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726d44a7421b188c17af9c4e00661d17 | Okay, great. And then any -- are you anticipating any impact on the fitness and vending channel with the resurgence of COVID or do you think we're beyond that? | Yes, it's a great question. I mean we saw great growth in the second quarter in our fitness and vending, but between the both of them were up $4.9 million. We haven't seen it slowdown yet. That is definitely a concern we're having. We're taking additional protocols and safety measures throughout the whole company. Time... | intermediate | [
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fcf8d94471b2209d704c3113217c9ec0 | Okay. And then if I could just squeeze in one more. If you could touch on the launch of the four-packs? | Yes, the launch of the four-packs, Jeff, you've been with us for some time as well. When you look at where we've been, it's the company transition to a single strategy to drive trial and awareness, and now due to our velocity has increased exponentially, especially in grocery mass, there is opportunities for further pa... | direct | [
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3c1907a66ad938cfe8dff03ae88454a7 | So in terms of the branded coolers, that seems to be going well. Can you give a little more color around the metrics? When you put in a branded cooler and then cap or at the checkout what do you see in terms of velocity or sell-through for that versus before you had the branded cooler in there? | I mean it's all about retail execution for us. I mean we're working on. Our teams are expanding. We are expanding our DSD support teams, our field marketing teams. We have great merchandisers and sales support teams we're building across the country. And it's all about now that our brand awareness continues to grow our... | intermediate | [
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63797f0926764e2f000ddba31a0b379d | Okay, great. And then in terms of being able to meet the demand out there, I think right now we have around nine co-packers if that's correct. Is that based on your six to 12 month plan right now from what you could see? Is that sufficient or are you looking to add more co-packers at this point? | We're always talking and looking for great partners. Great partners build great brands and great company. So constantly talking with new co-packers and potential partners, we do feel we have the nine co-packers now that are active will solidify our growth for the next 12 months depending on how things go. We're looking... | direct | [
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aec11f03409c68e41c7c1cc7084d5771 | I have a couple of questions. The first question is, just want to get a sense of what's happening on the ground recently from the data that we received, it looks like in the last few weeks, Macau has been recovering. But as you may know, like there another outbreak in China right now, have you seen that has already had... | Billy, it's Lawrence here. So as you said, ever since the Guangdong mini outbreak has been under control in the last few weeks, we've seen very strong visitation in conjunction with the summer holiday period. But in terms of the -- another minor outbreak in Nanjing that's currently happening, maybe I hand it over to Da... | direct | [
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6ec8e8131e8e051ad1b637b03002b686 | Okay. And another question I have is regarding -- I think, Lawrence, you mentioned about the vaccination rate in Macau, which is quite encouraging. And -- but do you get a sense like I think from Hong Kong government, they mentioned 70% is kind of like the goal here and maybe that will lead to further border reopening.... | Yes. I think that is certainly what we hope for as well because from the get-go, Melco has been the most proactive in terms of having vaccination schemes and incentive programs for our colleagues because in order for the world to get back to normal international to get back to what it was before, and most importantly, ... | direct | [
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6cbf2299108d60e45ecf37c2c5502be8 | Thanks a lot. And just one quick last question is for Geoff. Like I think you mentioned about the two $14 million impact, right? One is a one-off charge. And so that's one-off, another $14 million also related to compensation, but that, as you mentioned, could be reversed in the second half of the year. And both togeth... | So we've got two roughly $14 million charges in the second quarter. One is above the line, one is below the line.
We wouldn't anticipate reversing either one of those. | direct | [
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f2df875eea171525e2398e5c1d48143f | Lawrence, we're within one year of the concession renewal. Are you surprised the government hasn't publicly talked about the process or extending them? Why or why not? | Hi, Joe. Well, I guess the government has been, for the last 18 months, like the rest of the world is singularly focused on fighting COVID. And Macau government has done a really amazing job in terms of not having any local infections for, I think, 480 something days, which makes Macau probably the safest place on eart... | direct | [
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f1f7f606e6b6c7f28379f5e8113d87d0 | Okay. Thank you for that one. And then on Altira and the switch from VIP focus to more of a premium mass, mass focus property. In that transition over the next 12 months, would you expect EBITDA losses to narrow? Or would it go the other way? How do you think about the cost structure and the transition there over the n... | Sure. So -- hi, Joe. Joe, it's a couple of different things, Joe. I think the first off is, one, we expect to see our EBITDA losses start to narrow. And as we get back closer to where we were in the fourth quarter of 2019 and start seeing kind of going back to growth in terms of our mass business, we expect to jump int... | direct | [
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0c0450b27ea29cb85a694f116823b5ae | Great. And then one final question. Thank you, David. And this one is probably for Geoff. Of that one $14 million second quarter charge in the property-level EBITDA line item or embedded in that item. Is it proportionate across properties? Is it mostly at City of Dreams? Or is the mix different than the relative propor... | It's across all properties. But as you'd expect, there's a concentration at City of Dreams. So yeah, and it's more proportionate to the sort of employee base and roughly proportionate to the EBITDA. So if we think about where that could go. It's -- yeah, the vast majority of it is going to be at COD. | direct | [
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4e057fe3b0e4f8d62fff8c33652adaf6 | Thank you. Hi, Lawrence. Hi, Geoff. Hi, Evan. Hi, David. Everyone, thanks very much for taking my call. Two questions. One is related to the current stock performance. In general, there has been a lot of uncertainty around China regulation. Do you want to give us some comfort around that this is very isolated and nothi... | Sure. Hi, Praveen, it's Lawrence. So let me take both of the questions. On the first one, Melco has always been considered a local company because after all, the parent company, Melco International, is listed on Hong Kong. It's been listed there forever. And I think we've done -- we've shown over the years in terms of ... | intermediate | [
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b7b010a30ebbbdcdaea860dbd3619ac3 | Thank you. If I could just ask one last question from me, which is about cost structure. So first of all, it's been a good quarter, very strong quarter-over-quarter improvement. But we all want to see the pre-COVID level of EBITDA. So my question is, when the GGR normalizes, whether it's 2022 second half or first half,... | So Praveen, it's Geoff. So we -- as you know, we've been very proactive, and Lawrence is mandated to the senior management team to really focus on cost cutting and reduction of capex as well. So we think that about 25% of our cost savings will be permanent and roughly 75% temporary. So the -- all things being equal, fr... | direct | [
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d8f7a7b0c7039484c3bb84d62bd9369a | Based upon everything you've said, it seems very positive. I'm a little confused and I have a feeling that has to do with time frame. On Page 3 of the presentation, you talk about low-digit -- low double-digit to mid-teen after-tax return on equity. And then on Page 8, you talk about $10 to $12.10 a share in earnings. ... | Yeah, Lee, based on the current $414 million of equity capital at Ocwen, our current book value per share and this is on Page 27 of the presentation for future reference is $47.65. And after execution of all the warrants that were granted to Oaktree, and again, assuming the proceeds from those warrants come into the co... | direct | [
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fcf83ab23b8accf1e3cbf75a817856a5 | So the return on equity of low double-digit to mid-teens should be applied against that $44.87 number? | Um, I don't think so, Lee. So it all depends on when Oaktree executes the warrants, right? So if they execute them right upfront, then obviously, the additional capital comes in the business and the dilution happens. Um, we're assuming in our targets that the warrants aren't immediately exercised. They wouldn't be exer... | direct | [
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ae6fcb21eb5d59d9186217a22ff2ae53 | Well, so the $10 to $12.10 of incremental earnings, what time frame are we talking about? It's obviously not 2021. | Yeah, Lee, we think it will take about two years to fully invest all the proceeds that are coming in from Oaktree, both in terms of MAV, as well as, the on book capital. We'll obviously invest it as fast as we can. And obviously, it's a great market environment now. So I think there's lots of near-term opportunity to i... | direct | [
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6ebb9c80e6892d0ca4a2df8f6eee238f | So the two years generate incremental $10 to $12 in earnings, then the return on equity would be materially different? | Yeah, that's right, Lee. So you know, again, if you do the math coming off of Page 27, it would imply a return on equity of about 22% to 26%. | direct | [
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3d2c68ff602bc65307d27adbb68ef394 | Oaktree has access to information that public doesn't have which is understandable since they've made such a large investment. Can we derive some comfort from their willingness to invest close to $0.5 billion as regards to CPFB litigation? | Look, Lee, you know, as you might imagine, Oaktree putting up almost $0.5 billion of capital into the company. They performed the requisite diligence that's commensurate with that size of investment. And look, I think their commitment to the company, the size of their investment and the duration of their investment ref... | intermediate | [
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daf464bbcb58d9e7ad9f6d9dc372a7fa | With this new capital coming in, I assume the refinancing will no longer be conditional. That the refinancing will move ahead? | Look, it's got to be -- you know, certainly, market conditions can always impact any refinancing. But look, we feel really good about the Oaktree Capital coming in and how that sets us up to do the refinancing. It's a great market in the high-yield market. You know, we're going to -- obviously, time is of the essence, ... | intermediate | [
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cdb8f8a30a7c5261c63955a8dbe4b53b | Last question really revolves around cost of capital. You know, people like PFSI and COOP are financing at around 4.5% without warrants. We're taking 12.5% money and giving warrants. Are we cost competitive vis-a-vis our competition, given our cost of capital? | You know, Lee, look, based on where return -- leverage returns are in the MSR environment today and the fact that we're not growing solely through on book capital. We're using MAV, for example, to create additional fee income which enhances our base level of return on equity, I think we are. You know, one of the things... | intermediate | [
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2f5c9bc8e4cc6a481ae500e9263c4813 | And just as an observation, it's far off into the future, it's not now. But given where the stock trades and your pro forma book value and the anticipated $10 to $12 of incremental earnings, are we going to generate the free cash flow to take advantage or miss the Market where we could shrink equity to offset some of t... | Yeah, Lee, one of the benefits of having this incremental capital come in to support on-book MSR investments is on-book MSR has generated great cash flow. They have very strong cash flow dynamics. So, you know, as we continue to invest and scale up our operation and take advantage of our scalable and efficient platform... | intermediate | [
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42fb35a2b87835dcf101e4b4c87b6701 | I was wondering if maybe you could talk a little bit more about the strategic review process. Just kind of -- obviously, I understand the -- what have been done here, terms with Oaktree. But I'm wondering if you could talk a little bit about the other potentials that you kind of reviewed and just kind of frame them in ... | Yeah, sure. So, Marco, as I mentioned earlier and mentioned during the course of 2020, as the strategic review is ongoing, all options were on the table. So we did have a very broad outreach to many players within both strategic and financial investors, and we did have reverse inquiry come into the business as well bec... | direct | [
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9ac13c4051a8133a214bcc631df7cb55 | And then in terms of your origination volumes in the quarter, pretty substantial growth sequentially, can you maybe talk a little bit about the drivers there? | Yeah. Our originations team is doing a terrific job. The enterprise sales model that we've put in place, which again, allows us to sell the total portfolio of what we do. So bulk purchase of MSRs using the agency co-delivery methods, the cash window, our correspondent channel, offering portfolio recapture services, off... | direct | [
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d3058416d63a26d65c86ed6d79000d78 | Just looking at your earnings and profitability framework for 2021. Can you maybe just talk a little bit about what you see as the biggest growth drivers there and then perhaps also frame where you might need to do a little bit more work to kind of obtain these goals, if you will? | Yeah. So the biggest growth drivers are, obviously, on-book servicing, so building or rebuilding that owned MSR portfolio, and as well, enhancing that by substantially building out our subservicing capabilities, our subservicing earnings contribution from MAV. So those are really the two drivers of what's going to fuel... | direct | [
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8c0bea7e149b6298d9ce7353ff063cbe | Can you break out the mix of hardware sales by application? Obviously, the automotive market is coming a little bit slower than folks had expected. So I'm just curious how much of those hardware sales are actually going into testing programs? And how much of it is going in dollar in other industrial applications that a... | So we see our sales -- this includes all of our R&D sales and everything else, so it's not just the commercial sales or industry. But we do see our split. It's probably around 30% in the automotive space and the rest is growing across various industrial sales. | intermediate | [
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ff7c19bc058e308ebfd5261108d22aa6 | And then as you ramp up production, can you talk a little bit about yield coming off those automated lines and what you're seeing and how much improvement there might be a lot to go in terms of some of the cost reduction and efficiency of that manufacturing. | Yes. So Paul, we're not going to talk openly about our yield. However, I can say that we're seeing, through Jim Barnhart leadership as our COO, we're seeing continuous improvements in our yields. | fully_evasive | [
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4106fef1fcceebca022ebeda6f7411d4 | Just, Drew, on the gross margins, we've started to see some improvement on the product gross margins. The negative decline is not as great. It's about negative 8%. And the overall gross margins have been helped by a higher mix of licensing and services. So when you kind of look into 2022, how should we think about the ... | So let me -- this is Ted. Let me just comment on the ASP trends that we're seeing. First of all, long term, as I indicated in my prepared remarks, we are committed to driving down our cost structure so that we can reduce our prices and simultaneously pull gross margins up. So that's all happening. However, in the short... | direct | [
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d8348470ae5f282a1a60fdaca702fefd | Very good. And my follow-up, I appreciate, Ted, outlining the strategy, the four pivots. Just wondering, in terms of your customer portfolio, you did mention that you're seeing an increased penetration of solid state sensors. Wondering how you think about solid state sensor penetration this year, what customers -- and ... | Sure. So let me first comment on the solid state sensor question. We are seeing solid state sensors being sold into automotive applications. Also, a lot of the robotics and industrial automation applications are using solid state, but they're also using rotational. So we're seeing both types of sensors being sold in th... | intermediate | [
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aecf1c7acdb744e7f357533e926518d3 | Hi, guys. Thanks for taking my question. I want to ask first on sales for next year -- I'm sorry, for next quarter. Can you break down how much of that you expect to come from products versus licenses and services? | Yes. So a vast majority of that's going to come from products. We have kind of a run rate of license to services of around $1 million a quarter, and so that should continue. And then the rest will be coming from products. | direct | [
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46a535d36b42b1aeda2b148a3f08671b | OK. Great. That's really helpful. And then kind of bigger picture here. You mentioned a new architecture that you're transitioning to. Can you describe that architecture a little more? And then can you talk about what that means for the Vella family of products that you have developing as your next gen products? | So I prefer not to give any more detail publicly on the architecture that we're working on, the low-cost architecture. I think the company has aired in the past and being a little bit too open, but not seeing products before they were ready for global volume production. And I think that doesn't serve our customers well... | intermediate | [
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be0d387f0727f32dcf328eb59cdffe6f | Hey. Good morning, Jerry. This is Ben at Stifel. Hi, and good morning, or afternoon, I guess. I want to start a little bit with a few things, from a capital allocation perspective. You had mentioned that the sponsor have been buying shares of the partnership since the acquisitions in the first of the year, and really t... | Well, until now, as we discussed last quarter, we have been retaining liquidity to make sure that we have maximum flexibility, I guess in view of the uncertainty surrounding COVID-19. The next few months ahead of us remain critical and I think we will better understand how these second wave of the pandemic is going to ... | intermediate | [
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7c85bc8e54a29bcedcb49137b03548f3 | Okay. No. That's helpful and clear. As it relates to recontracting with Magdalena and I assume other ships at the sponsor level, you mentioned in the conversation there that or in your prepared remarks that rates are at one to two year contracts or for one to two years. Is that sort of the tenure that you're looking at... | That's a great question. As a whole -- the whole reason why a liner companies were able to get where they are today was because unlike 10 years ago, they had portfolio of Chartered Internets on flexible periods or shorter tenures than they had in the past. So at the moment that COVID hit, they redelivered vessels as mu... | direct | [
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9b24b908bf5a4e84d7305bff794a3d82 | Okay. That's helpful as always. And then lastly for me and I'll turn it over, especially and I appreciate that you're probably not doing anything from a capital allocation perspective in the next few months, but now that you're building cash and it seems like there is perhaps the liners beginning again to look at order... | I definitely think we have more flexibility than before. So it was much more difficult for CPLP, for example to look at builds in the past and commit equity given the much higher distribution. I don't think, we have spent though a lot of time thinking about new buildings as of late. The focus has been mostly on second ... | direct | [
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f204cc270b584b31db27b15a8775666c | Let's for a moment think about tighter capacity and how it runs past this period of uncertainty and obviously, there is a lag between new builds. With tighter capacity second-hand market stays pretty rich, you can tend to continue to just allocate capital toward strengthening the balance sheet and buying back shares or... | I think that even in a market like the one we're seeing today, there are opportunities, if you could, especially as liners, are there to offer longer term charters then even if you pay a slightly higher price on an asset, but you have the visibility and your already return for the next three, five years, then there are... | intermediate | [
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c67f5178755e6370da1f3b42bdebd984 | Great. And then on the sponsor side, the drop down pipeline is there anything potentially that is there or just price is just too high? | No. Well, I just mentioned these three Panamax vessels, these are three 2008 Panamax vessels, the sponsor has -- is in the process actually of acquiring those vessels, so the acquisition has not been completed. They need to install ballast water treatment systems, pass special surveys. And then, if a longer charter is ... | intermediate | [
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775ee7724cbafdb09c05095a4c22edbf | Jerry, it's Randy Giveans at Jefferies. How is it going? So, you mentioned the Magdalena is on charter until February, when is the earliest you would be able to lock in terms for this new charters? Is that something we expect before year-end? | Yeah, probably, if I had to guess, it will be some time before year-end. Again, as the market is changing, so is the appetite of liners, when the market is bad, you have to wait until the very last minute and liners are not willing to commit forward positions. Now obviously given the dearth of available tonnage, there ... | direct | [
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a79f7f65b7a1e2c2e94b7ed5560a59a1 | Got it. Okay. And then final question for the Cape Agamemnon following the dry-docking, do you expect to put that on time charter or do the opposite and kind of sell that vessel? How would you handicap it? | I think we are going to be very, very opportunistic, so if market picks up and we see a very good period on offer. It's not that day you can fix those vessels for much longer than it will be. I guess, typically 12 months to 24 months. We might look at it. Asset prices on the dry bulk side have been kind of subdued even... | intermediate | [
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98520a427c15f5380328c33262ad2753 | What is the average contract length of the extensions? | The average -- of the multiple extensions? I mean, some of the extensions, Sterling, are three years and some are five. And obviously, we were very upfront with Verizon extension being five years. I think on the other extensions, some of our customers are a little shyer and don't want to discuss how long the extensions... | intermediate | [
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80136925066d62833a5f52ab78e9f33c | So I guess first question for me is just on the strong free cash flow in the quarter with the Verizon renewal. Was there an aspect of upfront cash for that or can you maybe walk through the steps that drove the strong cash flow? | I'll let David answer that. Let me say there's no cash from that. No. So, go ahead, David.
Yes, so of the Verizon renewal, obviously, is this quarter and there was no cash in the second quarter. Really second quarter cash driven by just good liquidity management and obviously stronger EBITDA, certainly than was expect... | direct | [
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b6c9b2b3299cbf314b297ae9820da7c4 | Just on the strong cost reduction, how should we think about operating expenses levels going forward? Is it more cost coming out of the model? If so, where's -- is it coming out of more cost of goods sold or opex or just trends we should think about on the cost line? | Now, the cost reductions are across the board. Costs will kind of be flat to slightly down for the remainder of the year by quarter is our expectation. We took costs out of business across the board. Obviously, our largest cost components will probably be a little larger because that's where the cost is and that's wher... | direct | [
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db94ec29fb8e57a39fe968b395570d31 | Can you talk about some of your cloud trends now that smartphones slowly picking up off some of the bottoms maybe earlier in the quarter? And just with the AT&T and the timing, when you think some of these Android deals, you'll start to see like a step-up in subscriber base based on adequate share over the last couple ... | Yes. Actually appreciate that. Couple things to think about in this environment that we're living in, you're absolutely right, the carriers obviously had closed doors. Carriers have announced that they're not even going to reopen some of the stores. The good thing is we're still seeing strong results. As we said, we're... | direct | [
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ee5b1dbb5fcccf6eeb9a562e12c8767f | Just, Glenn, overall, it sounds like IoT, maybe some digital, some things got pushed out because it's just tougher to engage with customers face-to-face. Can you about any deals that's been lost or for existing maybe pushed out a little bit or just kind of how your remote sales is interacting in this tough environment? | Yes. I'd tell you this. First of all, we haven't lost anything. The environment is as we all know. You've got to work twice as hard to get it done and we are doing that. Digital actually is performing very well. I hope from my comments, you didn't take that away. The digital business is doing well. Most people, when th... | direct | [
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cc81207269a66aa0d85426ed1ab7907b | So I guess on the Verizon deal, that was great. Congratulations on that and also the quarter, obviously. Last time, these big deals, like they got renewed a month or two before they're kind of set to expiry. You guys renewed this fairly early here. Can you continue to talk through, you know, what was the catalyst to do... | Sure. I mean, I think couple of things. One, the success that we've been having for a long time with them and I would throw out the relationship as well. This is a very important product for Verizon. It is for us, obviously, then as our largest customer. But as carriers -- not speaking outside of Verizon -- as carriers... | direct | [
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c609a40d856f3f77fa2ea399bfced5b2 | And then just from a rev rec standpoint, I know you talked about $5 million a quarter roughly this year. How should we think about the influence next year from this -- on rev rec? | So that was specifically the deferred revenue. We had deferred revenue that we've been recognizing over the past couple of years that would have basically been amortized out by the end of this year. As a result of the renewal, it gets extended for the remaining contract or the new contract life, I should say. So our de... | direct | [
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d6f9734ed9be345e90cd99ee7d3ff825 | So then, Glenn, did you say that going forward, pretty much every new Android subscriber at AT&T will go through the OOBE process and then they're kind of exiting as more than anything? | Yes. Not every. Obviously, it's by device and as they get -- you actually wrote a nice note about the devices that were coming out. We will see more of those devices coming out and that will continue to move up based upon their new device launches. So, yes, we're starting to see that flow and we're excited about it. | direct | [
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e5b4b422a765f3982f29fd5c7ef25ed4 | On CCMI, you mentioned some additional business there. What does that relates to and then when do you expect kind of the -- maybe the first official service lines there? | Yes. Well, as you know, Mike, and I appreciate the question, we can't answer and speak for CCMI. They've said 2020 and we'll leave it at that as far as the launch. As far as other business, yes, we are working with them hand in hand. They are picking and looking at their strategies and in situations have asked for help... | intermediate | [
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d7dc6e6a30a85ad57d6aa1783897f4e9 | Scott, can you go into more detail on the Complete Response Letter, what it was based on with respect to RYANODEX for exertional heat stroke? I'm just trying to understand if there's any read through or not to any other indications. And then, does that add at all to your urgency in thinking about business development? ... | So, look, on EHS, for the remaining indications that we have, I don't believe that there is a read through as it impacts these other indications that are in other divisions and used for different indications. The EHS, if I can sum up [Technical Issues] the best I can, there's just not enough evidence to approve the ind... | intermediate | [
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c864d5390848add0840715f4c827dae7 | Scott, on EHS, what changed though? I -- presumably you had meetings with FDA, you showed them the study worked with [Phonetic] number of patients. They said, go ahead and submit. And then, we got the CRL. So, I mean, can you give us any more detail on what happened? And then just on the part of business development, d... | Yeah. So look, I don't really know if I have more insight on the complete response, Randall. It's been going on for four years, I think. I don't think there is a heck a lot more than I can say is that unfortunately we just weren't able to get the patients in the type of study that was required. I think that's really wh... | intermediate | [
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c7c05d4ddddb44e868b2ea89e8ab4a1d | I was just wondering if you could share a little more detail or give us a little more color on the vasopressin sort of questions and testing going on. It sounds like you were mentioning more testing, but you still expect [Indecipherable] impossible that they would approve it within sort of a month of getting that data.... | Yeah. All really very good questions. I'll make sure I cover everything. If I don't, remind me at the end of the statements I'll make. But to be clear, we expect to respond [Technical Issues] questions in totality by the end of next month. And then there is a review time and we're not sure what that review time is goin... | intermediate | [
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bc0767effa2d767524e4da4c89432a9a | I guess one other quick question, just the fulvestrant meeting with the FDA, has that been scheduled? | It has not been scheduled yet. We're doing that now. We just received some additional data impact over the weekend. Yesterday, we were reviewing the data quite a bit and add to our encouragement. Now, I think we have a really very nice package, very detailed nice opportunity to send to FDA, meet with them and plan acco... | direct | [
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a8f516c74ca9171d35435973ce2c1870 | So, on Vasostrict, you talked about it being approvable and that you felt good -- really good about your chances. And I guess my question here is what has changed here and can you speak more granularity to the challenges associated with getting that approved? That's number one. And then number two, can you provide more... | Hey, David, thank you very much. Okay. I took notes from your questions. Hopefully, I'll address all of them. And if I don't, just chime back in. So, first on to vasopressin, I don't think anything has changed, right? As I tried to point out, it's just a very complex product to get approved. There is a lot of work that... | intermediate | [
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754ba461f9a6f8639f89641126ccc545 | Hi, thanks for taking my question. Apologies if some of these have been answered. I'm just jumping between few calls. But firstly, I just want to follow-on with vasopressin theme here. Once you resubmit the data to the FDA, is it actually going to be a formalized review period again and I guess [Phonetic] what would th... | Yeah. So that was -- let me take these in orders. You had -- last, you had COVID, you had BELRAPZO, and the first question related to the timing of vaso. And so, the date for vaso and how long it will take the FDA to approve is unclear at this point. And so, we think it's going to happen sooner than later. I don't thin... | intermediate | [
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dbbd480ed69711b2fffb4023651448ee | Great. Thank you very much. One follow-up if I may. Sorry, just circling back to vasopressin. How should we think about your manufacturing scale-up and ability to scale-up pretty quickly after approval to launch the product, should you launch it at risk or whether you're successful in court? | Yeah. Thanks, Brian. So we're very confident in our ability to manufacture and supply. We don't think that's going to be a problem at all. We have a lot of experience with manufacturing product. We've been working on for quite a while. Again, so we have high confidence in our ability to manufacture, meet demand, and ge... | direct | [
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c3ed8042fb5e02dc38a0bcaf0fe67b60 | With the Hong Kong announcement and then yesterday, the JV announcement, could you give us some color on the regulatory pathway in China just from a high level? And how should we just think about that looking forward? | Yes. Thanks, Nathan. So we're working with ZBK on putting together the dossier. Unfortunately, we've actually translated the full submission. We just have to work through what the clinical trial requirements will be. As you may recall, historically, we did a clinical study in Hong Kong, but that's not going to be compl... | intermediate | [
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f8b040bb0e3312acad7d06916198fb18 | Got it. And then on the PR-Cryo launch this year, outside of manufacturing partners filing their BLAs and you hiring the sales force, which seems to be largely done, is there anything else you're focused on here? Do you plan on adding more manufacturers throughout the year? | Yes. I mean I think it would be nice to have a couple more states included in the sort of initial launch this year and into early next before we have the BLAs. That being said, as we sort of highlighted in the prepared remarks, the four states we're currently launching into represent roughly 25% of the trauma cases in ... | intermediate | [
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d0687faa46b6c34a63470384e3ca2483 | To start maybe for Kevin. I appreciate you're not giving explicit quarterly guidance, but just as we think about the shape of the year, would be fair to sort of think about -- and I don't know if it's just first quarter or maybe just the first half of the year being sort of the lower end of the 15% to 20% range and may... | Yes, Matt, thanks. Following our pre-release, I think, how we would characterize this is that Q1, which is typically a slower quarter of the 4, will likely be at the lower end of that guidance range. And that we'll see steady growth from here. Clearly, the acute COVID impact will occur, we hope in the first half of the... | direct | [
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5a15bb93cf7e629b7fe880d4605b7c75 | Okay. Great. And then while I've got you, I had a couple of questions on the illuminator side of the business. Do you -- can you provide what the illuminator revenue generated in the quarter was? I know it's a little bit outsized, perhaps relative to historical trends. And then a couple of follow-ups there. If you've g... | Yes. I mean, for this particular quarter, as we pointed out earlier, we have a bolus of illuminators that were placed. We think that bodes well for future kit demand. For the quarter, it was roughly 1.5 million. So that's somewhat of an outsized quarter for us. | direct | [
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79a5b4014b255fc5f8ff18b1fccb14a3 | And to that point, the eliminators are a pretty good leading indicator for kit sales. Is there any rule of thumb on how quickly a new box is up and generating revenue? And then is there a way to sort of characterize where some of these illuminators went? Whether they're existing customers that are expanding capacity or... | Yes. I mean there's no real rule of thumb as far as the delay from when a device is placed until we see that the kit throughput or a throughput per device. Some centers are higher capacity centers and they require one and, in most cases, have two devices. Other centers have much lower throughput and require the same nu... | intermediate | [
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945b5a384f062e09e4cbab3aeeb0681c | This is Eric on for Josh. Congrats strong end to the year. Thinking about the U.S. market for a second, we've seen some articles in recent months discussing blood centers that are facing exceptionally low donation figures. So I'm just curious now that we're starting to emerge from the harder-hit winter months, what you... | Sure. The sort of severe weather that we were expecting to have an impact in terms of overall donors and donations, I think for the most part, the blood centers are capable of kind of dealing with these acute issues and overcoming them. So I don't anticipate any longer-term impact. We have seen the recovery in donation... | direct | [
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580b3c80a667691e126dd893915497ed | Understood. And then in Asia Pac, you've had some great progress there in the region. What other countries do you think we could be hearing updates on in the near to medium term? Could Japan be something that we're hearing in the coming quarters? | Yes. Japan is a very large market opportunity. As I mentioned in the prepared remarks, the thing that's been fashioning is to see how quickly the Chinese market grow over the last, let's say, five years, I mean, double-digit growth, and they're still sort of not enough places to go around in China as their healthcare s... | intermediate | [
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27cace7cb9005b6d714db43aac45538b | Congratulations on another good quarter. Maybe just following on from that. As we look out sort of longer term, obviously, I think we're all familiar with the growth that we expect in the U.S. near term. But how should we think about the size of the ex U.S. opportunity and sort of growth on a longer-term basis versus w... | Thanks, Brandon. I'll take the first part of that question, and then Vivek, I'll ask you maybe to handle the second part. So I think the nature of your question is where do you see the growth opportunities in the medium to long term? And obviously, for this year and going into 2022 and 2023, there's just a lot of growt... | direct | [
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60a333338396ecd266b97a516b560bd1 | Great. Thanks for taking my question. Great start this quarter in guidance. As you're looking to -- I know, you're only looking one quarter at a time, but can you talk to about what you're seeing in the quantum business and what you would expect over the next few quarters there? | Yeah, hi, Christian. Yeah, as expected, we had a drop in business, mostly driven by DRAM, especially Korea. And we saw that continue into the third quarter and then we started to see that bottom out and to begin to recover as wafer started to increase. So we're still expecting in the fourth quarter. It's going to retur... | direct | [
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8d6aafdf815e2670a274238a685928a6 | And as you're talking to your leading customers, one of them seeing initial signs of potential recovery at least on the NAND side. In your conversations with them, it sounds like you're probably more optimistic about a memory recovery sometime in 2020. Is that fair? | Yeah, I think we're seeing signs of life in the NAND part and feeling very confident on that side. Yeah, memory -- DRAM memory is still the timing question. Obviously, we expect there will be an improvement in the DRAM spending, but it's still a question of when that will hit. | direct | [
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6b80d6baee5dd9d17cae079593d72c93 | Jim, maybe first off on the product side of things. Given your leading customers, I guess, change in their sentiment and their outlooks on a going forward basis, can you just discuss from a broader perspective, how they manage their inventories and how much you believe some of the emerging size of a recovery are real-t... | Yeah, difficult question to answer. I mean, there is always a delta between us and our -- and the OEMs. A couple of factors: one, I think you pointed out sometimes is inventory. I believe in special cases there still is some inventory left, but that's eroding quickly in the upturn. The bigger factor between bridging be... | direct | [
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77c9b81c99c6f93004c5dad50f030976 | Great, that's helpful. And maybe as my follow-up question, in terms of, some of the market share gain opportunities in some of your other businesses that you've talked about, whether it's on the weldments side or in the machining side of things, how do you look at 2020 as the recovery starts to emerge? How those potent... | Yeah, good question. There's a lot of elements in the market share. The weldment side, we made a step function improvement in market share with the acquisition of DMS. And at this point, I think we're pretty well penetrated in those accounts. So I think holding those share is definitely kind of a reasonable assumption.... | intermediate | [
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8791a9453f90bb39a54acc05d6124391 | Hi, Jim. Hi Sheri. This is Sam Reiff on for Karl. I was wondering if you could stick to memory and discuss your thoughts about 128-layer 3D NAND ramping in 2020, as well as indigenous Chinese memory production and what that means for you and other module makers? | Yeah, hi, Sam. Yeah, that's a good thing. Yeah, we are seeing -- yeah, we're starting to see some of the recovery hit the 3D NAND first. I think you're seeing several movements as you're aware of several of the larger players moving to 128. If you're referring to obviously that -- the effect that has on us is kind of a... | intermediate | [
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9dfaeb69f0c5510eee10d0d2fd7f7927 | Definitely helpful. And then for the four Chinese investment, do you see that being anything other than linear in 2020, more and more capex front loaded or back-loaded or do you have an opinion on that yet? | If you're speaking about NAND in general, I mean, obviously...
Yeah, YMTC, you know there is still ramping their 32 layers and their transition to 64 in '19. They're looking to make the jump in 2020, but I think we expect that to really have much of an impact for us in the year of 2020. I think -- we think that would ... | intermediate | [
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3ebd6584b9cd769f247bb3bb3e92aa0a | Understood, great. And then one more if I may, about QGT . So one of the main benefits that we see in the Quantum acquisition that it diversifies our customer base in the IDMs. Moving into 2020, how are you and your team working to expand your customer base further and how would you clarify your visibility in this mark... | Yeah, I'll hand over -- I answer the first part, and then I'll ask you to repeat the second one, because I missed that. But the first question on expanding -- obviously, expanding into new IDM players, you know there's not a lot -- not a lot there. It's pretty well consolidated. But there are accounts that have lower p... | intermediate | [
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ce590b7beb4698ec23d3fce60f667e34 | Hey, Sheri, how should we view taxes going forward? | Yeah. For Q4, I would assume it would be similar to Q3 at this point. We have lots of tax initiatives that will come into play for 2020, but for the rest of the year, I would assume it would be flat from the Q3 level. | direct | [
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bb9d388faae0c7ff7c0ea39a71dc556e | Okay. And the cost savings, $15 million to $20 million, is that still a reasonable rate and how are you looking at that so far in Q2 and Q3? | Yeah, we are starting to see the beginnings of that. Similar to last quarter, we're in the initial innings on that one as you saw our gross margin showed a little bit of an increase quarter-over-quarter and that's the result of both the product mix as well as our initiatives going on. Going forward, I think you'll see ... | intermediate | [
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7d979fd3fb44c977083dab7d01b73adb | Okay. Hey Jim, on churn, last couple of calls you talked about kind of late quarter pull-ins. So what -- how did churn look for Q3? | Yes, I would say it was less of a churn situation then more of a market building -- market demand building up -- less of -- I mean, there is always pull-ins, but what we saw were a lot of, we call them in the industry bluebirds or drop-ins that are not a pull-in. And so I think what we started to see as we -- as we wen... | intermediate | [
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7a9c377181297ecfdee530134f7a7bca | Okay. And your comments on investing for growth opportunities. Can you provide any specifics, what you're doing now? | Yeah, I mean, obviously some of the cost reductions that we've done are structural as we've reduced footprint and consolidated sites and so those continue. Other -- those cost reductions we've made in the right spots. We've seen -- you know the ramp doesn't -- never heads evenly. So we see some of our sites taking off ... | direct | [
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f90841c3c7142806df812d9877545293 | Hey, everyone, good morning. And thanks for all the info. Congrats on the progress. I wanted to focus, I guess, first on the short term, Jonathan, obviously, providing a very positive message about what you're seeing right now and your ability to navigate the difficult comparisons here. I think we get demand is strong ... | Seth, appreciate the question. Let me take an initial answer, and then I'll turn it to my colleague, Dave Pete, to give a little more color. As far as categories we're leaning into, I've emphasized we're becoming more and more of a home retailer. But within the home category, we're leaning more and we've been leaning i... | direct | [
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de29b02fa2c47d1eb9ef6c2b3096a5a1 | The step-up in the AOV this quarter, up 17% year over year, is a major change. To what extent does that reflect some of the assortment changes you're making that shift to core home and other efforts to improve the customer experience versus the nature of where consumer demand is just right now and/or same SKU inflation... | So I think very little of it is same SKU inflation. We are working hard to maintain a very competitive price and lean into the smart value brand filling. It is impacted by leaning into home, our nonhome categories. Some have a little bit higher price point. Most have a lower price point. So I think as we lean into home... | direct | [
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9f6e8dfdb77a662d5c585f84eb75379a | So as a longtime follower of Overstock and as a longtime follower of e-commerce and also blockchain, it was tremendously validating to see the coin-based direct listing. Congrats on the conversion to Pelion for the venture cap fund, and congrats on identifying the potential of blockchain at a very early date. Now the q... | Tom, first, I appreciate your comment upfront. And I I -- both I and Brian Popelka, the CEO of Bitt, are looking forward to participating in the Davidson event on next week, where we'll be talking about cryptocurrencies, digital currencies in that market. There's a lot of room to grow there. As far as being in a super ... | direct | [
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62ce5dfe83f60664cbdc1fe6847bb4fe | You -- Jonathan, you -- I think it was Jonathan or Adrianne, highlighted,revenues growing faster than expenses this year. Your gross margins were again this quarter, above your 22% target. And yet, we're still -- we're already at the mid-single-digit EBITDA margin target that you guys have set. It sounds like there's r... | Yes. Adrianne, why don't you go first? And then I'll add to it because I definitely have an opinion on where the right place for gross margin is.
Perfect. Good morning, Ygal. I think, as you know, and Jonathan said, our mantra is sustainable, profitable market share growth. And we've been really focused on the sustain... | intermediate | [
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95754b46ab08d3d78e5da3c84614c574 | Got it. Yes, it's helpful. But just to be clear, you did say that revenues will outpace opex this year, right? | Yeah. Look, we are -- we have a very scalable model. We don't have a lot of -- we don't have stores. We don't have -- we don't have inventory. Our model, I think, gives us great opportunity to make sure there is operating leverage in the business every quarter. | direct | [
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61645a54208bbb4f0ca3243d5e2e5595 | So on Medici side, you get a lot of investor focus here, not surprisingly, with the changes you're making. And investors are really trying to understand the full value that might flow through to Overstock. I know there's a lot of moving pieces. But as some crypto and blockchain-related assets go public and there's some... | Adrianne, why don't you talk about the economics? And then I'll try to address some of the other things Ygal asked. You can answer this great question.
Sure. I'll go the technical side. So Ygal, as you mentioned, the setup of the fund is that the fund will return invested capital first to Overstock. That's generally m... | intermediate | [
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a6afea769cc7653fa638fdf5ec2a0481 | Morning, guys. Great results. Again, great to see a lot of the KPIs that's being disclosed this morning. Look forward to seeing them progress going forward. I guess, a fairly simplistic question, though, is if someone was just listening to this call on Overstock for the very first time and maybe has a memory from the 2... | I see to the initial answer. I know Dave will have more. Dave is running our business, and boy, I don't know anyone who looks at KPIs more than Dave and manages through this. I think, first and foremost, we have customer retention. 2020 was the year of customer acquisition because customers were in the market. And boy,... | direct | [
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518a91444995c5fed7afb765bf92e78e | Yeah, you did. Maybe I'll try to unpack a little bit further. I think you were saying new customer count is probably going to be sort of trending down year on year. So that's going to be a bit of a headwind to revenue. But your AOV is moving up a lot. I think orders per customer moving up. Are those going to be powerfu... | Yes, I think so. For us, we're looking at customers here. And new customers and repeat customers, when they make a purchase, it's the same purchase. And so as we probably won't add new customers at the same rate we did in 2020, although we'll sure work to continue to add new customers, we have a bigger base to get repe... | intermediate | [
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741512196b447354ad22f5b1a1cf8fca | So first on RNG. I'm wondering if you've identified any additional investments under SB 98 at this point. You've included a small placeholder in your capex plan, but how are you thinking about the upside here, given some of the market trends that we are seeing? And how does this play into your long-term rate base and e... | Yeah. We've already made good progress already with the Tyson opportunity that we announced a couple of months ago. But Justin Palfreyman, you're on the phone, why don't you take this one?
Yeah, happy to take the question. And it's a very good question. There's a lot of activity going on in the RNG space and we have a... | intermediate | [
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9fd48a7edefbeeae04a50f300ceba085 | Got it. Okay. And just on the Washington regulatory front, the Governor recently signed a multi-year rate plan legislation. So I'm wondering how you're thinking about your ongoing rate case and future rate cases there. | Yeah. We are right in the middle of a rate case as you just indicated and the multi-year aspect is an important piece of that. Mardi, do you want to -- I think you're on the line, do you want to say anything about the multi-year aspects of the plans?
Sure. Our filing did include a multi-year plan, it was made transpar... | intermediate | [
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fd18a3dc7f082cd520d4db2dfb068b2c | In your press release you referenced sort of $1 million of non-recoverable COVID costs. So it's kind of a two-part. Number one is, with things opening back up, when do you think you get beyond those costs? And then number two, should we kind of expect that to then eventually just get eaten up by inflation pressures you... | Yeah. Frank, do you want to cover some of the numbers?
You bet. Yeah, so the main effect that we've seen in the first quarter is really more of the opportunity. We have commercial customers -- we continue to add commercial customers. But we continued -- during the last year, we lost some commercial customers. We were ... | intermediate | [
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1afc27850c34bd0bcaab091bcdba5e70 | All right. And then you also -- just in terms of industrial customers, you gave a number that was current. Can you also give that same number for the residential? | I should be able to, Selman, I don't have that number at my fingertips. Nikki might be able to pull that number on the residential customer count. I apologize, I just don't have that at hand. | fully_evasive | [
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ddeccb96ba4b772ee733f33bfdb21b6a | Can you help us with the R&D expense trends for 4Q '21 and next year given how it's bounced around quite a bit this year so far? | Leading into this previous quarter, we had a higher amount than normal because of the increased manufacturing for the three clinical trials that are kicking off here in this fourth quarter. I would expect the fourth quarter to remain at around the same levels previously. And then as the clinical trials begin to mature,... | direct | [
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0a7afacfe9bf22eeaa5479fc53795afd | So you're saying that fourth quarter looks lighter, like half of what it was this quarter, I mean in the third quarter. | I wouldn't say that it would be lighter, but it will be -- it will start to trend off in the next year for sure. There's going to be three trials going to be running concurrently at the same time. | intermediate | [
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aea80c5ebb8c5afc3cb363c42bb1f0c4 | Can someone please give me an update on the status of the Greenlight Biosciences vaccine collaboration? | Sure. Thanks, Jonathan. So with Greenlight, we continue to make very good progress. We have received their mRNA. We have formulated their mRNA. We have sent them back samples, and there's testing underway right now at Greenlight. So we are actually continuing discussions and continuing our collaboration. That's about a... | direct | [
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6c0471dffeae26f069c2921b945a93d3 | Can you update us on any noteworthy recent additions to your patent estate. You mentioned the number, about 120. But any ones that are standouts? | Yes. So our strategy has been pretty focused on wherever we have new data in a specific technical area or therapeutic compound area, we filed very, very broad patent. So for example, in the areas of RNA, mRNA wherever we've made really great progress, especially in the field of biologics, we filed pretty broad patents ... | intermediate | [
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f861a12695c44815a2cad4ebdd2bdbc7 | First off, as it relates to niclosamide and the augmented program, can you talk about how you're seeing the value of those programs, given the recent developments from Merck and Pfizer in the antiviral space? | Yes. Thank you. And so in terms of -- I'll address niclosamide first and foremost -- or first in this. And essentially, the value from -- for niclosamide as well as the augmented is that while Pfizer has been very effective, it also has some PK issues. And so it has to be administered with ritonavir to make it last lon... | direct | [
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f867e5f545b7a37430eb7a988666f482 | And then as it relates to some of your business development activities, maybe we can start with kind of how do you expect any ongoing discussions or activities to the best you're able to disclose, to play into anything getting done by the end of the year. And then on a more long-term basis, could you provide a little m... | I'll start with the BD. So as Chris described, we have a number of partnerships that are wrapping up some data analyses this month. We have term sheets that already assume that we've gotten to the finish line on the work, and diligence is being performed. So look, I'm well aware that it's November 15, and we are doing ... | intermediate | [
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3848457840202d2e03de2130bad9afd2 | So, I wanted to ask something relating to the particle size for the protein you discussed being on the millimeter scale opposed the micron scale to provide greater stability. Could you talk about how the Thin Film Freezing platform allows you to maintain proper aerodynamic properties while having that lower surface are... | Yes. Certainly, that's a great question. So actually, what I was talking about is we get asked often to compare Thin Film Freezing to spray freeze drying. And we have studies ongoing and we've got several papers published on this. And what I was speaking of is the difference between the droplet size that is applied to ... | intermediate | [
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53ce4a937aafa97e783a0f8a1bcc7f11 | And then I'd also like to touch on -- you mentioned a bit before, you were talking about applying TFF to both PD-1s and TNF alphas. These are some of the most successful drug classes of all time. So is this something you're looking at targeting for a new drug for inhalation, for lung localized disease considering the s... | Yes. Great question. We're doing it for the latter. We are using those as models that we can learn from and try to be able to anticipate every different physical chemical property of different antibodies, different proteins. And so we are using it as a model, not necessarily something that we are developing internally ... | direct | [
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"fully_evasive"
] | A |
f03a9706cec485e82fb3c560e0f5d043 | So I know there was previously some discussion as to whether the upcoming Phase II could be registration enabling. It seems like for TAC, now we're looking at a Phase III. How should we be thinking of the path forward for VORI? And what should we look at for the potential time lines to approval? | Yes. We've always said, actually, Michael, that we were going to need some Phase III data for TAC and lung transplants. So we're hoping that the work we're doing in the Phase II program will minimize the amount of patients that we're looking to recruit for the Phase II. And again, it won't distract us from starting the... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6d0451111386e59b51aaf87af9b01fa0 | You mentioned that one of the monoclonal antibodies you were working with had stability at, I think, I recall 10 weeks. Was that the limit that it was able to maintain stability? Or is it still open for ongoing stability longer than that? | Yes. So Richard, that is still ongoing. That was 10 weeks of 40 degrees centigrade, which is extremely harsh conditions. And we still do have that particular antibodies we're still studying it on stability. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
134e17c35fbd0785e0ac3b351b75ee7e | And the other question is, can patients on ventilators ultimately be expected to be able to use your powder inhalation? | OK. Thanks, Bill. So currently, there is no existing device that is approved by the FDA with a device approval to deliver dry powders through an endotracheal tube. So our intent clinically is to actually treat the patients early before they get to the hospital and before they get intubated so that we're treating them b... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8df87515b8a5adb578a58bc9156c72ce | Two parts to the question: one, should we feel that the COVID impact is basically behind you?; And two, is the tougher comps or are we now seeing the demand as such that allows you to build on those larger numbers? | I think one of the things that we're seeing is the COVID impact has put a lot of constraints on all our customers, but the one structural change is the digital technology is becoming critical even for core resilience and business continuity and to deal with what is going to be a structurally changed customer behavior a... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
38581d34c18694ae0b1d6e63f27e3791 | Azure putting up a great accelerating quarter. Could you just talk to what you're seeing in terms of the breadth and maybe the size of the transaction? And anything else that you think is important to highlight why you're seeing this reacceleration in the business? | I would say, again, with Azure, some of the core differentiation we have, whether it comes to our hybrid leadership, some of the new data products that are highly differentiated and competitive in the marketplace as well as the integration with every other layer of our stack, whether it's the dev layer with Power Platf... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a3241ebbd914ff4df3192693e34ce71a | I wanted to ask you about the PBP guide for your third quarter or the March quarter. It was comfortably above where everybody, I think, is modeling. And in particular, I wanted to ask you about Office 365. Of all the businesses, the larger ones in Microsoft, most saw upside in this recent quarter except perhaps for Off... | There's a couple of things, Karl, in the PBP guide, and let me break them down a little bit. As you heard, actually, almost all the components in Q3 have sort of consistent to slightly better execution, right? So there's upside that we saw in LinkedIn. There's upside in Office Commercial. There's upside that's reflecte... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2d2df5fd1053fc65418abe8cd143d960 | Satya, I wanted to dig into one of the topics that you mentioned in your introduction. And that's kind of Teams working as a framework across all of your solutions and sort of connecting more and more people into the Microsoft framework. I was doing some calls this quarter and asking about a competitor's acquisition of... | No. Thanks so much, Keith, for the question. That is absolutely right. And I think I've commented on this earlier as well in our calls, which is we built Teams as essentially this tool that brings together multiple capabilities. It brings together chat. It brings together meetings, collaboration that is office collabor... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6d8353c0ea361047801f609407967906 | Amy, do you see a sustainably different post-COVID expense profile for Microsoft as it relates to real estate footprint and T&E levels or -- and maybe, Satya, you could perhaps comment on this as well. Are you expecting a fuller return to the office and fuller resumption of business travel over time such that, that exp... | Maybe I'll just talk about broadly how I think both at Microsoft as well as what we are seeing as this return to work. I think the key thing, Mark, we just think about is there will be more flexibility in terms of time, where they work, even the sites people work because I think the expectations have changed. We obviou... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
9a57c96670f3cd33cd71a3324d3bdf16 | Question for Satya and how you're thinking about the $200 billion enterprise applications market. Your market share in that area is fairly low in aggregate. You've got Dynamics that's performing really well and sounds like is accelerating. Just wondering how you're looking at that market more broadly as an opportunity ... | Yes. We are very, very focused on what we think is modern business process applications, Walter. The way I look at it is there's a complete rethink on, even if you take the previous conversation around what are the workflows that need to get integrated into a communications tool such that there's real continuity betwee... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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