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e28db907c82eb795d89aae0e50dff51f | Got it. Okay. And the job matching service that's for college grads that you guys are talking about? | No. The Tallo platform really is unique to high school students. We also have college students on that platform, but it really is a great opportunity for high school students to display a digital portfolio of their work, badges that they've earned, certifications et cetera. And by the way, they're exposed to employers ... | direct | [
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ee7820d8b136da96bc33723a6beb78f2 | T-A-L-L-O, got it. Okay. Great. And that's -- OK -- so Tallo is a networking platform, and I guess kind of like broadly speaking and when you're teaming up and providing like the education that's related to the skills or the workforce, how are you -- how are you marketing or communicating like the results that students... | Well, I think right off the bat, high school graduation is a key outcome. Post that, if a student is looking to go to work, to go into the military or to go to college, I mean we'll also track those outcomes and so I think we'll track outcomes across the board based on student interests at the time.
We also want the t... | intermediate | [
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02221315868aeacaf452c16c7164768e | Hey, guys. Thanks for taking my question. I'm just -- I just wanted to clarify when you mentioned in the call, you have 13 schools ramping up to 17 to 20. Is it at 17 to 20, you'd be exposed to 3 million students or is it currently at 13? | So it's incremental for those --
So today we're at 13. I apologize. We actually added four schools at this point. So we're at 17. Those four schools open up an incremental market of 3 million potential students. | direct | [
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4bc3dc6d59d0432e4aef74f2887e393d | Okay. Got it. Got it. And then, can you just kind of give us any color on just you mentioned the industry certifications. Is that -- is that existing right now in some of the pathways? And can you kind of -- is there any specifics you can give on that? | Yes, I mean that there are a number of certifications offered via different organizations and so we by pathway have certifications available to students that will essentially validate what they've learned on a high school level. And then they can have a badge for that within that Tallo system, I described earlier. But ... | direct | [
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4f4d213449de006a520d626353ecbdbe | That's helpful. And then just one final one, just on the revenue per enrollment. I know the change in revenue recognition, but I guess when we think about the fourth quarter, should there be more consistent and then should it be more consistent, I guess, next year when we think about the out year just -- the variations... | Yeah. So this James. So I think what you're going to -- in order to hit the 4% to 6% range that we gave in guidance, it sort of implies that Q4 revenue per enrollment for the managed programs year-over-year is going to be more or less flat. That's what the guidance would imply. So no, it's not going to be consistent wi... | direct | [
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bf6b42fd7c833a36138c251899d7d130 | Thanks. Just quickly, and I think this is a question for James. If you -- the quarter was really good. And the career pathway sounds exciting. The one question I could see coming out of the quarter is, the guidance implies. It looks like some costs were shifted from Q3 into Q4, so the Q3 beat looks like it somewhat tra... | Yeah. So I think right now the guidance -- so the short answer, I think is a little bit of yes. The guidance right now implies that we'd be just a tad under I think the consensus for Q4 and I do think there's just probably a little bit of timing there. Nothing that unusual, but you know there's always a little bit of Q... | direct | [
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83050ea4240e8a40b65c549ba886ae87 | Nothing changed in terms of the kind of thing (inaudible) no new investments, no change (multiple speakers) or anything like that? | No. Nate's answer still stands. No, there's nothing material that's going to change in the fourth quarter. | direct | [
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95271fa369fa583a83a1bef8fecd951a | Maybe to start, it would be good to get some color on maybe the cadence of activity. It sounds like you outperformed a bit, but anything more to add, I'm guessing, when it was all said and done, the revenue number surprised you guys a bit? | A little bit. I think we were taken back by the strength in Europe. We kind of discounted the traditional trends that we would see at the end of the year based on what we've been through this year. We didn't expect that there was a lot of pent-up capital budgets to be placed. And certainly that was not the case, and it... | direct | [
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d17b7fe513ff8239a1f03ba2736de48c | Michael, has your view on the pace of the recovery changed at all? You've been pretty clear that this is gradual. But based on what we saw in Q4 and just sort of end market demand, I mean, do you think the pace is running ahead of prior expectations, or is it just too early to make that conclusion? | No, I don't think it is. I think we still feel, and I think we've said publicly, that I would be disappointed if we're not back to 2019 levels by exiting Q4 of this calendar year 2021. But I think the recovery to that level will be gradual throughout the balance of the year. And we still expect to see kind of the seaso... | direct | [
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90607f5f4485a075157497f026042767 | Yeah. Okay. Makes sense. And then just as far as new product introductions go, I'm curious, for this year, should we view that more as upgrades to existing product lines, or is it something more substantial I'm thinking sort of adjacent incremental -- something new to the market that can be incremental to what you're g... | Yeah. It's always a mix, right. You're always delivering on upgrades for products, but we are also planning on doing some things that are differentiated and should put us in a different position than we've historically been. And when I say historic, I'm talking about over the last three or four years. So, it's a mix, G... | direct | [
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9e5eb3ff2ee950862899306316ecdcfb | Hi. Good morning. I want to go back to what the business that you saw in Europe in the quarter. Any color you can give, Michael or Allen, just in terms of the metrology business versus 3D scanning and the strength you saw there? | Yeah. We saw strength in 3D metrology, particularly at the end of the quarter type of favor. We were very pleased with our scanning business overall, not just in Europe, but around the world, and Europe certainly led the charge there in the AEC business. So, I think, we were also very surprised at kind of just the leve... | direct | [
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7b8bcc189dfb642b0d64975847dd08db | Got it. And then if we look at the other markets, North America or APAC, which of these areas of the business maybe potentially given you a little bit more confidence about recovery and which was maybe lagging? | That's a great question. We feel really good about where we are in Asia, and they were the first to recover for us. And we're seeing by virtue of the way we've restructured, we're seeing a lot of benefit, particularly, in China proper. So, China, we believe is back and strong and we have a lot of confidence. Clearly, r... | direct | [
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344b3fcf8b3483a4a07967e378a2d37c | Got it. Maybe one more and I'll jump back in the queue. Allen, if I may, just how should we be thinking about you executing against the financial model in terms of the margin profile targets that you've laid out? I mean, you're getting pretty close. Certainly, in Q4, you hit some of those targets. I'm just wondering as... | No. Just as -- I appreciate the question, Jim, and it's a good one. Again, a year ago, we outlined a success model that had us at 55% to 60% gross margins. We still believe that that is a very good achievable range for us. Again, we were right at the lower end of that here in the fourth quarter. And in operating expens... | direct | [
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fe49d19cf0d8826659ca9075c7fbac1a | I just had a -- Hi. I just had a few questions. The first, in terms of -- I mean, this year being a little bit of an odd year given the pandemic... | Do you think? | fully_evasive | [
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712b03591ba3d0c340a4b3c9fcece8ea | But just thinking about 2021 and the seasonality that we should expect for next year, because -- I'm just wondering if there's anything that we should be mindful looking at 2020 and as we look at our models next year that don't repeat themselves, particularly given the larger deals that you saw in Public Safety in Q4? | No. I think, we are planning on seeing evidence of the same seasonal pattern that we experienced in 2019. Forget 2020, right. But, in 2019, if you go back and historically look at Q4 to Q1, Q1 to Q2, etc., we're planning on and expect to see that same revenue profile in 2021 that we experienced at the end of 2018 throu... | direct | [
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2fc6c354b5c3c700755a6ea69855ad14 | Got it. And I know you can't tell us how big these deals were, but like if we were to look at Public Safety and how lumpy it is, I mean, is this typical in terms of the deal sizes that you get out of that end market? | Yeah, they're typical. I think, what's really encouraging is if you look back historically where we've been strong in Public Safety, it's primarily been in North America. And we've been working hard over the last 18 months really trying to grow that outside of North America, and we're beginning to see kind of fruits of... | direct | [
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97404f9972ce2b1cb2cf82729d9e200e | That's helpful. Just one on the sales force productivity. I mean, obviously, that's been a big focus for you since you -- the FARO Tech [Phonetic]. I'm just wondering -- you're obviously pleased where that ended up. I was just wondering if there's anything more that you think you could get out of that, not that I'm thi... | Yes. As we mentioned in the script, we're spending a lot of time and effort on lead generation. And as we said in the script, we -- historically, we just thrown thousands of leads to the individual sales guy, and it's mind numbing to expect that people are going to follow up on all those leads, etc. So, as a result, I ... | intermediate | [
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9fddbf3ff74235e903d7e8ffc41dc83a | That's great. And last one for Allen. Just in terms of the model on the OpEx side going forward, I mean, some companies we're speaking with are starting to assume that the second half of next year is going to see a resumption in travel, marketing -- I guess, conferences and like [Phonetic]. Should we assume a similar k... | Yeah. We certainly today have less than normal or less than typical travel and related expenses within our run rate. We have, however, increased some of that activity as we exited 2020 compared to what it was in the earlier parts of 2020. So, certainly, Q4 was higher than the second quarter and third quarter, as an exa... | intermediate | [
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33df9d1420bddb3338d9c6553cb2cad6 | Couple of questions. Was curious to ask you a little bit about the performance this quarter, specifically of the FARO Gage in factory metrology, as well as the Focus Swift on the scanning side and whether these products were meaningful contributors? | They are. They are new in terms of adoption. I'm pleased with both. I guess, I'm pleasantly surprised with the Gage adoption rate. And I think that it kind of goes hand in hand with some of the 3D metrology recovery in Asia and in Europe. Swift is very positive. Mobile scanning, I think, is a trend that we have to capi... | direct | [
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59e3982d918b8fb5420ce2f12398ac89 | Okay. And I'm curious, specifically within 3D metrology, you had commented earlier in the call that you were pleased with how the segment is performing. I'm curious to know which of the end markets that you serve appear to be coming back the fastest in terms of their investment in 3D measurement? | Well, it's a interesting phenomenon. We're seeing automotive coming back pretty strong actually, and particularly, in Europe and in Asia. And we're seeing the smaller machine shops coming back with some force with the exception of North America. We're not seeing broad-based recovery in America in the small to medium ma... | direct | [
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e8ad2f67bdb37bf58e86fd20ba0d2015 | Yes, that's a very helpful kind of broad overview. And if I may just one for Allen. It looked like the services gross margin was very strong in Q4. I'm curious to know, does that have to do with the sale of extended warranties for products or whether that kind of level can be sustained into 2021? | Yeah. I think, we saw a couple of small items within services that enabled us to have a little bit of a one-time pickup in margins. I would expect that the -- what we've demonstrated over the last -- over a longer extended period is more what we would expect moving forward. Nothing of -- out of the -- overall, nothing ... | direct | [
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aa2684f855c949220a0a6f3bfcc1a9a4 | Adrian, you mentioned the companion diagnostic development with Agilent, and I'm assuming that you're going to see clear validation. So the question is, can you provide some information around the number of patients that you may need to see to provide to the FDA? And importantly, will that cause any delay, or do you th... | We have not provided details on the development power-play for the companion diagnostic. I can confirm that there won't be any delay to -- we don't anticipate any delay to the BLA file on the basis of that. | intermediate | [
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a570670f767d9bd89b27e2a69220e9ad | So you are going to use that companion diagnostic in the SURPASS-2 trial, and therefore, that trial may actually be somewhat delayed in the rolling, even though you said it's going to be in Q3? | Yeah. So the answer is no, we're not using that diagnostic in that trial and we don't anticipate that, that will be delayed in enrolling. | direct | [
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7ad0bb3b84e95e47473574b8a2ec7832 | The issue was how far along has that progressed since they have decided to take that program under their wings as well? | I wouldn't take liberty to say exactly how far it has progressed. But it is moving along the timelines that we anticipated for in selecting the target. So I think early basically, but not that far behind the mesothelin program. | intermediate | [
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a20c13b4f649cbaddd1cdab09901becb | Maybe Adrian, your comment about adding focus on ovarian within SURPASS, just to be clear, is that based on -- I think you had a little bit of tumors, yes, some tumor shrinkage in one ovarian patient as of the last update, is it based on that or is it really that you've seen more in additional patients that have happen... | We are going to comment on any of the data that is in the SURPASS trial pending the ESMO data release. I think that question will be much better answered when we can all look at the same amount of data and have that discussion made. | fully_evasive | [
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46b39040f5753214a3c87be8fcdf7990 | Okay. And maybe you won't answer here, but I think I missed, but can you give us a flavor -- you gave that kind of patient numbers, but can you give a flavor kind of spread of tumors that are going to be in there? And should we be thinking about any of these tumor types starting to get to that high single-digit 10-pati... | You're correct. You're going to get the same answer as for the previous question, but I do admire your persistence on this. We haven't guided, and we're not going to guide. I think it's best -- it's only a month away. Everybody can look at the data set when we put it out there at ESMO. And we can talk about it from an ... | fully_evasive | [
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9e9e1ebbd094940f689dae16ac36455c | Okay. And then maybe turning to the plan BLA. You're continuing to enroll a second cohort of patients in SPEARHEAD-1. Will the filing just have the -- the first cohort that we've already have seen the response rate data, plus the couple of incremental patients or do you expect that filing to have the complete trial, in... | Yeah. Hi, Marc. It's Elliot. The plan is to file the BLA based on the data in cohort 1. | direct | [
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bf0fe1d31a007b802f5bde8fd8983b6d | Could you just provide some color on where you stand with the launch prep and commercial readiness? And then the second one, we saw in the press release that the Radiation Sub-Study was officially closed. Maybe just a little bit of color there on why it stopped? | I mean, I think we're in reasonably good shape. We've been planning for this for quite some time. We've had internal focus on the key things around market access, marketing, broad commercial planning and now we're beginning to turn our attention to dig deeper and also obviously into the the outward customer facing role... | direct | [
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ea463d45c50bac39013821dd3cc10c79 | What do you see as the go, no-go bar for advancing the next-gen MAGE-A4 program into late-stage development for the different indications beyond the Phase 1 SURPASS study? | So maybe I'll take stab of that. And so I think I don't want to get into speculation about individual tumor types. I think we'll let the data speak for itself at ESMO. But I think I'd just refer everybody to the discussions that we've had previously about what efficacy in cell therapy in very late stage population, suc... | intermediate | [
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f3c13628c0ef0dd85e5f2d846a2c9959 | What do you see as the go, no-go bar for picking a particular indication to be a focus indication in the ongoing SURPASS study? | That one is a bit more-- a bit simpler and that we selected those indications some time ago, the four that we have previously -- and obviously, I'm not going to comment on the rationale behind putting ovarian, and as I commented earlier, we'll talk about that when we get down to ESMO, but more generally you might recal... | intermediate | [
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afdbc8ba04b6317d730096aae41e5b20 | On SURPASS-2, you spoke to in your prepared comments about making some modifications to sort of conform to evolving standard-of-care. And I'm wondering if you can just speak to that at this point in time. And then the second is, I'm just curious, we've heard from a couple of companies within the cell therapy space arou... | Yeah, hi, Mara. Just very briefly, the standard-of-care for really the gastroesophageal cancers has evolved from being chemotherapy approach in first-line followed by PD-1 inhibitor in most scenarios. There are some other drugs that play in, in specific settings, but those drugs are now being used fairly commonly as a ... | direct | [
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5f2e4f3544c4565957056d141b05a2ce | Just a question, we got a lot of questions I think regarding the fourth quarter guide and given the organic performance in the quarter. Was there any pull forward of revenue from fourth quarter into third quarter. And I apologize, I joined a little bit late, but just conservatism about organic growth, specifically in A... | So, I would characterize Q3 extremely strong growth, as indicated, 7% organic growth. Really good performance both in the non-res and residential segments. No real pull forward of activity, I would say, business improved a little bit kind of as we progressed throughout the quarter, which was good to see. But just as a ... | direct | [
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06ee6e04ca3553813be1f85cf463c1cf | And then, just a follow-up question. One of your competitors highlighted on their conference calls that they are starting to see sort of signs of markets slowing. I wonder if they were referring to your census data, but you guys are -- I think, are quite a bit more upbeat. What kind of visibility do you have over the n... | So we are sild, positive, upbeat on the economy. As I look the positive factors consumer confidence, low unemployment, state and local tax revenues which are a key for our business, low interest rates and tightness in the housing market. I don't know why you could not be positive about the view going forward. I was loo... | intermediate | [
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bbcfd139dad30f101e2d4e948b04e112 | Just wanted to ask about the residential business. You did have a good acceleration there in the third quarter. Whether you see that growth rate is sort of a blip because you were starting a bunch of initiatives? Or whether you think that because of all your sort of self-help measures in resi you can drive a good mid-s... | I think, if you compare our first half residential performance, which I believe was plus 4% was respectable in a soft patch in the market. We also had some self-help there or correction that we were doing in the channel. The market improved in Q3, that's reflective. I think the best opportunities going forward in res w... | intermediate | [
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c384d0242f9090e607824035dfb68c7d | Thanks. And then just my second quick one would be around the implied sort of operating margins in Q4. We've had some questions this morning around, it looks as if that implies a softer margin performance than what you saw in the third quarter, just based on the full year guide. Just maybe any comments you could provid... | Yeah. Well, let me first maybe comment on a little bit more specifics on Q3 operating margin performance. So as indicated, really strong across the board. All regions showing fairly significant margin improvement. We did benefit, if you kind of look at the price, productivity inflation dynamic, extremely favorable. Inf... | direct | [
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5d57cbf64e50111a8727a247bdaf82f6 | I wanted to ask about sort of the, your confidence in terms of the Americas outlook. I wonder if you kind of internally try to reconcile some of the softer kind of data points versus what you are kind of seeing in your business in terms of non-res overall growth. And just kind of curious, what kind of conclusion you mi... | So a lot packed into that. I think you've got to look at the macro noise and take heed of that. Again, as I look at the macro, I see a lot of positive out there, including, again, I'll emphasize state and local tax revenues. Then you've got to square that with what's the level of our backlog, quote activities. I'd remi... | intermediate | [
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48f793e00e7005f6205cb6e0a305502d | All right. That's good to hear. And my follow-up is on the investment spending. I know that you kind of took the investment spend down a little bit for the year. I wonder, if that's a little bit of a shift in terms of thinking or just -- is that more timing or anything to read into that? | Nothing really to read into that, it's more of a timing item. When we look at the end markets, there are still many opportunities to continue to invest in our business, particularly around channels, demand creation, new product development, this Internet of Things platform, connectivity, seamless access. There is a hos... | direct | [
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31395238240e0ec2762d75e0eea380d7 | Hey, congrats on a strong operational quarter as well. I guess two questions. One, thinking about pricing, obviously, we knew it was going to step down given the comparison what we saw in the first half of this year, but it was better than I thought. So what I was curious if that's kind of mix related or if you're actu... | Nothing out of the ordinary. I mean, you hit it right in terms of -- sequentially, the pricing was down, but pretty much in line with our expectations. And the teams across the board, I would say, particularly in Americas and Europe continue to execute extremely well on price realization and capturing what they can. Pa... | direct | [
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0b2bd19c38c6ca62ea69569eadabca01 | Got you. And then obviously good cash performance cash build quarter-over-quarter. Kind of what are your expectations or visibility into capital allocation decisions, whether it be M&A or share repurchase or others? | I would say, we continue with our strategy. We think there's opportunities to ring some cash on inventories. We invested in 2019 with some of the moves that we made globally. And I'm extremely pleased on how we executed on that moves. Our move from Turkey to Poland got some ERP consolidations that never hit the press t... | direct | [
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0c9c2047de9b51ecb6885e13661ef88a | Thank you. And If I can just sneak one more in here if you don't mind. Just thinking about the electronics growth rate. I mean, you have -- you did have a very difficult compare, you have an easier compare in Q4. You had been doing 20% to 30% growth-on-growth, that it really ticked up this quarter. Anything to call out... | Our growth in electronics has been robust over the last several years. It's hard to put up 30% growth a year ago and top that. So, the numbers are getting bigger. The opportunities are also remains, I think, compelling. If you remember, at Investor Day 40 billion openings in the world connected devices, technologies, o... | direct | [
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ca0ce6ef6bc046137389295f72f8c12d | At the recent GNX (ph) conference. I might have spend a lot of time with (Technical Issue) going through the way the company has -- is essentially changing its sale, its go to market with customers. Trying to get a more holistic (Technical Issue). If you could -- I'm wondering, if that has played in the efficiency and ... | So, you're breaking up a little bit there, but I'll try and hit that. The conversations you had with, Brad. I think the number one, partnerships is one of our strategic objectives here, working with people -- the big integrators, whether it's Seaboard, whether it's Bosch, Siemens. We think we bring a unique approach to... | intermediate | [
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45413d6d9cead9ea701c8362ba920b90 | Okay. And as far -- I know I'm breaking up a little bit, because I have problems with this phone. I apologize for that. And just as a follow -- a specific follow up to that. In going to market, how have you been able to use your open market stance compared to -- eventually compared to your major competitor, being able ... | I believe with our position and strategy to be open gives us an advantage. It's also a key that we're flexible there, we'll have customers that want control they weren't closed systems and it's really having that flexibility with our customers that were not going drive one connected strategy that we leave that to the c... | intermediate | [
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0c9d88b8235c7712307b4ccf2efe7b53 | Last quarter you had discussed taking actions to remove bad actors in the e-commerce channel and you're protecting pricing for residential locks. I guess, can you talk about the success of that? Is that channel cleaned up now? Is there more actions to take? Or is there more bad actors just take the place of who you cle... | I'd say our work in terms of just some good maintenance in the channels is behind us. The introduction of e-commerce over the last few years creates a little bit of a situation like the wild west. You can have things appear on eBay or Storefronts can pop up. It's part of the natural evolution. But yes, we think that's ... | intermediate | [
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c8958cf8977c8a26d49bdb12062de878 | Perfect. And then just on pricing. I mean, you're still saying strong price realization in the third quarter. I guess with raw material prices coming down, how do you see that playing out going forward? | I would say, and you know this it relative to our industry. We will continue to push price. Even a couple of years ago in a deflationary environment which were -- in that today to the extent of input cost being a little bit lower year-over-year we can still probably push price a little bit, given the strong market dema... | direct | [
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3fdd30a3bbeab1775f3f94df154d7215 | Hey, good morning. I apologize if this question was asked already. But -- so can you talk about the progression of the quarter by month. If you can talk a bit for this -- better, worse or you think it was as expected? That's my first question. | I think a normal third quarter. We've got operating systems here that we try and track how we move through it. It's the peak of the summer construction season and I think things behave normal. | intermediate | [
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124f97b51c54998ae552c66b2c360617 | Okay. Was there any pull forward of demand in Q3 from Q4. I mean, you've kept the guide basically when the Q3 kind of outperform. So just curious, what are some of the puts and takes we should be thinking about as we think through Q4? Or is there -- you just want to bake-in some conservatism and because there's still a... | I would characterize it as not any specific pull forward of activity, i.e. specific actions. I would say, Q3 came in better than originally anticipated when we were together 90 days ago. But again, still anticipating a relatively strong performance in Q4 going forward. | direct | [
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7909c44db250e4c1c46516162aec4241 | Got it. Okay. So just -- is there a tax give back in Q4. Sorry... | Yeah. So that's a good point. And Dave mentioned is a little bit relative to the full year guide. So as indicated, our effective tax rate for Q3 was -- came in better than anticipated. That turns negative on us in Q4, so that you have a much higher tax rate in Q4 relative to the year-to-date tax rate, which today stand... | direct | [
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3274a1cbfb5932d3e66f25c46adf4097 | Now just one on pricing here. I mean, pretty strong pricing trends, I think this got asked a couple of different ways already, but what's the normalized price range. Do I start -- do we start to bake in like more 1%, 2% price range going forward? Or it just seems like pricing is at this point in time a little peckish. ... | Yeah. I think about around 1%, maybe a little bit north of that, but that would be kind of a normalized type of level.
I would also say, we'll continue to push Allegion to be disciplined in pricing. We're seeing wage inflation. I think it's important that our team think about those pressures and make sure that we're r... | direct | [
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33d8078a61d21a0748349723cc76eba1 | On the other 15% cloud bookings expected in fiscal '23, I was hoping you could walk through the cloud offerings that you see driving the growth there. | Yes. Sounds great. Very happy to. So, first, Stephanie, we're going to introduce new bookings and -- for the year and going forward. And we're going to keep you up to date quarterly. We do that on a trailing 12-month basis as Madhu said, so we can keep a lot of visibility right on here. And this is enterprise bookings ... | direct | [
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ed61ef2f5592baa9d1430b41ad1c4f3f | And then maybe the other side of the equation, can you talk a bit about the incremental $75 million in cloud investments in fiscal '23. What are the major investments in the roadmap? And maybe related, it looks like these investments will continue into the future given the fiscal '25 aspirational margins about 100 basi... | Yes, very good. Put that $75 million additional and total $1 billion in R&D and cloud operations. Number one, Titanium objective; public, cloud, parity to our amazing private and off-cloud capabilities, top of the list. Second is security and compliance. We just see a -- just a huge opportunity to be the trusted cloud ... | intermediate | [
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3e5fdbe57b18b24be8f76c97d30c4f0d | I wanted to ask also on cloud. Just on the performance in the quarter, can you speak to how much of that is net new versus customers migrating over from licenses? And then, in terms of product, anything kind of stand out across content or network or security? Or would you say it was pretty consistent from past quarters... | Yeah. So Jeremy, thanks for the question. Yes, we're not breaking out that, which is brand new versus -- that which is a migration or just like a pure migration or migration in a new workload or a new customer. But I can tell you, it's really a mixture of all of that. And, look, I think the second half of last year was... | intermediate | [
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18d1b34014c15ad4fc40cea587efed8d | With respect to the macro environment, understand you said that it's in your outlook, but what are your customers saying today about their budgets for tech spending as we look for the remainder of this year? Are they feeling kind of continually optimistic? Or are they kind of perhaps putting some pause or slowing the c... | Richard, yes, thanks for the question. Good to hear from you. I would say, on the demand side, in aggregate, our demand is steady. We have strong visibility and it supports our outlook for the year. And this is a strong outlook, a double-digit 15%-plus cloud bookings growth. We're looking to grow our cloud revenue, whi... | intermediate | [
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01866f5bcecdcd67e737270142dd08c5 | And the last question for me is, obviously, the labor market has been fairly tight. Given your stability, are you finding it easier to retain talent and bring on new talent? | Another great question. And look, I'm going to -- short answer is yes. Our talent and company brand has never been stronger. I'm just back from a great trip in Europe. I was with customers and our team in France, in Germany, the Netherlands, U.K. I've been traveling throughout the U.S. I'm here in Waterloo right now, p... | direct | [
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7e049e5b114fa32f1a3c4a594b5ed3b7 | Microsoft had called out some SMB softness in the quarter. Can you comment on what you're seeing there, I guess, both the [Inaudible] and more broadly, given that seems to be a bit more macro-sensitive area. | Yes, sure. Fair enough. So yes, maybe starting at putting it all in context for us. We've -- we created our SMB&C business from 0 to approaching near $700 million. And this is just our second fiscal year. The business is growing. It's growing organically. We got gross margins in the high 80s, and we're taking a very un... | intermediate | [
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b9a8a43a1dbcc1bad13356ad14abed29 | Just to clarify, so the Zix point, not really seeing slowdown in the macro and SMB? | No. No. We have a lot of great levers here because -- we can bring Zix into the Carbonite installed base. We can bring Carbonite into the Zix installed base. So those are things unique to us that are levers that others don't have. Also, there is some real disruption with data, and we're going to be there to be helpful ... | direct | [
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8ebae97bdf05fbfdde7bd8f93175f06b | And then the second question is with -- in medium term, the growth, this 6% to 8% organic cloud growth, at what point does that start driving up overall organic revenue growth because it's still in the 2% to 4% range. At what point does the recent tipping points start driving that and you start seeing faster growth? An... | Yes. So let me take a part of it and then hand apart to Madhu. And I just wanted to be brief in my answer to you on the first part of vacant share. So the short answer is yes. Maybe just adding a sentence to that, look, there's a real opportunity. It's a time to standardize on companies like OpenText. And it's a Darwin... | intermediate | [
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cbec0b6481effe1015ee62d97fabccc4 | Just with the outlook for this current year, you're calling for license revenue growth, but it did contract this year. Why do you see the turnaround in the short term for license revenue? | It's all the nature of the visibility in pipeline, Paul, where we see -- these are sales cycles that are times multi-quarter. And we can see we have the visibility and pipeline of customers looking to build very fortified and secured environments. And so that's just -- we're calling it like we see it through the visibi... | direct | [
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86b094fbf0eb93c76f1511d4fee77a1e | Just maybe two quick ones from me. I was wondering if, first you might just do you able to comment on the Bayer acquisition of the video on this morning obviously lead program believe also and kind of the KEAP1/NRF2 space, but maybe a different approach to that. And then secondly we talked a little around the abstract ... | Hi, Matt. This is Susan. I can comment on the Vividion acquisition by Bayer. They are obviously pre clinical frequently based company with a platform and use their platform to develop both activators and inhibitors in NRF2 and we are clearly interested in inhibitors NRF2 into the clinic at least some population of NRF2... | intermediate | [
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60588fce8cfc8b55bcc15b9773c6eb85 | Maybe just one plus question, can you give any idea now as we get closer, this in the year readout maybe how many patients you we should expect for the KEAPSAKE interim? | So, as we've talked about before that there isn't the specific statistically driven sort of event number patient number that we're targeting for the interim and so I don't have much more in terms of clarity in terms of specific numbers, I don't think we can speak to that at this point. And so I think I'll leave it ther... | fully_evasive | [
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44c9347af03545d0c896e9e15b262fae | Couple of quick questions, on the KEAPSAKE trial, the interim data, this is expected in the fourth quarter and would this be and a press release or would this be at a conference and what sort of data should we be expecting at the interim look. | Yes, so in terms of the format or the forum, we're not planning to present at a meeting at that time. So it will be some other format and in terms of the type of data. We've talked about some before the types of things that we will be looking at are generally response rate in PFS and comparing against the known histori... | direct | [
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ffaa7626b3825725c821a453c803fae6 | Okay, thanks. And then just trying to understand the Cystic Fibrosis franchise with the interim data again expected soon at the end of September. So is there, what is the expectation on the timing for completion of this trial and what would be the next steps in this for this molecule in your hands or do you think that ... | Thanks. So the CF program, the study is an ongoing studies that we'll be presenting data from the ongoing dose escalation. We expect that study to be completed this year. And in terms of next steps, what we have discussed previously that this is what we would follow would be a dose-ranging study across a few different ... | direct | [
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9110e2e47c604d94ce7c216cbf66f76b | Okay. And then, last question from me is just to think about in a long-term license agreement. Susan, what -- how should we think about like pipeline growth from here onwards. Is there something in the preclinical development and should we be expecting another molecule come to the forefront maybe in the next say 12 to ... | That's good question and we haven't talk lately about our preclinical pipeline, but I will say that our research group remains quite active. I will point to the fact that we just joined the Broad Institute. I think that reflects our increasing interest in biomarker driven approaches such as we're taking in the KEAPSAKE... | intermediate | [
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0d10561b7358fff85809abfaa847ecce | Hey, guys. Kind of an overarching question. You just talked about a lot of stuff, but maybe you could reframe it for us. You've done a ton over the past decade in distribution and on the investment side to strengthen and diversify the company. Can you talk about how CNS is different now since -- compared to when we had... | Well, I'd say most simply, our product set, our product lineup is much more diverse, and our channels of distribution and the delivery vehicles are much more diverse. In addition, I would say that we and others in the industry have done a very good job of educating the marketplace about the benefits of combining listed... | direct | [
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2b15309fb7261e28828a69be221898c6 | Got you. And then, you mentioned the U.S. Advisory piece. Maybe a little more on that, what's the outlook for U.S. Advisory after the revamp and what's changed? And what are maybe some positive affirmation points that we can kind of track as we go along? | Well, we brought in new leadership in the last 18 months. And we reorganized to a regional and blended approach, where we have regional teams comprised of business development, consultant relations, relationship management people on regional teams. And that reorganization was completed late last year. And -- so I would... | direct | [
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21a9075752eb6223837f64063d03e144 | Thanks for taking my question. Maybe first one, just on the institutional. I think you guys mentioned $1.7 million in the pipeline. And then, just in terms of some of those redemptions, they seem kind of chunky and a little bit unusual, just given your guidance performance. Was there anything like, I guess, unusual, I ... | Yes. Hi, Mike, thanks for the question. There were two totally unrelated: one, the global listed infrastructure termination was expected. It was an unusual strategy for us that, in the client's mind, underperformed. And so that, we knew was coming. The larger global real estate mandate, which was over $1 billion, we we... | direct | [
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a95348052061a2b812a87a08d47e6209 | Okay. Great. That makes sense. And then just one on the product side. Obviously, you guys had a big success with the closed-end fund in the quarter. Just curious, post that, and just the conversations with the platforms, do you see more opportunity there? And then, you guys had noted this in your comments, but just if ... | Great. Let me address the closed-end fund question, and then I'll ask Joe to talk about inflation sensitivity and the implications there. As we've been speaking about for well over a year, we think that the closed-end funds version 2.0 are seriously attractive and competitive structure, with significant barriers to ent... | direct | [
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310698ec59f84756a0adc61cf852d5bf | Good morning everyone. Thank you for taking my question. On capital management, I'm just kind of curious. I mean, obviously, with the changes in the closed-end fund market as evidenced by this quarter, and maybe also your expansion into non-traded investments, how should we be thinking of your potential continued chang... | Yes, that's a very good question. I would say that, yes, that, currently and going forward, in contrast to many years in the past, we do have a rising use of our capital for many of the purposes that you touched on, including potentially closed-end funds, seeding more strategies, and also supporting our non-traded prod... | direct | [
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32f9ce2891a828597bcef04e26afe0bf | Okay. Fair. That's helpful. Thanks. And I'm just curious, speaking of the non-trading initiatives in the kind of illiquid non-trading space, can you maybe dive into that a little bit deeper. I mean, do you envision this -- are you in the process, or maybe you have kind of hired kind of teams? Or would you ever envision... | Yes. I'll ask Joe to answer that question specifically, but I want to just emphasize that our goal is to be able to deliver to our clients, particularly in real estate and infrastructure, the full range of solutions, be it 50-50, 75-25, 25-75. We don't want to limit our opportunities to create and deliver solutions for... | direct | [
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abb0b203c530e5e2935fc999c20121a7 | Great. And then, maybe indulge one more question on the illiquid topic. And obviously, the closed-end fund structure is ideal for adding illiquid assets. But outside of that, I mean, are you currently in planning? Or how do you think about kind of bringing rest of it to the retail? Is it kind of through an interval fun... | Well, both of those options are on the table in our minds. As Joe said, our first objective, as with everything we do, is to identify excellent investment opportunities, and build our expertise to support that. And we've been doing that for a while now in both real estate and infrastructure, whether it's in focusing on... | intermediate | [
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3aa6477943e5d6f0a415bd189b569730 | So my first question is on 8064. I'm just curious, have you compared it to Merck's drug and preclinical development, and if yes, what are the differences that you've observed between yours and Merck's drug? | Hi, Boris. Good morning. Yeah, I'll take that one. This is Rich. Yeah. We have compared it in the following way. We posted data and various presentations that we've been at Merck has done that as well. So comparing those 2 different kind of releases of data from each company respectively. 8064 is very potent, very spec... | intermediate | [
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113219900539e01af353959fd362677a | Great. And my second question is, obviously you're in dose escalation phase right now. I'm just curious, based on your preclinical work. When do you anticipate to get to therapeutically minimal effective dose at the current rate. | Hi Boris, this is Beth. I'll take that one. I think what we've said to date is the study is designed to move as quickly as possible to those to getting to a potentially therapeutic dose and expansion of the tumor specific cohorts, which are designed to demonstrate proof of concept and so if you think about a typical Ph... | direct | [
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d581ddb7d07f3ba23871590c881be4f7 | Maybe I could ask another one on 8064 and maybe a bit of a follow-up to Boris' question here, just for the dose escalation obviously you're through the first cohort. I don't know if you can comment, but how many cohorts are you anticipating testing? | I think rather than getting into the specifics of the number of cohorts. I'll just reiterate, we expect to be through dose escalation and into our expansion cohorts by the second half of the year. | intermediate | [
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c8e07c1ded858f4d5942a81cb78c5da4 | And then, will that just be for the monotherapy or will that be for both monotherapy and the combination expands? | Yeah, we'll be initiating the cohorts for both monotherapy and combination in the second half of the year. | direct | [
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3283815bdfd36a05cece4abca8fc1c09 | Got you. And then maybe just a last quick question for me, you seem pretty confident that you'll be in that position in the second half and I guess just given what's happening with SELECT and COVID having some impact there and delaying things? Is there any risk to those timelines at this point or what you're seeing is ... | Yeah, that's a great question, Mike. We are not currently experiencing a covert related delays for INNATE, you're right though there's a lot of uncertainty. If we think, we will encounter delays, we'll let you know, but we believe with the number of sites, the enthusiasm of the investigators and the way that the trial ... | direct | [
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39d814b9bc8718374d21c388ba49423a | Good morning everyone, thanks for taking my question [Indecipherable] our key. So I have 2 questions, one is regarding the 8064, I just wondering if you guys could give us more color on the tumor types selection for there is tumor specific cohorts or we kind of still waiting for the data from the dose escalation study.... | Thanks. Okay. So this is Beth and the indications for INNATE. We will identify the tumor types that we've selected and the scientific rationale behind them mid year this year at either a company-sponsored event such as in R&D Day or at a medical meeting. Yeah, I can take. I can take the question for 1811. Yeah. So we'r... | intermediate | [
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4145d8ff94034001cee34dd994704f0f | Hi, good morning. Couple of questions were 8064 just on the biomarker strategy first, would this be something -- would you anticipate this being something as simple as just looking at HLA expression like HLAG expression or even LILRB2 expression or are you thinking this will be like a TISvopra like RNA signature maybe ... | Sure. So in terms of the biomarkers that we're exploring its potential predictive biomarkers, many of those were in the poster that we presented at SITC 2020 and we were very pleased to see how well they correlated with the biology. So LILRB2 is 1, HLA-A and B were included, and also our proprietary tumor-associated ma... | intermediate | [
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6c3f352fd9048ddf419239e1bb8ad231 | Okay, great, thanks. Rich. And then the last question, I just had is can you remind us if as you think about your LILRB2 and other IoT family member inhibitors in sort of emerging competitive landscape. I was hoping you can remind us, so are there any modifications or engineering to your antibody that are necessary to ... | Sure, sure. So I think the general emergence of these programs, we think they're likely to kind of continue. Is that the FC's will be disabled or minimized because really the for solid tumors, because some of the biology is really heading toward straight up antagonism we want to keep that receptor from binding from its... | direct | [
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f065b71b17566cfd86002b60c47d7bc5 | Good morning, guys, thanks for the update. Just had a question on several different things you mentioned that this morning. The first is about vopra. I know you're not going to [Indecipherable] it this year, but GSK did mention that they should have data from their program by mid-year. So just kind of wanted to know ho... | I'll let Rich address the differences between the molecules and then I can say a few words about the clinical strategy. Sure. Yeah, I think there's a couple of levels of that if we just look at the antibodies itself with our preclinical data in terms of choosing our antibody to binding sites, EFC and we chose IgG-1 as ... | direct | [
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13dabe3afa2a95aa69c97e4d214a6ec8 | Thanks, Rich. And then just a follow-up on 8064, any comments on why enrollment might be going so well and then are we likely to see any kind of data from those programs before the end of the year? | Sure. So we work with great investigators, we spend a lot of time talking about the science of the program and I think they really believe in this mechanism. So also patients are always looking forward to opportunities for novel IO therapy. So as I said, we're very pleased with our things are going to date. We've tradi... | intermediate | [
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5ef5743c6eaf08d65c431bfdf80a21cf | Thank you. And then actually is going to merge the next to the first one is about 1811 just kind of wanted to know if you're going to get any kind of [Indecipherable ] payment linked to transmit along with the IND to Gilead and then a follow-up to add is just also how much meanwhile you're going to have in terms of dat... | Sure, But thank you for your questions. This is Kim. I'll start on the Gilead and then I'll hand it over to Rich and he can give you some more information on your discovery related questions. So in terms of the Gilead milestones, we are not at liberty to disclose, when and if will achieve any milestones, but importantl... | intermediate | [
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d1f8774235583a6cbe1afccddb4ddf11 | Okay, great. And then is there any way to quantify maybe how much bigger the -- how much the category can grow if you move from two thirds [Technical Issues] from that 40% to two thirds of [Technical Issues] in the new construction market. Like what each maybe percentage point equals in terms of maybe revenue potential... | Greg, over the long term, I mean, if we were able to move from less than 40% of homeowners putting in a fire place in new construction to that 66% or 67% this is a must-have feature, that would be worth like 50, 60 points of growth for the industry as well as us. So, it's very meaningful. It's going to take some time t... | intermediate | [
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4064f64f465ce62f2b663ae78af89c69 | Okay. All right, great. Thanks. And then on the workplace side, is this kind of typically what you see coming out of a recession, the supplies, the SMB moving forward and then you see the contract piece following through, is this kind of following to go pattern where it gives you confidence that you do see those contra... | You know Greg, let me comment on that. Typically, I'm going to do it with an asterix. The answer is yes, but some of it's similar and some of them may be a little different. Typically, we do see that because the shorter-cycle business and it comes out first in the contract market is a longer sell cycle projects are mor... | direct | [
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05a1d09442698ecc00586324180eba86 | You keep making progress on paying down some of the maturities, both on the bank side and the bond side. And curious your thoughts on what the next steps would be here you have some maturities coming to you a little bit later this year, but this morning, 23 and 24. And then, liquidity levers that you see as most feasib... | So, at this point where we have left this year, amounts to fairly manageable amount. So, nothing particular needs to be done for that. And then, the next maturity is coming in 2023. So, at this point, I don't think it makes sense to telegraph anything, or start, we have many options. And as the market develops over the... | intermediate | [
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906a2c35a4172fca5c0893c08f1b8b14 | That makes sense. And certainly you're -- the near leash guaranteed bonds are trading at levels that are relatively tight now. With regard to other ways to raise capital and maybe address some of this already. But some companies in the industry with the strong equity rally has spoken about equity linked issuance, is th... | We consider everything all the time. But again, like I said, we're not going to be telegraphing what we will do in the future because I mean, we have many options. So, I don't think it makes sense to focus on anything and talk about it at this point. | fully_evasive | [
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083e3df29e97a4f5bb0f988660f2b2f8 | My first question is in international the margin guidance for us $4,500 a day It sounds like that includes some negative impact from a rig movement in Mexico and then also some negative impact from Argentina strike event. I was hoping you could help us think about the magnitude of the negative impact for both those poi... | OK. So, you're right to guard the guidance was 12, five, and we expect the second Q guidance to be impacted by along with Mexico, and Australia and Argentina. I think we've indicated that we expect the rig count to grind higher throughout the course of the year. And those incremental wage will be accretive to the overa... | intermediate | [
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2a3ec296b2dbfb51e1d933403747f85f | OK, that's helpful. And from an international activity perspective and the backdrop just feels like it has to be improved. And right now, your rig counts trending higher. And so, I'm curious what sort of visibility you have toward incremental rig additions, in both Latin America and the Middle East and maybe even elsew... | Well, as I said, I think we do see visible to say, say enough right now that we think the rig count is going to grind higher during the course of the year. I think as William alluded to; we thought the inflection point occurred last quarter. And I think in the fourth in the fourth quarter, rather in the fourth quarter,... | direct | [
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cd1be6844f19b5e6c9053dc3a6174301 | Just following up on the last question on International. So, some of the larger cap service companies are saying that second half, the revenues in International would be up move -- seen capital spending could be up like low double digits, maybe 12 or 13%, year over year. So, what's your rig count international kind of ... | Waqar, I think you shouldn't extrapolate what the big companies are. Remember, we're indifferent. We're not in all the markets, internationally. And we're certainly not an offshore internationally. So, I don't think those percentages are applicable to our fleet. But we're pretty confident given the clients that we do h... | direct | [
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ef9c9675d29eb7a7ad228ce36147f3aa | OK, thank you. Secondly, your margin guidance for Canada. Does that include wage subsidies? | No. We don't expect a number as big as that in the second quarter. So, that's what we have. | direct | [
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04a0d155a7fd97634dd8dc19f7305e7c | Right. And then, in terms of the US Lower 48 drilling margins, do you think that second quarter is the bottom? | No. I do not. I think today in the market, Waqar we are looking at, on average current margins on a marginal basis, incremental basis is somewhere in the $6,000 range. That's where the new contracts are being signed, roughly. It's a range, of course, but that's the average. So, we do believe, as Tony mentioned, and I t... | direct | [
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000119d9a7bab3aae6806f4ff4649aa0 | It makes sense. Then do you have handy your schedule of contract explorations in going forward in the coming quarters for low 48 rates. | I think, I don't really have that handy. So, maybe you can follow up with that Bill. | direct | [
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a1ef5812c15a14e4471f5c665e5be815 | Good afternoon, guys. Just maybe, could you clarify a bit on sign out? So, you said there's four rigs coming up that are on order now? I think you said there's 100 million of capex. | Now, let me clarify. Aramco has awarded four rigs. We have not yet issued deals for all of those rings. Only for some of them. So. So, that so we have an order. But yes, I mean, we expect that we will order those for rigs sometime this year. | intermediate | [
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56dcd589a0a2e7773badbd280be2de24 | Got it. So, how much capex at SANAD should we expect this year, I'm trying to separate what's the total capex for the company? And then just figure out what's at SANAD? | I think we can talk about that at another venue. I don't have the specifics that we look at Saudi Arabia together. But what I can tell you is for the in Kingdom rigs, depending of course on the milestones and achieve the milestones by our local manufacturer, which is part of the assumption of the number that I gave ear... | fully_evasive | [
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"fully_evasive"
] | C |
3a7d312bfa48399ce7b5db14671668f0 | And am I correct? Is that 65? That was the that was the guidance, right? | No. The guidance, 200 million for the full year. Some number approaching 100 depending on milestones being achieved by the by the local manufacturer, paid by SANAD. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
dbd5241d99c4190f16745d1905a22a36 | Got it. And then, you made a comment about exceptional free cash flow this year. Can you help us think through what's driving, what's what we expect from working capital harvesting? And are you comfortable actually giving what that exceptional free cash flow number is? | No. I think this is not just working capital. Working capital did well in the first quarter. We had maybe a few tens of millions extra from the delays we suffered at the end of last year. We had a couple of customers that sat on their invoices, large one, so that had an impact in the fourth quarter of last year. But a ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2c34952a2a4c50b8fc4a50d2bbfe90be | OK, got it. And one more. One last one for you. So, you mentioned, you're planning on participating in the carbon transition -- the energy transition, which splits investments you mentioned a few of them. Can you talk a little bit about how should we think about the timing of the of those investments from your side? An... | Yes, well, I think some of the some of the things are internally developed from our normal course, operations. And as I said, the power management we're rolling out right now. And we have some follow-on activities. The next couple quarters, you're going to see some follow-on products that are add on. I don't see that i... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5dd87afda5b671c5e694eaf30f893693 | I mean, that's part of it. I'm just trying to understand what it what the business can if there is much investment required? | Yes. Well, like I said, what we're what we're targeting is things that actually have scale capability. That that is our goal, to think that and that not only apply to Nabors rates it could apply more generally as well. That's the kind of thing we're looking at. And next couple quarters, I think you'll begin to see what... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
644b10c8b7158a5c9006a51e3844242f | So congrats on the performance in the quarter. The first question I had is can you talk about your gross margin performance? What were the contributing factors? It looks like you had gross margin expansion versus last year. | Yeah. Thanks, Tom. Obviously, we feel very good about how gross margin is trending out, both up nominally, sequentially and year over year. We continue to leverage our data science team to basically optimize for price, as well as leaning on our vertically integrated supply chain, which I think gives us a benefit over s... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
350fdb108545b5c18e4741ec53529a8b | And then second, can you talk about where you are now? And you talked a little in your prepared remarks, but where are you now in your Do-It-For-Me efforts? And when can we expect that to start to meaningfully contribute to your revenue? | Yeah. Hi Tom, it's David. I think -- if you think about auto repair in general, the majority of the time, at least my experience has been, it's complex and stressful. And the long-term vision is really to make auto care simple and stress-free.
And I think the Do-It-For-Me opportunity is part of that. Obviously, it's a... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
cc392b6e8d03d295e5b87861c2491908 | So with the expansion of Grand Prairie, Texas fulfillment center seemingly behind you and the opening of Jacksonville, how should we think about your plans for additional fulfillment center square footage over the next 12 months? | Yeah. Good question. I think short term, in this environment, we're really focusing on free cash flow and profitable growth. So we really want to get the maximum out of the current network before investing in the new building.
Right now, at least internally, the focus is on operational efficiencies and leveraging some... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
235598eebcfae2ecf19cbf83a4030261 | And then one quick point of clarification then. So Grand Prairie expansion and Jacksonville. What percent operational are there? Are they 100%? Or they -- How close to 100% are they? | Well, so Texas is pretty full right now. I mean, the team has done a great job on the installation, the staffing, the training. It was an expansion. Jacksonville, it's almost full right now.
Again, we got the labor, we started shipping. I think that for 2023 peak season, it should really help us. It went live during t... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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