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cfaf7f7bce41bebdc6844f451f06c3a2 | Thanks for taking my question. This is in regards to the recently introduced strategies including China Post-Venture fund. When you look at these recently introduced strategies, wonder if you could just share with us how you think about potential contribution to organic growth over the near term and would you expect so... | Some of the strategies and teams have their own growth pattern early on pending where you're at in the cycle, pending the history of the individuals and the linkage of track records, bringing in individuals that have seven-year track records, running billions of dollars has a different early phase growth patterns and s... | direct | [
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885f89ee2734388165ab37c32ae834e2 | Got you. Thats very helpful. And just one follow-up if I may. Wondering if I could just get your latest thoughts around the potential to add any new investment teams in the near term or if there is any other particular whitespace investment opportunities that you see now out in the horizon? Thanks. | We have nothing new to announce. Around teams, we continue to see a pretty active dialog in the marketplace, and over the last year of the health pandemic, it really hasn't slowed our dialog and interaction with teams. In fact, we brought on new people over that period and launched new strategies. So the dialog's healt... | direct | [
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28ba7b9ae900f712095038c5f00c9397 | Okay. Thank you very much for taking the questions. Good afternoon. Just coming back to the China opportunity. I think, Eric, in your prepared comments, you mentioned you're now at $100 million. I think that's a bit higher than what I think you disclosed in the March monthly. Where is the volume coming from and how do ... | Yeah, Bill, it's a little higher than what we disclosed on the March 31st number and we have been saying an interesting clientele described a little bit outside of our current clientele of the institutional and some of the typical advisors that leave marketed and build relationships within the past. So we've opened up ... | direct | [
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5959001aa685abafc344c9ccbae3f044 | Okay. It's should be helpful. And then just maybe a two-part if I could sneak it in. You mentioned that to protect capacity on the Credit side but then you also mentioned distress. I was wondering if you could talk a little bit about how you might differentiate the current team versus some of the more seasoned competit... | Yeah, specifically in the high-income space, and we call it high income for a very specific reason so that it has the flexibility to use other instruments and to be flexible to take advantage of stress in the marketplace. And I think both the flexibility of security type and the asset -- the allocation process in the p... | intermediate | [
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33593fdfebf241e85c2da2d63dda5569 | Thanks. Just a question on I kind of the outlook for spend in normalization of activity and travel and other discretionary items as you think about this year and how maybe you're budgeting today, C.J., for the remainder of the year and what we should think about at a line item level? | Yeah, Dan. I think we've mentioned this before. We largely believe that spend will return for the most part back to normal. There will be some minimal efficiencies. I do think there will be some less travel but nothing meaningful in certain areas, but largely will be back. And I think we're going to ease into that over... | intermediate | [
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f4369e17451f1284fbbc8134527abacf | Okay and then just one more on capacity. Just given the context you gave us last quarter, when they asked about it, you mentioned a couple funds that were not in the Credit bucket, and obviously, returns have been quite solid as you've said. Just want to make sure there is nothing else, I don't know team-wis,e resource... | Yeah, Dan. There is nothing we're ready to announce, but I do think there is an array of strategies that we keep a mindful eye on with regards to the mix, the velocity of flows, the performance, the opportunity set within each team's product mix. So there are some stellar results that came out of last year and there is... | intermediate | [
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36486ba23629ed200cc0303f47187af0 | Dan, my first question is about the difference between the products and solutions that are being acquired by new logos versus those that are being progressed by existing customers. Any outstanding modules in either client category that you can talk about? | Yes. So I think that from a product perspective, I don't see much difference. It's -- we see demand across the platform. I think that clearly, with new logos, we see substantially all the new logos are SaaS deals.
While as you know, we still have a large base of customers that are in the process of converting to SaaS.... | direct | [
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36b87391511306d7211a7e9bcf31c443 | And maybe as my follow-up, any elongated sales cycles? Are you seeing any additional scrutiny specifically as it relates to large transactions? | No, we actually did not see in Q2 any trend of elongating sales cycles. And we were watching this very closely because obviously, we heard from other companies that they did experience -- again, I think, first, the results, $229 million on a constant currency basis and 12% PLE growth -- new booking growth suggests that... | direct | [
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016cb048b5078fcbb45174dbaa665444 | Dan, can you talk about new SaaS ACV growth? And obviously, we saw sort of a sharp deceleration in that growth rate down to 2.7%. And just parse out what's going on there? And how much of that, if any, is FX impact versus something sort of fundamental within the business? | Yes. No, I think that this metric is always going to be lumpy. And we are expecting, similar to last year, about 30% to 40% growth in new South ACV.
Let me remind folks that last year in Q2 was a tough compare. So if you look at just this quarter growth rate, that's a little bit of an anomaly. We're looking at the ful... | intermediate | [
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0f15053b4ec50db6d7158bdcb71354dc | And then maybe shifting to -- so you've been working and sort of integrating in over the last 1.5 years a consumption-based pricing model in addition to subscription-based pricing. I'm curious in the current environment, are you seeing any shift in preference from customers in the pipeline versus consumption versus sub... | Yes. So there is a lot of interest in this model. But as you know, for decades, the only pricing model in our industry was based on the number of users. So now we provide customers pricing model options.
They can still choose obviously, the number of users. But they can also choose the consumption-based. And the advan... | intermediate | [
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45f049f648cffbc1393ab42addd4f74e | In light of the commentary from some other software companies, can you help us understand the bookings trends kind of throughout the quarter and what you're seeing today? Are you seeing any changes to customer behavior? | So Shaul asked about trends. And I conclude that we see a lot of indoor information. But I don't think we see clear trend in our vision in terms of what customers want to do differently, more interest in ROI. That's one clear trend.
So ROI is how we lead the sales process. We start with discovery on what's the current... | direct | [
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5295b65f43c0316a16af8dea6f5022b9 | And last one for me on the unbundled SaaS metric that you fell a bit this quarter. Can you help us understand that metric? Was it perhaps some deal slipping or perhaps that's where the majority of the FX impact was felt? | I think that unbundled search because of the revenue recognition associated with unbundled SaaS it will fluctuate quarter to quarter. But if you look at the overall SaaS growth in H1, it was 41%. So actually, I was positively surprised with more than 40% growth in SaaS. This was offset a little bit by managed services,... | intermediate | [
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de072460f7ad6a27263c79e210c9cf1c | Maybe I think the perception is that your software gets deployed after a larger contact center transformation, right? So if contact centers deployments get the slow, sales cycles extend. How do you think -- or how would you view the impact to your business if the macro kind of environment worsens here? | Yes. So I think that -- maybe two parts to my response. One is I want to address the CCaaS element of the question. And second is how Verint will sustain a recession.
So in terms of CCaaS, as I mentioned before, we -- currently, we don't see elevated sales cycle. And if it does happen with fixed CCaaS, that's not happ... | direct | [
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0ff6bcbb9c98eaa501e1c7b21c4b5e7e | And maybe just one quick one for Doug. Sorry if I missed it earlier on the call, but can you quantify either in dollar terms or percentage what the FX impact was? | Yes. Well, for the year, it's headwinds on the revenue side about when we look at this year guidance at last year's rates or [inaudible] it hasn't happened yet, right? Headwinds do this, as I talked about earlier, got about one-thirds of our expenses are in foreign currencies, pound, euro, etc. And so that gives us exp... | intermediate | [
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5ad7638d860aa32860c3936ac082639c | I was wondering if you maybe can give us a little bit of color on within the 50% revenue guidance for next year what kind of utilization are you embedding within that and could you achieve that even if you don't see any sequential improvement versus where you are now in utilization? | Relative to current utilization levels, it's assuming that continues. Other than that we estimate what we expect based on our new client ads but until those utilization levels actually occur early in the year I can't really comment on that until it happens. Even though we use our best estimates based on our experience ... | intermediate | [
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237e3803ef74a844675ca5a49f68c5e1 | And then you said that a third of your clients increase the benefits. I was wondering if maybe you could talk a little bit about same store growth and how much of that 50% growth next year is coming from same store growth? | The third the clients that added some form of expanded benefit aren't all equal. So some of them add project in Rx which is the biggest upsell opportunity for us. Some of them add fertility preservation, some of them add simply surrogacy reimbursement or smaller sort of forms of expanded benefit that we don't sort of t... | intermediate | [
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1185516969b2486284404c4e9637561b | First just to the fourth quarter net income, maybe it's just my math but my last trouble putting your EBITDA guidance or net income guidance, there's something funky going on in between those lines that we should be considering the doubling effect on cash flow? | Mark will take a look at that and get back to you if there's something there. Mike if there is we'll publish something on the website. | fully_evasive | [
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89e32bd0e2ba9a4d593f33dd0d909417 | Understood, and then just turning back to Anne's question relative to utilization I guess you said that's continuing to improve. I know that this is obviously a common theme from last quarter. Relative to what you would expect it to be or maybe where the guidance was before what percentage of that right now and are the... | Yes. The easiest way to think about the current utilization levels versus what we were seeing in the middle of the summer is two components of utilization which I think you just touched on. One is rate of utilization overall. And second is the mix of what's being utilized. What's coming back, what continues to come bac... | intermediate | [
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dfd097373c99b029fff330b05ea26f1f | Thank you for taking my question, guys, and congratulations, the whole team for the transition enrolls. Pete now that you've been announced as the incoming CEO for about 30 minutes, I was hoping you could get your initial goals for the new seat or maybe your top three priorities as the steeled of some tech kind of rapi... | I think we alluded to some of them at a high level. They're a combination of expanding our addressable markets in certain ways both with product and with markets themselves. They're also looking at new development opportunities and David alluded to that he'll also be focused on as well as Michael. And so at a high leve... | intermediate | [
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a269bf291b45773160f967c306370a69 | The pulling on that thread a little bit more than when did have clients that maybe opt in for a different competitor or is that no, were there certain features they were seeking out that you would want to add to your solution to be more than just pure play fertility? | Yes, the not now's a role materially just timing based on their own priorities of when they want to add the benefit. They were not, not now's because we lost them the competitors or they were not now's because our offering is somehow deficient. That said we believe there's still things we can do to improve it which whe... | direct | [
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d809ed46785827ee534a23e8375dcbcd | And one quick follow up if I can sneak it in just on the knot now is fine? Did we see a pretty complete conversion of this group from last year? Or is there going to be a longer tail convergence to come up with coming year so we just need some sustained height? | We saw like we did in prior years. Both the number of accounts and covered lives coming from not now grew very nicely this year as grown each year for us. And our expectation is that there is no reason why that shouldn't continue. | intermediate | [
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87d0ccb362c443f5d01580068bacaea1 | Great, thanks, good afternoon. I guess last quarter, you also talked about 50% revenue growth for 22. At the time of midpoint of guidance, it was about $780 million. Is the 50% still holding for 22 off the lower revenue base or around 765? Or is it still applied to the prior baseline? | Yes, I think that the 50%, as we talked about last quarter was an approximate, it's still an approximate, for the reasons that I said in total. Until and when we see the actual utilization from new clients we're really not in a position to give any more precision. The delta, whether you do it off of the midpoint at Q3,... | intermediate | [
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97ea88ead32d02bc90451a049377737c | And then I just wanted to reconcile some of the commentary because you talked about close to 100% retention. But just looking at the numbers, you're adding 85 clients in 2022, you also said you're going to have 265 clients by 2Q, 22. So the math there would just imply that eight or so are rolling off. Is that is right ... | I think you might have missed one of the comments, a few small clients like in past years, where we sold them during the year have already gone live. And so part of the 85 overall are a handful of small clients that have already gone live in our A&R our numbers as of September 30. But if you notice that the overall liv... | intermediate | [
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f0c69fe9c4bcfbf7507bdd3dcaf8e11c | Hi, guys. This is Steve Brown on for Sarah. So we could just unpack the new client adds. So historically, you had a gen one start for new clients and you flagged more starts to this quarter. Is that related to more of the return to office and COVID? Or should we think about that as the end type of the employer you're t... | The majority of dollars in lives are going live in Q1 mostly in January 1. There is a handful of clients that are going live in Q2, mostly because that's when their plan year starts. So they are in industries that don't have a calendar year plan year. So there's no sort of shift, if you will of any kind, relative to wh... | intermediate | [
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bb744f47eeba3cac113722cb686da862 | Hi, thanks for taking my question. First, I want it to go back to Pete's comment. I think you mentioned that utilization was lower for IVF and fertility preservation in Q3. Can you talk about that dynamics a little bit? Are you seeing or do expect the same trend to continue in Q4, and then maybe next year? | Yes. What I mentioned was the proportion of full IVF cycles versus overall medical treatments was a little lower than normal. That is already based on what we're seeing in October, scheduled for October, November, is already returning back to normal levels. It's really the proportion that we saw that was lower over the... | direct | [
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8b02a641336292639f7ccb1cd99085d1 | So it sounds like it's just Q3 then. | Yes, slightly lower proportion with Q3 is already returning in what we're seeing already for Q4. It's part of why our expectation around Q4 guidance has baked into it. | direct | [
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a98d3e2d4525abea1e1921155d487bb2 | And then my next question is on the new customers, I'm wondering if you can talk about the characteristics and maybe the client profile for your new 85 clients that you're adding? So are these clients that you're adding are they smaller than your existing clients or maybe they are in similar size? And I'm wondering if ... | Yes. So a couple things there one related to client size. The average size of new clients that we added in this year selling season for next year are higher than last year but similar to what they've been in previous years. Last year with COVID, the pandemic as a backdrop, it impacted larger clients coming on board in ... | direct | [
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590a2698da76d8d3ef5b5c5cc96f85ad | You haven't said anything on the call about the commercial. You've got 160 acres that you highlight there. Could you tell us what your plans are there and what the timetable, what timetable do you anticipate? | Great question. So while I'm very excited about the residential component of that and that's kind of where a lot of my attention has been occupied, just solidifying those contracts with the builders, you're right, we have a very large commercial component to this property and commercial usually lags residential develop... | intermediate | [
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71d9e894b52e6cd908d8f79719dcf8cd | So we're there now. How far do they have to drive to a supermarket, to a Home Depot, to a theater? | So it will be, it's almost triangulated and it's almost about 10 miles in three different directions, going to be 10 miles to the west, Iâll call it eight miles to the west, 10 miles to the south and 11 miles to the east, to find those types of installations. So we are very well located on that. And really, there's not... | direct | [
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82a1e33e5b97588d0ca7555b0cec6d55 | Which makes our commercial all the more attractive. | It does. And then, it has a several things. I mean one you do benefit a lot in the value of commercial real estate and we also benefit from the value of a commercial water user out of that. So we see value not only in the land, we see value in taps, we see value in selling water, but then there is a tremendous value he... | direct | [
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2bee4578093a2828a70902eac5f1d985 | Mark, hi. Things sound as theyâre going really well. If you looked out three years let's say, I want to know how, what percentage of your revenue at that time. will be recurring and not be tap sales or land sales or whatever but what percentage will be recurring at that point? | So what I would say is that really drills down into kind of the water connections, the monthly month-over-month, year-over-year connections that we have into the system. Today, we stand somewhere around pretty close to 500 water connections and then I think maybe a 180 sewer connections. And the reason we've got a disc... | intermediate | [
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ce330c7c408d28bdeb64596959378ab3 | Are there any other easy pickings on the acquisition front? | I was hoping somebody would ask me what am I going to do with all our cash.
It is, honestly, and I know we've talked about this in the past in terms of our philosophical view of how we manage our cash and if I'm at $3.5 million a year in my overhead and I've got $25 million, $30 million of cash, that's a little bit lo... | direct | [
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7d432a47e4d407c40a8efa669d350761 | If there was ever a time to be aggressive about the whole thing, aren't we approaching that at the moment? | I tend to indicate, I tend to agree with you on that. I think the proof will be in the pudding to see what happens and how this in this current market condition impacts businesses, property owners, entrepreneurs. the whole nine yards are going to, it's going to have a very significant trickle down effect. And you just ... | direct | [
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dcb8095df2352556002ed70a0a23e5d7 | Well you know your record is superb not only with the Sky Ranch, but with the acreage you brought down on the Arkansas River. So I hope the Board isn't being a throttle on your constraint, on your activity now. Now is the time when you should have somebody devoted to looking at these things. If not you, do you have som... | Well, Bill, you just gave me another softball there. So that gives me an opportunity to introduce Kevin McNeil who is -- we welcome back to the company. He was our controller about a decade ago, but he's going to be our new CFO. And that's exactly his charges is to get out there and start combing the landscape and see ... | direct | [
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5922501f2fdae86c40ea50c5952eedf8 | Hi, Mark. I had a question on what's going on with the actual contracts being signed. My most recent article on Seeking Alpha talked about you know what, Richmond American is reporting. It's great that they report in real-time what's happening with contract signings and I've been monitoring carefully recently because I... | Great question. One that it's probably, I can only give you anecdotal comments on. But if I referenced anything, and this will be kind of a first hand experience. Kevin coming back, he moved back -- he relocated back from -- from Austin, Texas and we typically don't like to welcome Texans in here, but at least they hav... | direct | [
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3206eb513661a44dd4d96c12872bbf00 | Yeah, it was truly surprising to see no cancellations and new contracts being signed the last few weeks. Totally separate question. I also noticed you've still got some revenue coming in from your oil and gas activities. And although the whole fracking industry, it's a unprofitable industry at this point, every dollar ... | It's very important distinction. And there is -- it's all variable cost to us, right. So, I don't have a lot of fixed costs that are outside that. So, I can dial that up, I can dial that down, and you're right. If I'm not getting any revenue in, I'm not incurring the cost attributable to that. So, that is a very attrac... | direct | [
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fb15925961703abc39e609df3e786d81 | First off, congrats on controlling the controllables during a really tough quarter. So this is to Adrianne, I guess, question on opex. Sales and marketing dollars were down, I think, first time since '19 during the quarter. How sustainable do you think that is as we look into '22, does this mean privacy change impacts ... | Thank you for those questions. Adrianne, I'll let you first address the question about sales and opex. Yes. And I think we don't tend to give specific color kind of on our sales and marketing line. What I will say, as Jonathan mentioned in his scripted remarks, we're committed to our mid-single-digit adjusted EBITDA ta... | intermediate | [
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a4f700fb9b43fd3ee2f00f492fc6a1ac | Hey, guys. Good morning, everybody. Thanks for taking the question. I just want to piggyback on that last question. So Jonathan, how are you thinking about industry growth for the year? So high single digits, are you assuming that online home furnishings grows high single digits? Or I mean, how do you think about that?... | Seth, good question. We do think that we're going to outpace the industry with at least high single-digit revenue growth. As I mentioned, Q1 historically has tended to be a little smaller revenue-wise in Q4. But for the last couple of years, Q2 has been our largest quarter of the year from a revenue perspective. So we ... | direct | [
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164670069c23ca600149870a8b611679 | Great. Thanks for taking my question. I wanted to ask about tZERO. So for the investments, if you can't -- or can you give incremental details on the terms? How much was invested, at what valuation? And if you can't provide that, can you at least provide some level of directionality versus the last funding for tZERO? T... | Yeah. We can provide some information. ICE has been specific in saying does not want to disclose the amount that it invested. It did lead around when Pelion, the Medici Venture or the Medici Fund, general partners at Medici Ventures Fund would participate around. As overstock that if we wanted to participate to given o... | intermediate | [
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35399785ebf6d95500d2d7a28eae5db7 | Thanks. Good morning. Thanks for the detail and the call. I guess I just want to reflect back on Q4 because you guys were expecting growth for the quarter came in down negative high single digit. You understand the environment maybe got a little bit tough industrywide, but anything company specific that happened either... | Sure. Let me address that initially. And now I'll turn to Dave to add some color about Q4. We did pull our Customer Day event, which historically has been in Q4 to Q3. Even with that, we still thought we would have a higher revenue growth in Q4 than we did. It was a competitive market. There were -- people were spendin... | direct | [
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de2998023dafa32118bff3561705eee6 | Good morning. Thanks very much. So yeah, as we've been kind of talking about pretty significant news on tZERO. I guess for some of those who are retail analysts and a little less familiar, maybe just a refresher or just, Jonathan, some comments in terms of like, as you said, the endorsements, investments, right, for IC... | Great questions. Let me jump in and I'll answer the second first and then the first second. David is a 20-plus year senior executive at ICE. He's a named executive officer. He's Chief Strategy Officer. He has helped build exchanges and markets for ICE. When we look -- I know the tZERO Board looked to find an industry e... | intermediate | [
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19c83a39a59ce29c83f4fa40e712faff | Hey. Thanks for taking my question and really good job organizing this call. I've enjoyed it. Can you just parse out maybe a little more specifically because you've mentioned that maybe half a dozen times. What was the actual numerical drag from exiting non-home categories on your revenues? I have it is like a 450- to ... | We've not provided that. We know roughly what it is, but that's not something we're talking to. Like I said, we started what we're calling Nexit, non-home exit, non-home good exit in Q2 of 2021. It will continue through the end of -- excuse me, Q2 2022. We think we are adequately offset with new home SKU growth, we exp... | fully_evasive | [
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edaffd8841252e1ed7dc9269121bfb39 | If I'm interpreting the outlook appropriately, it sounds like a more optimistic view for the BD business. Maybe things pacing ahead of the views communicated in the previous guidance. What are the categories or products that are really driving that more confident view as you look across the remainder of the year? | I think we continue to see more momentum in climb and the combination of both the hard goods and the soft goods side obviously with footwear addition, both in rock shoes as well as approach shoes and the new products within climb. We have had and continue to see strong pick-up and the excitement around the whole winter... | direct | [
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8f5939a3026f31d2ae2d12130766b0f3 | And John, is that concentrated in any one region? Or is it really balanced across the globe? | No, it's been balanced across the globe. | direct | [
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c705e88c250a2a24d94af0b974295711 | Sierra, a little softer in the guidance. Is this a reflection of the ammunition launch being more sluggish than you anticipated or is it really just category specific and headwinds for the category as a whole? And then related to that, John, I guess I'd be curious your views on the category and when you think it might ... | I would say that it's been category as a whole. Obviously, for us, it's been more driven by what we would call the softness of our OEM side of the business than it is the consumer or green box side of the business. And I think that's a reflection of what's taking place in law enforcement, military, and that aspect of t... | direct | [
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815486272932b3e701cc6e0a175a9d0c | Can you guys comment on the recent news that's been out there about your decision to relocate to manufacturing, as you do so some of the strategies to mitigate operating risk and how you're thinking about that in terms of its financial implications with P&L? | Okay. So, the first thing we would say is that the termination manufacturing will start from around September 1 and through the rest of this year. The decision was not a reflection on the capabilities, abilities, progress, efforts of the team downstairs in manufacturing. But as we said in our discussions, this has real... | intermediate | [
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e6c7aaf284fc2b81f6d629a9b226d6c7 | First, on the BD side, maybe sticking with some of the line of questioning on guidance, do you have what the growth cadence was by month relative to that sort of 8% number? It sounds like May might have been tough. Just curious about the trend into June and July and how that fits in with the guidance and the trajectory... | So, what I would say is that we all saw winter longer than anticipated, which definitely impacted spring as we saw it. And so, spring being the second quarter was impacted. And we saw that in the growth being tougher in the earlier months and then starting to pick up. We are positive and optimistic given the signs we'v... | intermediate | [
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92c5efbd2e312ed09ff4ec2835468d8b | So maybe along those lines, as you move into fall, it sounds like 150 or so new products. How should we think about the magnitude of the revenue impact from those new products versus the revenue benefit you got last year? What's the delta there in terms impact or expected impact that you're thinking in guidance? | I think what we would say from the notes earlier today that you saw is that originally we were thinking it was going to be a high single-digit growth for the year. And you can see where the first half of the year came in. And we believe that low double-digit number that achieved in the first half of the year is more in... | intermediate | [
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19b290b3d2939683dc049834f0d95afc | Switching to Sierra, do you see any noticeable lifts -- I guess probably on the green box side is where you'd see it most -- but from the California background checks either in June or in terms of more recent replenishment orders? Was it enough to notice frankly? | No. Our business is a combination of the green box business and the OEM partnership that we've had being specifically bullet. Even though we launched into ammo this year, we've been clear to everybody saying that of all the bullets we do, we're launching eight calibers into ammo. We're excited about and we think ammo h... | direct | [
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3d89845b3d65bc1ef2f5e454421ccf30 | I wanted to follow up on the footwear and apparel initiatives. I think last quarter it was noted that footwear grew 60% for quarter. Just curious. I think I missed the growth rate for the second quarter. And how should we think about footwear and apparel growth overall for FY19? | Footwear and apparel are both important initiatives to us. They will have some ebb and flows, as you are seeing by seasons. I would say that climb footwear in the second quarter was up high single-digits. And that's driven again by a late spring initiative on that. Apparel continues to gain ground and as we move into f... | intermediate | [
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b578c93c5ed22879fd97def984c41b87 | And then switching to gross margins, the press release notes that GM was slightly pressured in second quarter from channel and product mix as well as FX. Aaron, maybe could you possibly parse those out in BIP terms? And how should we think about those factors for the remaining two quarters of the year? | You bet. So, FX represented anywhere from 55% to 60%, while channel and products mix was 65 basis points, offset by, as I say, some of the productivity programs that we implemented that generated a favorable variance of 110 basis points on a year-over-year basis. As we think about the remainder of the year, we are look... | direct | [
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b93dabdcf1e275c540ded38223b61e20 | And then switching to SG&A, I think the press release notes $400,000.00 in costs associated with the warehouse in Europe. Is that one-time in nature, or should we think of that increase for the next two quarters? | Most definitely one-time in nature. This is a move that we decided to activate coming into the year as we looked at the needs of our European office primarily focused around having high levels of fulfilment, easier-to-do-business-with type activities, and just being quicker to market, but also enhancing our direct-to-c... | direct | [
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48c54cdac8c05dcdf3a417407e06dc3b | And then my last question is on Sierra. I know you guys don't give quarterly guidance, but any high level thoughts about the third and fourth quarter? And then with tonight's 10-Q, it looks like both Sierra domestic and international declined at the same rate. Should we think of those declined across the region for the... | As we look to fall, I think our view is to focus on each of the markets individually and drive through innovation and acceleration each of the markets. We don't give guidance on the quarterly, more on an annual. We now see that we will see high single-digit decline across Sierra, as our outlook. Obviously, we'll do our... | intermediate | [
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ed73a8bb1b57c4cb7f60fab052c2409e | Just building on Sierra, can you just talk about what your expectations are for year one of ammunition? And I understand there are the industry headwinds. But how quickly can you ramp that piece of the business? | We launched into GameChanger to start, which was eight calibers by this fall. Obviously, eight calibers is eight of multiple dozens of different calibers we offer within the Sierra bullet range. We believe long-term that ammo was the right process. We launched into the GameChanger because of our history in hunting as w... | intermediate | [
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62d8c1c9cd902064aa576f9d0ee31526 | Got it. That's helpful. And then maybe I missed this, but do you have any visibility into inventory levels, what they look like in the channel for your retail partners for Sierra? | I think we can only speculate, to be honest. I think our view is that there've been a lot of opportunities for our retailers to buy over the last six months, given the weakness of the market and the promotional nature of all the players in it. I think we're starting to see at their level some movement as we go into the... | intermediate | [
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b25026a6e64f78b9992297946464cdf5 | Just a couple other little things here on Sierra. Do you feel that weather had an impact on the Sierra business during the quarter? | To be honest, I don't think we've owned Sierra long enough that weather was an impact, it's not what we heard, as a driver that it was really just more the aftermath of the stockpiling of both inventories and stockpiling by consumers with the new presidential process. So, we haven't seen that. It didn't impact that we ... | direct | [
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b1844072cad7b873c7c174ddf0084d39 | And then second on Sierra, what was the impact? Can you speak to the impact just on the launch of ammunition during the quarter? Is it still too small to really speak to? Or any guidance you can give us would be great. | Yeah. We have quite a few of calibers that we make in bullets across the whole line, across what we would call hunt, compete, defend, and protect, the four different categories. We launched ammo eight calibers by this fall in just the hunt segment. The response has been very positive. And so, it's led us to direction o... | intermediate | [
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ff048edfaa9f4230e84c793b9ed203e7 | For my first question, I wanted to focus on a bigger picture topic that you referenced in your prepared comments, perhaps for yourself, Jason or Bryan. Now that you've attained seven years of oil inventory and have line of sight to a sub one and a half net debt-to-EBITDA ratio by year-end 2022 and likely sub-1 by 2023,... | Yes. Again, I think for us, the debt reduction is the top priority. M&A can come and go, and it's an interesting time right now where assets that were not worth very much in the past. People may be waiting for $100 oil before they sell them.
So, it's an interesting environment out there. There are plenty of packages c... | direct | [
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fae9b4e90fe50403f54a7bb40e940244 | And as my follow-up, I'd like to maybe shift over to your production trajectory for 2022. Last quarter's 2022 disclosures suggested flattish, perhaps slightly down full year 2022 volumes relative to your Q4 guidance. Is that still a reasonable projection following the most recent acquisition? | Yes. Yes. I mean, it will be fairly flat year over year. I'd say we'll give more guidance come February.
We do have a lot of moving parts. I mean, there are wells that are outperforming, but there are also unbounded wells that are the ones that are outperforming. So, we're going to continue to digest the new informati... | direct | [
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8c24fc78d7bb5128604fe4177475ace6 | Just had a couple of questions. On your discussion on emissions and flaring and your goals to eliminate that going forward, you mentioned, I believe, that you're piloting some emissions monitoring technologies. I wonder if you could just talk a little bit about that sort of what the cost looks like and whether there is... | Good morning. This is Kyle Coldiron. So, our pilot project, we're actually using three different vendors for the continuous submissions monitoring. And the objective of that pilot is to determine which of those vendors kind of provides us the best product and the best view of data.
There's a lot of different variables... | intermediate | [
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08a2d023598a07d0cfd25b0a82f681d5 | And also discussing M&A. And as you mentioned, there are a lot of moving parts -- different moving parts with the transactions you've done to date.
And I'm just curious for what remains out there on the market. Do any of those operators or have any of them made any strides on working on emissions or flaring or other E... | Again, I was at a conference in Houston last week. So, I do believe some of the smaller operators are -- again, they must get caught up. I think they've been a little bit behind. It's hard to speak for everybody.
Like, again, even in the public space, there are going to be some that greenwashing their ESG efforts, and... | intermediate | [
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d592ff14a1112f32d975019d5c917c7d | OK. Great. And just one last one for me. I think, as was mentioned earlier, that in the North Howard area, you're learning about founded and semi-bounded development of the different price of it.
Can you talk a little bit more about that, just what you've learned and if there's anything sort of nonintuitive that's imp... | So, I think really nothing nonintuitive. And it's what we would expect to see. I think what we're kind of getting to there, the sudden adjusted packages, which you can see in our release, you can see that they are performing very well. And so, what we're trying to kind of communicate is that we're very happy with their... | direct | [
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0b8a59c68a3bf5c86273afb256697906 | My first one is about your commentary around the competitive mode and competitive dynamics. And it certainly sounds from the data points that you provided like everything is in a good place and you've mentioned some ways that you're building your competitive insulation. But, you know, can you talk about what drives you... | In terms of changes in the competitive landscape, we have not seen anything material so far this year. In terms of how we view our competitive differentiation in the marketplace, we were particularly proud of the strength of our R&D organization and our ability to partner with big CPG companies to drive innovation and ... | direct | [
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16aa0c18499163d1764e837c6148251c | And then, on the outlook for the fruit-based segment, is the change from a top-line perspective relative to what you've communicated prior. Is that really related to the pricing that you mentioned? Or are you seeing some underlying improvements, whether it's in the fruit snacks that you mentioned or otherwise that the ... | Yes, we -- as referenced, we're optimistic and have great momentum in the fruit snacks business. The frozen fruit in 2020 had some pretty major volatility from COVID standpoint and so we're seeing some return to normalization, if you will, in the retail landscape. And so, we think those two factors combined afford us t... | intermediate | [
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daf60dd50accde79037d3fb8dc032faf | And then just lastly from me, is there any other detail you can provide on the, kind of, mega facility that you're talking about with respect to either costs or products. I know you're expanding your R&D capabilities with the new facility, excuse me, the new headquarter. So I'm not sure if that plays into it, but any k... | Yes, I think we'll get into unpacking that as we get kind of closer. I mean, we're at that stage now, I mean, we're on the doorstep, hopefully of signing a lease here. And we've done site selection, we have broad understanding around capabilities that we're going to put in, but this facility is really an unlock for gro... | fully_evasive | [
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95d5a6edff184b37fe393dd620540eba | Okay. A lot of areas we could go into. Let me start by asking a little bit about foodservice, which was a strong channel for you in the quarter, obviously you're getting help from the kind of the rebound in that channel. You did call out a customer in the prepared comments, I think your largest customer and referenced ... | Yes, that is new with oats. We started shipping oat to Starbucks in the middle of the second quarter. We're playing a secondary supplier role there. We were pleased that we were able to step in and help our largest customer with one of our SunOpta branded products. I know, some of the folks on the call have seen that p... | direct | [
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6a60bf4c18d99e6f3b1c61238501e6ed | Okay, thanks. That's super helpful. And then, you mentioned that -- I thought it was interesting you kind of called out brands -- your own brands in the -- a little bit more, I think than you have in the past, even noting that they're playing an increasingly important role in the portfolio from a contribution perspecti... | Yes, obviously, with the acquisition in mid-April, the revenue that we realized was 100% incremental and so brand delivered -- just the acquisition delivered 5 points of the 21 points of growth that you would have seen, and so we felt it was appropriate to call that out. I would tell you to-date the -- our brand initia... | direct | [
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7159b22938f74fd84658b73ed5babfe5 | Okay, thank you on that. I did also want to ask -- sorry I'm circling back around too. You made a comment on a multi-year extension with the -- to co-man for the largest, I think, oat milk brand in the US. Did I hear that one right and is that a -- how new is that and what kind of duration or visibility does that new a... | That is not a new relationship for us. That has been a long-standing relationship with the company that is currently running the leading national brand in oat milk in the US and it was a multi-year extension. | intermediate | [
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48f0d9480d5addf81c5123f1e148e2fd | Okay. I guess the last question, I'll pass it on -- is around just outlook. I think last quarter -- I may be a little of on this, but last quarter, you may have said that you expected strong double-digit EBITDA growth in 2021. I think today, you said EBITDA growth without the double-digit. I might just be parsing words... | Hey, John. It's Scott, good morning. [Technical Issues] outlook has not changed. I think what we want to recognize is that the comps obviously get a lot tougher in the back half. I think I pointed out that 60% of last year's EBITDA was in the second half. So no change in outlook, just on a comparative basis, the toughe... | direct | [
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7c348c5242ab065dd12bffbeb6dc6eee | Great. Thanks very much for taking my question. I wanted to talk a little bit more about oat milk. I think that's pretty amazing that it's driving half of your revenue growth in plant-based bidder and it's still a relatively small category. Can you talk about where that growth is coming from? Is that in more grocery or... | So the first part of your question, foodservice or retail. The answer is yes. We're seeing strong oat growth in both retail sales, co-manufacturer brands is that predominantly sell into retail. So that was a strong growth lever, as well as significant growth in our foodservice sales of oat milk. So, both channels were ... | intermediate | [
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a0e308b5f5e1340562b25d625286c7a2 | Okay, great, that's really helpful. And then just thinking about your different customers and channels, it sounds like retail grocery store business continues to be strong even as you're lapping tough comps related to the pandemic last year. What does that look like as you, kind of, move into the third and fourth quart... | You know, Q2 -- the Q2 overlap in foodservice was by far the biggest overlap anomaly that we experienced last year. And so, we would see it returning to, kind of, more historical levels than more traditional overlaps. And that's why we've shared some of the 2019 numbers as we've gone through this as well is, obviously ... | intermediate | [
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81847c820e31c45562771e3ea4431cc9 | Hi guys, a couple of questions from me. First off, you talked about inflationary pressures that you're seeing come across the Board. Can you talk about your ability to take price in your branded products? | Yes, you know, as Scott referenced, we have not experienced any major inflationary pressures on the branded side of things. What I would say is obviously, the US retailers are certainly on the receiving end of significant price increases from many, many, many brands. So I don't think it would be an odd conversation if ... | direct | [
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92c5787610fd6fc12592c13fdf2fadff | Okay, great. And then as we look at the fruit business, you guys talked about some of the headwinds, which you face there. And if you can give us kind of your outlook and what it would take to turn this business profitable again. | Yes, I mean, I'll offer, kind of, a summary of the season. I mean, we met our pack plant [Phonetic], so we process as much fruit as we need for the next 12 months. The plants ran better than prior year, but the cost of the fruit, meaning the price that we paid to the growers was significantly higher than previous years... | direct | [
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64cbfa6dca2309ec4379838cff576395 | And looking at the fruit snack business, it's doing well. Is there just not enough to really drive that business higher to make up for some of the headwinds that you're facing in other places. And then if you can talk about the new fruit bowl business, is that just timing that's going to take a couple of quarters befor... | Yes. I mean, we -- the fruit snacks business is a small, but mighty growth lever for the business right now that we are looking to continue to invest in and drive expansion and we're incredibly bullish about the innovation potential in that business and the customer relationships that we have. So it is kind of full ste... | direct | [
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be06c609579f0d2a0c7fc24824065a96 | I guess, a quick question on your guidance for sales for the first half to be flat. Is that, I guess, consistent across first quarter and second quarter? Are there any differences you're expecting there? And then also with the stores now open in first quarter versus last year, I think they were half the quarter. Are yo... | Good morning, Susan. What we are -- in terms of our outlook, what we are saying is that our trends are in line with what's happening in the market. So in other words, yes, we are definitely seeing that as before, where we followed the virus and the traffic followed the virus, we are now seeing the inverse that traffic ... | intermediate | [
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95fe671cb6c18d175e44f7a959579bbd | And then just if I could add a follow-up on gross margin, how much of that deleverage was occupancy in the fourth quarter versus the maintained margin? And then can you talk about the puts and takes you see for first quarter? It looks like your inventory is pretty lean. And I think you mentioned that first quarter is g... | Yup. Looking at the maintained margin, occupancy cost was the material driver of the deleverage on the rate. But we also had a few other items that impacted the number, one I would call out would be the promotional activity moving through inventory as well as shipping cost. Like other retailers, we are incurring higher... | direct | [
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f353c8dc73324370e364843cae5a82af | Great. And just on the port delays, are you expecting an impact in first quarter with -- are you seeing late deliveries? Or were you able to manage around that? | We've been closely monitoring the supply chain. We've had no cancellations from our suppliers. We've had -- we paid a little bit of a premium for vessel space and cargo space in order to ensure our consistency of getting goods to the U.S. The delays have been at the port, consistently out of the LA Port. We're now star... | direct | [
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9482eeb2d6e2b879ae3d91dfd8c8f324 | Hey, guys. Amazing at Soma, the stores look truly amazing. Just a follow-up on that conversation about the freight costs and the flipping of the floor sets and everything in the marketing, have you had to incur cost to get all of this done? Or were you doing it on the fly? You hadn't planned too much, so you didn't hav... | We have -- we did have to incur costs in terms of air for the fourth quarter. And most of that was to drive Soma and to drive the gifting. For just the apparel brands and when following floor set, it's had, I'd say, on average, about a 2-week impact versus where we were originally planning sets to be customer-facing an... | direct | [
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9b198a7cca583a8e932d04df2d36b4f6 | OK. And then just also a follow-up. You talked a lot about the store, the shop-in-shops in Soma. I've seen two of them being built. Your associates were shaking with excitement. It was so exciting. But are you going to open any stand-alone Soma stores as well? Because I don't know if that came through in the call today... | We've identified eight White House black market stores where it makes sense to flip them to Soma. And so those are the first that we've identified in addition to the 40 other shop-in-shops that we have rolled out by May in Chico's locations, and we are excited to report that the 10 initial shop-in-shops are beating our... | intermediate | [
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7e67ba1d1794a2e3c97531c839dd569d | That's very exciting. And then one last follow-up, if it's OK, if I could sneak it in. I guess, how are you thinking about the balance of product at White House? Because, in particular, with your stores, actually, I don't even know because Chico's was so hard hit, too, because of that customer, but the White House cust... | We are maniacally listening to our customer. We have a -- every other week conversation with our customers to understand what's happening in her life. And how she's thinking about the coming months and maybe events that she's starting to think about participating in again. In addition to that, we are staying very close... | intermediate | [
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bafad6405a0028bedac050c6ffaf9cb5 | Good morning, everyone. As do you think of the rent abatements, which were considerable in 2020, the $65 million, what is coming up in 2021? Could it be as significant in 2021 as compared to what you achieved in 2020? And then when you think about digital, how are the digital margins given as it is scaling? Is there an... | With respect to rent abatements, we are now in the planning stage of that Phase 2. We'll be launching that next week. But looking at our plans at this point, we're really working with A&G. We think it will be meaningful savings moving forward. We have not put a number to it that we're putting publicly at this time, but... | intermediate | [
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188f5ffa95d3274c636aa11c224df11f | I just want to start off, you gave a lot of detail on 2021 guidance, but a couple of things I want to ask about. The first is just seasonality, and I think most of the time you'll see kind of a normal drop-off in 1Q and then a ramp. How should we think about the seasonal patterns in '21 given your guidance? | Yes. We will see -- it's been a slower start to the year, really, both in Canada and Australia. In Canada, the limitations on headcount at industrial projects is negatively impacting our activity in British Columbia, and so that's negatively impacting things. And it's been a little bit of a slow start in the oil sands ... | direct | [
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ae8f0242c3a90d613bf4d600aca98127 | And it sounds like you adjusted -- you look at 2020 with 13 million of benefit from the CEWS program. I'm assuming your guidance doesn't have anything in it for '21? And I also think, does that suggest 1Q EBITDA is down year over year before growing and rising year over year going forward? | That is correct. We do not have any CEWS proceeds in the guidance we just gave, and we do expect EBITDA to be down year over year in the first quarter.
Stephen, one additional point to that. It's a difficult comp year over year because January and February of 2020 were actually pretty good months and did not have a CO... | direct | [
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b4c4ec016d604710a0ff389667d31277 | The -- you mentioned kind of a cautious shorter-term outlook in the U.S. business. If we start to see a ramp there and activity starts moving higher, is that a business you would think about divesting over time? | Well, we're not -- we took a lot of costs out of the business, last year. We consolidated our activity into the more active basins. We've got it so that our district offices are now each on a contribution basis, positive. So I feel like we've really rightsized the business, so it shouldn't -- we expect it to improve ye... | direct | [
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2540e7fdf723241e78e28e9cf75dec1c | And then just one final one for me. And that is when you walked through the guidance, and you laid out, I think, some of the parameters around your expectations, when I think about it, what are the -- what could be drivers of upside? Because I think you talked about some of the risks to the guidance. But as you think a... | Well, certainly, if we can get, I think, No. 1, would be the Chinese-Australian labor -- I'm sorry, trade dispute. If that starts to abate then I think there's upside to Australia. We are -- if we can start getting better availability of labor in Australia, with some of the social safety net programs, both in Canada an... | direct | [
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b0a76d93eea265001d8a5dc08b2fb5bc | Adam, you mentioned in your prepared remarks, you are launching different initiatives to support the commercialization of pacritinib including this location, customer engagement, etc. Could you provide additional context and a timeframe for these different activities? | Hi, Carolina. So the activities for commercialization are well under way. The teams have been following a very detailed launch planning playbook to prepare for launch. And the teams are already working toward that. Hiring is on time, execution of the commercialization activities are on time. As Adam mentioned in his op... | intermediate | [
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a6b41cf18bd99e2bce65bf89d5cc14da | If I may, as a follow-up, when do you plan to complete the sales force and the other commercial teams and then do you have a headcount target for the sales force that you could share? And then how long is the training process they have to go through? | So we've not made a specific timeline as to the hiring of the sales force, in particular. We're focused on bringing in sales leadership right now. The field force is going to be later on this year, a little bit closer to launch. As it relates to training, we've already completed the development of all our training mate... | intermediate | [
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456fe0e0d57f30e16104e6bcf9e19ac2 | Hey, good afternoon, guys. Thanks for taking the questions. Let me add my congratulations as well. Adam, can you just maybe take us through in terms of how much drug is available? What the kind of status of manufacturing is? And does the manufacturing plant need to be inspected as well? Is that -- or is that kind of al... | Yes. Well, we are just giving you brief -- manufacturing as well -- is under control. We, for some time, had a substantial amount of drug products available. So we do have commercial lots, and we were ready to -- we're ready to launch if the approval comes early. Towards the latter part of this year, we will be manufac... | intermediate | [
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af200617d118a04347e3dc90d9eab776 | Got it. And then I guess just following up on the COVID-19 study. I believe it was -- you had mentioned in the prepared remarks, third quarter -- I just wanted to get a sense, is that still -- should we still be considering that quite material for the company? Or now that you have the acceptance and so really a lot mor... | Well, we're still going to -- thank you, Reni. We're still going to conduct the interim correctly and assess the position of the drug once we have this trial rather once we have the interim results. It's certainly not the main driver the company at the moment. The majority of our focus -- the vast majority of our focus... | direct | [
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"fully_evasive"
] | A |
2e6ae6052016ca8b6a9608923401f5bb | Hey, good afternoon, guys, and congrats as well. Just curious. Adam, it looks like the MPN guidelines were updated in mid-April, do you have a sense if that's -- on what time schedule there might be for another update there? I don't know how closely your team has been interacting with the NCCN guideline community for M... | We've been thinking a lot about our NCCN strategy. There's an opportunity for NCCN -- for us to inform NCCN of the data. And so we have plans to be able to do that in the middle of the year. And then toward the end of the year is generally when they meet, although it is our expectation that time of approval that the NC... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
865faac11faae872e178e5c84e881b44 | Got it. And, Adam, could you remind us, did you submit the indication with or without the restriction for the platelet counts? | Our top-line indication was for prime and secondary myelofibrosis. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
d9bf3cb10b2777c6b0008cdfda8caadd | Got it. And then just one final one for me. Is there anything you can share with us around your thoughts on pricing given the disparity in pricing between JAK and pacritinib? | Not at this time, Thomas. We're not commenting on pricing. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
438599526fdafc407ea950e36a4826cb | Great. Thank you. Good evening. Thanks for taking my question. And congratulations on the NDA acceptance. Can you just talk a little bit about how patients who have low platelet counts, how they're treated in the system in terms of -- are there any specialists they see? Or how are you going to target them given that th... | So our market research suggests that community physicians are also quite comfortable treating myelofibrosis patients with low platelet counts. When the patients are referred to the academic centers, they generally have constitutional symptoms, which of would include spleen volume increases, that the community oncologis... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6ea802602579aaa326d0ad37db752ac2 | Could you just remind us -- first of all, congratulations again on priority review. And then with GvHD, could you remind us of the -- any differences between the phase 2 design that the ongoing study and the phase 1-2 IST study, just any changes or tweaks in design or patient population or endpoints or anything of the ... | No, not really. They're substantially very similar. The purpose of the phase 1 was to identify a safe and effective dose to go into phase 2. And then at phase 2, the number of patients was expanded. But so having tested two dose levels at phase 2, 100 milligrams twice at phase 1, 100 milligrams twice a day was selected... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
de3ccac21655e6eb317a0b0793a1ea68 | Avishai, I guess I wanted to maybe dig in on the return to normalization. When you look at the different pockets of your business, where are you seeing the biggest impact here? Is it the self-creators, your commerce customers? Is it across B2B agencies? Any color there would be extremely helpful. | So I think the first thing we're seeing is that the GPV as -- went down, right, in the last couple of months. I think this is something that every company has seen. We've seen Amazon experiencing similar stuff, Shopify. So I think that was probably the bigger thing that we see now. In terms of self-creators, I think th... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4371b95d0acbd6a471558be256f3dafb | And then maybe just quickly, Nir, as far as the GPV downtick, would you say that that is just because consumer spend has obviously eroded? Or is there any maybe longer-term impact from having that softer premium subscription funnel over the last three, four quarters? Any help in terms of what you're seeing as far as ki... | Well, so it's -- yes, it is mainly assumed to less consumers spend more than anything else. 100% from less consumer spending. That's what we're seeing. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
8d8fe5946489e4a0e91fa950b1ce9173 | When you think about the assumptions you're making in the back half and into '23, what are you making in terms of your assumption that -- for the overall economy? Are you saying things are going to be stable, deteriorating, improving? How would you characterize your guide? Obviously, with the cut in numbers, everyone w... | So basically, what we assume that the headwinds that we experienced so far simply will continue. We're also assuming that the FX impact will also continue throughout the year. And this is pretty much what we assumed. And obviously, we are also conservative because of that. We prefer to be very conservative regarding ne... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c517f7f9d627d6cbbd9337fb6be833f5 | Numbers have been coming down. So just I want to follow up. Are you assuming then a more conservative view than historically because the numbers have been coming down lower? I'm just -- everyone's just curious, are you baking in that extra layer of conservatism in that pipeline conversion? | Yes. I mean, yes. I mean, when we look at where we started at the beginning of the year and what's happened, so it just makes sense to be extra conservative on the assumption with regard to the second half of the year. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9153cffc8194cbdd080eb437d9c3b409 | What do you think is driving this improvement to the funnel trends? You mentioned a couple of times in the letter in, I guess, July and into August here. Is that maybe just a little touch of seasonality? Is there something maybe improving on the margin macro-wise? And then kind of the follow-on to Brent's question, may... | Let me try and take the first two parts. And then Lior will answer this in the later part. I think that -- well, when we look at it, we compare seasonality to seasonality, so it's not a seasonality thing. I think we did, of course, a lot of product improvement because we always do. So somewhat can be contributed to tha... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
08e8299cd0ed86616293de618238a253 | Maybe I wanted to ask a little bit about the $150 million of savings. And specifically, maybe Lior, you can talk a little bit more where they're coming from. I think we heard call center, some capex. But I guess the focus here is, any impacts to product development overall? I think we talked at the analyst day just bei... | In regard to your last question, which is actually a tool question, right? So It's about Editor 2. I think Editor 2 is, for me, a very exciting product. We took two things that were separate that we knew are working very well, the classic Editor and the ADI, and combining into one product. So this is actually making th... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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