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ef58ddbc34013d877bdf395a97874588 | I wanted to talk a little bit about gaming. Obviously, you had a very strong quarter, but we also saw a few months ago the launch of Xbox Game Pass Ultimate or the xCloud as we knew it. Can you talk a little bit about some of the early experiences there and the importance that you see emerging for that? | Yes. Maybe I'll start. Amy, you can add to this. On xCloud, it's very early days, but we are very excited about, fundamentally, the expansion opportunity it provides. So the service today really allows us to take our catalog and not be limited to any of the traditional end points, in particular, the console and the PC ... | intermediate | [
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826c5ecad82a242f885b2f266fc0e467 | The cash flow in the quarter ex the audit settlement was far ahead of everyone's expectations, and I know you talked about strong billings in the quarter. But as we look forward, are there any puts and takes that we should be aware of? Or should we just focus on cash flow growing pretty much in line with net income? | Thanks. Yes. In general, Brad, it's a very good question because the things you tend to watch that can move it quarter-to-quarter are things like you mentioned, whether it's the settlement this quarter, whether it's for free cash flow, the timing of cash capital expenditures versus on an accrual basis. But overall, it ... | direct | [
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f02dcfef70f4b432d3aa9cf7a5bba818 | I have a question regarding the membership revenue. Management has just talked about the number of studios in 2021 will be more than 2020, producing diversified content, as well as some data points showing the recovery in terms of the paying subs. Can management talk about how we should envision the medium to long-term... | Okay. So as you may know, we actually were at a peak in terms of our subscriber numbers in the first quarter last year. However, because of several reasons, for example, our first reason is our COVID-19 pandemic, were lack of theatrical movies supply in most of the time last year, so this will actually impact our film ... | intermediate | [
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3bd88e3589b726c45db4d3f2e72c0057 | So I have two quick questions. The first one is a follow-up on first quarter. Wondering if there is any outlook or points to note about the content cost in the first quarter, given more content being released? And then the second question is about the so-called big screen strategy mentioned before. We notice that there... | Okay. I will turn over to Xiaodong for your question for the content cost. For TV side, we have already observed that Internet-connected TV and have already -- has similar or even slightly higher traffic share than mobile devices. Mobile devices include the phones, plus tablets. So our TV side, we have already contribu... | intermediate | [
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16940350768f6a2d2cab67d3fed62b34 | So the first part is on the user preference change on drama series. This implication on self-production capabilities and such add. In the past year, we have -- we may have like one broadcaster in one year. But now, we have several large titles in a year. I believe that users like -- show a more diversified content pref... | Okay. So as you have mentioned Galaxy Guo is actually -- was actually a phenomenal success, not only in China, but also in various overseas countries. You have mentioned that there are fewer blockbusters in recent years. I would say, this is actually in more perception sense. So that might be attributable to two reason... | intermediate | [
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a8749b2c68fb7324a1d6d882a304bb39 | Thank you management for taking my question. So I would like to ask about the cost control side. You did very well in Q4 2020, and we have seen year-over-year decrease in opex. How should we think about it, the trend in 2021? | This is Xiaodong. I think in general, definitely, we believe the trend will continue in the next few years. When we talk about like cost expense, I think there are two main elements, the content cost and sum expenses. When we talk about the content cost, as I just said, if you look at the core business, not only as a p... | intermediate | [
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aff9d16f7811f9abe0dae8a1ac2e318b | Thank you, management for taking my question. What is the latest progress of our Suike app? What is the strategic importance of Suike mid-form video for our core long-form video business? | Happy New Year. And as you may know, Suike is already in its second year of operation. We have determined its position, it's actually a video-based interest community. So it's a comprehensive video community, which contains all, short video content, middle video content and long video content. However, the most viewed ... | intermediate | [
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906491c4594958261a0ed28ca47084e2 | I'm curious, everyone is talking about digital transformations, and they seem to have really gained traction early in COVID with the need for remote work. But now could you talk a bit about how customer priorities and purchase decisions are changing as we're moving past COVID? And I'm wondering if it's an opportunity f... | Well, thanks, Shannon. Yeah. I will take that, Andy. Well, we definitely still see the tailwind of what we saw in 2020. Obviously, we work in a much more distributed environment. We talked about this all the time about the fact that many employees will never return to the office, and they need access to data and servic... | intermediate | [
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f25076150506331394f8b7c521e6a536 | Antonio, you noted some solid order linearity. I was wondering if you can talk about any meaningful changes that you're seeing in your customer conversations around recovery and enterprise demand. And what are some of the key assumptions around the upside to the EPS and cash flow guide? | Well, maybe I'll start, and then I would like Tarek to talk about the EPS upside. Listen, I spent more than 50% of my time talking to customers and partners, and I see a renewed focus on making sure the businesses are positioned for success. Definitely, there is a need to modernize their infrastructure and deploy these... | direct | [
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6d751f9cf00d7cfe7f34168a35964812 | I want to ask about the margin profile. Tarek, when you think about the performance that we've seen this last quarter and you think about the mix of the business going forward, I guess, how do you think about the continued upward levers on gross margin? And can you just remind us of where we stand on the $800 million n... | Sure, Aaron. Thank you for the question. So let's pick up gross margin first, and then we'll talk about our cost optimization, resource allocation program. On gross margin, we feel very good that now that we've put behind us all the effects from backlog in Q3, Q4 of last year, we're now operating the business in the co... | direct | [
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cfaec4665931353d0d00d184625c5e2f | You beat the first quarter by about $0.11 versus consensus. You guided up the full year by $0.10. So the guidance implies that you don't operationally beat the next three quarters. Is that just prudence as we await full visibility into the pace of demand recovery? Or is that tied to some of the delayed opex investments... | Sure. So we pretty much, Katy, passed on to the full-year guidance the entire beat in Q1. A couple of points on the investment front. You could see from some of the slides that we put forward, our investment in R&D and FSC, this has to continue, and we'll find adequate sources to fund investments in FSCs and R&D becaus... | intermediate | [
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8063c753483f735191c66e7f20e9c7a2 | I wanted to talk a little bit on Aruba, fairly strong double-digit growth over here. And I think that's fairly impressive given peers like Cisco and Juniper are probably seeing low to mid single-digit growth. I know Silver Peak got some element to this. But I'd love to get a sense from a share gain perspective, where a... | Well, thanks, Amit. Well, listen, we believe Aruba is a winner, simply put. It is a software asset that delivers mobile first-class, first experience that provides ubiquitous, secure connectivity in a platform-oriented approach. So for us, it's not a surprise to see the momentum in that business, which is not just reve... | intermediate | [
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768e555cc3233f8dfd3f42af73521f53 | I wanted to see if maybe you could help us understand where you see your market in terms of enterprises coming out of the pandemic or recovery. And really, the root of this question is Intelligent Edge looks like it's recovered with the year-over-year growth, whereas the other segments, maybe we can expect more of a re... | Yeah. I mean, I think the market, in general, is recovering. As I said early on, Simon, is my point about the order linearity was steady and consistent throughout the quarter, which give us the confidence that we will see gradual continued improvement in that demand. And it's not one business. I think it's across all b... | intermediate | [
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5f81ded404a07d616f86128f9c305d82 | Not a very exciting question to finish up on, but it looks like you're pushing the upper boundary of your expected operating margin range for the core businesses. And I'm wondering -- and it sounds like they could get better yet. So are you going to change the range of expectations around operating margins? Or is this ... | Yeah. I'll take it. Paul, this is a very exciting question. It's a very exciting question for me. It's essential. So don't be shy about it. I would simply say, look, we have to keep the expense discipline and drive productivity. We feel that the upper boundary has yet to be tested. And I would say that this is always, ... | intermediate | [
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228f1e29f26b28c0d992bfb4babc2815 | So, fundamentals are still pretty challenged here as we go into year-end. No big surprise, I don't think, to the invest community. I wanted to focus on next year where I think a lot of people will be focused on your expectation for positive free cash flow. Underneath that, could you give us any sense of what kind of lo... | Sure, Tommy, and that's a great question because that really has been -- the focus of our efforts over the past couple of years is to continue to expand and grow in our logistics business. And you certainly have seen the revenues continue that trajectory of growth as we've gone through the year. I think the cadence of ... | intermediate | [
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a6a9e37728c3870683fab216a2a93a3d | Okay. And then one follow-up on 2020 and maybe more broadly than just focusing on logistics. If you think about the three components of -- three key components of profitability being average price, cost and margin, I don't expect you want to give us a quantitative guidance on those three for next year, but if you could... | Sure. And let me start with the easier aspect of that, which is the cost side. And we've always been very, very focused on cost that I think more intensely put some efforts on that beginning in the second quarter of this year. And those will continue. So some of the cost reduction impacts that we have seen were occurri... | intermediate | [
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329c5488c73eeb804fcb89f40fad38da | Bob, I agree with your comments that attrition and consolidation are necessary, especially in West Texas. Can you provide further color regarding what you're seeing right now as well as your expectations for attrition and consolidation moving forward? | I think a couple of things, John. One, we have reviewed a number of different alternatives as it relates to consolidation and attrition, and there was -- number of conversations has increased recently as others are more willing to admit that they might not have a sustainable business model. In that environment and in t... | direct | [
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07517642f48fe6c670f65c46d1ea96aa | Okay. Great. Thanks for that, Bob. Secondly -- I apologize if I missed this -- but could you help us think through where contribution margin per ton could fall in Q4? I would assume it's biased lower given some of the pressures you mentioned. But any specificity would be helpful. | Sure, John. I think it's a little bit difficult to predict at this point because a lot does depend just on the cadence of the volumes throughout the quarter. We haven't seen much of a drop-off in October as compared to September, but we'll see how the holidays play out and the normal seasonal drop-off, but also the E&P... | direct | [
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85c5be014fb51a3c7a8d282deaa9c869 | Okay. Great. Understand the difficulties in forecasting there. A quick follow-up. I understand that there is pressure on your spot volumes in the Permian, your contracted volumes in the Permian as well as your last mile profitability. Is the expectation that that holds flat despite the pressures that Q4 might see? | I would say so. The contracts continue to perform well. Our customers are taking the volumes. A lot does depend upon their activity levels and their plans for the fourth quarter, but our contracts are performing well. On the last mile, I can let Alan speak to that a little bit more, but I think what we've seen there is... | direct | [
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2be165ff7e8a918482c86c9d8e66974b | Hi-Crush is unique in the sense that it owns its own terminal facilities. Considering that Northern White sand volumes are down, would it make financial sense for you to sell a few of these terminal facilities in order to kind of increase the Company's liquidity position? If so, what would be the price that these kind ... | We always look at what's the best way to create value for our investors, whether that's through selling certain assets or finding ways to leverage the assets which we currently have. And we're seeing that in our Pecos terminal and others in the Northeast where we're looking to put and transload other products and servi... | intermediate | [
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4bc1228b63ed8c9022e8a5c40fdffc8f | Okay. That's helpful. Thank you. And just one more for me. Hi-Crush realized contribution margin of $11 per ton in 3Q '19. Could you maybe help me kind of disaggregate that number a little bit and provide some color on the margins you are realizing for Northern White versus the margins you're realizing in Texas? Thank ... | Sure. I think we've definitely noted in the past that our Northern White margins are typically lower than what we've been able to realize on our Kermit volumes because of the contracts that we have in place and the profitability there. Some of that margin is driven though by our last mile services, and so it will depen... | intermediate | [
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e02e370b0c2d11b0e45af659a163d474 | Hey. Good morning, everyone. I'm just curious to know what the total capacity that you've taken offline in Wisconsin is at this point with the Augusta offline and it sounds like some curtailments in capacity at Whitehall now. | So, the Augusta facility is a 2.86 million ton annual capacity. So that has been offline since January of this past year. Whitehall continues to operate, although at reduced rates, really helping supplement our Blair facility for any deliveries that are best served off of a CN [Phonetic] origin. And the rates can vary ... | intermediate | [
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73f0358ae9fd00e694beb781794ac324 | Okay. That's helpful. My second one is just around the last mile logistics supply and demand. I think you mentioned on Tommy's question there that you expect to continue to deploy additional fleet through 2020 that should lead to some growth. But I'd imagine with demand and the current dynamics that we see today, the m... | Yeah. Certainly there is -- everybody anticipates Q4 to be slow. And I think that there is not going to be any new market share in 2020. So like I stated before, we continue to talk to customers, find out what problems we can solve, try to create some value with the equipment we're providing, continue to innovate. You'... | intermediate | [
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8379fd5855387c8fe6acb1ad7fa812ce | Okay. So in that light, have you seen returns on capital deployed in the last mile shrink, and if so, by how much? | I don't think that we've seen the returns to shrink at all. As Alan had mentioned earlier, the pricing has held pretty well there, and we don't believe that we're really competing on price for last mile. It's competing on that value-add from the quality of equipment, the quality of the service, the people that we have ... | direct | [
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b13cf020961552c4aa3ae4ff9778be7a | Okay. And then just last one from me. Just thinking about sort of pricing discipline and the commentary on the quarter in that respect. Have you seen a lot of bids that you had to turn away due to pricing being too low? And based on sort of revenue per ton this quarter, can we think of that as a relative floor based on... | We have turned down business for price reasons. As I say, we aren't going to change or go after price. We've seen competitors bid jobs on pricing that we know for a fact is below their cost of production. That is unsustainable. That's a transfer of wealth to someone else's investor base, and we are not going to partici... | direct | [
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6eb65e471b638353077f59d71618558b | John, I'd like to start with the Pfizer antiviral program. Should we consider the $29 million of orders as being used to only serve clinical trial quantities? And then secondly, in terms of your comments there about expectations for 2022, I just want to make sure I understand that right. Whether or not it gets commerci... | Yes, sure Brandon. So first question the $29 million worth of enzymes that we are supplying this year to Pfizer is beyond their-it is being used not only for limited production of clinical trial quantities the large majority of it is being used to do what is often referred to as registration trial batches to prove the ... | direct | [
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571663da24416b44d081e52327a7402c | Then in terms of the R&D revenue line, just help us understand [indecipherable] there, in terms of the programs, whether there's some shifting strategy, or this is mainly a resource issue sort of relocating may perhaps some of the teams to other non-R&D revenue generating projects? And perhaps, how the new capacity is ... | Yes. Yes, we are expanding our research capacity so that we can do more parallel enzyme engineering work. And we've actually had some really good success this year in building up the team capacity. The end of last year we were off quoted as having about 15 or so parallel enzyme engineering teams. Today, where we've sta... | direct | [
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5ac0e04be30225b7a1be94d6a2f84fcd | Congratulations on the success of the first DNA polymerase contract. I think previously you've talked about those potentially ramping to eight figures over time at the peak level, but how should we be thinking about the trajectory or the time to get to that peak revenue ramp? | Yes. Yes, thanks for highlighting. We're super proud that that we've now broken through some commercial successes with DNA polymerase, like we've had broken through earlier in the year for the RNA polymerase. And we we're aggressively working customer trials, customer discussions across a wide range of customers for th... | intermediate | [
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c1ecfef149cb17ad16812904e3382287 | And then maybe one follow-up regarding the Pfizer contract. And thank you for all the details here. It's obviously helpful given all the questions I'm sure you were getting for a couple weeks. As we think about, I think, you mentioned a little over $18 million, was that in the quarter, or so far with the contract, but ... | Right. I can jump in here, Matt. But yes, we did about $19 million in revenue with Pfizer in Q3 and the balance of those orders, which total approximately $29 million we'd expect to fill that Q4. | direct | [
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b86c27fd3876333b995d6962dd9e8373 | I guess quickly I'm not sure if I heard you correctly, but I guess, toward the end of your commentary, you started talking about expectations for, I guess, I think, it was revenue growth as you look into next year and you talked about just kind of consistent with this historical growth rates. And I'm looking at my mode... | Sure. Sure, Evan, I'll try to help you there. But I think what John was referring to in his prepared remarks was if you exclude the impact of Pfizer, which obviously has been a substantial, our goal would be to continue or maintain those historical growth we've seen in both total revenues and our product revenues. And ... | direct | [
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00905326186cb585ba7262973fe5ed10 | I guess my follow-up question. So, I guess, as I look at kind of what you guys have been doing, I mean, you've been doing a lot. But I mean, if we, we think about within your pharma customers you've had some big customers and big successes that people have heard about. I mean, this big-with Pfizer you've had success wi... | Yes, sure. It varies by sector, but public success is always drive least incremental energy for us as we work in the marketplace. And we've had material successes in using enzymes to drive low-cost, more sustainable processes and pharmaceutical manufacturing now for almost two decades. And the number of scientific brea... | direct | [
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e79396dfd8d77d09542771d8d7e17c47 | John, maybe first question, just on CDX-7108, congrats on that moving into Phase 1. I believe since you own 50% of that with Nestle no milestone here, but I do think you maybe have to fund some of the R&D. So, can you just talk about any kind of R&D investments that could be associated with that? Maybe they are not wor... | Yes. First, you're correct. As we've moved CDX-7108 fifty-fifty owned asset with Nestle Health Science, there are no milestones currently or in the near term associated with the development of CDX-7108. So, we have not negotiated milestones instead we are, co-funding the continued development of CDX-7108. And so, it's ... | direct | [
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7fc4d97c38eeab7ba833d22fa24c7e70 | And then thanks for the couple of updates on Januvia. Just one kind longer term question there when Januvia goes off patent and maybe you have some agreements with some of the generic manufacturers, is this something that increases the potential opportunity from that drug, or should we think about kind of generics and ... | Yes. Great question. And a little hard to see at this early chapter. But we've been building confidence, making statements to you and other investors that we had confidence to continue the kind of revenues that we've been generating in the patented stage, where we just sell to Merck, that we could continue those kind o... | direct | [
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a270d468b33dc3f4574b73969a859e74 | Could you give us more color on the launching and how is their potential customer the feedback during the pre-launch preparation? And also, when we could expect the revenue follow through these products? | Sure. So, thanks. Yes, we've been working on Reverse Transcriptase pretty much all year in the design and commercialize chapter. And as we've learned, as we've brought more enzymes into life science tools applications, it's really good to provide kind of early alpha testing of our enzymes before we do a full formal lau... | direct | [
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22122d886925075cf3afee67f01335c9 | Okay, thank you. And one final, if I may. Regarding the technology initiatives, how was COVID-19 and people working from home. Has that delayed or made any change to the plans with regard to the rollout and the phases that you all put together such a detailed plan around. So what's been the impact on that, that you're ... | Well, we did have to take a 30-day pause, if you will, when travel restrictions started to be implemented, of course, with some of the external vendors that we use and rely on as well. And so it did create about a 30-day pause on what we call Project Nautilus, which is that modernization of our legacy systems. Happy to... | direct | [
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94ded8597d5d339e5ed8c82e4dc23641 | Okay. No, that's very helpful. I think that will pay off in the long-term. Are you changing the -- your new money investment allocation to maybe reduce investment risk even more, because of all the other risks that are emerging currently? | Well, as you know, Meyer, we have a very conservative approach to our investment portfolio with a very modest allocation to equity securities, which, of course, served us well in the past 30-days or so. We are not making any significant changes, although we have been building liquidity and if you've looked at our balan... | direct | [
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c1bc525a2dbcd5d9fd6860fe5427d2c2 | The question I have is regarding advertising business. We have seen continuous acceleration in year-over-year growth for eight consecutive quarters. Could management share with us the drivers behind this growth and how should we think about the growth in the next one to three years? | Okay. I'll briefly translate for Ms. Carly Li. So, we think the value of platform's advertising business actually equals the values of the user itself and also accurate metaphor would be many other platforms out there, they are running a rental or a tourist model, you never know when your user will come, when they will... | direct | [
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069c51cd150a3d50eafc3d2452cdcc86 | Thanks, management, for taking my question. My question is mainly about user engagement. We noticed that some king indicators like DAU versus MAU interaction and [Indecipherable] sequential improvements. So, wondering can you share with us what's the churn going forward? And what is your plan to further improve your en... | So, indeed, from last year, we see a temporary drop from the DAU -- for the DAU to MAU ratio. And we have to look into the reason behind it. And the reasons are not -- it's not because there is some matrix decline, but for a certain period of time, the growth rate of our MAU exceeded significantly of our DAU.
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f3586a36c491c4410337cc95d6af8508 | Thank you, management, for taking my question. I have one question. Recently, we see BILI has quite a few investment deals on other game-related companies. What's the reason behind? Are we going to consider more acquisition or investments in this space for coming quarters? | So, I always say that game is one of the most important business for Bilibili because, for us, it's not only just a monetization, it's also a very important component or content and there's just great synergies between our game offerings as well as our video game-based -- game related video content. And for Bilibili, f... | intermediate | [
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558990ae6bd1cd3305a1b9688b64c2da | I will translate myself. My question is on the -- I would say more on the product side and on the content side. So, as we target to reach 400 million MAU by 2023, just wondering what's our plan in 2021 in terms of product feature innovation, and content value expansion? | So, Bilibili's growth model is content ecosystem driven and essentially is through our content creator producing more and more high-quality content across different content verticals and attract more users. And what we are -- what we have been constantly doing is to build such platform to keep attracting more content c... | intermediate | [
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69944162177740f6dcbcb13729adc374 | Thanks. Good evening, management. Thanks for taking my question. So, my question is about the live broadcasting service, can you give us some color on the growth trends for the live broadcasting service? We saw industrywide slowdown in this live broadcasting revenue since last year. Just wonder what is the outlook for ... | So, two years ago, I forecasted our live broadcasting business will keep a very high growth rate. The reason why I said that is because I believe Bilibili's live broadcasting has always been a part of the PUGV content ecosystem. It's a natural extension of video content. And as a matter of fact, live broadcasting shoul... | intermediate | [
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a51fc8270e4726870f348f3bfdca61c0 | Really helpful call there script. I just want a couple of questions. So first I guess a lot of excitement around the Olympics next year. You gave us some good perspective on the -- almost like free brand advertising to get with your athletes. So are you thinking about anything unique or different to kind of exploit or ... | Yes. Randy this is John. 100%. I want to be careful and not give away all my ideas and thoughts to the world but leave it to say everybody knows who Apolo Ohno is though most people don't know anything about short-track skate. We believe that the Olympics will do 2 things that will benefit BD. One many of our athletes ... | intermediate | [
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5282375b30a136455c643e4908c1690d | Really helpful. And then I guess following up on that to think more medium long term here. I guess this is more for Aaron then. You gave some perspective on the things you're working on from a systems perspective and strategies around to continue to kind of improve your both fulfillment and replenishment. And if we can... | So more from a system standpoint or more from the tactics. One of the things that we're extremely pleased by is that we were able to upgrade our North American ERP system this summer without any hiccups and coming well-below budget. Huge kudos to that team and also just the indication that we have within the organizati... | direct | [
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dc4e184f39b39c079d92ba9c80511f26 | So I guess first on the guidance would you say Aaron what you're now expecting from a gross margin perspective and then how much the reduction there is driven by Sierra versus some of the tariffs and FX pressures you talked about? And then I guess as a follow-up to that given all that we know today about Sierra FX tari... | You bet. So as you know we typically guide just to revenue and EBITDA levels. We are seeing some continued pressure on the gross margin piece associated with FX and with tariffs. However when we think about the updated guidance provided it is primarily or solely driven by the softness that we're seeing out at the Sierr... | intermediate | [
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97b07b116e916a10f14405ed66152d13 | Understood. Okay. That helps. And then maybe digging into Sierra a bit. I think you guys talked a little bit about what's happening from an end market perspective I think you talked about domestic military and international consumers driving some of weakness. But I think one of the OEMs I feel like just talked about a ... | I think 2 things on there. We have always said that this was a very cyclical business. And I think joking with you in the past you've even said that this year we'll take stomach punches and next year we'll look like geniuses for doing the exact same thing that we've always done. The market is cyclical. It will come bac... | intermediate | [
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f6928c717cd8dc4e6f36397c3eaff669 | A couple questions on Sierra. I just want to dig in on that. So john what are the sightlines to return to growth there? I know you're expecting a bounce next year but in what quarter would you expect to see that? How do you see the cycle playing forward in 2020? Can that last more than a couple of quarters? What's kind... | I think we're always conservative on this. So my view is that this takes a quarter or 2 to start to ramp back up. Having not owned it previously I don't know how fast that response is. I can look at the past numbers and see it. I do believe this time that potentially we can be stronger and longer because I don't believ... | intermediate | [
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6b69d79a3382d45be14d401ece9834aa | Okay. And then earlier in the call you outlined a framework for doubling the business. Beyond the cycle is there a good kind of multiyear revenue objective for this business we should think about? | I think the way we've looked at it is like you said today if you look at our trailing results of 2018 we finished the year somewhere around 220 million bullets. So if you acquired 10% of that in ammunition given the price difference between the bullet and the cartridge that 10% would yield about a doubling of the busin... | intermediate | [
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fb01d825e9f9b8a938999e39d4d0eb80 | Understood. And then Aaron I wanted to ask on the tariffs a little bit. You had prior thought $600 million exposure for the year would you expect to recapture that in 2020 from mitigation efforts? And I know you talked about a total now of $1.2 million tariff expense for '19. That incremental tariff what's kind of the ... | Yes. So you're right. So initially under List 3 it was $600000. We were feeling good about. Yes no problem. We were feeling extremely confident about being able to mitigate at least 75% to 80% of that. It's still a bit too early to get into the details on List 4A and 4B as far as the different mitigation activities tha... | intermediate | [
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78644e8ad202144657875850c5a3426e | Another question just on Sierra. Can you give us any additional insight into how that kind of core green box retail business is doing versus the OEM business? | Yes. I think -- well I can only give it from the perspective of Sierra. I think that like you said the overall we've seen a dip in the quarter of about 24% more of that driven by the OEM business which is highly driven at this point by military and law enforcement given the partners. In the green box business our busin... | direct | [
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9f9307b6b9b6a0c4de4a92d58e83235a | Okay. And then we know that it's still small but can you quantify at all the impact of the ammunition business? | Well like as I said it's small. It's -- the initiative for us was really targeted on what really becomes the fourth quarter of 2019 because it's we launched as you recall GameChanger. When we launched it we launched 5 calibers initially into delivery for fall which is hunt season for bullets or rifle hunting just kicke... | intermediate | [
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880fd661590518c2d61f3f5aee14a8f9 | Okay. And then last one for me. Can you just talk about your appetite for share repurchases and maybe how active you guys have been since the end of the quarter? | As communicated this is the fourth priority of our capital allocation process. We'll continue to be opportunistic with it but there's no set or defined approach or a number that we're looking to do over a certain period of time. | intermediate | [
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cc86efd5e5313a19d83b0f94137cbdfe | I guess the first question that I have, can you spend a little more time on China. Exactly, I mean you gave us a lot of detail around how it's progressing. I guess I'd be curious just to hear when you think about the inventories and you think about how you're planning the next few quarters from a flow perspective? If y... | As we think about the dynamics that we're managing through in China right now, we're optimistic as we continue to see improvement sequentially each month. As we think about fiscal '22 and the guidance we provided, we are planning for continued recovery throughout fiscal year '22, but we don't expect it to be linear. An... | intermediate | [
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4b299a0ccf3bc4c33b2437a50159ff99 | And just have a question sort of, I guess it would be North American question as a follow-up, but with LeBron out and KD out, you still have Giannis and I just wondered if you think this is his year and you think he can bring the trophy home? | We certainly hope so. And if not LeBron, Devin Booker, and if not Devin Booker, Paul George or many of the other NIKE athletes and what's been one of the -- just one of the great NBA playoffs. I know we've all enjoyed the game. So great sports back, so great the stands are full. So the excitement that we feel with the ... | intermediate | [
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a620834de77d72a139d1b21e608d45a0 | Matt, thanks so much for the outlook here through 2025. There is a noticeable sort of inflection in the business that you're calling for here and I can just hear the enthusiasm. So I wanted to just ask about what are sort of key underpinnings that's giving you confidence in the acceleration in the growth rate? And wher... | Sure. Kimberly. Well, as we've talked about throughout this year, we have continued to see the way that we have gotten closer to the consumer, creating deeper connections and as we look at how our brand is positioned around the world, we continue to be very optimistic with what we see. That's translated into very stron... | direct | [
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ea1924165f622cdadbc44fd45fc4aba5 | John, maybe on the digital transformation, could you help outline what you think most differentiates your digital strategy to continue to build the marketplace leadership? And Matt maybe with that, could you just help walk through the profitability of the digital channel as it relates to the algorithm that you outlined... | Sure, Matthew. The first thing never look at wonderful tailwind in the eye or look away from one. So we've got -- there is a fundamental shift in consumer behavior toward digital, and that's been happening, but the pandemic has simply accelerated that. And that provides the opportunity for us to have a direct connectio... | intermediate | [
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ce74a694bf4e17703811d2e815b0d56a | I guess a follow-up question for the team on the China marketplace, bigger picture, just with the accelerating growth of late and some of the national athletic brands, can you just share how you're thinking about NIKE's market share potential as you work through the 2025 plan within China specifically? And then secondl... | Sure. Matt, why don't I take the first part and then maybe you take the second part of Erinn's question. So Erinn, bottom line, we're confident about what we're seeing in China as we drive long-term growth and we have a long-term view about China. We've always taken a long-term view. We've been in China for over 40 yea... | intermediate | [
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a4886aa7487118edfc6efa88089acdb8 | High teens operating margin target, really is a huge breakout from historical trend and a lot of the long-term guidance you guys have given over the years. Clearly technology and NIKE's digital excellence is really the root of this kind of transformation, we've all been talking about. I'd love to hear -- I saw that Con... | Well, the short answer Omar is yes. I mean we are blessed with this wonderful portfolio of brands. NIKE Jordan and Converse and they're additive, that's what so striking is while there is some consumer overlap, the role that each plays is additive in the eyes of the consumer. And so Scott and the Converse team are doin... | direct | [
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33932475bf3b2d975b965e4e4ba55823 | My question is Matt, on the $50 billion or greater than $50 billion for the out year for fiscal '22, what is the expectation for China in that number? And I guess more specifically, in what quarter can we -- or half of the year perhaps, can we expect to see China return to perhaps pre-pandemic trend rate and which chan... | Well, Adrienne the -- our FY '22 guidance reflects the optimism and the momentum that we're seeing across our full portfolio, brands and different geographies. As I mentioned on China, we're optimistic and encouraged based on the sequential improvement that we're seeing. So, our business was impacted in April. It was d... | intermediate | [
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cc8353e35110b4776e995fa0be368479 | To start Just -- I wanted to ask about, well, first on the severance. Can you just talk a little bit about, is this -- you mentioned -- Brad, you mentioned the outsourcing your IT infrastructure, is that where this sort of severance is coming from? Or is this just sort of across positions? | We had an initiative to look at all the positions in the company and make sure that positions were aligned with the needs of our strategic plan going forward and where we found gaps or positions that were not necessary or aligned, we eliminated certain positions and there were several people that were impacted by that ... | direct | [
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44ab7fe52957098015ff6dacfa9ed86d | And is there any detail you can give on as you make that transition, impact to the income statement? | Well, we are looking for a positive impact over time. There is a transition period that will occur and it's primarily in the commodity base parts of the IT infrastructure business. | intermediate | [
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670c52ae7388a12bc70cdd91f0fcda72 | Okay, and then just on the consumer loan balances, you transferred some to for sale, you mentioned obviously, the held for investment balances sell linked quarter. Just wondering, it didn't look like from your slide that you're further deemphasizing that business, but are you looking to shrink that portfolio? Or keep i... | No, as we have mentioned, we plan to manage the consumer lending business to be within 15% of our earning assets. That's still our plan going forward, but we are taking a very measured approach as we develop those programs and portfolios to make sure that our infrastructure and capacity to manage them appropriately, es... | intermediate | [
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d482807d6dc59d37fbcf1fdccf3f1148 | Okay, and then just one more and I'll go back into the queue. Just in terms of, obviously, people talk about we're getting later in the economic cycle here, some players tend to pull back from things like factoring and asset-backed lending at those times. I assume or believe it's not the plan for Crestmark. I'm just wo... | We have been consistent in saying, as we looked at the Crestmark performance over the prior years that their performance is sound during times of downturns as well as up cycles. As we see competition and people stretching in areas to compromise on structure and pricing, we try to remain very disciplined in that and the... | intermediate | [
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286628e1870cdaf2889d3de36ad90780 | I mean, do you expect that business to continue to grow in the double digits? Or what's a decent growth rate, I guess? | Frank, this is Glen. Certainly as the denominator becomes larger, we would expect to see some slowing of growth, but we are expecting double-digit growth year-over-year and it could come from different levers there. We have a broad set of products to serve our customers and I would also just -- to add on some color to ... | direct | [
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e3e15085542dbb9c0acff273d0c24cba | Okay, I'm sorry, you said they are lower in terms of the factoring as well? | Yes. So, let's say we are -- we've got yields of 9.7% for a portfolio and as you go down in credit quality there may be other players in those that do factoring or ABL that are charging 18% to 20% to 36%. And that's usually the reflection of the credit quality or the credit risk inherent in the customers they are servi... | direct | [
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7835169abf2f37542b8b45cfc1aec52c | Hey, good afternoon, everybody. And, Mike, I wanted to ask a kind of a big picture question on capital here. Obviously, after the stronger level in the third quarter, the repurchase has slowed a bit in the fourth quarter and the shares have obviously done quite well with bringing your multiple up, but obviously no rush... | Well, as we stated, we expect to generate excess capital in 2020 and beyond, and we will certainly consider repurchase activity within the context of overall capital management as the board and management reviews our options. | intermediate | [
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557f72c36ff5c5bcdf52984d1e71844a | At any point does the dividend come into play or is that really... | It's certainly one of the levers -- yes, again, it's certainly one of the levers that the company will consider. | intermediate | [
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46b8d6562cf2387107fce41185367388 | Okay. As we pick out the card fee line on the P side, it was a bit lower than it's been for quite some time now but I know it's an area of focus, just any unusual followups or expectations about that line item as we move forward and what you guys think is realistic, is there any other volatility expected near-term or i... | Yes, so we're kind of coming off this tough comparison because of the 1 times, that's from comparing FY '19 to fiscal year '18. That fiscal year '20 will be clean comparisons going forward. So we would expect this last quarter to be a low point in card fee income and that we will leg up from here. A number of our large... | direct | [
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4c70f9cc458152871c791aa27ac96bbb | Helpful. And then just lastly, as we think about obviously, the card issuing you guys have done in the prepaid space, you've done really well. You start to see some of your competitors branch out to non -- like prepaid card program managers like banks like, well, they are not really banks, but partner companies like Ch... | And that's why you seen some of the fee income, card fee income move into the deposit fee line, because several of our partners and new relationships are involved with those exact type of products you're discussing. We are in support of those kinds of products.
Yes. We are certainly involved and as payments evolves an... | intermediate | [
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a3d932dfae6c3fa1f0959e8f4b14e575 | I want to start on the commercial finance yields, they are down about 65 basis points or so quarter-over-quarter. Just wondering what the underlying dynamics were there for the quarter and how we should think about that going forward? | Well, we had a leg down in the purchase accretion, which contributed to that. There are a fair amount of variable rate loan products in that portfolio and then it's just a mix of somewhat of a mix shift, some portfolios in commercial finance are growing faster than others. | direct | [
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def225d678a98d69054572910b7c5ffa | In terms of the variable rate, roughly what idea percentage is variable within a portfolio. I know the Premium Finances, for example? | It is about 40%, roughly plus or minus. Yes. | direct | [
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0e4c838fa21e7feb306ca558a7a44cc0 | And then as we think about the margin going forward, I would assume that you're going to pick up in commercial plans growth here in the upcoming quarter. Just kind of thinking about the different drivers you do have obviously, lower rates what you should probably be getting funding benefits. Just any color on the margi... | Yes, we had a step down this quarter in accretion. Next quarter will be our final big step down in accretion. So I would expect margin to increase a little bit. The mix shift will help offset the accretion that will run off and so we should be flat to up a few basis points next quarter and then start legging up through... | direct | [
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51789fe9364ae5da19b4a6acd0595318 | Okay, that's helpful. And then on expenses, just wanted to circle back to that. Wondering what is a cleaner run rate going forward with the cost saves that were disclosed here? | Yes, so I'll get to your question specifically, but as you know, we have a fair amount of seasonality in our run rate's, primarily, taxes and it kicks up here in December and then runs through March, first part of April. So certainly the March quarter is always a higher expense quarter, a lot of variable expenses. Wher... | intermediate | [
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aa7b01ed3b4427db8af7ec9c4523bfc8 | Okay. And lastly just on credit here, the reserve, underlying reservation I think looks like continues to build ex-tax, I would assume you would probably have one last leg up with accretion runoff here this quarter. Just kind of your thoughts around credit costs for the upcoming quarters as the allowance normalizes? | Yes, we feel, as Brad mentioned, we feel good about our position in our allowance today. I think it'll depend on the mix of our assets, but you can assume that we'll probably end up around 100 basis points or so or a little higher actually, blended allowance, again, depending where the mix comes from and we'll build pr... | direct | [
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50866947986c2620fb056dac3b2d073f | Good afternoon, guys, just a couple of follow-up questions on the credit side. Any color you can provide in terms of the performance of your classified assets, say, versus the quarter before the previous quarter? | Yes. Well, we have the one more year. That's still out there that we're actively marketing and hope to make good progress on that here in early fiscal year '20. That actually represents like half of our nonperforming assets. The remainder we feel pretty good about their collateral position, gets a little lumpy just dep... | intermediate | [
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0440a35c47ecb43363664de018d41800 | All right. And how about watch list trends and how did those look in the quarter? | All of our trends in the commercial credit are -- we feel very positive and strong. We don't have any concerns there right now. | intermediate | [
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dfa7b902aa45309b4777162e2675d66f | Hey, guys. Given the substantial balance sheet, is there any plans for M&A? Or how should we be thinking about -- what you'll be doing with that over the next two to three years? | Hey, Christian, good question. There's no doubt that Vuzix has some strategic acquisitions that we're looking at that should provide significant growth for the company, especially on the software side of the business. There's some few components and pieces and parts on the technical side, but we're typically in pretty ... | direct | [
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a6b5ddc365db44c9facf3fd1138c2f8c | Great. And then thank you for the update on Slide 11. On this Tier 1 aerospace and defense contractor that has moved into the production negotiation stage, I don't know if I missed it in the call, but did you quantify the revenue opportunity that that potentially could happen there? | We have not shared that yet, Christian. We have talked this. I'm sorry. I can offer a little bit more color. We have talked about this before. These guys are in the valuation, they're building stuff around, and I can't get into a lot of details. But these are going to be units that will be in the thousands kinds of uni... | intermediate | [
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1de46c0aaff0d61ee9b8c17df5134d5e | No worries there. And then the other four opportunities at different stages between Phase 1 and Phase 2. Can you remind us how long it took to get from Phase 1 to product negotiation with the first highlighted customer? And is that kind of the expected typical time frame that we should expect with the other major oppor... | I think it's going to be pretty similar. I will say there's one exception to that rule right now, and that is with our Jade Bird Display relationship. We should be sharing more about that coming up. And in fact, knock on wood, we should have a nice press release here revolving around FID even that we'll share a bit mor... | intermediate | [
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ae708c298c2fcb5678aeed0e513eae7a | Hi. This is Rachel Freeman on for Matt VanVliet. So you highlighted a broadening number of use cases. Can you provide a little more color on which of these use cases are gaining the most traction? And are there any in particular that you've seen emerge more prominently versus last quarter? | Yeah. Rachel, hi. The healthcare side of our business is just amazing to me. The fit is perfect. The glasses work so well. The -- and it's ranging in that space from integral operating environment tools. For instance, Pixee with their knee surgery, it's a fundamental part of doing knee surgery now. It's not just simply... | direct | [
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7fde9b1b298f56b7a9d4384455f04936 | Thank you. Good evening. Grant, after the contemplated investment and expense increases that you have for the year, what are cash operating expenses and GAAP operating expenses going to be for the year? | Well, Jim, we don't necessarily give full forecast for the year. So I mean, we've tended to -- | fully_evasive | [
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c63dcb43e8db8ac98c13f89f3836e399 | Is it going up at the same pace that R&D is going up? Or is it -- it's just -- | No, not as steep. R&D will be up 50%. So if we did $10 million -- well, the $8 million last year, we'll probably do a little over $12 million in 2021. Sales and marketing will probably go up by a smaller sum. I mean, some of that is related to sales revenues. We do have planned increases, commission expense, advertisin... | direct | [
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68669f0dd3b5628cac6b63e0a331e3c9 | OK. And then the sales and marketing increase that you're contemplating, is that primarily related to increased headcount? Or is there something else going on that I should be aware of? | Headcount would probably be 40% to 50% of it. We do see some good opportunities, particularly overseas. We're expanding our presence in Europe. We're going to set up -- currently, we have Latin -- South America, lump them with APAC. We're going to split those into regions. So I mean, we're looking at potentially a coup... | direct | [
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42e79fa71cc91c9b76e781dc89face75 | OK. And also on sales and marketing, as you continue to grow the top line. Do you think you need to change the way that you're approaching the market that is less value-added resellers, more value-added resellers? You need to have more bodies at? I'm just trying to understand, not the dollars that are being spent, but ... | Yeah. I can offer a little bit there, Jim. The channel management of our sales channel is becoming the cornerstone for how we do this. We've got great value-added resellers and the likes. But we also feel it's critically important to grow our relationship closer with our end customers. And the more we're doing that tod... | direct | [
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35ed0aa01687d994dec91850edd84808 | OK. And when you look out, let's say, three years from now, do you think that the largest industries or segments or sectors that you're addressing are going to be healthcare and logistics and something else? Or is there a sleeper category out there that we should be focusing on? | Not that we would like to talk about. However, right now, there's no doubt that the remote management of almost anything with our glasses, remote auditing, remote support, you put the glasses with the case tractor and now there's remote, I can get the tractor up and running without having to send an expert out into the... | direct | [
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c2d8ae6a5747ea4c53971fb38e755c43 | Hey, guys, thanks for taking my questions. Just a couple on the engineering and OEM side. Paul, in addition to those five OEM projects that are listed on Slide 11 of today's presentation, can you provide any color around maybe your expectations or the likelihood or perhaps a timeline of adding another OEM project or tw... | So it's interesting, Jack. We've actually turned several of them down over the last six months. You got to kind of pick and choose where your ROI and the best value is going to be. And so I could say that we could go back and turn one of those on, but we're trying to be involved with opportunities that have a reasonabl... | intermediate | [
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2c77a6763b7bbb09b3d4d9a06e356e83 | OK. Cool. That's helpful. And then just a question on more of a housekeeping item maybe. But just to get a sense to see if I'm understanding this correctly. In the 10-Q, I think it's -- there's something related to waveguide project that began in the third quarter of 2020 that's set to finish in the second quarter here... | I anticipate there is a good chance there'll be some more engineering -- it could be booked as product. Actually, I'd have to talk with Grant about how -- I'm not being the finance guy in this regard. There is some stuff going on that we're delivering against. So you'll see stuff, but I don't know if it's going to show... | intermediate | [
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7acd0c5f03f0c5affdd68575682ace3f | Sure. Yeah. No problem. And just one last question. Maybe this is for Grant. Just looking at the product gross margins. They came up quite nicely this quarter from the prior quarter just on a GAAP basis, at least. And revenue kind of ticked up like maybe $0.1 million on the product revenue for that to happen. Is this a... | I mean, I think if we keep the revenues per quarter in the $4 million-plus range and hopefully a lot greater, we should be at to achieve margins in the north of 26%. I mean, hopefully, our goal is still to get up to 40%. That requires a bigger revenue base to better absorb some of our relatively fixed manufacturing ove... | direct | [
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90f00e14d3bbd4aee39ee9b6df81c7dc | Joe, my first question is really just kind of completions, maybe broader about this. It's been interesting. Some of your peers, and Mark have talked about this, have seemed to have for whatever reason have gone to maybe what I'd call a tighter focus. They've focused on fewer zones. They've focused on wider spacing. May... | Hey, Neal. Yes, I think your last comment sums it up pretty well. I mean, there's a lot that goes into that. But as we've talked about, it's been very consistent in terms of our, what we call life of field development approach. We have a substantial multi-zone resource space certainly in the Permian, employing a scale ... | direct | [
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422e163c988c9665076d61f198356843 | Got it. Got it. And then Joe, my second question, probably for you or Jim. That definitely it's not lost your -- what I'd call your sort of longer data plan that obviously has debt coming down nicely. But you can't help but notice not only has the equity had been on a nice run the last few weeks, but obviously the cred... | Hey, Neal. This is Jim. I'll kind of answer that briefly. And then if Joe has anything to complement it with. We have said pretty continuously for the better part of a year, priority number one is absolute debt reduction but a refinancing or something along those lines of some of the near-term maturities would give us ... | direct | [
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5cc561c30e2c960d4f12ce120746b869 | So guys, does that mean with the refinance being you would consider to even buybacks in the open market, given, I guess what some of these bonds are still kind of sub 80? When you talk about refinancing, Jim, I guess that's what I'm wondering, is it how you think about is that refinance pretty broad as far as either tr... | Yes, Neal, that's a good point. One of the things that you've seen is our bonds have traded up into the 70s and 80s. As I look forward into the year, I think one thing that that could make sense would be open market repurchase. But again, it -- that'll be on an opportunistic basis and we're going to focus on the free c... | direct | [
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7b824c351552918d7a5e35df32204683 | Yes, good morning. Just kind of curious on, that longer dated outlook through 2023 you all had. Obviously in the 2021 outlook, you do show a fairly balanced development plan. Can you give us some color and flavor like how that progress over those other couple of years? And also, look, maybe a little bit of color on whe... | Yes, the project portfolio is excellent. So we would anticipate, those types of project returns to be sustainable for many, many years. And Joe had mentioned, the idea behind the development program has been consistent for multiple years in the past and going forward where we evaluate the full stack. We have very well-... | intermediate | [
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] | B |
4efea9c424c5c00be064a6a0b7e0af33 | OK. And the mix with the mix state fairly balanced? | Yes, and thank you for reminding me, yes. Obviously that there's more runway in the Delaware, which are fantastic returns, but we still have a fair amount of drilling to do out in the Eagle Ford and in the Midland basin. So for the â certainly for the next couple of years, you'll see the continued mix of assets. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c773f90b6db17a8fe000826899a2dc9f | OK. Great. And then looking at those well costs, obviously you guys have really pushed the envelope on getting costs down on a dollar per foot basis and it seems like you're obviously lending some data to show that you think there's some sustainability. But again, maybe reflecting, obviously with the 2021 plan, firmly ... | Sure, and that's the fantastic question. From an inefficiency standpoint, we've made improvements every year, and so we would continue to project that we'll get better and better at what we do dropping down the overall costs and cycle times. From a contractual standpoint, our partnerships with our vendors, the reality ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
17ca83cea5d2433b5df7ab6c1bc987f1 | OK. I mean, I'm just kind of curious if you could give us some sensitivity around that. Like, what -- if we were to say, kind of a $60-ish kind of outlook, in those out years, where do you think the sensitivity is on some of those costs overall? | Yes, I'd be using a bit of a crystal ball in that forecast. Again, I think focusing on 2021, we're going to be well within a fair -- a couple of percent, maybe if we see some upper prices on the back half of the year. But I -- if you look back and you glue together what historic well costs have been based upon the cont... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
faf301aa9b06d366fb59e96f6823b9e9 | Good morning, and thanks for taking my questions. For Jim or Joe, as you think about the free cash flow and debt reduction targets you've laid out on Slide 9, are you approaching either the pace or strategy of hedging any differently entering this year? You -- Jim, I know you mentioned, you started on the 2022 hedging ... | I would think, generally we've hedged during a calendar year, somewhere in the 60% to 65% range. I think that's probably a pretty good approximation. There may be moments where we opportunistically go higher than that but I think generally, that's right. I think as we look at '21 and '22 and '23, sequentially, the thou... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
51e04b9ac84674a62b5f9d1aae19fe67 | And I guess is the time horizon over which you're extending those hedges, is that going to be pretty similar, or would you start going out any further than normal? | I think we'll be looking very closely at 2021 for places to optimize, or maybe later in, in the second half. The hedges that we have in place right now are really first and second quarter of 2022, so we'll be methodical about it and kind of layer in as it makes sense. And again, part of that will be just driven off of ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
650ca8b66dfcd84e819fe4d3140383f5 | Great. And then for my follow-up question, Jeff, you continue to make progress on the capital efficiency front for some of the other questions this morning. You talked about scale development program. I believe you mentioned the five well, average project size to this year. I'm curious what else you are thinking about ... | It is, as a matter of fact, we have converted over to using â we're bringing in and getting up and running more fuel completion crew, which we're really excited about. Based upon the recent weather, I think we're going to start with diesel for the first pad and just make sure everything work just fine. But when you go ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
786dfcc01205bd78e5d270dc088e5e5e | Thanks, and good morning all. Perhaps for Joe or Jim. Your reiterated guidance in the face of material weather impacts from Q1 would seemingly suggest a higher 2021 exit rate, as you noted in your prepared comments. Could you share with us the shape of your production trajectory and where you would expect to exit the y... | Yes, Derrick. I mean coming off of the first quarter, obviously, a meaningful impact there. Coming into 2021 before the storm we were going to be -- the shape was a little bit lower in the first quarter before we started working through that duck inventory that had a substantial amount of completions in the first half ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
75aa9ea44516522640b20e07e7b8b67c | Great. That's fair. And perhaps for my follow-up sticking with you, Joe, your team has really navigated this environment about as well as any. Regarding the additional asset monetizations of $125 million to $225 million that you referenced in your press release, could you speak to the nature of the asset included and t... | Yeah. Well, I'll certainly address your first comment, take that. Dana has done a remarkable job, so I appreciate you recognizing that and it's putting us in a position to take advantage of the opportunities sets in front of us. And we've been patient on the monetization front. We were able to get some deals done last ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a51ab5c229a7bebc603e91ce917e5c1a | Good morning. I appreciate all the color. Just one quick one for me. If you could talk a little bit about how you thought about DUCs? Historically, a little bit of a bump on capex to exit the year was -- kind of where did you come into the year with DUCs? And what's an ideal level that you think about kind of keeping i... | Yes, where we're sitting -- my apologies. I think there's a little feedback. When we came into 2021, we got to into the mid-60s give or take from the DUC count. We had been very rigorous in our assessment of capital spend within 2020 and so probably came into the year a little bit higher than would be normal. We'll end... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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