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9e02a9ddda788c2df3c77b7b53a4bb7b | The first one is on 109. As you did indicate that the open label study does include patients that have first recurrence, what's sort of your best guess of where in the treatment paradigm 109 will fit once it's successfully launched in practice?
And then one more if I can, just on 287 and 301. How do you anticipate adv... | Yes, Joe. Good morning, and thanks for the two questions. Why don't we start with 109? And I think you're asking maybe about the label, but also the opportunity. And I think it's important to comment on both. Of course, the label will be determined as part of the end of a negotiation with the FDA, as part of the BLA pr... | intermediate | [
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62afe117586d14648849c2f74e654824 | The first question I had was -- wondering if you could give us some sense as to when we might see some initial data on SER-287? I know that study is still enrolling. And whether you might update us when it completes enrolling?
Second question I had is regarding SER-401. Just curious if you see things that are interest... | Yes, John, good morning and thank you for the questions. Let me start with the first on 287. I might ask Lisa to comment, and then we can ask Matt to comment on 401.
So for 287, of course, we have been impacted by the pandemic as others that are conducting studies in the space. Of course, we require endoscopy as part ... | intermediate | [
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e083518a634ae80fa2b6d86383d7741c | First, can we expect to see 24-week data from ECOSPOR III sometime in early 2021? And I'm also wondering how much patient follow up the FDA is asking for in the ECOSPOR IV study to satisfy the safety database requirement for SER-109? | Yes. So, Mark, good morning. Thanks for the question. I'll ask Lisa, to comment. I will say that we are continuing to work with the FDA to clarify the schedule of how we will present data to them as part of the open label study. And maybe Lisa can comment further on that as well as the plan for additional data disclosu... | intermediate | [
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9a036dc12a7643fd5e3fe7a42d23c1e1 | And just with respect to SER-287, I know you've previously mentioned, ECO-RESET could serve as one of two pivotal trials that could support registration in ulcerative colitis. May would be helpful if you could give us a sense for how a potential second study would differ from ECO-RESET in terms of size and endpoints? | Yes. I think 287 results will be incredibly important for designing the next study. So, I think in terms of size, a lot will depend on the effect size we see and whether or not we need to think about a bigger trial or a similar trial to make sure that we are statistically significant. So really, without seeing the resu... | intermediate | [
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e58688c6ec101447bc909b4596ebbe18 | So the -- for the first one, maybe Lisa, just to clarify what you had said previously for the 012 study, which I think was the ECOSPOR III study. You had 105 patients that comprise the safety database? I just wanted to confirm that I heard that number right.
The second question that I had was, what are the specific pl... | Yes. For the first part of the --
I'm back on, sorry. Sorry, I lost you there.
Lisa can comment on the first. The 105, Chris, just to be clear was at the time that we announced the top line results. But Lisa, why don't you comment on that first, and we can talk about the second.
Yes. No, that's exactly it. So it was... | intermediate | [
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9b775b32228897ccb971c81f03022c6b | Chinese EV manufacturers seem to be doing a better job than their Western competitors, excluding Tesla, at innovating in software and design. How can Tesla make sure the company is staying ahead of those manufacturers, both within China and outside of China? | Well, the -- right now, the best Chinese EV manufacturer is Tesla train. We're actually doing the best, thanks to our incredible team in China. But I have a lot of respect for the Chinese, our manufacturers and EV manufacturers in particular. I think they will be a force to be reckoned with worldwide. They're very -- t... | intermediate | [
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60c85c1a99d29d24702e6751bcd109f7 | When will Tesla have a unified vector space for both static and moving object network? Will this be a V11 or later version? If the latter, can you explain what makes it a difficult problem in layman terms? | OK. This answer will be understood by 0.01% of the audience, I think. I suppose people want to find out what a unified factory space would actually mean. It essentially would be if you can take -- if instead of netting together static and dynamic objects in C++, if they could be net together at the neural net level, th... | intermediate | [
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6edbc61715908de9dfa3fe681bea6f2c | Elon recently tweeted about lowering prices once inflation cools down. Can you elaborate on what do you mean by cooling down and how aggressively the company will lower prices? More broadly, how do you think about the auto pricing long term? | Yes. So since we have -- there's a quite a long wait when somebody orders in a car, in some cases, six months; in some cases, it could be up to a year. We have to anticipate what the probable inflation rate is over that period of time. So that's what we're trying to do. When we -- when or if we see indications that the... | intermediate | [
"direct",
"intermediate",
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] | B |
7f5ce78df8515c4bde13b1bf7f08cb5e | You made the right economic call before most on inflation when you diversified into bitcoin. It has since shown it's not much of a hedge in the real-world test the last few months. How do you think about it as an asset over long term? And what do you need to see to change your view? | Well, Tesla is -- Tesla's goal is to accelerate the advent of sustainable energy. We're not really -- cryptocurrency is a sideshow to the sideshow. We're not a -- cryptocurrency is not something we think about a lot. We think a lot about scaling production and accelerating the advent of sustainable energy, which the re... | fully_evasive | [
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64ac8da5f32fdff76f0adee74197e9cc | On 4680. Elon noted that 4680 plus structural pack is not yet optimized. Can you please share the general path of 4680 in structural packs in terms of cost efficiencies when compared to the traditional 2170 pack? Will cost improvements be mostly due to scale or do we need to solve some technical issues? | Yes. So structural pack where we get dual use of the battery cells as structure and as energy storage in the same way that an aircraft gets dual use of the wing as a fuel tank and as a wing is, I think, unequivocally, from a physics standpoint, the superior architecture. It's the A architecture. Now because it is new, ... | intermediate | [
"direct",
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f957972e75f8e29c02e58b11f6bc514e | Are you seeing any sort of pressure in the order book or the pace of new order or any sort of like slowdown as a result of the pressures that the consumer is experiencing? Are you worried about it in light of your view of the risks to the economy that I think you expressed, Elon? | Well, right now, our problem is very much production. So we've long leads on -- as anyone can tell, if they order our car, you order Model Y, it'll arrive sometime next year. So this is clearly not an issue for many months for us. Our problem is overwhelmingly that of production. So yeah. | intermediate | [
"direct",
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] | B |
5e0fd7a73e9fbc6c993552d37416d37a | How quickly do you think that you can fill that capacity? | Well, I mean, we -- I think we've got a good chance of exiting this year at 40,000 vehicles a week. Yeah. I mean our internal plans are to have the capacity utilized by the end of the year. It takes time to ramp there. It will be a challenge. There's a lot that needs to happen to get there but that's what we're working... | direct | [
"direct",
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93a4044d5cf58daa858bdbf0ee9f6c36 | Could you talk a little bit about the pricing strategy around FSD, and as you get closer to this full functionality rolling out and the increased cycle times, how you see that evolving through the balance of this year and into 2023? | Yeah, we will increase the price of FSD sometime later this year. I think probably just before we go to quiet beta or beta is anyone who wants to use the beta software with all the caveats associated with that can use it, then it would make sense to increase the price of FSD. The value of FSD is, I think, extremely hig... | direct | [
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da48d92d3808894ccaa26b203348530b | In terms of some of the suppliers and the contaminants, can you be a little bit more specific around some of the elements that you guys see in some of your supply chain that can prove troublesome yields for the 4680s, particularly around lithium and potential contaminants in either oxides, the carbonates that you guys ... | Yeah. I don't really think we have anything to comment on, yes, the purity specs of lithium on this call right now, yeah. Yeah. The contaminants from the 4680 are not a factor, which is not an issue. | fully_evasive | [
"direct",
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e97d58d794613525f0a2250e49f414a8 | In response to the question around demand, I think, Zach, you said maybe a little, and Elon, you said maybe some indication that you might see some pressure on demand. And I'm wondering if that is really just speculation or whether there's any empirical data that you saw in the last month, whether it be cancellations o... | No. I mean, I think we've said this now for many years, I know has proven true. Tesla does not have a demand problem, we have a production problem. And we've almost always had it's a very rare exception it's always been a production problem. I think that will remain the case. Yeah, absolutely. As we increase production... | intermediate | [
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2305c92a063511204f5378e7a4487cb7 | Tesla's obviously changed dramatically in the last three years from near life or death to a company with consistent cash flow and industry-leading margins. I'm wondering if you can comment on your personal role in the company and whether you see that changing in terms of your role, your commitment and time spent at the... | I do a lot of unusual things, let's face it. Basically, if there's only good news, I won't be on the call. But if you have like a tough situation like COVID shutdowns in China, then I think I'll be on the call -- relatively speaking, if there's bad news. And we have this good news, then I won't be on the call. But I'm ... | intermediate | [
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3a8a42b712a5d7564398c110cdca4728 | Elon, in the past, you've given some assessment as to the likelihood that you can achieve success in some of the more interesting AI-oriented efforts, not only FSD but also Dojo and Optimus. Perhaps you can give an updated view on those. | Well, I don't want to steal thunder from AI Day. So I think we'll have some exciting news on AI Day that I think will be further ahead than probably most people think. But I don't want to -- I'd love to answer you but I think we'll leave that excitement for AI Day. | fully_evasive | [
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0c1f6be2c90823077537bdda74ca0b6a | We've heard a lot from others and certainly to some degree from you all about the shortages in semiconductors, in particular. We have seen some big, important customers of that type of product decide to sort of leverage the ecosystems that exist to make some of their own in those categories. I'm wondering to what degre... | Well, there's we've done -- we've been working with our suppliers side. We don't currently intend to make chips ourselves. We don't think there will be a need to make chips, but we have been working closely with a number of suppliers. Actually, just met with one of our key supplier's CEOs right before this call. We had... | direct | [
"direct",
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] | A |
f4ee527d06e9527341c2b7c76c9fe04e | So, in terms of the marketing investment that you're making across the business, what gives you the comfort that now is the right time that you can actually lift the gas pedal on spending for apartments -- for the multifamily segment? | Well, we are -- I would say is that we've got the pedal down pretty firmly. We're well over $200 million some over there on that. We're not increasing it. We're easing it off a little bit, but we're still there at a very aggressive pace. So it's a little bit of net new investment into Ten-x and LoopNet but we think we ... | intermediate | [
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04337a2a116c576f3164090b2708e941 | Andy, obviously outside CoreLogic, how are you feeling about the M&A environment? Are there other potential assets out there that are of interest and how are you feeling about valuations for potential acquisitions? | Sure. So other than that $6.9 billion or $7 billion deal up here, there actually are other things out there that we are engaged with and developing. We have definitely -- and so, that is not the only thing occurring. There are other things occurring. They all have a similar theme right now for us. They're all going -- ... | direct | [
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ae2b69bc5b7b453b6913fd214f2aa6ca | Andy, I was hoping you could dive a bit deeper into your strategy for entering the residential portal space. There's obviously a lot to talk about there, but I think one key question is how you intend to cost effectively build consumer traffic, considering the existing well branded competition in that space. What traff... | Yes. So, we're not -- we've obviously been thinking about this and building that strategy and we believe there is a pathway to build organic traffic very cost-effectively. We are not in a position to share our thinking on some of that right now for competitive reasons. But I think that these things, building traffic, d... | fully_evasive | [
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0c3d7c694a78546a90834f62355dbe90 | Commercial Property and Land saw a step up in organic revenue growth this quarter, as you continue to sell higher tier ads in LoopNet and you're guiding the further acceleration in 2021. How much of your client base do you believe you've penetrated with higher tier ads in LoopNet and how sustainable is 15% to 20% plus ... | I really appreciate that question. I really do. So we had just -- I mean, it is really early, early days on these higher tier ads. So we've been very successful with that standard ad placement, in fact in some markets we have too much penetration. In Southern Florida, we might be 80% some penetrated, which I think is t... | direct | [
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caac0b03b72b338a4c625e4daaa5cfaa | On the opportunity to upsell existing comps and tenant module clients into Suite, since that's where the innovation is going, can you just help size up, how big of an opportunity that is? Like how much of the revenue base for that line item is still for comp or tenant module clients, how much uplift do you typically se... | Sure. So I'm going to be giving you -- these are not precise numbers. I'm just going to give you numbers that are an educated estimate in order to give you a feel. I believe probably 15%, 20% of that customer base is not on the full suite, and I think that typically it is a doubling as they go into the full Suite. And ... | direct | [
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d1f1ab98186586c323ccbb5acdcd5bb6 | Scott, you mentioned the TTM retention rate. I think you said it was 90% this quarter versus 89% last quarter. That's a question that we've gotten a lot and we've obviously paid a lot of attention to that. Could you impact that a little more? Is that small broker who is not maybe going out of business as much as we tho... | Yes. Sure, Brett. The concerns as we went through the first to second quarter downturn was --- where will these renewal rates bottom out. And if you recall, they went from 90% to down into the low 80%s in the last recession. And so we watch closely, really by customer type and by customer size. Large customers all stay... | direct | [
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ffbead260a029912bb00b1ee6c3c4fd8 | Maybe you can continue with that thought on retention, and actually can we talk more about your sales cycle. And during Q2 last year, that was more or less frozen, decision making basically stopped. And just wanted to see, did you think some of the success in the back half of the year was just some of that Q2 being pus... | So when we saw the response in mid-2020, especially in the marketplaces with the online traffic going to record levels and then the sales accelerating, we assumed one, there's clearly a pandemic effect in there and then there's I think a continued longer term adoption that will stick from that and that experience, both... | intermediate | [
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5fa05ff1e7482d477165d667f8a7754d | On Ten-X, you talked about not investing heavily yet on the supply side. But have you seen any momentum on the supply side, I guess, in the second half of 2020 with momentum you had bringing in more bidders? And then related to Ten-X, any update on what you've seen in terms of distressed property sales and have you ass... | Okay, so starting with the second question first. We have not assumed any pickup in distressed though that may be possible that that will happen. Especially as there is a return to normalcy, some folks will at that point calculate it just doesn't work anymore, their property income she doesn't work anymore or their LTV... | direct | [
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1fa9848610fc453cff8723de0cf08f75 | Hey, good morning, guys. I want to start out talking about your land sales pipeline. I think you noted in your press release that 4,400 of the total 5,300 acres are under contract for $106 million. Is there a chance that that CTO will see any incremental distributions from those sales in 2020 from the JV? Or is that li... | Yeah. That's -- I mean, that would be really great, if everything kind of -- everything went according to plan, that would definitely be a possibility. But, you know, we're -- we're factoring that it would be, you know, more likely in 2021 or 2022. Just as you -- as you know, Craig, you know, from our history of land s... | direct | [
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f9f708022b229215ced01fbc842abfec | OK. Great. And just want to pivot to guidance, particularly the acquisition cap rates. Given that the range that you outlined in the press release is significantly below what you purchased since closing the Magnetar, Alpine sales. Can you talk about the types of assets that -- that you're kind of considering to buy her... | Yeah. So you saw our last two transactions about the strand in -- in Jacksonville and Crossroads outside of Phoenix. And those sort of -- the cap rates there were north of seven. And you could say -- you could assume that those are the type of cap rates that we're looking at where not only are they kind of in the seven... | direct | [
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a7e394932960d4c839af25453b9dc2e4 | OK Great. And also just thinking about guidance. I noticed that you didn't make any commentary regarding potential commercial loans that the focus was on income-producing properties. Are you just looking at those loans as more opportunistic types of investments? Or are you possibly stepping back from that at this point... | Yeah. We're not -- we're not actively out there pursuing new loans but as people come to us with very interesting risk-reward type scenario, short duration, we don't mind doing more of them. Now that we have the land JV done. We can actually do loans on our land that would be very high coupon, low-risk type of loans to... | direct | [
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e3678082ad9eafa9066f055d0380a675 | OK. Got it. And as far as the remaining potential 2020 transactional activity. Have you soft circled the assets you're looking to -- to sell? Or are you kind of going through that process now? | You know, there are definitely some assets that are high in the queue, and that would be assets that would trade at very low cap rates, sub-5% cap rate type assets. And so we will start working on those really after we satisfied the last remaining 1031 cash that we have from the Alpine sale of assets. So once we have t... | intermediate | [
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48c50061b696192e97ba550f00f77c94 | As far as the potential REIT conversion, you did make some commentary. Is that something that's going to be brought at the shareholder, this meeting in April or is that still TBD? | Yes. So if we were deciding the board -- if the board decides to pursue that avenue, it would probably be later in the year, where we go to the shareholders. Now that we're -- the dust is settling on all the transactions we've done, we'll start doing that evaluation for the board. And so you could assume that to be lat... | direct | [
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4237026079f88c0e6dc3d55997b576e8 | OK. I just want to talk about capital allocation in 2020. Share repurchases were a big part of last year. Just given where the stock is trading and sort of the intrinsic value of the assets, can you talk about where you are in that process? Is -- are you looking to reup a buyback plan? Or are you guys pretty much full ... | Yes. You probably saw in the -- I know it's a long earnings release, but in the earnings release and in the investor presentation, we mentioned that the Board approved a new $10 million stock repurchase program. And so we'll look to deploy that opportunistically or in the market where there's a great opportunity to buy... | direct | [
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bd607e18d9bff511d4a6ff018776a355 | Got it. And -- and one more for me. Just talking about the dividend. Obviously, a substantial increase from where it was to a dollar annually, but it's still a relatively small fraction of operating cash flow, as you guys projected this year, I think you said north of $3, can you give us some insight on how the board i... | Yeah. So obviously, we doubled the -- basically doubled the dividend. So we knew that would be a big jump to show to the market that we have a lot of free cash flow growth in the company. And as we deploy the remaining 1031 proceeds and that cash flow builds throughout the year, I think the board wants to set a base of... | direct | [
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694decbd28c6be06afac6f4ef5a807fa | First question, can you provide more color on the status of the planned phase 2 studies for mivavotinib and sapanisertib? What are the remaining steps to get those studies started? | Yes. Hi, Jonathan. I can answer that. So, the study activation is proceeding really well. We have -- essentially, we're parallel tracking both the transfer of these programs from Takeda, as well as the study start-up process over, you know, the last several months. Both are progressing very smoothly. Both are complete.... | direct | [
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9312ea28ed394ca460106df85705d9c0 | Can you discuss reasons for confidence in the clinical execution of both of these programs such that data for both will be available by first quarter '23? | Sure. Yeah. And that confidence really arises from the fact that these are very, very clean biomarker-defined subpopulations, which are well characterized. And these patients, in terms of their -- the clinician's knowledge of their genetic or their biomarker status, is well known. Specifically, with regard to the squam... | direct | [
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148590a2b7c5bb745e9854c6cee799ac | In the initial data in 1Q, what should we expect, kind of how much data we're going to see from that initial readouts? Also, what kind of data -- the phase 2 data ultimately will trigger you to move forward into the registrational trial, as you mentioned? | Right. So, the -- you know, the benefit we have here is that both of these molecules already have preexisting data showing that they're both clearly active as a single agent. And we know the numbers with regards to response rates in those prior studies that gave us the confidence to get them in the first place. I mean,... | intermediate | [
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f7a9c00a5a35d0c61e6c231e9059cfcb | Maybe just quickly switch on the CB-280. So, you have finished the full cohort and doing the data analysis. Would you announce the data this year and what could be the path forward as you evaluate the next steps for this compound? | Right. So, with that molecule, again, the dose escalation was completed. In terms of the data from the final cohort, we analyzed that the trends that we saw and reported on in the first three dose levels with regard to pharmacodynamic effects, arginine increases, as well as trends in FeNO and FEV1, were essentially mai... | intermediate | [
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cf0c0927c69630e2425650c1c735f1a1 | Could you repeat the optimization of dosing regimen for mivavotinib? And I wonder, is a similar dose optimization strategy going to apply to the sapanisertib, you know, for this study? | Yeah. So, great question. So, yes, both studies do have an element of dose refinement included. For mivavotinib, again, the fact that both these molecules have had extensive dose schedule work done previously through Takeda's studies gave us a really good starting point. And this is really more of a fine-tuning, especi... | direct | [
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4a04027a84ccab82ce9875b08bc4c2cb | For your new VPS4A inhibitor program, could you give us more color on regarding the prevalence of the VPS4B deletion in different cancer type? And also, how soon can we expect this program advancing to the clinic? | I could give you the prevalence. So, in the homozygous deletion of VPS4B occurs in 1% to 3% of all found tumors. Our heterozygous deletion is much more prevalent and a higher incidence, approximately two-thirds of specifically colorectal cancer and pancreatic cancer, the heterozygous deletions. And there's evidence to ... | intermediate | [
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6e7fba247c8cc71bcff2d49196d14d69 | Are there any one-time impacts in the quarter on either revenue or cost that you wanted to call out? | Nothing of materiality that would warrant note in our consolidated results. | direct | [
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364edd0d4d5d29f5d030d31f29c0df55 | I was just looking at your top line guidance and EPS guidance for the remainder of the year. Are you anticipating a pickup in expenses because it seems like you're well on track to hit that EPS number. | Yes. Yes, absolutely, Jim. And I mentioned that we will be investing further in resources to support primarily the manufacturing excellence imperative, but also some of our growth imperatives in the second half. And then the other thing I'll remind you too is we've talked a lot about the TSA income that we've received ... | direct | [
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42e28760cda72bfa90350e9a7faf7a30 | So we should expect the SG&A to tick up -- well, that was an offset to expense. So that SG&A should pick up in the back half of the year? | That's correct. Yes. And, Jim, I would also add that we have some programs with customers that we're also going to be investing more in the second half, so we would expect the research and development and expense, the RD&E line, to also increase in the second half compared to the first half. We've been very successful,... | direct | [
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697f0743a7b7c6f82a1a6baf0cfd1902 | And then with regards to uses of cash, do you still think that you can grow organically at the same rates or are you at a point where you're starting to look toward inorganic opportunities over the next couple of years? | Yes. So -- no, absolutely. And we've been very clear about the pipeline of acquisitions that we have in front of us, and we're continuing to look for bolt-ons that'll add to our capability set to grow in our growth areas. So that is contemplated in our use of cash for the year, and as I mentioned, in the leverage guida... | direct | [
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333d6bbb1006b6c04557f34463dde064 | Is it possible for you guys to help quantify some of the moving pieces, especially in cardio and vascular, what the impact of the supply chain constraint was versus, let's call it, maturity of the EP program and really the tough comp from last year? | Certainly, Matt. Thanks for the question. When you look at the C&V business, you think about that market. The market is growing 6% to 7%, and we've been growing the prior previous nine quarters, a high single digit, even low double digit a couple of quarters. And so if you think about, call it, a high single-digit kind... | intermediate | [
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33fbb9ec8651d008024ade19d858d9d9 | This particular EP -- I'm assuming like EP growth outside of this program for you is probably still robust. Is this a situation in which a customer -- you've participated in the customers' program, it's reached end of life and then they're launching a new program and maybe you're not on it or is this a situation where ... | It's the former, Matt. This particular program we're not on the next generation, we're actually working with this customer on the follow-on generation. This particular program has been end of lifing, so to speak, its maturity cycle for three years. For the last three years, the customer has been predicting this decline... | direct | [
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2b42033cc57e34de48ebbc3d998eeece | When I think about the fourth quarter, is it timing, easy comp or is it -- or are we seeing kind of an acceleration in the fourth quarter of some of the commercial activities you've been talking about for the last couple of years starting to come through and that momentum could potentially build into 2020? | So for starters, on the quarter splits of the year, the first quarter was helped. About half of that growth was the contract that we signed. The second quarter -- this year's second quarter was, quite frankly, exactly what we expected from a year-over-year basis because last year, the second quarter was $20 million hig... | direct | [
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90f72a0ba3e41e061037007b2ac65556 | What really clicked to drive like an inflection and the kind of change in performance sequentially from the first quarter and really year over year as well? And that's -- and I get the -- and I do understand the Q3 and Q4. You do have some incremental investments coming out of the TSA, but it seems like stuff really co... | Yes, noncash, it's really in line with what we expected. And to remember from the first quarter, we started with sizable bonus payments, customer rebate payments, those all bounce back. Add on the income improvement that Joe just talked tthrough how that fell and then some working capital improvements, frankly, is low,... | direct | [
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40d1794c0acfffd80394ab98bdaca8c6 | When you're talking about the minimum floor commitments for finished product in 4Q, is that something you're talking about in -- has a level of conservatism versus their forecast where, at the very least, this is what we're getting -- are they -- are those really coming into play this year for some of your customers? | We've had this scenario play out in previous years as well in that the way -- maybe the best way to think about it is, we work with our customer, they decide how much product they think they're going to need for the year. They want to make sure there's a minimum level of -- minimum quantity that's available to them thr... | direct | [
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40a2ba9d6d0e4a4400da81b7d764b2c2 | So, I want to apologize, first, I was not able to get into the call until after Jeff spoke, so didn't hear much. So, there might be some things that you have to repeat, but I guess the first one, you talked about kind of the cyclical softness or the macro uncertainty, I think is the way you referenced it, can you talk ... | Yeah, in about mid-August, we started to do -- see what we classify as kind of small to mid-size projects delay at a rate that was 2 times to 3 times our normal rate, we always have some delay, but that was -- that was at a higher rate than normal. And if you think of about it, we've got a lot of exposure to that, that... | direct | [
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663edb3d1436b77510597192015efcb3 | And was there anything when you think about those projects, any consistency across customers? Was it, I mean, obviously, you're making a broader statement. So, there must have been a bit of consistency. But can you talk about maybe end-markets project types, or was there anything that was funky about it, or was it a pr... | It was pretty consistent, Matt. I think we didn't -- it wasn't a particular region. It was -- we've done a lot of -- like I said, we've talked to a lot of -- our sales force is heavily engaged, I guess their win rates still is strong and improving. It was really kind of across the board, felt like a bit of a pause at t... | direct | [
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0d92e0967959b54b8c9011cdc1ddb100 | And so, just to make sure I understand, this is within contract. So when you think about supplies and the trends there, what kind of, I don't know if you kind of compare and contrast the supplies trends with what you just referenced. From a contract perspective, is there -- are there any similarities to what you're see... | No. You know Matt, the supplies business -- you recall, it was pretty dynamic early in the year and when that -- and it's actually stabilized and the order levels, customers seem to be starting about mid-summer, we started to see that, the early year we had some pull back. But now we've started to see that come back.
... | direct | [
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69aeba55521d779f06df61191a41f4bb | Right. And is it to the point where you're enacting plans or efforts to combat the pressures, the macro pressures, either top-line from a cost perspective, or is it not to that point yet? | No, I think, look, Matt, we are always -- we're diligent on our broad-based cost initiatives all the time. And it's -- I wouldn't say it's at that point, we're still investing in the business. We like the platforms we have, we're still seeing growth. And so, no, this isn't a -- it's not at that point. Like I said, the ... | direct | [
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0a14aedbfd31ecaa231e8f889a98e9cd | Got it. That's actually really encouraging to hear. So maybe couple of quick ones. Marshall, can you talk about the price/cost environment, overall pricing, any mix impacts, tariffs, just some of the puts and takes from a margin perspective in the quarter? | Yeah. For the third quarter, we did have favorable price/cost, Matt. I think it really was driven by a little bit softer input costs and some timing related to when those costs hit, including the tariff. So, we were approximately $15 million favorable in the third quarter on price/cost.
So, we are seeing a variety of ... | direct | [
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56ead82188023fb61dcd9d5c06937554 | And what's baked into the guidance for Q4? | Yeah. For the fourth quarter, we're expecting price/cost to be positive in the $8 million to $9 million range. | direct | [
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997ee9fba78ab8f380341c62390d07fb | Okay. And then, the last question I have, maybe a jump over to Hearth a second. Maybe give us your updated thoughts, some trends you're seeing, the conversations you're having with some of the builders. What would be your kind of new outlook and your R&R [Phonetic] outlook or -- you put near-term and as we move out to ... | Yeah, Matt. I think we're encouraged and [Phonetic] the new construction, we're seeing improvements in single family. The last three consecutive positive numbers and permit data, in the last 8 -- I'm following 8 months of decline. So, we're expecting modest growth in new construction for the fourth. On the retail side,... | direct | [
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192bc32653442cb3631e32c8c68bbba1 | Just in terms of the $6 million to $8 million you're targeting in cost savings for the fourth quarter, you had a number of $10 million to $15 million number for the second-half of the year, is that incremental to that or is that part of that $10 million to $15 million? | Thanks, Greg. No, that's a part of it. And as we sit now, we've narrowed that range to $10 million to $12 million for the full year and that includes the $6 million to $8 million for the fourth quarter. | direct | [
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933539b28b3da87e1e441e3d62458679 | And then in terms of your supplies business, [Indecipherable] there's some disruptions with the wholesale channel and you're making investments. [Indecipherable] directly, quick ship and other things like that. So, where do you stand in terms of those investments, is the supplies business from a go-to-market or custome... | Yeah, Greg. I think where we're at is we've made those investments and they're delivering as expected. The supplies channel, in general with the wholesalers, is kind of stabilized recently. So, we're kind of -- we like where we're at, but we're obviously always tuning our model to best meet customers where they want to... | direct | [
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8a5e9d7374e3e95c35ef7b5b142c1538 | Thanks. And so, it sounds like you said that channel stabilized a little bit, but there has been some consolidation. So, do you see any maybe risk of another step lower going forward as sellers [Phonetic] and some of the other customers rationalize their businesses following those [Indecipherable] ? | You know, I think we've seen some of that already Greg, and there's always risk out there. What I would say is, as people consolidate that -- sometimes that's a benefit as well because that stuff rolls into a platform that's got more power, more -- just market access and more capability. So, it kind of depends, I can't... | direct | [
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a2f7ba14e3d24d8dd10704143e6fc53c | Good morning. This is Alessandra Jimenez on for Budd Bugatch. Thank you for taking my questions. I just wanted to quickly follow up on the softness in the contract business, what was order growth during the third quarter? | Yes. Our third quarter contract business was up 12% versus prior year. | direct | [
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534cbb8c49b70eae18872d1f7e10b1ce | Okay. And then, can you define the small-to-mid-size project size, like approximately what was that? | Yeah. And that's a little bit in the [Indecipherable], but we kind of tend to look at that as about $150,000 to $400,000 [Phonetic] net project size. | direct | [
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675c9c2b3a79f35d162b7dea1c179a3f | Okay. And then, could you define the lead times you're experiencing now versus what they typically are? | There's been no significant change in lead times. | direct | [
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e81ea70949910f09b1fc03f59867087b | Okay. And then, are there any new incremental investments and new products? And if so, what kind of size of that investment? | No. We talked about this productivity net of investments. So, we're on track to spend approximately $15 million to $20 million in investments this year. They're not different though, it's the same investments we've been talking about all year. And they are in a wide range of categories, including new products and other... | direct | [
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e8cffb846eefdf29a509e966d1ad38db | Okay. And then, do you have any gauge on 2020 on the incremental investments there? | We don't have a view yet of the 2020. Clearly, we're going to need to keep investing in our business, we don't have a number for you at this point. | fully_evasive | [
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99c81a917ad0017ecde6f63c8d2fb0fa | I guess to start. In supplies, how much of supplies is now e-commerce driven? And I guess kind of on what's been achieved to date, and where it's going, what is the e-commerce percentage of contract sales? And then, will the margin structure fundamentally get better as the shift plays out, or is it already fundamentall... | Yeah. Lot there. Let me kind of take them in order. First of all, e-commerce, it today represents about 5% of our total business. It's been -- it has been growing nicely. And it's largely complementary to our existing core business, it primary reaches a customer segment that we previously did not reach. Other questions... | direct | [
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15a8bc5463ba29dc083f85ff3fc6afdf | Excellent. And then, on freight and distribution costs down slightly, while sales up slightly. How much of that is just inflation, and transportation was so much worse last year, or is this a fundamental shift in the business? | I think we're making really good progress on our productivity initiatives. In the third quarter, a really large chunk of our productivity was in freight and distribution. So I think it reflects, we're trying to do and there is some inflationary there, but we're -- inflationary pressures, we're able offset that with the... | intermediate | [
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e8535d906ba62b9bb8f3d0e525a8a192 | And then, on kind of switching to Hearth, I guess I was surprised and maybe don't quite understand from the talk on the call thus far. How Hearth was able to show improvements kind of prior to permits and starts picking up? Maybe just kind of talk to how your improvement led, what kind of the macro data is showing? | We were up 2.1% in new construction in Hearth during the quarter and that includes some price realization. So, if you think about non-price growth, we were pretty similar to the permit data. So, I'm not sure that we're really much different from the overall market. Now we have a lot of initiatives under way to add grow... | direct | [
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f48c1f801208464a399b28143e67d314 | Excellent. Okay. And then, lastly for me, I guess on the international front, how much does international composed of contract sales? And I guess, I'm interested to know current demand, but would be more interested to learn kind of where you are in the long-term build out of the international business and kind of where... | Yeah. That's -- today that business represents about 7% of office furniture and 5% of the total portfolio. The platforms are growing, growing nicely. We grew that business last year at the rate of 11%. It's growing the same rate in the first-half of this year 11% and we're seeing momentum accelerate in the back half. S... | intermediate | [
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a2194ff97f68d9f036a1e2265e80111f | Can you give us some color on what types of analyses we can expect at EHA and central read through to the Phase 3 trials? | Yeah, I think, unfortunately Justin the embargo rules prevent us from really commenting on the EHA abstracts or their content until they're published and that happens on Wednesday. So we expect to comment at that point in time. | fully_evasive | [
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d35ab399b6213a49dbed5e25286b53ca | I'm wondering if the data cut-off for the abstract you expect that will be the same as what we see in the conference itself? | I would refrain from commenting too, but I would just wait for the abstract to come online. | fully_evasive | [
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ca8c2a13fb728c2e393a66712b222231 | I'm just curious, I'm correct in thinking that IMpactMF you do not enroll patients who are receiving investigational therapies practice, just current best available therapy and then assuming that that's -- that I'm right on that, do you think that if you're having your challenges in enrolling rapidly enough that you'd ... | Right, suggesting you're correct. At the moment, we do not allow enrollments that are on other investigational therapies. No, we will just have to wait and see how things evolve. But typically on clinical trials, you do not allow patients on investigational treatments to come on your trial as well. | intermediate | [
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2482d1de736a1dc09b414d0195e29dd1 | Do you have any thoughts on the effect of COVID on the type of patients enrolled? And for example, do you think that the patient population would skew more toward those with a higher transfusion burden since they're more willing to take the additional risks of going to a hospital and partaking in a clinical trial? And ... | Sure. I can take that. So, I think, it's interesting, so I'll give first an overall, kind of, viewing of the enrollment and then maybe I'll answer to your two specific questions. So although, we are seeing that the number of the COVID-19 cases is declining in certain regions, other regions are experiencing resurgence, ... | intermediate | [
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fdaf83cb667dc803093fd1897c656900 | So just -- Dave, I just wanted to clarify, as far as the tariff impact. So was the exclusion that was granted by the Government, was that actually included in the just reported quarter? Or will that be in the next quarter? | That was included in the quarter, yeah. | direct | [
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4755b3b461c168c6c502a8e34445a1dc | Got it. Okay. All right. And then as far as the just-announced tariffs yesterday that 10%, will you guys be impacted by that? | We will, I can tell you that tranche is less impactful to us than the first 3 that are out there right now. So more to come on that, but it will impact us, but just not to the extent that the other three did. | direct | [
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802cf579c36906cb6fe04ce45c1fd695 | Got it, got it. Okay. That's helpful. And Helen, you mentioned that you have an exciting pipeline of new products. Could you provide us with some -- with a sneak preview without sharing too much of the secret sauce? | Well, I probably can't give you too much of a sneak preview. But all I can say, is that, historically, our Fishing business has been great at planning ahead and having a full pipeline of new products, and it's gotten more competitive, and we are planning ahead. So all I can say, is that's been one of our strongest weap... | fully_evasive | [
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b31845c4f9d61a45e672ab83a6908a11 | Got it. Okay. And as far as, the competitive landscape, obviously has changed over the past few weeks here. So other than new products, is there anything else that you plan to do in light of the competitive landscape now? | Well, certainly, when we get new competitors in any one of our segments, we pay attention and work very closely, and we try to anticipate, as much as possible. But we are very aware of it and our biggest tool in our toolbox is the strong innovation. But obviously, we look to provide whatever support is needed to at lea... | intermediate | [
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fb3756e80e234ccf8d3a793766cb17b7 | Got it. Okay. And lastly, Dave, as far as the higher bad debt expense, is this just isolated to one customer or more? And do you think this was just isolated for the quarter, or could that possibly continue? | Well, it's interesting because we've, had a really great track record on bad debt throughout all the retail gyrations. And so -- actually, there is a couple things, last year in the quarter, we had a credit, so we took some bad debt expense earlier and then we -- we brought that back. And then there was just one incide... | direct | [
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ff948cfaca78cafe13ef709d043b028d | Hi, guys, thanks for taking my questions. So just a few for you. What -- you mentioned that several times in your prepared remarks, the digital investments, and I know, that's been ongoing now for maybe 1.5 years. What are you still -- what's still being done? And how much longer -- what's the time-line with whatever i... | Well, I would say, that -- the digital environment is always changing. I think, what you're seeing to-date, I mean, even investing in new tools that allow us to target our consumers, that's ever-changing and ongoing and it will continue to be ongoing. Also, in our capability to use those tools, we -- so I would say dig... | intermediate | [
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0f35ba60b8efeb4c26e9571bf54b0db6 | Okay. Just to -- maybe wondering a bit more about that. What -- how do you view your digital investments as a competitive advantage? What is the biggest area of opportunity that you see within digital? | Well, it goes -- every category we compete in has different levels of digital sophistication. So I think, keeping that in mind, but with the channel shift, certainly we have to have e-commerce capability, we have to have targeting capability, we have to have -- understand our consumers and know what and where they are ... | intermediate | [
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a64cc541e882b8dce0452c552d5262aa | Okay, OK. That's helpful. And then on your Fishing business, I was impressed to see it grow in the quarter, despite what's been a pretty challenging weather early summer. So how do inventories look at retail? And can you talk at all about weather and what you've seen more recently, maybe, if you could share anything af... | Yeah. The weather was pretty spotty early on, but we've, had a good run here. So I mean, things, at least, for the Fishing business looked good. I think inventories are fine in -- at the retail channel. So I expect us to kind of end the season on a decent note.
But also, the fisherman kind of plan ahead as well and so... | intermediate | [
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8de706495161de8f6535da13d4998ea5 | Okay. Okay. And then two last questions. Can you quantify the impact in the quarter from the tariffs? | Yeah. It was about $1.9 million. | direct | [
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c79273bb03de2638eadde27b16d5d930 | Okay. And then last question from me, and this has come up before. So $150 million of cash. I was just wondering how you think about that. And I'm not asking about M&A or anything specific, but there's a dividend that's very small, $5 million annually. And so what's -- how should -- there hasn't been much change in it ... | Well, I will let Dave chime in as well, but I would say, we again -- you've heard this from us before, but we are always looking for opportunities for acquisition. And I think, historically, our success has been that we are patient and we are strategic. And I do think, that there will be an opportunity going forward, w... | direct | [
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4a886bd84ea146afffc082085004b35c | Hi, guys and congratulations on a really good quarter. On -- first one, on the dividend and -- the dividend income and then on the asset management business. Can -- on the dividend income, you kind of hinted at this. And really pronounced snap back in the fourth quarter, I mean, up year over year. Is there any way to t... | Yes. Thanks, Robert. What I would say on the dividend income is that, clearly, there were instances where we had elevated dividend income from certain companies. But I do think that the companies that paid dividends in the fourth quarter were largely companies that had consistently paid dividends in the past. So you di... | direct | [
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880e9f2dd51f333c6d8370045d0c33f2 | Got it. Got it. I appreciate that. And then on exactly that, the dividend income from the asset manager. I mean, it's a really high return to shareholders. Obviously, you're not putting capital at risk, and you're getting fees for work that in large part you're already doing. So what can we -- what should we expect fro... | Sure. So Robert, as you've heard us say in the past, we find that part of our business to be very attractive for all the reasons that you outlined or highlighted there. When we look at the MSC Income Fund contributions, the way we would look at it is we would expect Q4, even though it was elevated above Q3 because we b... | intermediate | [
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dc67d81f17c48b2415352033b53aa7b9 | Hi, good morning. Thanks for taking my question. Just one on the prepared remarks within what you're seeing in the lower middle market portfolio. You mentioned that you're seeing potentially a lot more folks looking for minority equity investments and this could drive some potential increase in the pace of capital depl... | Yes. Sure. Thanks for the question. I'll give some real quick comments, and I'll let David follow on to that. I think when we look at our activities in 2020 in the lower middle market, despite the impacts of the pandemic, we felt really good about our activities there. And we saw benefits from both our existing portfol... | intermediate | [
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3fa93425df1f9e47b365fb8723a9ed40 | Got you. That's very helpful. Very helpful color there. And just one follow-up, if I may. Wonder if you could just share with us any updated thoughts around what would be the key drivers in terms of improving distributable net investment income over the near term? | Sure. So we would look at the activities we have, both on the new investment side. I think we touched on strong originations at the end of the year as we closed out 2020, but also a healthy pipeline as we sit here today. The contributions, as you would expect from those investments, at least in Q1, will largely be dict... | direct | [
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ba063fcf8a3dcda27227121390adaec3 | Hi, good morning guys. Congratulations on a good quarter and a good year. Just kind of a question, a little more granularity. And forgive me for not knowing this, if you guys have been over it. But when you're providing equity capital in, typically, what is the proportion of ownership that you usually wind up having in... | Yes. David, thanks for the question. I'd say that percentage of ownership that we end up having on our side can vary significantly. It's really on our side, when we make an equity investment, we're providing a highly customized, very specific solution to that portfolio company to that owners' desires. So our ownership ... | intermediate | [
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26d3f9c1ba394c28968c255d70df3d04 | OK. Great. That's helpful. And typically then, what is your experience for the transaction of exit on those kinds of equity investments? | Yes. I mean one of the things that we really think is unique about our model, and it's given to us purely by being a public company, which is different than most other investors and private companies is that we have permanent capital on our side. So we are very, very happy to be an investor in these companies, alongsid... | intermediate | [
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fc969dc7c49a7d46daf18fc08678118c | That's great. Very helpful. I appreciate the extra color there. If I could shift gears on you, do you have any thoughts on the regulatory environment? I know that you guys have been involved in varying ways over time with regard to some of the regs that are out there? And what are you seeing? Or do you have any hope fo... | Yes. This is Vince. Yes, yes, we have a lot of hope. Is it going to be 2021 or 2022? I don't know. You still have the SEC getting staffed up, and you've got the congressional committees trying to figure out what their short-term agendas are, etc., and how they're going to work together. But -- so we continue to work on... | direct | [
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35c1525ede0c0bf249cc384783d0b292 | Right. And it does -- a lot of these issues, particularly the AFFE, it's kind of like watching a glacier coming down the mountain. It is moving forward at some point, it's going to drop into the ocean. But my goodness, every day you look at it, it doesn't look any different than the day before. And I think one of the t... | Yes, I think so. And with respect to AFFE specifically, the SEC has really done quite a bit. Because after all, it was their rule in 2014, they put it out for public comment. Having received none, they finalized the rule and now we try to get in to change the rule back. So they proposed to do that. They haven't propose... | direct | [
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77b3c7de91bdffb7391c8572de0f8f59 | Right. And I mean, I have to agree with that wholeheartedly that at least in my observation, the SEC has been increasingly engaged in trying to gather the concerns around the impact of the rule. And do you -- and I know that this is kind of getting outside of the -- maybe what you're able to know, but I greatly value y... | I think they're a conduit for the views of their subscribers. I really don't think they have a view. I do think, like anyone else, they're not too eager to sign up for a bunch of work. And so with respect to the SEC proposal, with a 10% threshold below which you have footnote disclosure and above which, you don't, they... | direct | [
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142f80ba8c493d0cb4311b3e9ae33ab5 | Do you guys have any issues with hiring during the quarter? And any issues with either material or labor inflation in ways that you can't kind of quickly pass along to the customer? | Pete, I would say that the situation has generally been pretty good for us because of the factors that we noted in the call. We do have a business with a highly visible backlog and people that are interested in long-term careers are attracted to the business. That said, it is a pretty tight labor market. We're starting... | intermediate | [
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4d77c60f369a3e60958f0cf4059df4ec | Any sense of how big this Pele, the demo award could be. And then on DRACO it seems like they're kind of reopening up to full competition. Are you guys going to kind of play at a higher level in that -- or are going to attempt to play at a higher level in the recompete? | Yes. So on the first -- on the former, Pete, the Pele program, I've said from the beginning on these that we -- the technology and design phases would be contract awards in the tens of millions, and that's what we've shown historically. I think these -- the demonstration programs are in the range of a few hundred milli... | direct | [
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68b696a52c9845cbc2aa786902fce672 | The bookings in the commercial segment were really strong this quarter. What's that an indication of, I was just curious. I was curious if the subunit within commercial, in particular. | Yes. So it's a broad set of things. It's Robb. Thanks for the question. It's a broad set of really initiatives across the Canadian space for all of our customers. I wouldn't call anything out specifically. It's really just generally a pretty strong environment for us. And so we're seeing a lot of work in all of our fac... | intermediate | [
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"fully_evasive"
] | B |
b853cd5f7e36c580d61618bd51ea7047 | It's a pretty good visibility to revenue guidance at this point given that commercial? | Yes. That's right. We had provided guidance specifically for that segment. We're tracking quite well within that range. We see some good signs that will be with us for a couple of years. Good outlook there. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1923139f1d1606f07827a497dcdf94bb | I wanted to talk about the Tech-99 generators, very excited you continue to make progress there. Maybe give us a sense, what are you -- what are the final stages what are you working? Or what are you tweaking now? Is it like -- is it purity? Is it the amount of purity per batch in generator? Is it the elution time? Or ... | Yes, Bob. Thanks for the question. Yes, we had hoped to submit to the FDA in the first quarter very obviously. We encountered a few problems in the course of the quarter. Some of those were kind of normal things. We did have some people challenges. We had experienced COVID surges at our Canada plant and also done in ou... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f7dd7b57639a02e93d2453f8d4833b3c | I understand you have to do all of this for the regulation and everything else, but the product itself, where is it versus your expectations six, 12 months ago? Is it performing as well as you want? Are there still modifications you have to make in that regard? Or What's the performance like? | Yes. So the performance -- I've never had concerns about the product quality, Bob. We have always thought we'd introduce a product that's as good or better than anything on the market, and we believe that to be the case. And so it's really not about tweaking for product quality. It's really more about tweaking for prod... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f6303fe3db608d29c0a5264644eaed98 | NSG, the former NSG or TSG, any update on kind of outstanding bids now, Savannah has now turned fee-bearing which is great. I think there was a protest potentially Y-12 Pantex. I don't know where that stands. Just any updates on other former NSG operations and bids? | Yes. So the big three that we talked about over the last year or so was the Savannah River Integrated Mission cleanup contract. Obviously, we prevailed in that one, and we're in the execution phase on it. Y-12 Pantex was the largest of the opportunities from a revenue scale perspective. That one was in protest and is n... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0a08fc9ea7831c5647955355ce0f746b | Do you have an updated estimate for the remaining start-up costs associated with it? And have there been any changes to either your growth outlook or sales expectations for the nuclear medicine business as a whole over the next few years versus what you originally discussed at last year's Investor Day. | Since incrementally increasing costs related to getting the FDA application done, but nothing that's meaningful to the business. I would say our views of our -- of how much market we can get, our competitive position in the market have not changed materially. We still feel very strong about that product. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3f4acc33405227ac2027bdaa7b43b018 | Do you have any updates you can share on the opex opportunity? Have you spoken with the customer? And do you have a sense of what time frame it could be for any potential sales related to opex? | Not much to say on that one. We're not in the middle of that negotiation, that's happening at government level. And so I'd say there's not much to offer there and certainly no time frame to go other than to say that at the beginning of this process, the Australian and the U.K., and the U.S. said there would be an 18-mo... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a370e3bc07c979d3934932960359447b | About how long do you expect the priority review or at least that part of the application last? I had previously thought it was under a year, but maybe could you clarify that? | Yeah. We generally said. I mean each application has its own timetable. But generally, we've been told by a set of consultants that generally you should expect about six to nine months for that review. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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