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51b09e8d4a4f1785d50f123332799f2f | Ian, my question for you all is -- you've been pretty cautious in your planning, and it's made a lot of sense. I'm just wondering, as you're looking at '21, I know you don't have guidance there, kind of waiting on a DAPL decision and waiting on some sort of finality with DAPL. Will that influence your plans? Or is it, ... | Good morning, Neal. That's a good question. I wouldn't expect DAPL will be the single biggest driver on our 2021 plans. Sorry, we got some feedback going on there.
I don't think it will be the single biggest driver of our plans. As Jodi highlighted, we would anticipate some widening to differential based on rail, but ... | direct | [
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097df30eab185b9bd4a03f30ec2a8365 | Very good. And then just on M&A., a question. You guys continue to have one of the stronger balance sheets out there. And again, I guess my question is -- to see deals you want to see maybe for sale or -- I guess maybe just give us -- just overall, and I'd like to say, hey, are you still seeing anything out there? But ... | Yes. I mean, I think as you think about -- let's talk about North Dakota. It's not a bad proxy for a fair number of basins. There really haven't been many deals of any size in the last several years.
Bid-ask has been too wide. That's just been the reality. At one point, quite a few players out there. There's a lot of ... | direct | [
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682ae1c609cffcfb04389b9fc873d62c | Thank you. Good morning, everyone. Two questions for me. First off, in regards to the $300 million to maintain flat liquids volumes in 2021, how much of that budget is earmarked for the Marcellus? And how many DUCs does that envision in the Bakken at year-end 2021? | Thanks, Adam. We would assume a similar kind of spend profile in the Marcellus. There'll be some rounding there. I think it's got granular, maybe a little bit higher, but relatively flat, but a little bit higher than the Marcellus.
And then I think we'll probably stay away from an exact number relative to DUCs. But I ... | intermediate | [
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200e5b290b3489ca860849be7e9bff1c | Thank you. Secondly, gas prices have been rallying here, at least in the near months. What gas price could you see that some Marcellus spending expand compared to where it's been in the last year? | Well, you probably have as much insight into that as we do. We look at the activity of our operators broadly. It's been pretty consistent. And I wouldn't imagine there's a big shift in spending if we get a three-handle out there.
I would think most of those companies have been talking about prioritizing free cash flow... | intermediate | [
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b837e492f40119fd16a09a744e25acfd | Yes, thanks. Good morning. So notwithstanding the stay on DAPL, I mean, I've got to believe your marketing group has already probably looked into securing crude by rail almost as like an option if you needed to. Is that like a fair comment? | That is a fair comment, yes. I mean, our folks are really active in that. Historically, we don't contract railcars and those sorts of things. So we deal with people who have got those cars under contract.
But I guess the substantive nature of your question is we've looked quite carefully, and we've done this before at... | direct | [
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f6fb4a40a0c9888c8c68273431cc6242 | OK. That will make sense. And with where we stand today, this may not be a fair question, but could you envision spending less than $300 million with what you see in the world today next year? | I think it's a fair question. Tell me the oil price? I'll tell you what we'll do.
I think in the futures world, could we spend less? Well, it'd be wonderful if we could. And Wade's team were able to execute this program more efficiently. So that would be great. I think the model that we've put out there was a model th... | intermediate | [
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79947c31a6636fdfaa872ddb7dd4557b | I don't know if there's good news here. Here's a tough-enough and beside-the-point question. So with the level of capex you're spending this year, I mean, would you envision any issue in terms of replacing all of your production on a proven basis? Or is it just too soon to say at this point in the year? | I think a lot of fundamental things are going to matter less to people this year. There's going to be so much noise in the system. You've also got a lot of reserves that are at risk for price-related impacts as well. You've got people looking at their UD wedges, their undeveloped wedges, and wondering if they booked to... | intermediate | [
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5eecd5ce08fb62cfe208f7cfc564ce43 | Hi, good morning, guys. I know you've probably touched on the capital efficiencies and a few things here over and over again. But just looking at kind of the corporate slide deck and where the breakevens have come down to $38, just wondering how durable that is. And it does appear that the 2020 drill program, you're se... | Yes, a few things there. So why don't I -- I'll turn the resiliency, capital efficiency, in that order, to Wade in a moment. I think variability, we don't see a dramatic difference year to year. Again, I know there is some difference in that.
But almost everything we saw last year was really close to our type curves a... | direct | [
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d36d65eff767f587acc8a827cab9f5fe | I have a question regarding the upcoming June 18 promotion. So with one month approaching that event, can management share with us compared to last year what are the biggest difference in terms of the consumer sentiment and also the merchants' readiness in terms of the preparations for these June 18 campaigns? Have the... | I think the whole company right now, we have -- going to the fiber model in order to prepare for the -- if 18 is only one month left, I think we can take the question from two point of view. Firstly from the brand part, actually I think we prepared this much more longer time compared with last year. And from the mercha... | intermediate | [
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ced3bcef8f1f123c79bf5ca1fd054488 | First is that you have mentioned about the Selling Machine. Could you please elaborate more on this and what's the latest progress and what we should expect in next stage? And my second question is about the impact from the cotton issue. How should we see the impact for both 2Q and full year in terms of how large the i... | OK. Ashley, I will take the first one about the Selling Machine thing, and then I'll ask Arthur to answer your second question about BCI. As what we mentioned, Selling Machine, I think the results generated now is quite encouraging, but it's still in a quite early stage. So I think the major task today for the team is ... | intermediate | [
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ebca4205e1ee0bc534626e820cb40245 | Just want to have a first, follow-up question on the June 18 event, which is that I just want to check for this year, yes given we actually see a greater exposure in the non-Tmall channel. So for this year, for our June 18 promotion, have we any services... And the second question is actually within this quarter, signi... | I think regarding the, how to say, the omnichannel landscape right now, I also would like to take this from two point of view. For the longer term actually, you see from the brand point of view we have a healthy and a sustainable growth. The brands need to continue building their real estate and their future proofing. ... | intermediate | [
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7c724dbd88b9175232c234bec0302123 | Just a quick follow-up. Could you just remind us like what's the economics for other channels? Are they similar to Tmall? Or are they actually very different? And also, with higher percentage of GMV coming from other channels, should we expect our blended take rate more than having a different track? | OK. So we're in the early days in terms of omnichannel. We are still in the stage of making the investment. Therefore, the take rate for other channels is not as good as Tmall. And also, we talked about in the past the different channels has a different cost model. So for example, if you look at the mini program, it ac... | intermediate | [
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a8de9bd54e21a1993a049e9354e72c33 | So the first question is, can we talk more about our M&A strategies? And my second question is, can management elaborate more on cost base optimization and trend on operating expenses? | OK. So I heard two questions. One is on M&A strategy. And secondly is on the cost base, kind of how we optimize the cost base, right? So I will go for the M&A strategy first. So basically, we laid out our medium-term plan last time. So we want to become a RMB 150 billion GMV company in three to five years' time. So in ... | direct | [
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88eb567106b037027d02412a7dcf410a | First one is regarding to new brands. I want to know our new brands. This quarter, we have many new brands. I want to know the number of new brands coming from our investments or cooperation with iClick or Full Jet or Fosun, those corporation, to have better understanding to our brand portfolio. And also, what is our s... | OK. I will take the first one, and Tracy can -- and Tracy and Vincent can talk about the second one. Firstly, the 15 brands is actually a mix of both the organic growth and also the acquisition from Full Jet. So basically, Full Jet contributed six brands within the 15 brands we actually have acquired. And secondly, for... | direct | [
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d1eecf338d00b2f627fdeb1285bd0b3d | So I have one question about the take rate. So you just mentioned that the take rate for emerging channels are not comparable to Tmall channels. So can you share with us more details about whether those low take rates from the new channels are because of the product category that you are selling in the new channels are... | OK, Charlie. Thanks for the question. I think from a take rate in the new channel perspective, it's actually a mix of both factors you just mentioned about. One is on the different categories. So for example, we have seen the FMCG category, which is -- has a stronger potential in the platform like JD, like the mini pro... | direct | [
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533f97805db8c5ead0627eee3310d10f | Can you just -- I guess, my first question, just elaborate a little bit more on your priorities for capital deployment. You obviously have a lot of cash in the balance sheet post the divestiture. I guess, specifically, should we anticipate a bulk of your capital deployment is going to be focused on the strategic transa... | Yeah. I mean, Chris, they're all tools in our toolbox, but my goal is to put this money to work and rebuild back the operating income through strategic M&A. I mean, that would be my first priority. But -- and there are opportunities out there and we'll evaluate them. But I will also tell you, we will continue, just as ... | intermediate | [
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26d10e9ddefe083cf1a3234c516d4e4e | Is there -- I guess, there targets that you've looked at in the past that I have the capital structure or just the setup of the company didn't make sense that would make more sense now, i.e, was your balance sheet a limiting factor in some transactions that will be less of a factor going forward or was that not so much... | I mean -- I guess, the answer is yes. So I mean, for sure. There was a certain limiting factor. I have to agree with that, yeah. | direct | [
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9ae6988b6f9970867962ef2b693d7114 | Just a final one just for me just going back to the core business, the 357 target for consumer in 2021. Just help us -- just bigger picture, is there going to be any major differences to think about CSC Americas versus International driving that growth either top-line or margin expansion or should we think about fairly... | We've got a little bit of acquisitions in there. The 3% number, just to remind everybody, is the organic number. The 5% and the 7% wherever acquisitions count toward that number, although I'm not talking about the $2 billion on sort of the smaller things we've done in the past. But bottom line is that I've given every ... | direct | [
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1344a8c00cc7861a8313cf78b2cd82af | First I'm going to start with just the sale. There was a time when you sounded confident that you'd get well over $2 billion for the business. So I was hoping you could highlight what has changed in the environment? What's changed in your sense of urgency to get out of that business at any cost, etc.? | Okay. Well, I don't feel like we got out of that at any cost. Basically, we're talking about roughly the same amount of money is just short of two years ago when I was looking at the situation with a lower earnings base on RX. So in fact, then it was a five times deal, today it's a seven times deal. Add that, plus we m... | direct | [
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b6a853c0f1b0d76b496283e46e95217f | In terms of capabilities, going forward will Perrigo be in a position to file ANDAs on products that go OTC or could go from RX to OTC? And are there development projects under way now that will be transferred from the RX business to the consumer business? | They won't be transferred. But we have -- there are a number of mutual long-term relationship components to this contract, including manufacturing, the relationship on OX, RX to OTC, switches. So I believe we will have a very long partnership with this division and we need it to be successful, because like I said, we m... | intermediate | [
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5ba1136e49b5ebc38e8048752cc24703 | To the extent, consumer folks are not already looking at the story, presumably they are bit for new folks or existing folks. Do you want folks to view Perrigo as primarily a private label player, a branded player or some sort of hybrid? And obviously, speak to that valuation discrepancy you talked about even without RX... | Yeah. And I understand exactly what you're saying. I mean, the reality is we are a much more branded player and we're primarily branded player internationally and we're primarily private label. We will always be a company in the U.S. that the core of it will be customizable solutions for our customers to increase their... | direct | [
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5ea45c7f1a9be2a747aab60a44e00aed | Could you discuss the pace and magnitude of new consumer launches in 2021 and 2022 and just give us a feel for that that will help us understand the momentum of the business and a little bit more in terms of quarterly modeling? And then with respect to pricing pressure, Ray, you had touched on that, could you discuss p... | Okay. So I mean we don't give specific timing on launches, but I've said -- pretty much everything I've said we would do, I think almost everything, if not, everything we said we would do, we have done back in May '19. So back in May '19 I told you that this year we would be launching a natural line of products into th... | intermediate | [
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a6cb03854021ac76bf93bfb1129d2909 | Regarding potential liabilities, will the potential generic price fixing liability stay with Perrigo or transferred to the buyer? And then regarding potential tax liabilities, could you walk through the key procedures, events and timing to watch looking forward? | Sure. We continue to feel very good about all of those cases that you just mentioned, whether it was the price fixing or the tax liabilities. Let me handle the first part. Perrigo retains the liabilities, but we share in the expense up to a cap. So the buyer is -- Altaris is incented to address -- to work with us to mi... | direct | [
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0f71288e1675eca127014a98875a6416 | Could you give us some color on what the tax effect of the RX sale is? And how much cash do you expect from that? | Yeah. We're looking at tax leakage in the $100 million to $150 million range. So what we've already said that our cash expectation is $1.5 billion. Approximately $55 million in other consideration, basically covering some other liabilities, which we may or may not pay in advance of closing. And as I said, that we'll be... | direct | [
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4bd982a40212b5b848a14190e76ef7d9 | First one is regarding gross margin in the consumer segment. For the past couple of quarters it's been a continued contraction in the case of CSCA over the last couple of years. So just curious when do you expect gross margins in the consumer segments to stabilize or expand? And then second, RX to OTC switches. You had... | Yeah. On the switches, there is a fair amount of activity, but they're a few years out yet. But you are right pointing out Nasonex next year, right? That's still on track for next year and that would be a big one, because we will be doing both -- we'll be leading the branded switch. And if you remember back to May 2019... | direct | [
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0984c81b8eaeb046d2120ba4e35d8f52 | Congratulations on, I don't say this often, an amazing quarter. I am looking through the numbers. And historically in the third fiscal quarter, the company has reported usually between $3 and $4, except for one year where you had a real estate transaction. And I thought, I was very aggressive with my $7 plus estimate. ... | Sure. It's a great question. Thank you, Steven. So I'll break it down into a couple of pieces. Then, I'll let you redirect, if I start to wander too much. So, during this quarter, I would say that, of the revenue increase that you saw for equipment, maybe 40% of that was coming from transaction growth. The remainder of... | direct | [
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20ee06d8af4977c8f1dbd8de04341967 | Also, I noticed that the -- it seems like you've reigned [Phonetic] in cost, your cost structure has gone down. Revenues went up 30% some and costs went only up I think 4%. Was there anything done in that area? | Well, our big three expenses as I mentioned, personnel is our largest, and we probably picked up the most margin there. As I think for the quarter, our personnel expense maybe only went up $5 million, $5.5 million on a pretty significant increase in revenue. And what we're seeing is the majority of that increase in per... | direct | [
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de8465662086e5d2143d5ebfeb34f92b | Your ESOP expense, is that going to be in line with last year or up a bit this year? | It will probably be in line or be within, say, $5 million. | direct | [
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4b97b1ea6abafdb37d376e748ba9fa48 | Hey. Hey, Jason, I was -- I thought that the biggest driver of repair is miles driven. So, seeing that repair and maintenance number not up a lot is surprising. Can you talk about that? | Sure, I'll, but I didn't answer the last question good enough then. So, the preventative maintenance, which is driven by -- which is -- I don't want to use the bad pun there, is created by miles driven is the preventative maintenance. That portion of our expense repair and maintenance is up. It's just being offset by t... | direct | [
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5f831155c45cb5e73dc4e6be2ac9222c | Okay. I haven't really formulated this question well, but I'll try it. I mean, mobility in the US is probably on the rise now. So, what's going through management's head with regard to this new found freedom of driving around or migration across the country? I mean, are you all going to think about making the business ... | Yeah, that's an interesting question and we certainly didn't foresee this coming, but what our -- the business model that we've been working now for decades is trying to be everywhere where the public is going to be. And I think what this has created is the opportunity for us to expand into more markets with company st... | direct | [
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a71aef7f15f5ee939dc6f8ddc409f061 | Yeah. How do you get a pulse on is this a one-time move or is it a more permanent condition in terms of the demand for your product? | Joe may have a different opinion on this. I guess I don't have a real good feel for that. I think I've always said our business is based upon just any life of that that would happen. So, there's a whole bunch of people that have moved out of the big cities and that's moved our equipment to certain places. And I think t... | intermediate | [
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dd770a28499e69162afa3cba9f5bc14f | And then the fleet obviously, the migration has changed. Did you say -- I missed the first part of the call how much of the revenue growth was volume versus transaction or just... | About 40% has been transaction growth this quarter. | direct | [
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42e53201ed21b7848073f70d419539fe | Okay. And the three-year cohort on -- I don't know if you're doing that on just annually or every quarter in terms of 80% occupancy or that stabilized number is there any -- has that improved? | Yeah. So I ditched that whole three-year deal after that went down in flames a couple of years ago. So -- but I have been doing -- I'll give you a few other ways to look at it, and you can pick the one that you liked the best. But one of the questions that we got from Jamie Wilen, he hasn't been able to make it on the ... | direct | [
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ab42e5b89adb70c72a5c1d68f7398309 | Okay. Yeah. That's where I was getting at. I couldn't remember which one -- which iteration is that we're on, but some look at it as helpful. And then the tax refund it looks like in the -- you still have about $380 million to go there? | Yeah. So we have about -- I think its $123 million that we've filed refund for and are waiting for it. And it's now passed the point where the -- now the U.S. Treasury is paying interest on those, but we haven't received them yet. Then in December, we filed our fiscal year 2020 tax returns. And then the refunds that ar... | direct | [
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c78837d4985f79dea71a101269fae557 | I'm wondering if you folks can talk about with the work that you folks have put in dealing with the supply chain environment now as you look at what 2023 might look like compared to the exit rate. I know it's too early for guidance, but can you just touch on, from a high-level standpoint with the margins improving over... | Yeah, I think, Jerry, like you said, we still have uncertainty. Obviously, we still have a large range in the back half of the year, $100 million to $120 million. So, like you pointed out, it's still uncertain what's going to transpire here from a supply chain. I mean, obviously we've talked about the actions we've tak... | intermediate | [
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23a56313c043bb2e4b8a32387fc53af6 | And then, in terms of the move to furlough employees, obviously we're in a really tight labor environment. Can you just talk about your prospects of bringing those folks back once you're able to address the supply situation given the labor backdrop? | Yeah, there were three things we were thinking about, Jerry, when we went through this process. I mean, obviously we talked about it in our fourth quarter. And I know in our first quarter we were retaining labor for three reasons. One, we had to finish the rework. We have to have a pool of people that can go out and re... | intermediate | [
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4445c60177d9a4851ae4f8d2ea4c9056 | And the furloughs, what proportion of the labor force is impacted? | So on percentages, in rough number, it's about 100 people, and it was only a couple of facilities within our ambulance division since they're the most hit by the chassis. So it's about 100 people that were furloughed here. And they're 30-day furloughs right now they're executing. | direct | [
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8a07beb8ebdd104413f3aefc61567dae | I guess, I'm looking to get a little more color and context from you on the price increase component to the discussion here. It sounds like there's a couple of things happening. It sounds like you've repriced backlog. Maybe you can comment a little bit as to how you're doing that and what segments are impacted here. An... | Yeah, so I'll start and Mark can add in here. We have done selective backlog price increase. First off, RV prices, when they repriced they repriced on a forward basis. So everything that's in the backlog gets repriced when it's shipped. So that one's kind of self-regulating relative to managing inflationary pressures. ... | intermediate | [
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ee3d5550ed3b8920235fdb8a19cfac67 | And what is your sense of how these price increases are impacting end-user demand here? And I ask because if I'm looking at fire and emergency, you're talking about demand being robust, but implied orders here are the lowest they've been in almost six quarters, and they have been eroding sequentially. So, I guess, I'm ... | Yeah, I think when you look at the -- when you compare it to probably the more recent quarters, both fire and emergency have had some pretty robust order rates in the last year and a half of really coming out of the back end of the 2020 related to COVID. And so when you think about -- for example, on a trailing four qu... | intermediate | [
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4be6b13a2b99034a37a24ab45346ce6e | Final question for me on on RV. I'm curious if you can comment at all about demand in the third quarter, what you might have seen during the month of May. We have heard from some folks who are in the distribution business for RVs that they're canceling some orders or canceling some of the backlog that they put with OEM... | So the first thing I would say is that when you look at our -- broadly, the expansion we've seen here in the last two years in RV, if you look at the data by end-market, it's been largely a towable market expansion in that and C. We're underweighted exposure on towables. We have a towable business that's kind of a nich... | direct | [
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b160803e08e8ad91e9b0c13729201000 | So thank you for taking my question. Just following up on the RV side. And I get -- I heard what you mentioned about towables and such, but, I guess, how do you think about you and other RV manufacturers in terms of production schedules, right? Because if -- OK, so inventories are low for certain products, but if towab... | No, I would -- when you think about inventory builds in the dealer side, we see it build -- been out by product category. So there's no question that you can just drive down the highway and see the towable inventory in dealers has increased. And that's a -- that's why you're seeing some of the comments that you're seei... | direct | [
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9f163fa4de07d5d1f9efa3a77361029b | And then maybe just one more. I mean, so you've been restructuring the F&E business for some time. And I understand some heavy lifting items like rationalizing the footprint and such lately. But when you think -- I guess, when do you think you'll get to a point where the F&E business is close to, say, normal run rate o... | Well, I honestly believe if you look at -- if you bridge it out and look at where we're right now versus where we would want to be or even where we were last year at this time, it's a volume. It's largely a throughput and an inefficiency walk. And so if we got the throughput back, if we were able to manage these supply... | intermediate | [
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3fafa99b527cfe5bbae0d391a91659ab | On the supply chain, and you may have mentioned this, but, I guess, that it hasn't really gotten any better, but are there certain areas where it has actually gotten worse? | Yeah, so I think the items that we highlighted in my specific script when you talk about digital displays in the transit side, axles is definitely, and that's publicly out there with some of the challenges. The wire harnesses, I think if you talk to ourselves and our peers, that's been a significant challenge as well. ... | direct | [
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1e641f8eff2fec0f0e364078f4b40b0d | I guess a couple of questions here for you. First off, I just wanted to look a little bit at maybe what we would call closure or pandemic categories versus kind of reopening sales categories. You spoke a little bit about it in the call, but can you talk about outdoor space, exercise at home, if you've seen any ammuniti... | Sure, Mark. As I tried to indicate in the prepared remarks, once the team sports business return, we had virtually all categories throughout our stores performing at high levels. Throughout much of the pandemic, all the categories other than team sports were doing pretty well, very, very well. And certainly, the outdoo... | direct | [
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c2bff5c09aa187d9aceda4ed0ce2ae08 | OK. And it sounds like you've got to said that there, you haven't seen a slowdown in the categories that were strong over the last 12 months that kind of front yard, backyard outdoor exercise categories. Have you seen any shift in consumer behavior to where they're doing other things than what they did during the pande... | I guess the way to look at it, Mark, I mean, we certainly have seen some slowdown from the levels of pure surge vines, if that occurred, for example, in exercise, which was really one of the first categories to take off at the onset of the pandemic. And whereas we're certainly not seeing the demand at the level of real... | direct | [
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c4e6734a3573a25053d85ae9fdbd5979 | As we look at the cost side, you guys have done a good job on reduced hours and your new cost structure. Anything inflationary that we can keep our eyes on? Are you seeing any pressure in labor rates or anything that we should be watching for? | Well, actually, yeah, Mark, we did. I think that labor pressure, not only minimum wage, which, of course, is huge for our markets, it's really easy across the nation. But just the labor market in general, surprisingly enough, we are just seeing a lot of challenges, really at store level at distribution center level and... | direct | [
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d004e104ffdb88a849b9c4e4ba184679 | OK. Then I think just two more for me, Steve. Just to confirm regarding Nike, I think you said 7% of 2020 sales, and you don't expect any growth significant impact this fiscal year. Is that correct? | That is correct. | direct | [
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d50ae95bb6981a73e53c8cac14539153 | Perfect. And then the last one for me. If you have it handy, can you give us what the cadence of comps or sales were last year during Q2 and I know the calendar shift move some things around? But if you've got that handy, if not, we can discuss it offline? | Yeah. I think I can provide that. Can you help with that, Barry?
Yes. I can give you Q2. In March, we were -- April was down almost 40%. May was up just slightly and June was up approximately 15%.
So, you can see the trending and that's when we made the comment last year, the first half being down significant -- firs... | direct | [
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d26c51dd1e5f47a0be5d2b2d3caf0151 | Hey. Thanks, guys. Couple of questions. One, just remind us what percent of your product comes from India, what you're seeing currently in terms of delays. Second, you mentioned in -- you're putting an increase in marketing expense. Curious if you could just size that for us. What are you comparing that to when you say... | Hi, Paul. I'll start out on the India question. We haven't actually given a percentage of merchandise that comes from any different country. But let me answer your question in a different way. So, first and foremost, we're very concerned about the families and teams of our Indian partners. It's one of the reasons why w... | intermediate | [
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107aeeab24033a03907c6874fe28cb80 | Congratulations on the nice progress. As you look at the average transaction value up both obviously in North America and international, what do you -- how are you thinking about pricing? And was it in any particular category where you're seeing the change? And just any other particular category call-outs, particularly... | Hi, Dana. Thanks so much. I'll start on that one. The ATV increases that we're seeing are actually broad-based. So, we saw them both in brick-and-mortar and in e-commerce, and we saw them across our banners, and we saw it in both bridal and fashion. We would credit that to a couple of things. One is I think we're doing... | direct | [
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9f8f274e60c69d96bf184c76126fed93 | Got it. And just one follow-up, inventory levels. How are you planning inventory levels in the second quarter and balance of the year? | So what we're really pleased with, Dana, is that we've been able to continue on our working capital disciplines and the life cycle management. And as Gina said, inventory management is now institutionalized. And as we think about that, that means the flexible fulfillment, the shift from store automation, buy online, pi... | intermediate | [
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488df512b40bfdbfa0ee632a98d1b082 | Good morning, and then thank you for taking my question. I was wondering if you guys could just spend a minute walking us through your kind of capex, you know, the increase there. And maybe in a longer-term sense, give us an idea of where you feel you are, just maybe in terms of, you know, baseball analogy. You know, w... | So with respect to our capital investment and our increase, it's really about continuing to drive on digital and technology innovation. And we spoke about -- at our Investor Day that our harmonization process is still under way. We believe we have some time to go on that another year or so. And then the digital investm... | intermediate | [
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0a0208217ab177952d18a2ced848fe85 | No, that's great color. I appreciate that. And I guess one just little thing. You mentioned the merchandise margin was up during the quarter. It seems across all of retail. You know, retailers are getting the prices they want with, you know, limited promotional activity. Can you walk us through whether you guys -- prom... | Sure. Thank you. From the perspective of merch margins, the life cycle management itself is helping to really improve -- our margin is benefiting from the life cycle management activity. But from a promotional perspective, what we found is that we are -- because of that, we are able to have leaner markdowns and able to... | direct | [
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ecb7412cfd54bc0efdd1973325f2720a | Thanks. Good morning. I wanted to follow up on the comments around the enhanced relationship with your credit partners. What's the mix of sales from each type of credit at this point? And can you compare the profitability of sales through your various payment options? | So what we can see is that the customer right now, Lorraine, is really -- there's a mixed shift in bank card use versus PLCC versus, you know, leasing, and we're seeing the customer, you know, being able to make a choice, which is what's really important for us is for them to have a choice and have opportunities to buy... | intermediate | [
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764bbae510ea5e5a7ab3f470d995849f | Hi. Good morning, everyone. I guess just two questions for me. On the back half comp guidance, can you kind of just maybe give us some insights into how you're thinking about the negative comp, I mean, traffic? Are you expecting it to worsen? Just kind of curious what's going through your thought process just because t... | Great. Thanks, Ike. As you noted, the back half of the year is -- you know, remains hard to predict for the reasons that I detailed. But we think there are both headwinds and tailwinds, right? And so as we think about the tailwinds, consumers coming back to the office and the shopping that might entail may, you know, i... | intermediate | [
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f6d4499b34c8b9fd86306abfc2cdf5ae | I guess what I'm asking is the inventory turn for you guys is very slow. So the inflation we're seeing now is really going to come through next year. Is there anything from an AUC perspective that we should kind of keep in mind, that you'll be coming up against, I guess, 12 months from now? | What we're seeing is that we're able to navigate currently. And so -- and as we're buying and buying through our product now that we're able to, you know, work our way through it. And we'll continue to do so as we progress through the year. And if we see anything different, we'll be sure to, you know, work through that... | intermediate | [
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4a39fbe745f38c29e05d76dbcb80aabc | Thanks. Just to probably get some clarity, Matt, on what you were just talking about, continuing to look to pair to pool agency with MSR. Does that mean that as you continue to grow servicing, you would look to kind of add that to the agency portfolio? Or are you kind of waiting for other opportunities there, just give... | Yes. Good morning Doug. Thanks for that question and thanks for joining today. I think the answer is largely yes actually. So we are very focused, like you said, on adding to the servicing assets. I think there's reasons to believe that that will see increased flows here in the coming months, given the shift higher in ... | direct | [
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4cdd144538b61be529dc00ec670b41cf | OK. And then just on the margin, as you talked about that, the margin today is higher than the core average. Can you just talk about what are the assumptions that go into the prepaids for that quarter-end margin versus what you are currently experiencing on prepaids? | I am sorry, Doug, I am not following. Which margin are you referring to exactly? ... Yes. Mary, do you want to maybe take that one? ... Sure. I mean the asset yields as of March 31, which of course is based on a static portfolio, we do expect yields to go up and that is primarily due to lower prepayment assumptions and... | direct | [
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4592d66414c5a67bb173b93a4815cf77 | First, I was wondering if we could just get an update on where book value has trended through I guess the end of April? And then kind of more broadly had a question on sourcing MSRs going forward? As you mentioned, you have continued to grow that portfolio even in a pretty fast prepayment environment. As we look ahead ... | Sure. I will start with that one, Charlie. Thanks for the question and I will hand it off to Bill for the second part. But in terms of April, we haven't quite closed the books altogether on April. But at the moment, we are estimating a total return through the end of the month, of about down 1%. And I will let Bill com... | direct | [
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3cde6b84c6e28c60e0f6f1afe1b9422f | Hi. Good morning. Actually, just to follow-up on the last question. Did you just give the book value update as being down 1% quarter-to-date? And then just when you think about it, OK, thanks. And then just the positioning on the book, I guess it's safe to say, spreads don't tighten from here. Your book values probably... | Yes. I would say, in general, at the moment as Matt discussed in his in his prepared remarks, we are currently keeping our mortgage spread low in general, right. And so I would expect that that no matter what spreads do here at the moment, we would have low book value volatility as a result of mortgage spreads. One of ... | intermediate | [
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747e7e4ccb47225900d26f953642a535 | OK. Great. Thanks. And then actually can you just remind us why some of the MSR needs to be held in a TRS? And does that change the return profile? | I will let Mary take that one. ... Sure. Good morning Bose. ... So we purchased our MSR into our servicing entity which is a taxable REIT subsidiary. That's the name serviced there with the GSCs. And then they kind of dictate how much they allow the excess servicing to be sold into the REIT. So both Freddie and Fannie ... | intermediate | [
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4b5732fb9317eb00663beeef5beda1c9 | Hi. Thanks. Good morning. How are you guys? So you got the MSR which note is essentially equivalent to being short lower coup TBAs which I think seems to make sense. And you are also long some lower coupon TBAs at quarter-end which I think you noted aren't really as attractive from a carry standpoint anymore. Can you m... | Thanks for the question, Eric. So when we were talking about the position rotation, we are mostly talking about their 2% coupon. That was the one that really in particular had much less attractive hedges up to carry. And so we will [indiscernible] quite a bit during the quarter. The 2.5% coupon actually still is rollin... | intermediate | [
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cd85ae0d3bb13a7b40d56c3e2a4c3a64 | Got it. Thank you for clarifying that. And then the swap portfolio looks like it has pretty short duration. I think that also makes sense. Pay downs are still elevated for specified pools. And the MSR duration, I think, is at the longer end of the curve. But how do you think about beating up the swap portfolio if rates... | Well, I think I mean our swap portfolio pretty small in general, I would say. Some direction heading on the short side in the front-end and we need to be a longer duration in the longer end. You can see that on Slide 13 actually of the presentations that most of the rate exposure is handled by the servicing asset. And ... | intermediate | [
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99415a83d6e93fc7135ec35e54c6a292 | Hi. Thanks. A question on prepays. They are related to the slide you guys showed with the percentage of the market that's refinanceable. And I think you made the point that it's still something like 60% but there's a lot of borrowers who, for whatever reason, haven't refinanced so far. So I was curious to get your thou... | Sure. That's a good question, Trevor. Thanks for that one. I will take a stab at it. I think that's just really a new announcement came out last week. So I think we know our process all the impact from it. But as we mentioned, the idea of course is that low income borrowers haven't been able to take advantage of low mo... | intermediate | [
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86027bad10b0c8178d26a06720c177b6 | Hey. Good morning. Thanks for taking my question. Oak and Barry, thanks for the detail, very helpful. I appreciate the execution you guys have had in a very, very difficult environment. Maybe first, just in terms of the strategic process, I was wondering, if a joint venture outcome is something that's amenable and some... | Yeah. I mean, we're not going to comment, Scott, on the potential forms of combinations this time. Like I said, we're not going to answer further questions on that. In terms of the debt, though that stays at, RemainCo at the parent level, that would not be going with CA. | intermediate | [
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38875e83e05896b4b8f5b173513d0406 | Got you. And just a follow up on the CA North American gross margins front, a lot better than I think people were expecting. It sounds like you've been very successful in terms of your renegotiation with your satcom providers, but could you dig in a little bit more in detail in terms of what maybe the fixed or variable... | Yeah, Scott. Let me take that one. The kinds of cost reductions that we have seen are clearly part of our plan and that we will see the benefit of those going forward, particularly as we converted those furloughs to reductions in force, we will see that benefit going forward. So -- and that applies across the CA North ... | intermediate | [
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2fc1de6829d5f5f55e285d8e34d7669a | Great. And lastly, just quickly on BA, you gave a lot of color there. It sounds like from reactivations, reopening of plans that you're kind of getting back into 90% plus kind of run rate of where BA had been on the services front, but surprised to see as well you're continuing to see new aircraft coming online. I'm wo... | Yeah. I mean order flow is way down like I said, we shipped 100 in Q2 versus an average of, I think, about 270 a quarter last year and we don't expect to get back up to that 270 levels this year, but we do think we'll have higher levels of orders in -- or shipments rather in Q3 and Q4. So, and I think that, things kind... | intermediate | [
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21b330470b5407d76c656a14d330ac14 | Hi, guys. Thanks for taking the questions. I just have two, if I could. I know you talked a little bit about this on the prepared remarks, but obviously a great job on cash flow in the second quarter, but to what extent do we expect the benefits there to perhaps reverse in Q3 or Q4? And then, I guess to the extent that... | Yeah. Just to be clear, our plans run through -- when we talk about our short-term kind of COVID operating plan, that runs through the end of '21 and I think I gave in the call, our expectations for the recovery of air traffic by then. And so, we don't have -- we're trying to push, if we're deferring anything at all, i... | direct | [
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91ee97585d45360fcce3a67eaced8e47 | Okay. And in your prepared remarks, you mentioned the 6% converts to May of 2022. I suppose in a perfect role, you'd have them refinanced by May of 2021 so they wouldn't go current, but if I remember correctly, the old convertible notes went current for a period of time and the world didn't end. So, given the trajector... | Well, I mean I think it's really important to point out that the value creation plan that we've described with the three tracks creates a lot of optionality to address the converts. The strategic track, successful CA sales process is one example of the ways that value creation process could contribute to this optionali... | direct | [
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ff9e24dc216ba0a0e0fef1570da5ca8c | Doing, OK. When taking into account the splitting of the CA division with the BA division, do you have a high level sense on what the cash burn for the CA division was in 2019? | Yeah. On an unlevered basis, the cash burn for CA 2019 for the full -- all of CA was about $24 million. | direct | [
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b469424f9b4f296201196257885acdb6 | That sounds good. Yeah, that's what I was looking for as you guys are looking to sell this division, whoever acquires it would probably also take into account the cash burn. So, I was wondering what the all-in cost for that would be. And secondly, also related to the CA division, SpaceX has been aggressively launching ... | Yeah, it would be though. I mean, I think we are well-positioned for any type of non-geostationary satellites because we also have the ability to convert from 2Ku to 2Ka and that will fly under Ka LEOs just as well 2Ku will under Ku LEOs. | intermediate | [
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3143912e55cb96573b59dc3f2ae38261 | Sounds good. And one final one, how much capex and general spend remains for the ATG 5G network? You said you spent a little bit this quarter and I think you've spent a little bit in the past as well. | As you can say, the total cost of the ATG network is about $100 million, about two-thirds of that is capex, about a third of that is opex. We are keeping the opex spend on track. So, the development process itself is very much on track. So we have three major vendors there and the Cisco core is installed, the antenna p... | intermediate | [
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2452bb10accbbda6e38d4b0b8e6ecdb5 | And is that something that you'd wait for the partnership to be in place as opposed to putting a contract in place before them? | I think it's a pretty important term for any transaction, Ric. So yeah, it would -- I think everybody would want that in place before signing a deal.
And Ric, as you probably know, there is currently a transfer price mechanism in place that BA charges to CA for the ATG base megabytes that it delivers. | direct | [
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e70bd19d5e960647698bd58f7d7a1064 | And then how much does that run? Do you -- I don't remember the number right now. | I don't believe we disclose that publicly. We can circle back with you. | fully_evasive | [
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d6e9cd0dfd8eb8bcf40918e1e37cad89 | Okay. And on the next gen 5G ATG network, when do you have to make a decision on the spending? As you watch the recovery of -- hopefully of the different segments out there particularly BA is already recovering, is it that you need the strategic decision made first or when does ATG need to get the green light to kind o... | That would be sort of middle of next year, probably, Ric. | direct | [
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7a4ba435bf1a91defae63d9e61825901 | So, you've got some... | Yeah, we've got time. Yeah. | fully_evasive | [
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c6e9c7dcbc905fd05238ea3dca2f5837 | Okay. And I know you don't want to talk about the strategic transaction possibilities, but did I hear you say kind of a summer time process in your prepared remarks? | Yeah. We had some inbounds early in second quarter and we've lost a formal process in the second quarter, which is continuing now in the third. | direct | [
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d42bae03dc4bff4a3da04830d262774d | Okay. And final one for me is on the CARES, it sounded like, based on the frequently asked questions, you might not be eligible for the loan, but you might still be on the grid. When do you expect to get further clarity on that $81 million grant item and then the employee effect would actually occur? | Well, frankly, we haven't formally been told anything on the loan program. We're just gleaning it from a fact that's been posted. We have some discussions going on right now with Treasury and we'll see where they lead. I really couldn't predict, anything Ric, around that. It's just -- it's been very unpredictable. So, ... | intermediate | [
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df86072114d6c9527cf7c50a22ae01a4 | Hi, guys. Thanks. Following up on a couple things. So, if CA was sold, does the investment in 5G make sense at the levels that BA will be using? | Yeah, absolutely. People's expectations for the performance of inflight connectivity are going to grow as they get better performance in their home or office environments. And so, if you get there's too great a disparity between what they get in flight and what they get out where you're making yourself vulnerable to ne... | direct | [
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aebba8d26d46da210e75e6a61d634d04 | Okay. And then thinking about a CA deal, we've got Rest of World looks, if not going to grow for the next few years. You just did a pretty substantial layoff. Are these things all in preparation of doing some kind of deal on making the asset more attractive, or could some of these things be reversed if you did a combin... | The reduction of course is really part of our COVID operating plan and, our -- what we need to do to make sure we hit the minimum liquidity requirements we have for the business to get through the pandemic, I would -- that is not really related to any kind of strategic transaction. I didn't really follow your question ... | intermediate | [
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69b9043bb8f472133c44c20cc39620c9 | It sounded like the planes under contract, wasn't really going to be growing for the next few years either between potential bankruptcies of customers deinstalls and a slower install pace, is that right? | No. I think we said there's about 100 of the planes that are flying today are installed today that may go away. And then we've got about 500 plus in backlog there still. Of those in backlog, 100 could be at risk because of the -- well the airlines that are in bankruptcy. However, that doesn't always mean they don't ins... | direct | [
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926c5f02c99f941a479862bc1f45ed14 | Okay. And then last thing, assuming the CA was sold or spun out, is BA large enough to remain a public stand-alone company, or should that be sold or taken private, as well? | We don't have any plans around that right now. I'll say this, I've been CEO of much smaller public companies. You can be a $300 million or $400 million public company. And, obviously we would hope to grow that business also. So, no plans around that at this time. So, we'll just see what we -- what the world looks like ... | direct | [
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5db1b833c1597d023c7d8b78e3c257e8 | When you discuss various options for returning capital to shareholders once you get your balance sheet in good shape, how are you thinking about increasing the base dividend versus implementing a variable dividend of sorts or a share buyback program? Is there any method that you think screens more attractively? And at ... | Yes. Good morning Neil, thanks for joining us and your question. And by the way, I just like the question because it recognizes the progress we've made on debt, and it sounds like the confidence folks have that we'll continue to make that progress. I think the first thing I'd say, though, is we need to get to our debt ... | intermediate | [
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6af076e6b49134ad020e513149ce7252 | And then turning to the assets, it seems like you're allocating more activity toward the SCOOP region of your Anadarko Basin assets relative to past. Is there a scenario for greater liquids uplift as a result? And just can you provide some color around the cost efficiencies you expect to see there, given well costs tra... | Yes. I think, first, we have a -- obviously, our bigger position is up in the STACK and the SCOOP. And but we have and we'll continue to develop the SCOOP, but the inventory is more limited. So we'll be doing this as it makes sense. But our efforts there like our efforts everywhere are actually continuing to unlock new... | intermediate | [
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b4f81e9cbe550cc52df1f830ed429b49 | Maybe I'll start a question on your capital spending. I believe your prior commentary suggested a relatively level-loaded capital program for 2021, which, if we annualize, the first quarter spending is running a little below your full year guidance. I'm wondering if there's any timing noise within the remaining three q... | Yes, Brian, thanks for the question. I think that we are -- it is still April, actually. So it feels a little early to be adjusting guidance. We're pleased with the progress. But I have to say that Greg and his team, they know the expectation is we're going to get more efficient regardless of the environment. If we hav... | intermediate | [
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ac4e3f6403a60d6c49594400576f44ab | And then maybe one for Greg. I'm curious your experience with Simul-Frac in the Montney now that you're using it on the vast majority of wells. That seem to be an area where both the D&C cost trends and production trends were solid in the quarter. So we'd love to hear any early learnings from the Montney on Simul-Frac ... | Thanks for your question. And yes, I think one of the great things about the way we execute on our wells and innovation here at Ovintiv is we get an idea in one area and find out that it works, and then we quickly move that around the organization. So as you know, Simul-Frac started down in the Permian. And the teams s... | direct | [
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349e64eb058f9f08203ae869e20e0a33 | Doug, you indicated that you need to make sure that the base dividend gets to the right place. Can you provide a little more color on what metrics you're looking at to determine what the right place is for Ovintiv? For example, some of your peers, they talk about limiting the base dividend, to call it, maybe 10% of cas... | Yes, Jeanine, and -- I definitely don't want to front run our Board here, that wouldn't be wise. So -- but I think this is -- there's really two things we have to think about, which is, and sort of what we always refer to, as sort of a mid-cycle world, how do you think about what proportion of cash flow should be retur... | intermediate | [
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1f4f87fca6e760749f8fa75db03ab545 | My second question, maybe just hitting on divestitures quickly. You sold the Duvernay and the Eagle Ford, which is great, accelerated the debt reduction, what everybody wants to see. Would you consider selling any more of the base assets?
I think it's interesting that recently, we've heard some operators are reconside... | Yes, Jeanine, I think you -- first of all, I could use the famous quote from George Popovich, and just between you and me. But I think what we really think about on assets, and this included the Duvernay and the Eagle Ford, it first has to make sense strategically. It's not a tactical effort just to reduce debt. So if ... | intermediate | [
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a9eecf8443f380ea4deeab342fc857ff | My first question is really just on the flexibility of your current plan, specifically, I think the last, you continue to say you're running four Montney, three Permian, two Anadarko rigs. And I'm just wondering is there any flexibility, would you think about changing this depending on what -- if NGL prices continue or... | Yes. We don't really -- as you know, if you're focused on returns, the price on the screen at the moment isn't what really drives returns. It has to be -- you think about the price you're going to receive over the balance of the life of that asset versus the capital you've put in. So I don't see today movement there. A... | intermediate | [
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e675cc4b7616e9879f8c7754ed808c0b | I was wondering, just given your sort of deep knowledge in the basins you're in, not to mention, basically you have past experience in. I mean do you envision -- I guess, I'm thinking especially about real-time completion data. Do you envision that or other tools having the ability to possibly expand the footprint of a... | Yes. No, it's actually a great question. It's actually pretty strategic as well. The -- if you look at -- we kind of -- maybe all of us in the industry kind of maybe don't quite appreciate what we've accomplished over the last 5, 6, seven years. We've taken a new play concept to make it one of the biggest sources of su... | direct | [
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] | A |
5a16f75b48e6cad898b304f3995d31ff | Can you go through a little more on that CEV and that shift from -- to the higher percentage of earnings. Was that something that was temporary or is that something that is more structural or something else going on there? | Travis, this is Pat Migliaccio. For this year, we are seeing some increased direct sales both from the generation side as well as some projects came on a little earlier than we anticipated. The earnings contribution of 35% to 45% is really only for this year. You'll see in the materials today we provided long-term guid... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5cedbb5e727ec4e957861a5200d8a426 | That $150 million green bond, are there restrictions around that or different terms and than a typical bond issue that you guys would do, just wonder if you could talk through that a little bit and even the decision to do that. | No restrictions other than other than the fact that must be used for green investment and we will have to get our auditors to review and make sure that, that's in compliance with the provisions in the private placement agreement. Other than that the coupon, the [Indecipherable] was similar to what we'd expect to get if... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0a80c8e744c9e38badffc8611a726a54 | And does this give you more firepower for lack of better word [phonetic] to build on the solar projects maybe up the capex in 2020-2021? | No Travis, this is part of our planned debt issuance for this year. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
61dd974a18dc16267c18e73ddc9efe1b | [Foreign language] My question is regarding the press release. We have mentioned these big titles, Harry Potter, Lord of the Rings, Diablo Immortal will be coming in the next few months -- in the coming months. So I'd like to understand about the launch schedule and details around these three big titles. Thank you very... | Thank you, Alex. I'll answer your question directly in English. We do have very, very strong visibility and confidence for a rich pipeline, including highly anticipated games like Harry Potter, Lord of the Rings, Diablo Immortal, and a few others that I mentioned just now. And many of these games have already obtained ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
669517130ebb083425cc66531ab78772 | [Foreign language] So, I will translate my questions. In recent years, there have been some independent game studios which were able to launch very successful self-developed titles. Just like NetEase, these new game studios also published their games on their own instead of going through third-party publishers.
So my q... | You -- the companies that you mentioned have had great success in the recent years. It means that the overall environment for creativity, especially in games, is very good in China. NetEase, we have been a business for over 20 years. We will continue to innovate to thrive.
And we are happy, you know, with -- for the su... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e4b0ffa1cb93f6d502a58aa88f43c8ed | Hi, management. Thanks for taking my questions. Can you comment about our online user strategies, in particular, subscription and live streaming? And any thoughts about the long-form audio strategies? [Foreign language] | Yeah. Thomas, do you want to translate your question in English? OK. Thomas, I will answer your question directly in English. Yes, there are -- as we've been mentioning in the past couple of quarters, there are plenty of possibilities in terms of product innovation, in terms of monetization streams that centered around... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
aa67698372a679d7bc02db3dca99f24f | [Foreign language] So my question is actually a bit of a follow-up on the game industry. So number one, congratulations on the continuous success of Fantasy Westward Journey and Westward Journey series. But it seems to be interesting to observe that globally, no matter whether it's a successful PC mobile or console gam... | Yeah. We do not entirely agree with your comments. We think, obviously, you know, it's important for new companies to create new IP, new titles. Well, we think more importantly, it's the longtime -- long-term operation of good flagship titles.
As from NetEase's perspective, we will continue to do what we are doing. Ove... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b489a659be8123684d17d2f71ba79a4e | Hi. [Foreign language] Thank you for taking my questions. My question is related to the Cloud Music. So with NetEase now currently signing directly with all the three major music label, would that change the overall attractiveness of the content selection for user? And also, would that help on driving the music subscri... | As the streaming platform or social committee for music enthusiasts, you know, NetEase Cloud Music is actively -- have always been actively seeking partnerships with content providers or label companies in order to help them promote their music in China. That's answered the first question. And in terms of IoT or furnis... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
950413f3ca28f7f33cf53434a698121c | [Foreign language] Good evening, William, [Inaudible], and Margaret. My first question is about international games. We noticed that there were a lot of coming titles for this year, and it seems that for different international markets, we actually have different genres. That's the first of the key points to touch base... | Yes. We do have -- we have noticed that, you know, there are -- because they're different culture and different devices that's used by users in -- at -- in different parts of the world, we need very different products targeted to particular regions and countries that resonate with the users there. You know, and then we... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3b0ab983d8c3cb37bd7b719ad3497a81 | I want to get a sense for maybe where you are in enrollment with the additional safety cohort. And when -- if you have any guidance on when maybe enrollment for that could be completed? | Good morning, Ted, and thanks for the question. Let me start and then maybe I'll ask Lisa, just to provide some color. So, as a reminder, we started the open label fairly recently. I will say that I'm extremely pleased that we did make a number of at-risk investments prior to the Phase 3 results that came in August, to... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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