650b2591f1665bff2c56d5c9ca | You mentioned there were three national Medicare formularies that were added, without any restrictions getting you to a level of nearly 60% access nationwide. I'm just wondering, what incremental did those three plans have? In other words, what was the percentage before that? | So it was nearly, I think, it was the 20 million lives were added as a result of this, this increment. We're really pleased with the work, that the team are doing in the access group. This is one of -- these were hard fought, and they were done well within our current gross to net from a rebaiting perspective. So we're... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
89ee5aa3f65a437a27770c116be4b40a | I'm just following up on the point you made about the gross to net discount. I was wondering what's the difference between afford, the difference between the gross to net discount between the hospital and community? Can you elaborate on that? | Yes, Suji. The, as you as you probably aware, we've got a very healthy gross to net. If you -- back into the numbers, obviously, we don't disclose specifically what that is. But what I can tell you is that, as we move further into the community, our gross to net will creep up over time. And we do tend to give up a litt... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
fb8eb6398ed49b1f71c3f014ed93389c | I think, previously, you guys mentioned that the number of days on treatment in the community is much smaller than the hospital? So I'm just wondering, the slides that you have on the deck, the growth in the community surpassing the one from the hospital, does that take days on trickling into account? | Yes, yes, it does. This is prescription days of therapy generated in the community. The average prescription days of therapy for our infectious disease consultants is around about 20, and the average in the community at this present time as we exited the last quarter was actually 11 for the primary care, primary care s... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ccdf5f1b3cab34e1dc3b6d7086154ec7 | Can you help us understand the full-year guidance in the context of 4Q? Full-year guidance currently implies a wide range for 4Q year-over-year reported revenue growth from negative 1% to plus 15% as well as 4Q EBITDA from $21 million to $35 million. And then can you comment on how you expect the growth trajectory to f... | Okay. Hi, Nate, this is Steve. I'll first address your first question as it relates to full-year guidance. So when we updated our guidance at the end of the second quarter, part of the components that were in and as you would see the top line revenue range was widened from what we historically put out there. And part o... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
048ef99e88295cbd50e8548ce5f10d7c | Jon, we've been getting a lot of questions recently regarding some comments you made at the Forbes Summit around the fact that being public isn't always the most fun thing. Is there any significant shift in your thinking for the future of the company that we should be aware of? You know, would you consider going privat... | Yeah, sure. It was great being in Detroit for the Forbes Summi, the 30 Under 30 Conference, with interesting kind of fielding questions from all these entrepreneurs that were thinking about going public. And what I talked about during that panel and after that panel with everyone that was there was kind of difference b... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
bb102a20cd8d0bc63e7759718464ecd4 | Adobe recently said that their stock business was growing about 30% in the year. So, just curious if they're doing anything differently recently to gain share? And then just maybe some broader comments on the overall competitive environment would be helpful. | Yes, sure. On Adobe, specifically I really, I mean, I can't comment. And we've talked about this before. I've talked to all of our analysts about this over the past couple of quarters. Look, I have no idea how they account for where that 30% growth comes from, I think you'd have to ask them, but what I can tell you is ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
8b7c8a235be5a06558e28ea541f4c637 | I just wanted to follow up on two comments that you made. One would be on the sales reorganization. Can you talk about how much of this is going to cost. What kind of loss of productivity, if any, and when we should expect the sales force to be at full strength? And then also, as a second question, you mentioned you ha... | Yeah. Now, I'll start with the question on enterprise and then turn it over to Jon to give some color on M&A, but we understand the -- and I absolutely understand the ramp that's required as part of any sales reorganization. And so we're -- we are absolutely going to build that into our plans for 2020 and for guidance ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
668ead5d46362cb0e5dbd8db86b53092 | Can you maybe just comment on the performance by geo, we saw a negative growth in North America versus mid-single digit in Europe and low double digits for the rest of the world. So maybe what are you seeing in North America that's driving that? Is it competitive related do you think? And what's within Shutterstock's c... | Hey Nate, this is Steve. A lot of that is -- on the enterprise side of the house, due to the size of some of the deals and the geos that they're coming in, you can see some variability quarter-to-quarter, but what I would say is, there is nothing in particular with the business or particular segment or client base that... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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