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0ea47a399eb9d60ecf35a51b997c66b6 | Just wondering what are the major difference in terms of operating know-how and the roadmap between live streaming business and all the core business. Should we consider live streaming as a business that requires some time of incubations and will reach an inflection point on user adoptions? If that's the case, how far ... | Live broadcasting business is, as we mentioned earlier, has always been a part of our content ecosystem. This is not a singular commercialization avenue for us, but also an important part of our content. A live broadcasting also provides a very good avenue for our content creators to activate and retain their followers... | intermediate | [
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72fc4fe21859c57becfe7bbcef1fd173 | Can you provide more color around the sequential margin improvement in the quarter? And then, how should we be thinking about gross margin in fiscal '24? | Sure, Sanjay. Thank you for the question. Our gross margin improvement in Q4 was driven by several factors. First, we saw continued benefits from our cost optimization efforts, particularly in our supply chain. We've been working on streamlining our production processes and negotiating better terms with suppliers, whic... | direct | [
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a93698b54e6268505a1f2c95c3d02de9 | Thanks for that color. As a follow-up, could you discuss the trends you're seeing in your international markets, particularly in Europe and Asia? | Certainly. In Europe, we're seeing a mixed picture. Western European markets, particularly Germany and France, have shown resilience despite the challenging macroeconomic environment. Our brand positioning in these markets remains strong, and we've seen good traction with our recent product launches.
However, some of ... | direct | [
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269409759fc2424c65c6711bfd8508c5 | Great, thank you. Lastly, can you provide an update on your capital allocation strategy? Are there any changes in your approach to M&A or share repurchases? | Thank you for the question. Our capital allocation strategy remains focused on balancing growth investments, returning capital to shareholders, and maintaining a strong balance sheet.
In terms of growth investments, we continue to prioritize organic investments in R&D and capital expenditures to support our innovation... | direct | [
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95b863952d83b8f05e599131980777b1 | For Libervant, is there any more visibility on that time line? And if you can add any additional color regarding the discussions with the different groups at FDA, including the orphan drug group. | Look, we're all frustrated with the delay at the FDA and Libervant. But I think it is important to remember, first, our patent on this program go well into the 2030s. We know the unmet need remains high. We're the only oral product that is under review at the FDA for this disease state. And so from our perspective, whi... | intermediate | [
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8ef1ebee766df7d76f318e7bdd056c2e | For AQST-109, what are you planning for in terms of the pivotal PK, especially with the final formulation size and dose? And secondly, would the study be sufficient for filing? | Yeah. So, to be clear, we're already using the final formulation and dose. The EPIPHAST study that we just completed, in all three parts of that study, we used the dose and the strength that we will be using in our pivotal PK study. In terms of the design, I'll pass it over to my colleague, Steve, to give you a brief o... | intermediate | [
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72eb9c0c6cb206823a3b84b4ec9014e0 | For the arm, where you looked at the swallowing data, I guess, can you talk about the tolerability profile that you saw in that arm? And then just from the fact that you saw actually pretty meaningful absorption and good PK there, are you thinking about using this information in the pivotal planning, and what, if any, ... | Yeah. Good morning, Jason. So, when we think about the EPIPHAST study, I think it's important to remember this was a six-month study, so a big body of work. There were three parts to it with multiple arms in each part. And as you talked about, in this latest or last part, we included characterization where we looked at... | intermediate | [
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68b71e779d3da532e73031ab3a3862de | I was wondering if you could provide some additional color on some of the rightsizing that you've done in the commercial organization, particularly with respect to field force. | Sure. So, from a rightsizing perspective, we right -- we took action across the organization, so a cross functions. We did not just rightsize within the commercial group. But specifically, on the commercial side, the focus was on the nonsales bearing part of the organization. So, we have worked hard to maintain the foo... | intermediate | [
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534adfe67562e5fd823899b5accaeb90 | And then with respect to Libervant, when and if a decision comes from FDA, will there be any heads up on your part? I know we don't have a PDUFA data out there, so you don't really have anything to aim for. I was thinking about, you know, field force expansion and how you're going to support that commercially. Will all... | Right. So, we will have -- we would expect there would be some back and forth with the FDA prior to receiving a decision. Whether that's a matter of a couple of days or a week really depends on how they reach out to us. But in terms of launching Libervant, we remain ready to launch Libervant as immediately upon approva... | direct | [
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2b78d82c65ac2906bc320264cad7eeef | As part of these cost-cutting measures -- and I know we haven't talked about anything else in the pipeline besides 109. Is it fair to assume that most other things that you might have had in the pipeline are on hold at this point until Libervant and 109 make some forward progress? | I think on hold might be too strong a word -- a phrase. AQST-108, in particular, we do continue to see a place in our pipeline for that program, and we remain excited about the profile that Steve and his team have created with that product. I would describe the work that we're doing on that as CMC-focused work at this ... | direct | [
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0e61fba86121ff33a5ab684196c63757 | Could you just elaborate a little bit more on the plans for nondilutive cash to extend the cash runway? And then thinking about Libervant, how are these kind of larger political dynamics at play, you know, the Catalyst Pharm decision fairness and Orphan Drug Act, etc.? How are these impacting the OPD decision, ODD for ... | Sure. Good morning, Andreas. From a nondilutive cash perspective, as Ernie laid out in his comments, we do have multiple levers that we're very focused on right now. One is expense management, and you heard us talk about the rightsizing we did. And we'll continue to make sure that we are very focused on maintaining a l... | intermediate | [
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124c7f81d79d749006c6326ae77bb226 | Firstly, with respect to SYMPAZAN, can you talk a little bit about how gross to nets have been evolving lately, and where you expect that direction to go over the course of the coming months and quarters? | I'll give you some high level information, and then, Ernie, if you want to be more specific, jump in. I mean, when you look at our gross to net, it's fairly predictable. If you look at our history and then anticipate some level of price increase, about half of our business is Medicaid -- Medicare. And so you're going t... | intermediate | [
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3d6a046eae3f61998e788eafcc99d0d9 | Secondly, I wanted to ask about 109 relative to 108 and how you folks are thinking about this from a strategic as well as a clinical development perspective. Should we look at 109 and 108 as being directly complementary things that can be commercialized using exactly the same infrastructure? Or how distinct are they, r... | Right. So, Ram, I'll actually start backwards in your questions, if that's OK. From a BD perspective, or business development perspective, I think it's a little early. We're right now very focused on creating value with 109 and not on out-licensing it or putting it in someone else's hands. So, I don't think you'll see ... | direct | [
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79c479d85b28848ab2bdc07004c1fa36 | Can you walk a little bit through the salesforce size? Sort of the -- I know you've mentioned on the rightsizing, you try to avoid the front-facing salesforce. Can you walk a little bit through some of the most effective channels you're finding currently? And how is the overlap between the current sales, the SYMPAZAN v... | Yeah. Happy to, James. Our current footprint consists of 16 territories and a layer of first-line management above that. In the CNS space, especially with SYMPAZAN as an adjunctive medicine, it's a very efficient call point. When people get on a second and a third medicine, they're certainly being seen by an epileptolo... | intermediate | [
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46242d13a9d204e57fc60b52c1f0bce9 | You mentioned potentially out-licensing or partnering products. Could you -- how would you characterize the current environment for that? Is it a seller's market or a buyer's market? Has there been -- what's the level of interest that you'd be able to characterize for outsiders like us looking in? | Sure, James. So, first, I would just say at a global level, with a CEO transition, it's normal to obviously take a look at everything, the pieces and parts and priorities and how we think about those things. So, that work is still going on. It's early days. So, I don't think we have a specific view on what exactly the ... | intermediate | [
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784d16f799797a08812ebddf857d5dd0 | Hey. Good morning. Thanks for taking my question. It's a big picture question on hardwire. I know last year, you provided guidance that EPS in 2025 would grow at a CAGR of a low double-digit pace, but we never knew what 2021 EPS would be. Now that we know 2021 EPS was $4.21. If we apply, let's say, 10% to 12% CAGR grow... | You mean for hardwire, Craig? This is Gina. Yep. Yes. Good question. When we initially launched the hardwire targets, right, we said it was based on where we finished in 2021 and then we would grow from there. So as our performance this year was better than our original guidance. If you would apply the initial target t... | direct | [
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0efa60df58a44d71a6e838fdf8bbc262 | So my question -- my question is on motorcycle revenue growth outlook for 2022. Can you help us think through how you've had really strong price increases supporting revenue growth in '21? What's the sort of -- what should our thinking be on price increases? And also, what should our thinking be on international unit s... | Hi. Good morning, Robby. This is Edel O'Sullivan. Thank you for your questions. So let me take the latter part of the question, and then I'll turn it over to Gina for more specifics on the pricing element. So in short, we think that there is a demand in the market, that is both domestic and international. Obviously, th... | direct | [
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773d22502e25bd509e01df81f065db31 | Hi. Just a follow-up on the last question there. Can you give us your embedded assumptions for retail sales versus more of a production restock in 2022 for that 5% to 10% motorcycle revenue growth? | Well, it depends on the range of the guidance, right? If you assume price increases and the lower end of the range, then you would see small or more little unit growth. And as you move toward the higher end of the range, you would assume unit growth, and that would be captured in retail as well as in wholesale. Yeah. B... | intermediate | [
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b498ba0e92f3eba8ff1b5f2c9b3c1f9e | Got it. Thank you. And just a real quick follow-up on the margins, really strong outlook there, 11% to 12%. Can you just break that down a little bit further? How much of it is sort of operating leverage? How much of it is the EU tariffs being sort of mitigated? Any other expenses that you're sort of taking out higher ... | Sure. Sure. I'll start with the kind of the easy one. The EU tariff and removing that additional tariff is worth about a point. So as we move from '21 to '22, about a point of that is tied up there. We also have a positive volume and mix and then the pricing component that we talked about earlier, that is a positive he... | direct | [
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7518b3ea56358a6cc2d90d789781af57 | Hey, guys. Good morning. I was hoping -- maybe it's a question for Gina, but given the guidance is expecting some second half improvement. Can you just give us a little help on the cadence as we move through the year? It sounds like the supply chain got a little bit worse into the first quarter. But should we be expect... | Yeah. Good question. I would say that we improve as we move through the year. So our back half will be better than our front half, just again, given what is coming at us from a supply chain standpoint. So when you think about our cost inflation environment as we move through '21, every quarter, we kind of saw more infl... | direct | [
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adee8c90535acc29173ce283baf3d12a | Makes sense. And then just as a follow-up, could we walk through the bridge on the capex outlook? Midpoints over $200 million, you guys came in just over $140 million, I think, this year. So any big projects or big things that sort of get you from '21 to '22? | I think the biggest step change you'll see is within LiveWire itself. So given and the investment that we're putting behind EVs, we're also going to continue to build on our core innovation pipeline, and you'll hear more about that as we're moving through kind of this year. And then we continue to invest in capabilitie... | intermediate | [
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8bc18014e34e018621645937279c1b7d | Hey, thanks. Good morning. Just first question, I just wanted to clarify something you mentioned earlier, Gina, about wholesale and retail. It sounds like you expect wholesale and retail to be fairly equal this year. And so no pipeline fill opportunity in '22, is that correct? | I would say there's going to be limited pipeline fill capability just given the supply constraints that we have. So I see those two moving more in sync throughout 2022. Just to add to that, Joe, from the perspective of what is happening overall with inventory levels. I think you will see that our dealers and indeed the... | direct | [
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5210013ab7fd40580a4227a6aaf60feb | Very helpful. And just maybe on LiveWire. The slides that you gave us in mid-December showed an EBIT loss for LiveWire in '22, about $111 million. I just want to confirm, is that what's baked into the 11% to 12% margin for that segment? | Yep. Yep. We have not changed our LiveWire assumptions. | direct | [
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61e84476b6e7c3721fefdc011440121b | Thank you very much. My question is on the tariff situation. It seems like inconsistent presentation over the quarters, so sometimes it's excluded as nonrecurring items, sometimes it's not. It didn't look like it was this quarter, but you did call it out. So that changes our starting point a little bit in relation to C... | No. This is Gina. No, I would not add them back in. When you go back to our original hardwire target that we gave, we did not have tariffs built into there. If you go back to the original guidance all the way back a year ago that we gave on '21, there were no tariffs included. And then the outlook, I should say no addi... | direct | [
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7e64d1eab3780ca4edf3e6a00722619d | Yes. Good morning, everyone. Thanks for taking the question. I guess I wanted to ask about the Pan America. And you referenced already the expectation that supply channel issues don't improve, at least significantly as 2022 rolls out. How are you thinking about availability on this product? And obviously, a lot of exci... | Well, availability overall has been constrained. And everything we've sold into the market has pretty much sold through. So -- and we expect that to continue. That said, we had -- we were able to deliver a significant amount of Pan Am's that made us the No. 1 model in the adventure touring market already last year, and... | intermediate | [
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be6bfb65558e7d20efb9cf0cdbe30aa1 | Does the availability inflect at some point throughout the year? Or is it just kind of a slow gradual improvement as the year unfolds? | Impossible to predict at this point in time. It's literally a day-to-day valuation of the components that you're getting or not getting and adjusting your production accordingly. So it's very hard to predict at this point in time. | fully_evasive | [
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44b6b8e03549dc2c4253a13f50b44d6b | And I guess just related to that, just thinking about the strategic value of light cruisers and obviously, limited profitability opportunity, but it also gathers new riders into the brand. How are you thinking about light cruisers longer term? | Well, nothing to add to what we've said in the past. We'll be commenting on new models when we launch them or if we launch them to the market. So I'd say standby for more. | fully_evasive | [
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873ea050931ebb9dfc84c52d3a6f05f5 | Thanks. Good morning. I'm hoping you guys would be willing to talk about how you perceive the long-term growth algorithm for apparel and licensing given the new hires behind the business and the fact that now looks like that might be something that grows maybe above historic levels? Thanks. | Thanks, Jaime. Well, as you know that I'm very positive about the growth beyond bikes and that primarily includes apparel and licensing in addition to parts and accessories, and we will be upping our game in both categories going forward. I'm not going to quantify it at this point. I'd say stay tuned for more in May. W... | intermediate | [
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53cf52a2b581cc07f4c180d96d1b4852 | OK. And then just as a housekeeping, I think we should see some sort of filing for the LiveWire offering. Can you give us any insight on the timing of that just so we could get more detail? | That's out today, so you'll be able to access S4 was quite there -- | fully_evasive | [
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feecc2e9b254f2c9728b7b64f47cc649 | Yeah. Hey, good morning. Thanks for the question. I guess with model and since you have down about 40% since 2020. Is the reshaping of the portfolio work done here? And are there any opportunities where you see maybe areas to focus more or maybe areas where you pulled back too far? Any color there would be great. | Definitely not too far. There's always more opportunity to fine-tune our product mix. I mean going into the rewire, it was just a lot of products out there that cannibalized itself. And we took the reduction to 30%. If you remember me talking about that back then, and we saw further opportunity and took to 40%. That sa... | direct | [
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7981605a7b6cf9a4d834a3b79e115712 | That's helpful. And then I guess just with the units up so strong in Q4 here, was there any change in approach to the -- like I said, the shipping cadence that you kind of laid out under hardwire? | No. No. Continue to -- Q4 is a suppressed kind of wholesale unit shipment just as we changed that model year launch at the beginning of the calendar year. No change. | direct | [
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6a76e9aa3221e0996ee8210797aefb30 | Can you, Brian, maybe just give a little bit more color into the potential revenue synergies that you've described or alluded to over time, just how the two fit together and how you see that one plus one equaling a little bit more than two? | Yeah, absolutely. So as a baseline, Hindawi is, obviously, an extremely successful company in and of itself. It was growing very rapidly and was nicely profitable, as you know. But by becoming part of the Wiley portfolio, it really is a one plus one equals three.
It's really critical as we move forward that we maintai... | direct | [
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ee7c08df0e74b652f861ee90091fb2d1 | I just want to confirm. I think you did say dilutive for the year by $0.15, and that included $0.12 in fiscal Q3. Is that right, John? | Yes, that's correct, Dan. | direct | [
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6b7326903e58c312ed3d871d41e70804 | Got it. And I don't want to push you, but do you see the potential at least for the deal to be maybe accretive on it a little faster than your fiscal '23 goal? Or are there discrete investments that you intend to continue to make around it? | I think it's a little early for us to call, Dan. We've only had the team on board with us now for two months. We feel very good about the progress that we are making and the rate at which the business will grow. So we can give you an update on that when we come back around with our expectations for fiscal '22 in June. | fully_evasive | [
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d977e932c11473c55000da1f8e089d85 | Switching gears, education services margins, once again, really strong, easily exceeding the 15% goal. I'm wondering if you don't see maybe a little bit of that goal as being modestly conservative? Or do you see an opportunity to perhaps accelerate investment given the strong results we've seen? | Yeah. Look, it's a great question, and I can certainly understand why you're asking. The answer is, we have a growth business here, a growth business in a changing market. We are a leader.
We intend to continue to be a leader, and we continue to treat it as a profitable growth business. At 15%, we are very comfortable... | direct | [
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ba02e59b5ce19ea1b14abe4b81560796 | Academic and professional learning, I think, as we said, it looks like courseware is now offsetting the declines in print. Just talk maybe about your confidence in that on a go-forward basis. And similarly, in professional learning, with the vaccines accelerating, it sounds like your corporate professional partners are... | Both good questions. So with respect to the education publishing side, we really are optimistic about the trajectory and what I called in my comments, the maturation of the digital courseware market. We're very pleased with our offerings. We feel very strongly about them, and we love the trajectory that we're on.
Havi... | direct | [
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6a0b9a5d7c634bec69b31faea86bd517 | Can you help us understand a little bit around the swings in accounts receivable? They seem to have spiked in 2Q and then came way down in 3Q. Can you give us a little color on that on a year-over-year basis, I'm talking? | So there is a good bit of seasonality to our receivables and a lot of that seasonality swings around the timing of our subscription renewal season, as well as we've introduced some other elements to our business, the addition of mthree and Hindawi to our business. So there are some things that are gonna inorganically m... | intermediate | [
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893968cd53e398c280f1b9b6c06159ae | And then, just switching gears, just trying to understand that new student growth and just kind of -- if you could give us a little bit more color behind why -- I think you said it was 29% up. And just trying to understand, is that reflective in addition of some of the new account wins? Or -- and just trying to underst... | Yeah, super question. The first thing I'll say is answer the last bit. We have exceedingly high retention rates through to graduation in our online programs. It has been consistent throughout the period leading up to COVID and through COVID.
We've see no evidence that there would be any increase in deterioration of ou... | direct | [
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1bb9a7072f719f51829d0faea267372f | And then, just one final one, just trying to understand the 25% published article percentage. And I appreciate all the color on Hindawi. But also, if I'm not mistaken, some of the opportunities were missed in the past, was it due to not having the right systems in place to find where that article might land, and that's... | Yeah. The topic is a really important topic. I would not agree that we lost or missed opportunities. What I would say is that there is an unexploited opportunity that has always existed for all publishers and exists for us to do a better job.
We've been on a pathway from the old print world where you had a limited num... | intermediate | [
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0bc1346f500695df1bb589e79c43001d | So, you stated that your QNX royalty revenue backlog increased to $490 million from $450 million last year. Over what period of time, do you expect that backlog to be recognized over? | Typically, the highest -- usually four to seven years, and typically its peak at four and then it start moving down toward the end of the life cycle of a car. Sometime, it extended more beyond that. | direct | [
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3a9340840cdf1ef54ea4bfefaefb2a94 | And then you also talked about the IVY Advisory Council. Can you talk about the level of commitment partners have agreed to as part of this council and whether you plan to include major OEMs on it? | Yeah. It's a great question. But before I answer that question let me make one more comment on backlog, because I have also got some feedback regarding that our backlog number is very conservative. I would tell you that it is on a conservative side. And we get it from directly from the OEM when we win the design win an... | intermediate | [
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6bfa7748b97f08fc25c9677d35a32c01 | Yeah, I was hoping you could update us on BlackBerry's UEM strategy? I know there are some tough big comps because of the pandemic from last year, but at least update us on the strategies, is it still a large piece of your cybersecurity business unit? | Yeah, that's a good question. So, let's see, our Spark platform just composed of UEM and UES and UEM is very strategic to us because it is our gateway to a lot of our major customers who completely rely on us on security. So our strategy is continue to expand our footprint in the regulated industry and we're on the mor... | direct | [
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593fedbfaa11e4933428b938e0e72a9d | Okay. Now that's very helpful. And just my follow-up question. Just on the gross margin by division, thanks for the updated business metrics. How should we think about growth and trends for the businesses over-time, particularly on the cybersecurity business? Where could those gross margins get to over-time as the busi... | Yeah. I think the best way to answer the question is that, especially cybersecurity, we're trying to go to the enterprise software timeless model. And so we have not deviated from that. So the gross margin ought to be maybe heightened competitive but they have the high volume growth somewhere between 75% to 80%. I thin... | intermediate | [
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75ad1efab7c441a5d7345ad9bad57506 | And what might need to happen to maybe get there from where you are today? What would be that timeframe you think? | Timeframe, I think probably a year out. You want me to guess that, like based that on, because if you recall, we actually have a lot of increase of headcount feet on the street this quarter. In fact, our quarter ends in August. In fact, some of them has committed to sign on and is yet to start. And with that, if I give... | direct | [
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22b91bc181e875b87d260ee6eb287708 | Yeah, bookings growth. How should we think about bookings growth over this coming year? How should we think about the ramp over the year relative to where we are now? | Yeah. As I said earlier also, we just recently have a lot of increase of headcounts in sales. So the booking need to be back-ended this year and then continue on for next year, obviously. So I don't know whether that's the question you were asking. | intermediate | [
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077772ef34a56b901c05ac7075e9285f | In the rate of growth there like, where do you kind of -- where do you expect to go to? | Yeah. On bookings we do expect it toward the end of the year. We do expect to see a double-digit percentage growth. | direct | [
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fa907320e11a9b8e91e09151331f9b5c | Okay. That's helpful. On cybersecurity revenue for this quarter based on the numbers, the historical numbers and GAAP numbers did take a step down, I think you mentioned UEM. Can you just elaborate on what you saw customers doing, I mean I imagine they purchased last year. Do they churn off? Can you just elaborate on w... | No, I think it is quite -- in general, it is quite steady and stable. We didn't see the growth that we're hoping for, but it will be forthcoming because we just released the EDR products. We talk about cloud version, the latest Optics 3.0. We just released all these new products a couple -- a quarter ago, actually a qu... | intermediate | [
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774949875d9a97fc60707c1ef58ec1cc | Two quick questions. First, regarding the battery management system. I was wondering, this is definitely an incremental market for you. There are three parts of the business model the way I look at. There could be a design win [Technical Issues] production part of it in the software, and there [Technical Issues] subscr... | Yeah. So, thank you, Trip. So first of all, it's a little early for me to answer the question. I have a preference. The preference is a usage-based revenue or a monthly subscription type revenue. That would be my preference. Of course, that would have to be in agreement with the OEM. So, demonstrating that an IVY, as a... | intermediate | [
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679a45734d243cdc75cfc5a862719ebd | The second question I have is regarding your exceptional machine learning models you have and definitely currently your Cylance machine learning AI models work with only your product. Are you exploring or do you think it makes a business sense to open-up your machine learning models to say other OEMs or to other ISVs a... | Thank you. We haven't thought about licensing those models to other application. Maybe I'll say that. However we are licensing that -- well, licensing is a wrong word, sorry. We are embedding the lightweight agent in IoT devices including like medical equipment and industrial equipment and some of those other technolog... | direct | [
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7823d9a37f7b3fb35ae5f37aff258352 | Hi, John. Can you maybe either just on maybe for both you and Steve. I'll just make it one question. You can first up as you like here. Can you give us some context around the cost base, obviously disclosed last quarter that you had 3,497 employees globally. And then earlier in this call, you talked about increasing th... | Yeah. We have not done any major or even minor reduction in force. We have moved some resources around more of a functional investment reasons, not for reduction of people. So it's probably best for you to think about it as incremental. | direct | [
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de84fd427cc3ac41baabdf1afc639a69 | That's helpful. Maybe just the last one as well. In terms of new cybersecurity products, obviously, you're talking about given the team time to ramp up, but maybe talk to us a little bit about what you're seeing from inbound client interest because you've launched -- a significant number of products been on a bit of a ... | Okay. Right. Probably most of the conversation center around the Protect product. I would say if I think about in the larger opportunities and sites that we have, one, the key winning product it is the Protect. So this is why you heard me say a number of times on this call today and we're going try to double down on th... | intermediate | [
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51f757617f2a42a0762a0b987215cdec | Safra it's great to see that you reaffirmed your guidance for the full-year for revenue acceleration and double-digit EPS growth. But with the 3Q guide it does suggest a very strong fourth quarter on top of what was the fourth -- strong fourth quarter than last year. So can you give us a little bit of visibility into w... | So, we've got everything finally out and available, and as Larry and I both mentioned, we've got Cloud at Customer. We have a lot of orders for that that we have not deployed yet. So we've got a lot of demand there. We've got Autonomous Database, we've got new versions of Autonomous Database on track, we've got the ent... | direct | [
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792b9f87a1bd23099b6e9c05adda283e | Safra, as you mentioned about license this quarter, it was a little lighter than what I think people were expecting. I know we're talking about a big base, but if there is anything you could call out in terms of whether it's the sales force reorg or just macro or whatever, in terms of the results in the quarter on that... | I generally feel very good about the Q3 License number. As you said, it is lumpy. The one thing we do have is that the GBUs, which are of course, not a giant part of our License business, but are significant. They have moved and their cloud products have become available. And I do expect that most of the orders for new... | intermediate | [
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923defe943df9f9c35e1cc61722caed6 | Okay and then â and just my follow up, I mean these calls just still don't feel the same without Mark being on them and with all due respect to him -- to his passing, just knowing how hard it is going to be to replace him. I mean, is there anything to share with us regarding you getting some -- you getting someone to k... | Okay. This is Larry. I'm going to answer that question because I get the questions. So how is our search for a second CEO going? I remember when we announced two CEOs, the first time was people thought that was a bit odd. And so now people are finding that we have one CEO is a bit odd. So, let me make it very simple. H... | direct | [
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78e4894f32edf51ba42521f602842d93 | Larry, the momentum in Autonomous Database is fantastic, growing over 100% in your public cloud. But having been in market now for over a year, I know investors are wondering when we might see an inflection in your financial results from Autonomous. And I appreciate many customers are including some of the required dat... | No. I mean there -- either in terms of the technological breakthrough. Well, yeah, I guess we had the first commercial relational database at the very beginning. I mean that's kind of created Oracle Corporation, right? So we had the very first commercial relational database. We had one before IBM did or anyone else did... | intermediate | [
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fdacb8c0aef77c09298fe3b34bc40391 | Just wanted to focus in on the Applications business. Obviously, we saw a nice pick back up here quarter-to-quarter in terms of the year-over-year growth rate. I guess the question is Safra, and I guess Larry too, would you think about the sort of different curves that build up that business. Obviously, you've talked a... | So let me get it started and then, Larry, can add when he needs to add. So first of all, the Data Cloud has stabilized. I don't know if it will stay that way, but that was a very significant headwind for us in that whole business. It has completely stabilized. It grew ever so slightly. Additionally, the adoption in our... | intermediate | [
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b7eaead978240dd96f859eedf3c7e4ba | Autonomous Database, sounds like it's really starting to gain traction. Given the shift to sales personnel to selling Autonomous, can you give us some more color specifically? Specifically, are you seeing the customers buying the required modules as license, are they including it with the cloud, are you seeing changes ... | Okay. I'm happy to do that. I think the most interesting thing that's going on is, we've decided to take, if you will, an AWS approach to selling Autonomous Database in the cloud. So we almost prefer selling a $30,000 deal to $100,000 deal because the $30,000 deal we can close in four weeks. So we think the way to sell... | direct | [
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6d3569a4166c8ca91592819fe0d560e7 | Safra, I just wonder if you could comment on just sort of the geographic landscape for you all. Looked like Europe was perhaps a little bit softer than your other geographies this quarter, maybe that's just macro. I was wondering if you could just add a little bit color on sort of what you're seeing across the differen... | Yeah. This quarter EMEA only grew in the single-digits. Some of the other regions did grow in the high-double-digits, some very high double-digits. And I think there is nothing really special going on one way or the other. Sometimes it's just the way the quarter falls out for them. But overall, our business remains ver... | direct | [
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25b3be01a6ab231cf492099060482cef | Matt, you obviously gave a lot of color on kind of the trends you're seeing in Macau now. As it pertains and to the extent that you can address, what provides the confidence in the follow-through? Obviously, Golden Week is going to be an exogenous period, but the follow-through in what you've seen in March, April and t... | No. I don't think I'd use the word unbridled right now. Well, nothing in Macau has been unbridled. The government has been very careful and cautious as to how they continually increase tourism into the market.
And we do anticipate that to continue. So some of the things that I think are quite positive is we're actuall... | intermediate | [
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bf435cbc47e8312ec8b1754662710bc1 | Craig, you mentioned obviously going through with the LV room remodel this summer. $175 million of capex left this year, I imagine you're referring to. And if you guys could just comment like given what should, I think, by most accounts, be a very strong summer in Las Vegas as the market continues to kind of open up an... | This is Matt. So no, we -- our rooms haven't been remodeled since 2010. We actually were going to launch the remodel at the end of '19, and COVID-19 put a little stop to that because of all the uncertainty. Look, clearly, in hindsight, I wish we would have spent the $200 million while we were closed, but we didn't.
An... | direct | [
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f07f571f5bc5ad3f3615a516bfdfa8fd | Just based on what you're indicating for 2Q to date and the visitation numbers we've seen coming out of Macau for April and May, it would suggest that you and others are seeing a much stronger length of stay, which maybe makes sense given the increased pivot and focus to premium mass. Can you talk a little bit about th... | We're not seeing a significant increase in length of stay. People are normally staying two to three nights. That's always been our market, anyway.
The lack of group tours and day-trippers to the city is what's missing from the previous marketplace. Length of stay stays pretty consistent, but it's a higher-quality cust... | direct | [
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629ebd272f0cde04634ab146047fe4d9 | Matt, maybe you mentioned this and I missed it or I'm not sure if you talked about it, but you gave us some indication of sort of the strength in May over April, but I'm not sure you gave the April base in Macau in terms of either volumes or EBITDA per day or sort of other metrics to tie that May performance to? | Yes. No, Joe, I did not. I was just making the comment that we're continuing to see strength. I mean, the month of April, for us, the first couple of weeks were a little soft with Qingming Festival and other things that were going on, and we really saw the back half of April strengthen.
And then following Golden Week,... | intermediate | [
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4a2b526e8cac9e7b344d8bc16c2728b0 | On Vegas, you gave some encouraging commentary around weekend occupancy being in the 90s and how you're really focused on rate. Can you just give us some more color on the rate and maybe some color around what's going on in weekdays? | Sure. So we've really focused on RevPAR. We're really focused on having the right guests come here who appreciate the room product, who want to dine in our restaurants, who want to play on the floor. And so you can come here and find it will be May, the first weekends that we'll see 90%.
Midweek, we will be, in May, a... | direct | [
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435e1ae51af7c58af3d0ca340e0910b3 | And then just on Macau, a couple of quarters ago, maybe last quarter, you talked about feeling like you were taking some of the -- some of your competitors' customers as they came back to market and they wanted the best product. Do you still feel like that's happening? | I don't actually remember saying that we're taking other people's customers, but what we have been taking are -- and seeing are new customers. And I feel very comfortable that the way we positioned our product there that we will be market share takers on the premium mass and core mass side with our assets and VIP that ... | intermediate | [
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94a03764ae34478977f2bd5e78da8520 | Some of your peers have talked about the benefits of omnichannel as it relates to iGaming and online sports betting. How will Wynn Resorts continue to interact with WynnBET to ensure you capture that full benefit? | So I guess I would respond to that from two perspectives. The first is that we're in the midst now of integrating Wynn Rewards into our product.
You'll see more of that in the presentation here in about 30 minutes. So we'll have Wynn Rewards fully integrated into the product, and we do believe that will generate benef... | direct | [
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dfa64565995920e8fc035218f41ca204 | Similarly, I wanted to ask a question that is really about the impact on Wynn Resorts, which is, will Wynn Resorts be receiving kind of a royalty stream for the use of the Wynn brand from the spun-out company? Just trying to think about the benefit to the Wynn Resorts piece. | Sure. Robin, it's Matt. I'll talk a little bit about it and then hand it over to Craig. So as you look at the press release and the presentation, you'll find that Wynn Resorts is still the majority owner of WynnBET post transaction.
So Wynn Resorts will own roughly 58% of the company post transaction. There are interc... | direct | [
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c98ba3d936310fa8e245cdbb558d0e68 | Can I ask one follow-up on Macau? Just kind of a bigger-picture question. I think that you've said on previous calls that it might be sort of a multiyear. So just looking bigger picture, the VIP piece of the business has never gotten back to kind of that pre -- that 2014 level. Where do you think -- when things normali... | It's really hard to predict. But on the past couple of calls, I've been out there saying that it feels like it probably gets back to around 50% of the pre-COVID levels. I hope I'm wrong. I hope it's more than that.
But we're positioning our business for that outcome, and we're positioning our business on the continued... | direct | [
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538d3b9ce2f40c5cea47c3f1b324ec29 | So we have -- we know that for the Asia subsidiary of the company, they had issued a preliminary first quarter results, which indicates a net profit of around RMB 400 million. This number has -- is quite different from the net profit at the U.S. level. So, we also know that the company has no longer issued non-GAAP inc... | This is Charlie speaking. And there is -- in terms of net income translations, basically, the JinkoSolar Holding its holding companies and report under the U.S. GAAP under the subsidiaries, the shares is reported on the currency GAAP. And one of the most significant difference is the holding company is only have let's ... | intermediate | [
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6ee76994ee9d21f4599ed301ae254f6d | And my second question is about the investment in polysilicon with [Inaudible]. So I would like to know, would there be a material contribution in profit super spec that in other companies. So I wonder if that raw materialize later in later quarters of this year, what is the magnitude of that amount? | OK. So no -- it's -- so the answer is no. We don't expect any income or investment income in the future because we did have arrangements with TBA. We invested 9% of equities for the polysilicon plant and which has the capacity, I think, 10,000 tons, and we hold 9% of equity and invested around, I think, RMB 300 million... | direct | [
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d18488136111866c97bec3fc6d036d6b | So my last question is about the increased capacity guidance. So I would like to know how much of shipment has been materialized in the first quarter for the N-type TOPCon and -- or how much of orders had been secured for like a second quarter for the N-type products? Because I suppose the amount is huge that the compa... | Sure. Sure. For any time, the new capacity is 16 gigawatts, the large-sized N-type TOPCon capacities is under ramping up states. The output is very small and we were small in the first quarter and are expected to reach to full capacity by the end of the second quarter. So the first quarter, we didn't have the shipments... | intermediate | [
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99ced7078ad3727e9acc012a766e58a3 | Just curious if you could help us understand any initial impact you're seeing from the ongoing antidumping countervailing tariff investigation in the U.S. and how that's impacted your plan and potential future shipments as of now? | OK. Sure. Let me take that one. For the anti-circ investigation, yes, it is impacting the whole industry a lot, right? So because the potential risk of retroactive tariffs even the potential -- the higher end of the range of possible tariffs might put a lot of uncertainty for the manufacturer side. That's why many fact... | intermediate | [
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d7e88ef3fa49687ae0311c11a7ffa1a7 | I mean, could you speak to kind of how your contracts with your customers are structured in terms of -- it should there be a retroactive tariff who is actually responsible for that? Does it vary based on your contracts? And just help us understand kind of how that works? | I don't think we are capable to disclose the details of the contract. But from the company's perspective, definitely, we can -- we cannot afford the huge potential risk of [Inaudible]. That's why we are reaching different solutions with different customers. Some of the customers choose to ship the modules themselves. S... | fully_evasive | [
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4fca8abc413a985588b376ecaf70ef97 | In terms of the anti-circumvention case, I think you guys had before the anti-circ came up a clear solution to address the U.S. market that would avoid the WRO situation. And so, can you talk to us about how much you're expecting to ship into the U.S. before anti-circumvention hit in 2022? And then now how much do you ... | Thank you, Phil. For that, I think Jinko is one of the earlier victim of the WRO. We got disrupted, I think by second half of last year. So that's why we have prepared several solutions to make sure we can find our ultimate supply solutions to the U.S. market. That's why currently, our wafer capacity in Vietnam is ramp... | intermediate | [
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348a0f0593e7108c43687c2fdb794e4f | Shifting gears to Q2, you gave some guidance there. I was wondering if you could talk through the margin outlook. Do you expect with the pricing power of module pricing going higher? And just pricing through the whole supply chain going higher, is there any chance that you could expand margins in Q2? Or is there a risk... | This is Pan. For Q2, we expect that the gross profit margin would be stable. | direct | [
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46c007cd217768f6b69fb121366d24ce | In terms of the dividend that you guys talked about, the dividend to shareholders for the ADR, since you guys received it from the subsidiary, do you expect to pay out to do a buyback? Or do you -- is there a chance that you just keep it? Or what's the -- can you talk through the plans a little bit more? | OK. For the dividend, it's not a big number. It's a -- it's a small number, and we are expecting to receive the dividend after paying the tax. I think in late May and we didn't -- we haven't taken the position how we are used to dividends. And we may discuss with the board and to make the decision later. | intermediate | [
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42c7504856cce8f056c969ba1ae6e7e4 | Can you talk through the options? Would you consider a buyback? Or is the -- what's on the table? | Yes, it's -- it could be the holding companies, we don't have any significant operating assets, except for the equities for the eight years. And so we may consider to take some investment opportunities, particularly for the solar -- for the companies we supply our impairments or the materials and which we can do the --... | intermediate | [
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9f9d39f41639da054c1e19df9009eda0 | In terms of module pricing, can you talk about, Gener, how do you expect that to trend in Q2, 3 and 4? Is the idea that should we be forecasting or thinking about module pricing increasing as we get through the year? And do you think that continues into 2023? Or do you think it comes back down in 2023? | Thank you for the question. So in our opinion, the module price is stabilizing. It's stabilizing in the range around the current market price. Maybe up and down half on this, but it's more or less a stabilized range and which is broadly accepted by more and more customers and end customers day by day. The reason is we ... | intermediate | [
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23b89ca6351167b23ac3e753823c9b34 | Can you share what the Q1 cash flow from operations was? | The number [Inaudible] back to you after the call. I think it's a positive. I can't remember the exact numbers. | fully_evasive | [
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4e8d543d2d5a23cffebc01bff9c69cbb | Have you considered or are your customers asking you about taking products, panel products from your Mainland China operations as opposed to buying from your sites in Southeast Asia? I guess is that an option that either you are exploring or your customers are asking you about just so they can avoid some of the uncerta... | Thank you for the question. I think we covered that a little bit in the previous answers, but let me briefly repeat it again. So, for the customer end, I think we have -- we are experiencing many different customers' appetite about the risks about these solutions. So, I think we -- from a Jinko's perspective, we are no... | intermediate | [
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5c9eac78558fb91d3165320ae512c27b | Maybe just technically speaking, if a customer were to purchase panels from you that were shipped in from Mainland China, could you remind us, because I know these rates have changed over the years. What is your company-specific antidumping and countervailing duty tariff assessed on the Chinese made products right now? | It's -- yes. It's just like what you said, different companies have different server rates. And -- but some of the rate is still ongoing. And for example, we are expecting that the [Inaudible]. The final rate is going to come out. But based on the preliminary rate for Jinko, the ACV is roughly, I think, 50%. On top of ... | direct | [
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9f041792cc0023243217346457bd5333 | What's the new capex budget you're outlining for 2022? | OK. And for the full year of this year, the expected capex would be $3 billion. | direct | [
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179f0f0296b9accf4e209198df099cba | It doesn't seem like your -- this capacity increase isn't impacting your shipment guidance, which you reiterated. So this is all mainly going to be end of the year and then flow into 2023. Any kind of early sense of what the growth you could anticipate in shipments for next year would be because it's a lot of capex, an... | You're right, the price for some more capacity, the new capacity starting of construction from second quarter is for the preparations next year. So if you look at the capacity, 55, 55, 60, I think it's our range at least 55 to 60 gigawatts. And we are -- overall, I think we are optimistic for the next year. And this ye... | intermediate | [
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69efb65b23297359137ecfeb4c99f540 | Zach, first for you, any real-time update on company liquidity at the end of April? Some companies have given the circumstances, gone out of their way to give a little color on that. I just want to give you a shot at that, and I got a follow-up. | Yeah. It's a fair question. I don't have any additional color to provide. So $8.1 billion in cash and cash equivalents at the end of Q1, we're managing it very closely. As I mentioned in my opening remarks, we do have an increase in inventory of vehicles that we were unable to deliver at the end of Q1. So we're making ... | intermediate | [
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713a9845e9e5977d281b80914cae2621 | Elon, on that point, you mentioned people that gave their lives to build the country, my thoughts for you on this. There have been a lot of comparisons drawn to the state of the US economy in the early 1930s when Roosevelt began a series of new deals and infrastructure projects, or post-World War II when Eisenhower lau... | I think, it's high time we invested in infrastructure in this country. We have a lot of a crumbling highways and bridges. And frankly, when I visit China, I see their infrastructure as being much better than ours. It's great. Europe has better infrastructure. It's really quite sad that US infrastructure, especially sor... | intermediate | [
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13d55c98fd344b40785f408503adb08b | A question on Model Y. I was hoping you can elaborate a little bit more on the drivers of how the gross margin is already positive at such low volume. How much of it is a function of the commonality with the Model 3? What other factors should we think about? And what does that mean for the ampler for the eventual gross... | Sure. A couple of thoughts there for Y. The first is, it does carry a higher ASP. So on the revenue side, it carries a higher ASP than Model 3. And the deliveries that we started with were of the higher ASP versions of the cars. So we started with deliveries of performance initially. And so, that helps create some of t... | direct | [
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0b81de33bcd7217976348d286853c7e9 | Just wondering about the cell strategy. In Reno, you have, obviously, integrated there. But you're buying cells I think, in Shanghai and what we think in Germany. And so, how are you looking at that going forward? And then, can you just talk about Mr. Mizuno and that Board addition and kind of the process with adding h... | Sure. From a sales perspective, with all the partners we've had historically in the future, we're just looking for competitive technology and competitive pricing. I think we'll talk a little bit more about this at Battery Investor Day like how we're approaching all of it. But yeah, I mean, we don't have like one model ... | intermediate | [
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c5053f93b63631073b10083d14433bcd | Congratulations on the progress. And Elon, you talked about full autonomy by the end of the year. I would love for you to walk through the rollout strategy of the Tesla Network app and how that's going to look prior to the robotaxi stage? Are you going to gradually take over human routes with autonomous capable routes ... | Well, it's pretty much going to play out as it has played out, which is, we'll release more and more functionality. Before we reach -- release any functionality, it goes through extensive testing. First, we run it -- we have a simulations team that has, I think, a very good simulation of the real world. So, we run any ... | intermediate | [
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c3d9fdb132c51bce22137559ee1a1b97 | One on gross margin, first. I know your impressive performance in Q1. So there are three moving parts, the tailwind from credits, of course; the Model Y is ramping, even if it broke even, it probably took average gross margin down. And, of course, you had like Fremont being closed, shut down the last week of the quarte... | Yeah. So the three things that you mentioned, I had a little bit of a hard time hearing the full question here because we're having a bit of network difficulty in the room. I'll do my best here. So when we look at margin, we do exclude credit, as you have, so I agree with that. Model Y ramping, bringing down overall gr... | intermediate | [
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c4bd294dc9e740759b8225ad6cd4f54f | Just to follow-up on the share repurchase authorization. When do you anticipate -- is there anything in terms of balance sheet targets before you anticipate, actually doing share repurchase? | Robin its, share purchase has always been a key part of our capital allocation strategy. I think when you just look at the recovery of the business, you look at our liquidity position. It allows us to do a share repurchase program. I would state it that way. Historically we haven't been programmatic in our share repurc... | intermediate | [
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12fb8bbe68c47647ec61dbc6dd319fdd | I know you talked about the acceleration growth in the upscale and Extended Stay. I'm just curious whether you expect on a companywide basis, acceleration from the 2020 growth rate, which I think was about 0.4% overall. Do you think that companywide basis that will accelerate this year as well? | Yes, I mean, I think the only guidance that we provided in the prepared remarks obviously was the acceleration in those revenue intense segments. Last year those revenue intense segments grew about 2%. We gave guidance for 2% to 3% this year. I think that in terms of modeling, I would expect to see the trends that you'... | intermediate | [
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a7e8b0b6fd73e13b5ca394f26684bf08 | Pat and Dom you both mentioned April trends that were pretty impressive relative to 2019 levels. But we've also heard that spring break really did create a spike in demand. And we may even have some element of stimulus that could be propping up demand here. So if you can you just help us first, just wrap our head aroun... | Yes, Dan, it's a great question. I mean I sort of referred to this sort of pent-up demand and the bow wave of return to travel that we're going to see. And then the question is going to be at what point does the bow wave subside into something that's more normalized? I would say on the positive front, I mean if I look ... | direct | [
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"fully_evasive"
] | A |
21ad250b3b36eec010f0768b4c7a73f7 | I just want to go back to the topic of capital allocation. I think last quarter you guys ranked M&A higher and you're prioritizing this. Dom, you also said it again today, higher than returning excess capital to shareholders. Does the reinstated dividend suggest you're not seeing or maybe you don't expect to see any M&... | I think Michael Don's point is, we have the ability to do if at all. I mean that capital allocation strategy has those four pillars to it. I think what we see the recovery of the business, the strength of our balance sheet, we have the ability to invest in our business, which we did in Q4, we did it in Q1, new prototyp... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
af228041b55a67f030ef3751635f3c38 | What are you hearing from developers regarding construction cost pressures and are you seeing any lower interest in new construction deals from prospective owners? | It's really interesting, the interest is very high, particularly with WoodSpring, with Everhome, even with our Comfort brand, now that that's been returned to a growth perspective after the refresh. The issue is around lumber prices and all the transitory materials cost that we've seen. When I talk to vendors who some ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
23d5956dd3b2c1cfca9e8020bfbfef22 | A big macro theme is just labor shortages. What are you hearing from your franchisees in terms of that? | Yes, Tom, that's the number one thing we hear from our franchisees is getting the labor they need into their hotels. We as a company and our franchisees in tandem with us have done a number of things during the pandemic to save on labor costs, everything from housekeeping on request to a flexible Grab and Go Breakfast,... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
62a2fe396fcd95bd66a0452bce1fbe21 | Pat just a follow-up on this. When you think longer term, do you have an estimate of how much you're kind of changes will help streamline the cost structure of your -- of the hotels? | Yes. We have some internal targets. I would say they are competitive in nature, so I won't speak to them, but they are significant and it is something that we have been working on prior to the pandemic. We've been able to pull some of that forward during the pandemic, and execute it earlier, and what was going to be so... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
4438634b9dc9194a0f0ce1e3a26a16a7 | I wanted to just get a little more insight, if I may, on the new build development activities. And the question is really in the context of the capital and the balance sheet use that the company has deployed over time. Is that new build stretching out? What are you sort of hearing and seeing and how should we think abo... | Yes, David, I think as we've been talking about the last several calls for the time it takes to do a new build has been elongated. It was first driven by the pandemic. Now I think it's going to be continued to be driven more by the both labor, FF&E and materials cost for constructing a new hotel. So as I said, what we'... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a78ae65a83a7c2c9e90196fa7278c777 | First question, can you tell us what your expectations are this year will be for spending on development in the Cambria brand? And where did you finished last year with that? | Yes, so what I would tell you Patrick is, overall, we have $725 million authorized for Cambria. Right now on our balance sheet, we have about, call it $540 million. So a lot of it obviously depends on the pace in which some of these properties get opened and which groundbreaks happen. I think hitting that $725 million ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
96dc9e548048e1acecfabbebac23502a | Just want a clarification on your prepared remarks, did you say that you expect 2021 RevPAR to be better than 2019 on a dollar amount, is that correct? | What we talked about was that RevPAR for the remainder of the year. So Q2, Q3, Q4, we expect to see as better in terms of RevPAR change than the RevPAR change that you saw in Q1 of this year.
So quarter-over-quarter continues... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
bd3d0c4ff21c471362c6f12631726ea2 | Just the first one with the infrastructure proposal in the US, any potential impact that might have on some of your segments like Extended Stay or mid-scale? | Yes. Those are projects that generally fill our Extended Stay hotels. If you look at our broader portfolio even beyond Extended Stay, that construction segment is one of the larger segments of our business travel, and that has actually held up fairly well during the pandemic, and is not too far off of where we were in ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4f8e126b8b0ec69fbcf0c58f08c2e204 | And then just a question, I guess, on your international brand and the recovery you're seeing there. I mean obviously domestic is the vast majority of your business. But any comments on kind of how international brands and the recovery are doing and what you see moving forward there? | Sure. So as we stated in 2019 that was 3% of our earnings. But as it sort of go around the world, we have a large presence in Australia and New Zealand, that market has performed quite well. They are in island, both countries and we saw in December their summer a really record return of consumer demand. Again, they are... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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