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1ff992dc3c53a87fe732eecd9ce1cce9 | Got it. Thank you. And then just a quick follow-up on the marketing spend; how did the marketing spend trend in the quarter and how should we think about it.for the remainder of the year. | We're investing behind the brands, behind innovation, behind frankly, the equity as well. We talked about the Captain copy. We talked about affecting the Captain equity renewal and we can see to support our brands very clearly. So they're comparable to last year's level and we are trying to support in a disproportionat... | intermediate | [
"direct",
"intermediate",
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] | B |
89a916285919b9e88cdb5345ead19167 | I have two questions. The first one is on the advertising sector outlook. And the second one is about our AI shopping mall robot business. Can management share a bit more on their operations? | Thank you, Melody, for your questions. So I will answer your first question regarding the advertising industry, and I think Fu will answer your second question regarding the AI business. So for the advertising industry, recently in Q2, as we all know, there were some occasional COVID-19 cases in several cities across C... | direct | [
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] | A |
235319c3ab516b3541bc75ae71c54f93 | First one from a high level on the tax side. If we think about all the big influx of stimulus filers from a year ago from the 2019 taxes for the 2020 season, are they sticking around this year in 2021? | So, last year, the dynamic you just described ultimately did contribute to really, really healthy market growth. It's hard to predict how much of that will stick around until we get through -- obviously, when we get to the end of the season. And right now what we saw early in the season was slowness in demand for the e... | intermediate | [
"direct",
"intermediate",
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655de75b5bca16c356672392e262e9c8 | And there was a comment, I think, you made, Chris, on revenue per return. Just to clarify, are you saying that you expect revenue per return to actually be up year-over-year, or is it better than you guys had expected entering the tax season? | It's better than we expected coming into the tax season. | direct | [
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] | A |
cde86fdecf3f30c80c01fc2d31ce1924 | Last one on tax. Just -- OK. You've mentioned, Marc, 12 days left. How do you sit relative to where, I think, you would have expected to sit with 12 days left regardless of when the deadline is? 12 days versus 12 days expectations, how do you feel? | What I'd say is we've reaffirmed our guidance on the revenue side, and obviously, upped our guidance a bit from a profitability perspective. And so, relative to our expectations, we feel good heading into the final 12 days. The curves this year and how consumers have been filing has certainly been different than what w... | direct | [
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c56adcba2b647d3d173cad825ed4f260 | Just maybe, Chris, I know you're obviously trying to save some dry powder for the Investor Day, but just initial thoughts on hybrid-assist tax rates, and to the extent that you are pushing it or looking to expand the product feedback, just anything that kind of gives us some help on how the initial rollout or expansion... | Sure. So, we will share more detailed metrics after we get through the end of the season and in Investor Day. I would say, generally, we're really excited having officially launched hybrid-assisted in January of this year. Our team put a ton of work into it over the last couple of seasons to be ready. That's just the f... | intermediate | [
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] | B |
0861cf6c1b7e7d394958bf52b9cc8b7a | And then, again, not trying to push the envelope, but just in terms of getting users -- sort of following up on the first question, getting users to move up funnel, you talked a lot about NPS, I think that's helpful, and retention rates. How much education are you guys doing? You raised your profitability a little bit ... | Sure. So, first, when we talk about ARPU coming in a bit more favorably than we anticipated, right, there is -- that's driven by higher tax rates across a variety of the elements of our offering. In terms of what we're doing to educate people about our value pricing and offer elements like hybrid-assisted, it's both di... | intermediate | [
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] | B |
0ad7843f3ddd95274d4d77b2d0c72870 | I think there was some noise especially kind of -- from an expectation perspective, originally around the 1Q Wealth Management's -- segment income guide, which you then posted a little bit margin attrition sequentially, but nothing to write [Indecipherable] about came in a lot better, the 2Q guide does seem to sort of ... | Sure. So, as we shared, we came in just shy of the high point of our guidance in Q1. We've been making certain investments to ensure the experience for financial professionals is what they deserve. And so some of that hiring took place a little bit later in the first quarter than we would have initially anticipated. Th... | intermediate | [
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] | B |
ed9009a3d625f606005d95308c9aa03d | Does that -- those in-person events, I guess, pick up as vaccinations increase, how should we think about? | That's correct. It's one of the things that we're really excited about. We tend to see greater engagement with our financial professionals as you can imagine during those in-person events, and there is also a really great positive knock-on effect in terms of their ability to engage with their customers once they come t... | direct | [
"direct",
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] | A |
9382414b39a5a6607d648be6ae3fe656 | I know the proxy vote is over, but I just would like to ask any -- I don't know, any additional kind of commentary you have on whether there will or won't be some kind of engagement with the -- like the continued active investors and any kind of formal process? We saw that there was actually an announcement for the Wea... | Yeah. So, we don't comment on speculation. What I would say is what we've shared publicly before, which is our Board and management team are focused on all different approaches to create value or maximize value for shareholders, and so we'll continue to evaluate all options. And in terms of engagement with shareholders... | intermediate | [
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d350d7a0668fa1f20a64442b0d9f3b51 | And then just speaking of the Board, saw the announcement this morning of the appointment of Tina Perry. Curious as to what kind of -- what expertise she will be able to bring to either the tax or the wealth business, or both? | Yeah. So, Tina joined the Board months ago, and we're thrilled to have Tina joined. She has extensive experience in transforming organizations from a performance perspective and culturally. And so as we have put together multiple businesses over the years, it's important that we drive cultural alignment within the Comp... | direct | [
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834fed3d89c187f9251cd23e3ded8910 | One is just for ONCT-808, the ROR1, CAR-T, what could clinical trials there look like with these sorts of the basket trials, monotherapy combo with ibrutinib? And then what specifically are the learnings from the zilovertamab and MCL and CLL studies that kind of help you designing those CAR-T trials? | I'll start with the second question. And so, we're moving into the CAR-T clinical trials with an increased sense of confidence that we're capable of targeting ROR1 specifically and as such that the CAR-Ts are expected to primarily interact with tumor cells, and we're hoping to see a minimal cross reactivity with normal... | intermediate | [
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3c3f2916b2abf2f93a3803ee13a8cd0a | You will include a broad range of patients in the initial cohorts, or will that happen when you get into the expansion part of the CAR-T trial? | Yes, the plan is when we get to the expansion because I think -- was usually CAR-T FDA wants you to have a very specific safety population and the dose escalation not to have a like mix group.
Let me add that we do think that lymphoma is an acceptable small basket, I guess, for the initial clinical trial of population... | direct | [
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456a152639217d4fedc55a5f9f8c82ab | And then, just would you be using any kind of ibrutinib or any other one of the small molecules in combining? Or that also will you wait to do that if you're going to do that in -- when you get the expansion part of the trial? | We'll study the CAR-T alone initially so that we're sure we have a clear picture of its safety profile by itself, and then we'll consider augmenting with additional factors later. | direct | [
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a17fcc9b4f09526fffb5fc7d82d0cbba | When we get to the latter part of this year and you're looking for that high dose data. What is the kind of the hurdle you're looking for in order to continue on with the project, I mean, what would you like to see in order to go to next steps. | So we're looking for an indication that the true response rate to TK216 is around at least 20%, and that would be a partial response and complete responders. | direct | [
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63e0a88a14051336a0d14f26090cd1d3 | How do you see R&D spending ramping up throughout 2022, considering the initiation of the ZILO trials and also, obviously, the other R&D programs that are ongoing? | So as we mentioned, we ended 2021 was about $91 million in cash and cash equivalents with no debt on the books, a decrease of just under $7 million for the fourth quarter. While we do not provide guidance on our quarterly or annual cash burn, we do anticipate that our current cash resources are sufficient to fund our p... | fully_evasive | [
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5f48fbca97b27756b618cd006c1a8537 | My first question is for 534. The drug binds both the end terminal and ligand binding domain, but how stable is the binding in the absence of the ligand binding domain because a lot of area includes the LBD, and does CAR-T bind at the same ligand binding domain site where zilovertamab bind. | So we are seeing very satisfying activity both in vitro and in vivo in models of prostate cancer that have lost the binding, the ligand binding domain. So we do believe that the in-terminal binding is sufficient to inhibit prostate cancer.
On the ligand binding domain side, it does appear to bind differently than enza... | direct | [
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87d2d19d96929955f300198f6cb8257a | And for zilovertamab, do you see an opportunity in EGFR-mutated, non-small cell lung cancer patients. I believe there have been some studies that have shown shorter survival benefit with TKI in patients who overexpress ROR1? | Yes. We've noticed those data as well. And we're doing some preclinical work in lung cancer right now, particularly intriguing result that we are pursuing is a publication suggesting that lung cancer cells that have become resistant to osimertinib might be resensitized to osimertinib treatment by inhibiting ROR1. And t... | direct | [
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b839c68461f2d2190dc373c85effd572 | And maybe the last one on the breast cancer IST studies. So for HR-positive or TNBC or HER2-negative breast cancer, how do you think about the changing treatment landscape with recent progress made by ADCs and any insight you can provide on your development strategy? | So in breast cancer, the work -- the clinical work that's been done so far has been through investigator-sponsored studies. And we have noted that that landscape is becoming increasingly complicated. Now, that's fantastic news for patients with breast cancer, but it makes it a complicated arena for a small company.
An... | intermediate | [
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15da6376611a7074d3ca80a11f3b6ba7 | So with regard to ZILO-301, specifically announced say, I'm sort of curious to get your thoughts around what you think the delta would have to be for accelerated approval between those two arms, ibrutinib plus ZILO versus ibrutinib plus placebo. | Yes. So we have -- actually, our statistician looked into this very carefully. And we have a very statistical significant delta. I mean, I think we can say it could be anywhere additional 60% or 70% of what you see in the control arm. | direct | [
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9f6df41d979e66a5e4016a22b39ee419 | With regard to ZILO-302, Obviously, that's an open-label companion study. How are you thinking about that potential study for potential movement into that space post progression on ibrutinib? | So actually, as you know, those patient population have a huge unmet medical need, and we believe any response there, if you'll be able to rescue those patients. it could be very meaningful, especially after progressing on BTK. | intermediate | [
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e8739e414f164ef8e4d367ff500e18fe | So I know you're going to be doing the IND submission by the middle of this year and then you're planning a phase one trial, which is predominantly going to be in hematological malignancies, but I would assume that you would -- the next step would then be solid tumors. Can you provide some clarity around sort of times ... | Yes. That's -- you squeezed in three questions there in your third question. So we will investigate solid tumor indications with the 808 system. But as you know, it is a straightforward autologous CAR-T with the same features as successful CD19 CAR-T, but it doesn't have any enhanced features that would make it particu... | intermediate | [
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d04c9092bd83dd5f0f06b0d266b56fec | Now, with regards to the ONCT-534 program in prostate cancer. Do you plan to also test the drug in other AR driven indications like AR positive breast cancer or in non-oncology indications that over overexpress AR. Also, in addition to the IND-enabling studies, what can you share more about the program? | So we do have some interesting indications that the way that ONCT-534 inhibits the androgen receptor might be applicable in a non-oncology indication called Kennedy's disease, which is a severe form of neuromuscular degeneration that's related to aberrations in the androgen receptor. And the -- what I can say about the... | intermediate | [
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a56d3d9bee6a0c96899ff55f34094db9 | What is the expectation of the safety and side effect profile on ONCT-534 when you compare it to, say, hormone therapies that decrease androgen levels or block androgen action in prostate cancer? | So since we haven't done toxicology studies, yet this is a theoretical answer. But I would say our first assumption would be that many of the toxicities would be similar to a drug like enzalutamide. There's one thing that we are excited about and that is that some of the androgen antagonists have been associated with s... | direct | [
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755247a8dc58b401d65da3d9823d95d2 | And finally, I was just wondering if you could speak on the research collaboration, the ongoing collaboration with Karolinska Institutet for the cell therapies. And when can we expect updates on that front? | Thank you. The collaboration is going well. In fact, we are having two of our collaborators are traveling all the way from Sweden to San Diego next week and we're going to have our first face-to-face meeting with them in a year and a half, looking forward to it. And so, the Karolinska, of course, is where the natural k... | direct | [
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] | A |
380c103c536687db9059d9df660d388b | Just to start with, can we do the housekeeping of the cash balances again? I didn't get quite everything there. | So cash and cash equivalents on a consolidated basis was $353 million, and that included cash of $94 million at Douglas Elliman and $45 million at Liggett. And then there were an additional investment securities and investment partnership interest with a fair market value of $188 million. | direct | [
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b883f37f7c3037c1860588513c8b2dda | Just in terms of the Prop EE in Colorado, is there any update in terms of how that lawsuit is proceeding? And then also, what have you seen as a result of that proposition going into effect in that market? | Look, bottom line, we'll continue with our litigation efforts in the State of Colorado. We believe that legislation Prop EE is both uncompetitive and unconstitutional, and hopefully the courts will ultimately agree with that. Unfortunately we weren't successful in getting a preliminary injunction, but we're continuing ... | direct | [
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b70a7050342c4bcc7538619c0cdd682d | Yeah. Hi, good morning. I have a few questions, so one is just on the industry volume outlook. So clearly, last year was very strong and I believe at the end of the year, there was inventory loading as well. So when we look out at your volumes for next year, how should we think about that? | Yeah. So obviously we don't talk about specifics with respect to our outlook. But you're right, I mean obviously last year was an extraordinary year for the cigarette industry here in the U.S. Retail volumes were essentially flat year-over-year, wholesale shipments actually increased by about 1.5% compared to the last ... | intermediate | [
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a172b8bd955df30a5db72868fd51b316 | Thank you for that detailed commentary. Now, with that background, your margins expanded quite significantly last year in tobacco business, so is that sort of a high watermark for now or your margins could expand from even this number in FY '21? | Look, again not going to go into specifics or forecast, but certainly we took advantage of industry pricing last year as we always do. We -- when the industry takes pricing we look very carefully specific to our brands and see what we can take spend back where appropriate. And last year, obviously we saw the industry t... | intermediate | [
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18a732210ea1f4f2e8a530b4146d2068 | Hi, good morning. Thanks for taking the call. I had two questions. The first one is on -- Nick, on the Liggett performance, I was wondering if there are any differences between geographies that were more open versus sort of less open, so as folks migrate back to work if you've seen -- if there is a way to just discard ... | Yeah, I'll do that first before I turn it over to Nick. Yes, it definitely stabilized. We're still running a little lower in comps compared to the prior year, but single-digit type of decreases. But we've seen a lot. I mean the last week was very busy in New York, a lot of contracts, a lot of volume all over the market... | intermediate | [
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] | B |
12a423c1ebd7062c28d844c516487a8a | Did you see anything from the most recent stimulus checks that went out? | Not specifically. And I think over the course of the fourth quarter -- over the first three quarters of last year when we were operating in a stimulated economy, the tobacco business obviously was operating very well. And in fact, the various segments in the marketplace were stable. Over the course of the fourth quarte... | direct | [
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] | A |
e390d2cbab27d125b0115a877995518b | Hi, gentlemen. Quick question for you. Looking at the impairments, can you talk about them, are they one time, are they potentially recurring and well that's basically it. | Mitch, the impairment was basically a writedown of the goodwill at Douglas Elliman just when the pandemic started, and I think every company -- I just saw one of our competitors had a huge write down, another writedown if I take us about $600 million. Our writedown was I think about -- B.K., was it in the 50s?
$58 mil... | intermediate | [
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] | B |
9518fd2a29bba41f58d1f666fff26a3b | Great. And can you elaborate a little bit on where that comes from, it says goodwill? Is that mostly related to -- well actually, I'd like to know what it's related to? | Right. Sure, Mitch. It is an intangible asset of goodwill that related to the purchase of Douglas Elliman when we purchased out Prudential's stake in 2013. The accounting pronouncements require us to analyze that over time and during the second quarter, based on projections which existed then, we took a $58.3 million w... | direct | [
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] | A |
517b613c44456558ec40f9b8eee2321f | So I guess first off, just on the fourth quarter here. I was wondering if you could just share a little bit more detail on what drove the sequential decline in margins. How much of this was related to lower-margin backlog with Neeltran versus material cost inflation? And then if you could just talk through a little bit... | Yeah. I mean, John kind of [Inaudible] up pretty nicely in the prepared remarks. Why don't you go through the points that you made and then we can just -- we can add some more color where applicable.
Hey, Justin. So in reference to Q4 and Q4 bridge, we're not going to get into the specifics of how much of that was the... | intermediate | [
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b9cd543f925ef5bcabd4422aea55d483 | OK. Great. That's helpful. And then just thinking through that a little bit. So you mentioned price increases that you're implementing here. How long do you think before those price increases could result in margin improvement? Because it looks like from your guidance FQ1, margins could decline a bit from FQ4. So maybe... | It's probably going to take a few quarters to get completely through it. But I would -- my guess and my belief, my expectation is we should start to see improvement. I'll let John comment on the first quarter. But if I look beyond in the second quarter, third quarter, we should see improvement.
At those periods of tim... | direct | [
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49d820c86b6ea30a45ad6ce78157e4bb | OK. Got it. And then just shifting gears to your wind segment here. You mentioned that the design certification for the 3 megawatt was achieved. So congratulations on that. Just wondering if you could provide a little bit more detail on the steps from here that you would need to get an order secured and what you need t... | Yeah. We're already looking at the supply chain and what the risks are there so we can quote appropriate lead times to our customer Inox as we embark on discussions around an order. I think Inox today if I personalize I think they're in a much better position they've been in recent memory financially. I think that they... | intermediate | [
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0c9aee9363f544f3e161d1bbc5bd3c2e | Thanks so much, guys. Can you talk a little bit about the progression that you're seeing with your utility-scale customers for the REG product assuming that now that inflation's down that [Inaudible] trying to accelerate a little bit. | Yeah. I think that's a good word. I think the conversations that we're having, the specificity and the depth schedule and those kinds of things, I think really turning on the Chicago system has really helped to open up the mind of utility where we were discussing projects with a bunch of utilities. Now they're coming u... | intermediate | [
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c52e5d8a619917e74327a67fcc7f48c6 | Excellent. And can you talk a little bit about the potential for cross-selling with those utilities around not just from REG but into the D-VAR and other voltage power management solutions given the potential growth in renewables? Is there another stream of revenue that you might start seeing directly from these utilit... | I don't know if you've been listening to our sales meetings, Colin. But what I said in the prepared remarks are we're already seeing it in renewables and semiconductor, and I see a real untapped potential there in utilities. We have applicability with D-VAR. We certainly have applicability with VVO, with REG.
If utili... | intermediate | [
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71372935c70e886fdd1d68627bb0b1c6 | Hey. So just going back to -- hello. Just going back to wind. I mean, obviously a more optimistic tone by end market by customer. You've got the 3 megawatt certification. And in the release, you talked about that you're hopeful that there's a rebound. I mean, what sort of things do we need to see and kind of in what ti... | I think today what we're trying to get you to understand, I think you got it 100%, which is there's a series of tailwinds and kind of the weather has changed in our environment where we really only have tailwinds. The minor headwind of some margin issues we think are going to be behind us in the coming quarters. We're ... | intermediate | [
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0946cb8c2a13e0b119546956e49d0b2b | Got it. Yeah. I mean, definitely pretty noticeable. More confidence or more details also on SPS. In that [Inaudible] since last quarter. I mean, is that -- what do you attribute that to? I know you've been doing engineering work on some of these or is it just those becoming more mature or the market backdrop as well? | I think the navy understands to meet their vision and kind of how I had stated in the remarks is almost verbatim of the things that we've said to them. Our mission is to enhance capability without adding complexity or size. Right? And that is exactly what the navy is looking for. How do we take the existing fleet and d... | intermediate | [
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c97afe01e19af100f43e2091695d3515 | Yeah. OK. Got it on that. And then -- and lastly, just on grid. You laid out kind of some of the timing issues in the first quarter and that being a big part of the guide relative to the fourth quarter. Without specific guidance, which I know you don't give for the year, I mean, are you expecting growth in grid for the... | We try to telegraph probably more clearly than we ever have kind of on the quarter-to-quarter variance in the revenue. And the bottom line is that you see semiconductors becoming more significant fraction of the business. And we were transparent with that today. Right? That's a mission that we set out on a few years ag... | intermediate | [
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652075b4dbc993a5b750bded54297c31 | [Technical difficulty] I guess, more [Inaudible] potential for any supply chain challenges in the back half of the year. Is that a [Inaudible] and how would you assess it? | You're a bit muddled. But I think what you're asking, Chip, is about supply chain going forward and those -- are those risks increasing or decreasing. And it appears like those risks have -- it feels like they've reached their peak and they should be decreasing quarter to quarter. But, gosh, I don't -- I mean, it's har... | direct | [
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9e8d9f722b6f411189d1dfba9ffd06fc | Yeah. No. That's helpful. And one more for me. I guess, on made in America clauses on more of the grid investment side. Perhaps hitting some companies out of the energy control space, announcing plans to build capacity ahead of some of that investment. I would think that's an advantage for you, but is that something yo... | Yes. It's an advantage. It's something that we're seeing. We're already there.
I don't know other companies that you're thinking about. But maybe offline, you can tell us more specifics on the companies you're referring to. But, yeah, that's an advantage for us. | direct | [
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6bb588e3e44ad303753fb3c2c0a4bae5 | I guess, first, I want to click on our gross margin a little bit, obviously an incredibly powerful performance there. In terms of last year, I know you had inventory that you packed away, was there a benefit from a cost basis when you kind of brought that inventory back into flow this year? And then as a follow-up, as ... | I'll maybe take the first one, Ed, and then flip it to -- or I'll take the second one, excuse me, and then flip it over to Scott to talk about any benefit that we might have had to gross margin. But I do, Ed, believe that DTC as a percentage of the total can continue to grow. Certainly it will be a larger part this yea... | direct | [
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95745930583f87ea0621bb555442e2ed | I know you guys mentioned you're taking some tactical price increases. I know historically you've done that as you've introduced new product or roll out some new functionality. Are the price increases on kind of a similar basis as you bring out new product or are you taking more kind of wholesale approach to some of th... | It's more selective, Ed, than it is across the board type of pricing increases.
Yeah. And then also as we get into more performance-type products where new products that we introduced in the performance area tend to have a higher gross margin also. | direct | [
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86f588ec3ca7f26d41942f70d4b92874 | I had two questions. I guess the first is on the supply chain. I'm wondering if the delays you're seeing there are contributing to what you expect to be able -- having a lack of clearance inventory in third quarter, is that really just more related to your sell-throughs?
And then my second question was, I was just won... | Okay. On the supply chain question and any impact that that may be having on the Lilly Pulitzer after party sale later in the year, the way that I would answer that, Tracy, is the primary driver or the root cause, if you will, of not having as much inventory is the higher sell-through that we've had year-to-date. Howev... | intermediate | [
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3608bfedbfb51e5811852de2dfd272da | I'm curious, I think you mentioned that you expect the northern states to pick up as they've started to open. I'm curious if you've seen that penetrate -- or seen them start to pick up just yet and then also if the south has continued to perform well. And then also curious what you're seeing in Hawaii as that's opened ... | Yeah. So as to the Mid-Atlantic, Northeast and Midwest, which were the three sort of lagging regions that we called out, they are improving. If you look at the more recent performance versus the performance earlier in the year, the general trend there is good. And I think it's as you would expect, as people start to ge... | direct | [
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5ffe438e929902ad0fa0491010fd59c6 | And then I'm just curious, are you seeing new customers come in to all of the brands or the existing customers that are coming back now that may be were shopping the brands pre-COVID, but hadn't shopped in because maybe they hadn't gone a vacation or something. And now they're coming back or if you're also capturing ne... | The answer is, yes, yes and yes. Customer counts are building. We're seeing customers that are customers that we've had in the past and we're adding new customers, both online and in stores, and it's really across all brands. And some of that got a little choppy during the pandemic. Obviously, it was hard that new cust... | direct | [
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cfd37d11d3bc8e295155468a80797f20 | As you think about e-commerce, and I believe last year e-commerce reached nearly 43% of sales and you had 55% increase in full price now, how are you thinking about percentage of total sales that comes from e-commerce and the margin accretion relative toward that for each of the brands? | Yeah. So the highest penetration or -- as you know, Lilly has a higher penetration of e-commerce than Tommy does. They both took a big step up last year. Last year was a very unusual year. As a percentage of the total, it will be a bit smaller this year than it was last year, but it will still in both brands be signifi... | intermediate | [
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c283b0a451566a6c8738489ce5b39a30 | One of the things, it sounded like you had learned coming out of COVID is, how to run the stores more efficiently regarding store labor. As stores have reopened, is this part of the flow-through beyond the gross margin of what's leading to the operating margin increases? And how do you think about labor go forward? | Dana, I would say, yes, it is part of the flow through. We did learn how to operate more efficiently, and I think we're benefiting from that right now. There is a part of that, that is sort of intentional, if you will, are deliberate. And I think there is actually a little bit of it that has to do with trouble as many ... | direct | [
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476948044604410ddd4b8818fd91f412 | And then if you think about inventory going through the balance of the year, how do you think about inventories[Phonetic] approaching the fourth quarter? And how long this congestion lasts? Everything we hear, it seems like it continues to be extended. | Yeah, it does. And one thing, we have adjusted merchandising calendars to order earlier to build in a little more time for any kind of transit delays, especially for that fourth quarter, especially we get into resort and then into early deliveries of spring, which some of those happened in the first quarter. We plan on... | intermediate | [
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775cebd3565e361be8aada738532714a | Tom, maybe you could address, given how this year is shaping up and there is the reopening, performance is actually very good, very, very good. To the extent, I know, can't talk about next year from a guidance standpoint, but maybe you can talk at a very high level about what you think optimal operating margin is for t... | Yeah. Thank you, Steve. Thanks for the question. And then I'll let my partner, Scott, chime in here in a minute with some further detail and thinking on the operating margin long term. But what I would tell you at the very highest level, Steve, and this is a message that we've been trying to deliver since this time las... | direct | [
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87d84ea96bbc4158180fff6151d2fc1a | I just wanted to kick off on APM. So I know coming out of the Analyst Day in August it sounded as if the shift from kind of one-off equipment licenses to site licenses was helping to drive higher retention rates and I was wondering if we can get -- if we could get any color around that if that continues. And then I jus... | Well I mean look we -- the specifics that we normally give around APM are at the half year mark of the fiscal year to account for whatever variability happens between quarters. But our pipeline continues to reflect an increasing number of multi-side or enterprise style deals. In Q1 we signed more new customers to the u... | intermediate | [
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12ad8a7ffd1f3836d0225feaa13c215c | And Antonio on those customers thanks there was a lot of data you guys always give us on the customer front. Outside of maybe the tire company you mentioned or maybe they are a customer. It seems like all of them are already current Aspen customers on MSC or engineering suites so that sort of illustrates the power of i... | Yes. Well look I think it's multiple times. It depends on the number of assets the customers have to further roll out the technology. In the case of the customers multiple sites in the case of the customer in Canada it's not only refineries but upstream operations. In mining we talked about a customer that was rolling ... | intermediate | [
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97808b4d870bdbc87d4027c46b5bd6ae | Antonio I wanted to ask you about the chemicals' customers and what you're seeing in the end market. I think you offered an anecdotal comment that they're going to continue to invest in digitization efforts. But I'm curious what you're seeing in the field today? I mean are you seeing any signs of those folks pushing of... | Well and that's the point DJ that we really haven't seen any change in their -- in the cadence of business from these chemical customers. They're all certainly talking about the difficult macro environment and deterioration of some of their end -- some of their businesses but across the board there's a commitment to ad... | direct | [
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10271502137b35a31c51f98fd272983c | Got it. And then maybe one follow-up on APM. The product's been in the market for a little while now and I think you had said in the past that early days customers would get some early adopters' discounting. Have you seen any -- or have you pushed any evolution and kind of the pricing model there as you kind of think a... | Well I mean look at -- I think we said from the very beginning that we're trying to be ambitious with our pricing from the get-go. And certainly there was -- we were testing the -- our pricing in the market. And as such we've made adjustments more. Specifically depending on the end market as you move away from the proc... | intermediate | [
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29a8dbee89c1e8549afcdedde410d93a | Maybe a numbers question for Karl and then one for Antonio. So just on the numbers we're going to get a better feel for RPO cadence over time I guess it's probably typical for it to be down sequentially in a Q1. And then just on the bookings metric should we -- I guess by your kind of the seasonality help that you gave... | Yes. So yes it's kind of -- as we said the bookings we've got like 40% 45% in the first half the rest will come in a second. So you can figure out the math on what that will look like by the quarters. And as a little -- as I said before there's some timing in that which might move stuff between the quarters. But in gen... | intermediate | [
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11e69876f02f20f5ab49bb6fa3a286f7 | Okay. Great. And then if I may I wanted to ask Antonio about the Enterprise Insight announcement. Maybe can you -- so that -- we saw that about a month ago it looks interesting. Could you tell us how does this differ from Aspen's existing analytics capabilities? Is it -- does it provide kind of an ad hoc capability tha... | Yes. Okay. Good. So Aspen Enterprise Insights formerly Sabisu. Look so Aspen Enterprise Insights is a enterprise visualization and workflow management capability. So it has some analytics capabilities but very rudimentary. It's really about what Aspen Enterprise Insights allows is it's a -- very tactically pull informa... | intermediate | [
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a85efd774ac9f58c1553be6538e8e3e0 | First Antonio kind of a high-level question on E&C. I know you said that growth rates are pretty consistent that you mentioned at the Analyst Day a couple of months ago in kind of all 3 of your major segments but I'm just curious if we rewind 12 months ago we're in the middle of a pretty precipitous drop in the price o... | Well I mean Jackson. So I'm going to try to recollect from memory the price of oil 12 months ago but I believe we were more or less in the same range sort of range bound between call it $50 and $80 maybe it was a little higher a year ago somewhere in that $70 range. I don't think dramatically different from where we ar... | intermediate | [
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46b0e2986401538054fcaeca9497f624 | Yes yes. No that's helpful. About the same is completely fine. Yes that's helpful. Karl just a quick follow-up. Should we -- if collections maybe came in a little bit better than you had been expecting and that's what caused the free cash flow to come in better as well. Should we read that as also maybe renewals came i... | Yes leave them separate. I mean the bookings came in about where we thought they would come in for the quarter. It was really just as we gave guidance at the end of last year at the Investor Day we talked about Q1 would probably be about breakeven for free cash flow. So we focus very hard on collections and just some o... | direct | [
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296638a423cad264329a3c3016e7561f | I wanted to ask about the sales initiatives and hiring in APM? I know that's kind of a focus this year and just wanted to get your color on kind of how that's going this early on? | Yes. No look we -- normally we start the recruiting efforts for our new fiscal year ahead of the fiscal year so that we can hit the ground running in the new fiscal year. We haven't had any issues. We have the staff in that we were hoping to have at this point as far -- according to our plan. And we continue | intermediate | [
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4ed3d61b5aaeedb608c34ba9aad83d71 | Okay. And then kind of one question on for Karl on annual spend. The sequential decrease in Q1. Growth-wise still up sequentially on a dollar basis. But is this kind of typical seasonality we should expect? | Yes. Yes. So again Q1 is usually one of our lower one. In FY '19 we had a little bit of low performance in Q4. So some of that -- those Q1 deals may have been pulled into Q4 just as sort of the end of year processing cadence. But yes Q1 we usually have the same seasonality to our annual spend. So you can look back and ... | direct | [
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357c0644a96681145763b95005710f37 | Real quick I was wondering if you guys had any update on partnerships with some of your partners such as Aon or Hexagon in terms of any new customer wins or increased spending activity there? | Okay. Well I mean up it's still early days with Hexagon because the fact is that the Hexagon partnership is more of a technology partnership and we're working on creating a seamless data workflow automated data workflow between our solutions to create basically a comprehensive asset design life cycle. So we've already ... | intermediate | [
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bcf06d928269214ab637e4a04e922515 | Most of my questions have been answered. I do have one though for you Antonio. You touched on this in the press release and also at the Analyst Day with respect to AI and putting AI or developing AI in your different solutions. I was wondering if you could just give us a couple of real-world examples of how customers a... | Well I mean look so in a way a lot of customers are our forming groups and hiring data scientists and some of the bigger companies oil and chemical companies are even building teams that are focused on this. We believe that our position in the marketplace and Rob Oliver from Baird referred to it as our incumbency in th... | intermediate | [
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daaa06b38139bee9a1e99b629eaabc50 | This is you actually on for Andrew actually. We just had one question about the sort of new aspenONE or V11 that's been out since March. How have you seen the adoption with that in terms of converting users who generally use older versions of Aspen. Have you seen a higher adoption now with the new capabilities in versi... | Yes. No look certainly the adoption cycles for new versions tend to be longer and simpler in what we do because these technologies are deployed in operating environments for the engineering suite which is also used by ANSYS gets -- tends to get -- people tend to operate to it faster. So we're seeing faster upgrades int... | direct | [
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97d57920f59cb6f67b00f16908e35122 | Jimmy, I think you mentioned part of the answer to my question in your last comments there and it's about optimal capital structure. Can you kind of remind everyone kind of what was the goal? Is it by 2024 no debt at all or minimal amount of debt? Clearly debt financing has become more challenging for coal companies. S... | Yeah. Lucas, I'll take that one. So for how challenging 2020 was, we did reduce our debt by $56 million. So my goal is like looking forward at least do that in 2021, if not more. I think longer term where we want to get to is we have two pieces of what I would call it as non-amortizing -- significantly non-amortizing d... | direct | [
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e879b61f61f34fa7119d5ea9eccc121b | On the volume side, appreciate the guidance here for 2021. I was hoping you could maybe expand on kind of how you think about marginal economics for CONSOL specifically. So, kind of, when I look at the cost curve at the very low end, so are you ceding market share, are you just responding to loss of demand around you i... | Yeah. Well, the guidance that we're giving for the 22 million to 24 million tons is what we know now and what we see in the future. Obviously, if the markets come back very strong and there is a need for more tonnage, we would have the opportunity to put that fifth longwall back into operation that we have. But what we... | direct | [
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a0cf6ffc364511e8dd5bc80dfe6e7e99 | On the export side encouraging comments you shared with us. First part of the question, in your contracted volumes for 2021, are there export volumes embedded in that? And then secondly, were would you see exports in the current price environment for 2021? | Lucas, I'll take that. Today we have just south of about 5 million tons booked in the export market of the 18.2 million tons that we mentioned in our call today. My expectation is, with this cold weather upon us now, natural gas prices where they are at, we will see a spot market for domestic coal in 2021. But I will s... | direct | [
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2083c4d5db7bdc7b0afd9ac2ab1c56a8 | Lucas kind of touched on -- Lucas kind of touched on my question. So I appreciate the color there, Bob, on the breakdown of your exports versus domestic and both the contracted funds and your full-year sales guidance. And just maybe if I can dig in a little bit more as it relates to the actual business. Again API2 pric... | Yeah, I mean. We can provide that information to you. Obviously there is a rail component and a vessel component involved in that. So some of that's confidential. But I would just simply say that mid $60 FOBT number basically get you to that point. I will say that we were opportunistic when the API2 market did achieve ... | intermediate | [
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96c45c018f9b4f11cd765b019015e39a | Going back to the project, Jimmy, you called out and I think that still kind of remains your best growth project going forward. Just curious what it would take for you guys to decide to start committing more capital to that project and move forward there? | Yeah. As we see the markets continue to improve, particularly on the met side, one thing that we could do quickly there is we can double our production just by adding another shift on that we have there now. So we're running the one shift, we already have the equipment in place and everything else. But looking at the b... | intermediate | [
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68a323c874f54c28ff4dcfa21cdbbcd8 | Just a couple of questions on the '21 guidances. I realize there's still uncertainty out in the world that we don't know. But as I sort of wrap the numbers together and I'm looking mainly at free cash flow, it looks like it could be a little more than in 2020. And that would -- I mean there has been a really strong str... | Yeah. So, Fitz, unfortunately we don't provide cash flow guidance, but some of the moving parts I think that you should definitely keep in mind is, obviously we are guiding to a higher production level and higher sales level. Our pricing, given the comments from Bob here could potentially be higher as well. The offset ... | intermediate | [
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3a2b0a2cce9e1bd4cb68df7fc57a6cac | I really appreciate the guidance on 2021 for the Pennsylvania Mining Complex. I was wondering if you guys would potentially provide some more color on where you see terminal revenues going and the cost structure there. And then if you potentially see opportunities for more asset sales or that's kind of done at this poi... | Yeah. This is Dan. I'll take the terminal part of the question to get started. So we have had a major take-or-pay contract in place at the terminal for the past few years. This year we have a little bit different of a contracting structure but fundamentally nothing has changed. Jimmy said in the past, we really use our... | intermediate | [
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a2303eb6e9f1a9fcf382b4dc35d5134e | You guys had a muni deal that was supposed to come to market late last year. Do you have any update on what is going on with that or just any color you can add would be greatly appreciated. | So, Brian, during our regular course of business we look at several financing opportunities at any given point in time. Our goal is to figure out what makes sense for the business, what gives us improvement on liquidity, improvement on balance sheet. So we look at several items during any given time in year. Sometimes ... | intermediate | [
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be63e554e0b874318b44cbaea8cb094e | For your 2022 volume of contract of 5.6 million ton, can you talk a little bit about is the price similar 2021 or where do you see the price there? | Yeah. We don't really talk about pricing. Obviously, we didn't disclose that. But I would say it's in slight contango to what we currently are seeing for 2021. | intermediate | [
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5c49f22d99fbcc1053cd766a403b4cb1 | When I look at the cash cost to serve your legacy I think for first quarter the cost was about $17 million or so -- for the first quarter. Should I think that's a good run rate for 2021 annual cost? | Yeah. So just so you know for the full year 2020 I mean quarters could be lumpy. So I would give you a full-year perspective. For the full year of 2020, our cash servicing cost for legacy liabilities, including asset retirement obligations, was about $65 million. It's also on the slide deck that we have posted online. ... | intermediate | [
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d672b85c3772310158dad29f1eb3fb2d | Martin, it makes sense that you're going to be migrating your base over to your HTS network this year. And it looks like some nice, long-term savings from that. Could you give us a sense of what you expect those incremental costs to be this year to migrate your existing base over -- the remainder of your existing base ... | Well, we've been doing it for two years now. So we're basically accelerating what we have been doing. So we'll be offering some incentives in terms of hardware discounts and things like that, installation support. So some of that cost might be capitalized if they move over to AgilePlans, but some of it would show up in... | intermediate | [
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261102e86f6c7c48daa4c56f156bb4f6 | Got it. And then just wanted to try to understand the potential impact of incorporating the PIC into all of your commercial products and, I guess, eventually, probably your defense-related products. Could you talk about how you're thinking about incorporating the PIC in the commercial products affecting your gross marg... | Yeah. You know, you've actually hit the nail on the head. There's both a margin benefit, and there's a product performance and size benefit. So what I mentioned in the past is that we've essentially designed PIC into sort of our high-end use just to show how good it is. And now we're rolling it into all the other produ... | direct | [
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4fb6de1bab9805b98920d6cb5c031fe2 | No, that's really helpful. Thanks for that. I just wanted to follow up on the autonomous opportunity. A couple of years back, I think you've provided at least samples of your FOG products at the time to a number of players in that autonomous market. And just wanted to understand sort of where things stand there and how... | Yeah. So we're in over 20 different platforms. So we continue to do well. And as all of these platforms are in testing and prototyping, it doesn't generate a lot of revenue yet. But as you know, this is an enormous opportunity, and we've been focused on it, which is why I wanted to point that out in the script. We've b... | direct | [
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cb1d3f138d8911048671c3063202c592 | A couple of questions. Following up on the migration conversion -- finishing up conversion. How should we think about -- are you thinking about any of the revenue side, where people not converting over, did I hear you right that exit '21, there would be a $4 million to $5 million opex save then on the network side? | Yes. Well, it wouldn't be opex but savings, the cost of sales. Cost of sales, you're right. Yeah. Right. So reduced bandwidth costs, so we're not running two networks. So in other words, we're spending more than that now, of course, on the old network, but this would be the incremental part because as we migrate people... | direct | [
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8a5f0a61f299fe0ad44cc2f0eaad459d | Right. And any concerns on the subscriber side? You think you'll get everybody switched over, so it's really more just a -- | Well, you know how people are, they â yeah. No, that's definitely a concern. And for us, this is an enormous priority to get this done. But you know how people are, they always wait until the last minute. So we're giving people incentives to do it early and to get switched over. So really, we don't anticipate this bein... | direct | [
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966eb85e345c83f6f63af697cc6b6dce | Right. And obviously, it could also be some Agile sales. How should we think about capex in '20 and what this final process might do to that? | Yeah. Well, capex for 2021, generally, the more capex, the better when it comes to AgilePlans as far as we're concerned. We will be -- total capex will be somewhere in the neighborhood of $15 million to $20 million. But what -- and as I said a moment ago, if we get some significant Agile orders, which move more subscri... | direct | [
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4488de9477eb517c51bd4c86696ec57d | Gotcha. OK. And obviously, we've got a new president, a new administration there. Can you talk a little bit about how you see it affecting orders and also international orders? | Well, too early to tell. I think that it's clear that this administration is probably going to be less focused on defense spending. So what that means to future budgets, we'll have to wait and see. Also, depending on what happens politically with the Middle East, that could impact some potential TACNAV business if ther... | intermediate | [
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19e71e99f4e347ebee70f409fe9ee59c | OK. Very good. Yeah, obviously, balance sheet does the cash position negative net debt. Any thoughts on M&A or what else might be out there that you might want to tuck in? | We're not a super acquisitive company, but we've done some four or five deals over the last 10 years. So we'll always look. I think that some of the things that we've seen that have come out have been really troubled and very difficult to justify doing. So if we were to do something, it would have to be something that'... | intermediate | [
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9f565f1a7ec8ea4f8c86f5e9281355cc | Thanks, guys. I think Brent may have given this in the script, but he was talking too fast. What was the gross margin for the mini-VSAT Broadband service specifically? | The gross margin for the mobile connectivity business unit was 33.8%. So, yes, that's about a 4-point increase over Q4 last year, I believe. | intermediate | [
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13dad9bf9c402e5a8fd0949d75f003c6 | Right. And where do you expect that to go this year, assuming you don't get the $4 million to $5 million of savings this year? | Well, the savings is not this year. We're talking about the savings in 2022. We're still running two networks to the end of the year. And it does put a bit of pressure on the gross margin percentages, in particular for our airtime business. But coming out of the year, when we're down to one network, we're anticipating ... | intermediate | [
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8b66f2db5e814cf8c600588f1d586093 | Gotcha. So for the full year in 2021, will they remain in sort of the mid-30s, and by next year, they kind of push back up to the 40% goal you long talked about? | I think that's a good estimate. I think this should be increasing this year. So it would be winding down costs on the old network and ramping up costs on the new network, but incrementally, it will be better. And it's a little bit tricky, Chris, because it's sort of the pace of the migration. If the migration happens e... | intermediate | [
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dda1f46a64761fbae0f14a114cbaa5c5 | OK. And a follow-up on the capex. Of the $15 million to $20 million, how much of that ballpark might come from AgilePlans? And also, are you seeing a significant capex contribution developing for KVH Watch? | Well, I'll answer the watch part. But not yet for watch, but we expect that to take on a similar business model that we saw with the AgilePlans plans, where that compounds over time. But the vast majority -- the business right now is not very capital-intensive outside of the AgilePlans. So some of this new equipment th... | direct | [
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53fb9472a519e3e5b8453f4c6ef1c9f8 | Great. And where are you seeing the strongest demand for AgilePlans, either among your higher-end customers, lower end geographically, or by application? And has that changed over the course of last year? | Well, the geographic split hasn't changed. It's sort of evenly distributed between Americas, APAC, and Asia. So it's actually a pretty nice distribution geographically. The one big change that we saw in Q4 is V7, V11 continued to do extremely well, but V3, which was not offered in an AgilePlan service, V3 was purchased... | direct | [
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0ab8849d410026c03ce4a29d7c2590c0 | And what does that lift in V3 do to the overall ARPUs? Presumably, it will mix it down to -- but independent of that, what have you seen happen with the trends for AgilePlans? | So ARPUs have been very, very constant, so it's surprisingly stable over the years. AgilePlans very stable. V3 is at a lower price point, both for the hardware sale and for the airtime and for Agile. So going forward, we may report ARPU sort of by product if this continues to take off. But I just want to point out, it'... | direct | [
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462a031d4bd6fbe802d32b5004a638c9 | Gotcha. And I guess the other question with AgilePlans, how has the churn changed over the course of the year? | Churn has been very low in Agile. Yes, very low. I wish all our products were like Agile. So it's our lowest churn of any product we offer. And that's another thing. It's that speaking about the old network or the legacy network has very high churn compared to the HTS network. The vast majority of the churn is on the o... | intermediate | [
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3eade90dcd7d0e638fb8f76d77bc21fc | Great. And final question just on the government defense markets. You've got a couple of big programs with a better plan for a rollout. Are any of those schedules being impacted by the change in administration? Or does everything look generally on time with AT&T and AMPV and others? | Yeah. The U.S. programs are all budgeted and moving forward. So we don't see any impact in U.S. programs, where our big one is with the AMPV program of BAE, that program is on track, at least as far as funding goes and all of that. So I think the risk would be some international. What's going to happen in the Middle Ea... | direct | [
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bad588152e9e61c724b8353ec4f7147f | Speaking of which, I think you had a $10 million TACNAV that was supposed to ship in the fourth quarter. Presumably, only a portion of that shipped, and we should see the balance in Q1? | You're right. Some of it shipped in January. So some of it -- you're absolutely right. Yes. But it's all been shipped, and it's all been paid for, and cash has been received. So that program is complete. | direct | [
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"fully_evasive"
] | A |
86e5dff81af4111e47506227f58d587a | Great. And I think you had talked previously about two to three potential orders going into 2021 and you hope to win one or two. And I assume all of that is still on track? | Yeah. And we've got -- as Brent mentioned, we've got around $20 million in backlog, $19 million of that is for inertial nav. So we expect strong growth in our FOG business this year. In TACNAV, we try not to forecast that aggressively. So in TACNAV, we're always very conservative on our forecast until it's in backlog. ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
243472d39300712def16a7ad478ce56d | When looking at the guidance provision for Stagecoach, there appears to be a slight guidance increase on the base business. Can you just talk about the change in assumptions from the 1Q guidance update, specifically around the 45-plus Arrow system well connect target, just the backwardation in MS&L business, and higher... | Yes, absolutely. Thanks, Brian. And, yes, as you alluded to, I think when you take out the $30 million of expected contribution from Stagecoach in the back half of the year, we are seeing an upward revision in the remaining asset base reflected in our revised range at $570 million to $600 million. Some of the moving pi... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
7bedff66ab29530d7e37b1fd48d5a458 | Switching to capital allocation and the buyback commentary from the prepared remarks. Can you just provide some details on how we should think about the preference between buying back the preferred units versus the common units, given both are yielding roughly 9% at the time? | Yeah. I think it's a balance of, really, kind of overall financial objectives. And obviously, with both of those instruments being publicly traded, the return profile changes every single day. I think while you commented on the common yield and kind of where it sits, obviously, we look kind of all the way through to di... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
d6910519138520951c99318ae9fb0488 | Bob, you've been pretty vocal over the years about this industry's need for consolidation. Does this newfound ample flexibility offer you guys opportunities to scale your business that maybe weren't necessarily available previously? | Well, certainly closing the Holdco transaction and converting the company from a traditional private equity, G&P controlled entity to now an entity that's being run by the board of directors with the management team, certainly creates at least a wider scope of opportunities for us than maybe we had in the past. Not hav... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
40312f5bd01bbbab23a970a134707318 | You guys have been able to grow on such a lean capital budget this year. But you mentioned increasing D&C activity for the remainder of the year in your core areas, pursuing commercial developments in the PRB. And also, just focusing on your highest returning expansions, could you give us a sense of maybe what a normal... | Well, I'm going to let Robert answer that of the actual 2021 second half, '22 kind of first look at capital budgets based on the things that are on our plate right now. But before I do that, I want Diaco Aviki who runs our G&P business, to really give you a sense for the type of expansions, optimizations, compression a... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6daa41942975f3bb15ff8c9ede133341 | I just wanted to follow up on capital allocation philosophy here. So I think it's understood you guys have been focusing on buybacks as a priority for the short-term. But I just want to understand given what's going on with Shell in the Permian assets, I want to understand how, any -- if you could share any broad comme... | Yeah. I think that, Vinay, it's a great question on capital allocation. I think as we've talked about, balance sheet strength is kind of at the top of our priorities. We now have achieved that objective and feel really good about the outlook, given the capital commentary we just gave. And so obviously, returning that c... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f2acd716f9f41b04731715a7f9452f71 | Maybe just wanted to follow up on gas capture and opportunity in the Bakken. So it does appear to me like you guys are pretty much tied to utilization on the gas gathering and processing side. Given the incremental volumes through GORs or higher gas capture rate, what kind of leverage does Crestwood have on the gas sid... | Yeah. Thank you again, Vinay. This is Diaco Aviki. To answer your question, we track that every month. And as Bob mentioned in his highlights, we work actively with our producers on those opportunities. And you're right to say, our past performance was around 10%. I could tell you our recent month is around 6%. So we i... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
147bca9be61f12ea1c33f1e6e0008452 | Just a two part question, first on Omav, regarding the FDA feedback, emphasizing the willingness to consider all available options to meet the regulatory standards as well as acknowledging that a new trial may not be possible given COVID. Were those comments in subsequent to the written comments or in writing or were t... | Yes. I'll take the first half of the question. Yes, the comments about their willingness to consider all options and the discussion about the crossover study all occurred after the preliminary comments were sent to the meeting. It happened during the meeting.
And I will answer your second question. So the FDA question... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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