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d5796c7b5a04ccbac5e0cb6068d6cfbe | First a point of clarification, so you did have the $13 million of insurance recoveries reflected in the fourth quarter results, did you call out, I guess, the EPS benefit from that that's in the reported results, I mean, at back of the envelope it seems like it could be $0.40 a share or more? And then if you could jus... | Thanks, David. So we have two particular one timers in the fourth quarter. One was the insurance recovery, the $13 million number that we mentioned was on a pre-tax basis. So you are right that EPS is around $0.40. And we also had an impact, a negative impact on the tax rate because of the cash repatriation project tha... | intermediate | [
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8283eb74b90c5cd604d6e497053f3117 | For our Surfactants business, I mean, there were periods of shortage, I would say and maybe some panic buying at times during 2020. And I'm just wondering, is this the kind of market where your customers are extending or expanding their purchase commitments to you over the course of 2021 or are they looking at -- or al... | I think demand for our core surfactant products we believe is fundamentally going to be up. In terms of purchasing behavior by our customers, it's really -- it is customer dependent. There are many customers that want to ensure that they have long-term products available and we have worked with those customers and have... | direct | [
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dca51e1bb7633304621f824f032dc61a | And as you said, the INVISTA purchase is kind of, in some respects, I consider it kind of a step out for your company. You mentioned, it's the biggest in your 89 years. But just a couple of things, but I'm just kind of scratching my head saying, this is not in your Surfactants business at least principally this is goin... | Yeah. So what I would say is the acquisition is -- fits very well with our strategy. Fundamentally, we believe in energy conservation. We believe in that insulation is the lowest cost way to reduce energy. We believe that aromatic polyester polyol enables the most effective insulation product on the marketplace. So tha... | intermediate | [
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903917d2370a16dfc233ae63271b067f | Can you just elaborate on that one request in the city day information request for VASO. Do you believe the FDA has had time to work through it at this stage. So if there were additional questions, I would have come back to you. And then maybe just secondly, with two significant product launches coming in VASO and PEMF... | The information request was normal course and what's expected and when you get down to the end of an ANDA, that's part of the reason that we're hopeful here that we're going to get this approval here pretty soon on or before the PDUFA date. It's just normal questions you get is they're tidying things up. The informatio... | direct | [
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10aa480f4f9f5dee7a96d321ecc35d68 | Just looking at the commercial landscape. What's your sense for how crowded the market eventually will be over time? Just thinking beyond the initial 180 days. That's number one. And then number two is Endo, just yesterday announced the contract with Premier. So with that in mind, can you just talk about what you think... | Well, some of the questions a little bit harder. The long-term value of the market isn't perfectly clear for us. As you know, Endo has settlements, and we don't know what those settlements allow for acceleration clauses. I think they're -- it's mid a eur 23 when people come in, but we're not sure where they get acceler... | intermediate | [
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2597f64b2a68a74a29c527b496136d6f | Can you talk about how much manufacturing capacity you believe is out there for vasopressin like compound when we start to look at other entrants? And how much of a royalty you'll be paying out to your manufacturing and kind of how much of a burden will be going out to manufacturing so we can kind of figure out that ne... | The manufacturing and development of VASO has been -- it's a more challenging product because it's a peptide. So I would say that I can't comment on what other people have and their ability to manufacture and what the individual capabilities are of these companies. There's not a tremendous number of people that can do ... | intermediate | [
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2b71081ed1724ae618c8b1a722c00469 | Joe, my question for you or Jeff, you guys continue to run really nice, what I'd call diverse -- regionally diversified program. Can you talk -- and I think around the same question, but I just noticed you continue to do so well with that.
Could you talk, one, is -- maybe when you talk about -- a lot of people ask abou... | Yes. Generally speaking, the cadence is going to stay pretty much what it is. So this wonderful luxury of having the opportunity to work in multiple basins really paid off in 2020 when we were able to shift from some of the longer cycle time projects, more expensive on a per-well basis than the Delaware and shift over ... | direct | [
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e027d25fb4cc33e7177b8668ba1ba582 | Again, CAPEX continues to come in a trend a little bit lower. I guess my thought would be around flexibility of the plan is the -- as you continue to beat on debt, is that going to sort of -- I guess, my question, is that sort of the sticking point? And if prices go higher, you'll still kind of keep the CAPEX as is? I'... | Yes. And I think you got it there in terms of sticking to the plan. As you recall in our last earnings release and presentation, we laid out a three-year plan, sort of gave you a sense of how things will roll out over the next three years given the visibility we see in the program, and we intend to stay with those type... | direct | [
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3c2875dd74776553cb0db9402d48152a | Maybe for you or Joe, on the A&D side, clearly nice progress following recent asset sales over the past couple quarters.
The water assets, I believe, are one of the key items on the menu of potential disposition options that you haven't transacted on yet. Is that still something you're potentially contemplating? Or wha... | Yes. I'll take that. And, yes, the water is still something that's progressing. It's an opportunity that we're really looking to find the right partner and find the right fit, and that's a discussion that's really benefited as we provided more clarity on the -- not only the short term but the medium and long-term prosp... | direct | [
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0aae4ca14f6a696beeb98397d36bf723 | And then, Jeff, the e-frac test you laid out on Slide 9, clearly, some environmental and efficiency benefits there. How should we think about quantifying how that all translates into D&C costs perhaps coupled with the fluid-loading changes you noted on the prior slide. How does that all compare versus what you've achie... | Sure. The e-frac test was fantastic. Really -- the group really enjoys technical challenges and problem solving. And so from a -- it was beyond just a test.
It was a system of obstacles and opportunities that provided a lot of enjoyment, if that makes any sense. And so from a cost perspective, it's pretty neutral. Gene... | intermediate | [
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b5b75e3dd7f452eb2c49fe72c01d696f | And on that power grid point, is that something where there's already existing infrastructure in place? Or as you evaluate that, would that require any upfront capital that you weigh against per well savings? | Yes. That's a great question, and it kind of depends on where you are. So some of our areas have better -- Callon has already committed to multiple substations in the past, which, of course, gives us a lot more flexibility than having to ring somebody's doorbell and coming over. So it really just depends.
Obviously, if... | intermediate | [
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3e8ee94580ef1086605b3d1145450f76 | I just want to touch on a couple of items. First of all, your G&A expenses were a little bit -- it was sort of a step up in spending in that area. Was there a new initiative or something new that generated that increase? It was rather significant, but was some new programs implemented in the quarter? | Jon, no, it's -- basically, we've been talking all along about how we're ramping up our spending in both technology and in support of this in general above and beyond just the omni-channel initiatives and then we're also investing in talent, but there's nothing specific I think, as we see the sales start to increase as... | intermediate | [
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fff6a3c2eda5742959a66c65aee8c6f4 | Michael on the gross margin front, the pricing actions in Trinidad, I think in the 10-Q drove a 90 basis point improvement in your gross margins -- in the consolidated gross margins. As you go forward, do you think you'll still have that similar type of impact as a result of the pricing actions in Trinidad? | Well, I think we said that was primarily from Trinidad. But yes, I mean, at this point, we're -- nothing has really changed on the ground and we're maintaining that. I think I mentioned last quarter that the hope would be that eventually things stabilize and the US dollars start to flow again, and would not be somethin... | direct | [
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ff1aadd8b2b663ba19b59a0d3ef5b4e8 | And then Sherry, on the March sales, which I thought were very, very good. Easter was one week earlier this year than last year. Did that have any impact? Do you think that had any impact on the March sales this year? | Yes, I do. But there's also closures that go with the holidays as well. So it's difficult to evaluate exactly how that's going to shift in terms of April. But we are looking forward to April costs, just as we are lapping [Phonetic] against a very aggressive March of last year. We'll be lapping [Phonetic] against April ... | intermediate | [
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b14bce75f4d2c9323cd7df49b56844d9 | And then lastly, Sherry you talked a little bit about supply chain issues. And I think that's going to be a recurring theme we hear from a lot of companies this quarter. Are you seeing any improvement, any easing of some of those issues, or is the sort of steady as you go so to speak? | Well, the shortage of containers from Asia is a global issue, and that is on-going. But what we have done is, we've become much stronger in our ability to source from alternative sources regionally, and we've done a really good job of being able to shorten the lead times and make sure that we are maintaining good in-st... | direct | [
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0f3e8c5dcb45838fc1ba8ec8dcac27cf | A couple of questions on my side, the first one is related to the smaller format. It sounds like you are increasingly perhaps at the margin, being more optimistic around that format. Is there anything in particular that you could share in terms of returns, sales per square meter? Anything that can help us understand a ... | Okay, so I don't believe that we share our sales per square footage of our clubs. And although we've had some small formats that have now exceeded a year, the fact that we continue to want to build on that approach should be a strong indication about our confidence in our ability to have a profitable and positive retur... | intermediate | [
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469fa06f16b01480b88b41fa466f47e9 | And now that you have an online offering in all stores, including, I'm guessing the smaller format, does that mean that or is it too early to tell whether having that additional, extended catalog offering makes those smaller stores even more appealing, because now perhaps you don't need to have as much space for a lot ... | That is clearly one of the opportunities that we have, by virtue of having built up our omni-channel capabilities to allow for strategic selection of what is carried on the shelves versus what is offered online in addition to the strategic implementation of domestic distribution centers and regional distribution center... | direct | [
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2f89d5fa0e799383dc90d89047439e07 | And on that subject, how do you -- do you charge for the delivery? How much on average? Or, what's the strategy they're in? Are you outsourcing the delivery, like all the retailers in the region to third-party logistic companies that are in charge of the last mile and I guess perhaps -- as you learn about customer beha... | With regard to delivery, we are seeing an increase of delivery as a proportion of our Click and Go business, which offers the alternative of curbside pickup versus delivery. At this time, we do not charge separately for delivery. We do outsource significantly the delivery services that are directly charged and paid for... | direct | [
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ab7f7c6b0ccbba773a7734556807fe6c | And just on the -- I guess on the P&L, last question. On the P&L, where would we see the expenses related to the shipping and delivery? | That will be on cost of goods sold, Rodrigo. We can offset through revenue for anything that we're passing on. But as Sherry said, we're passing on a 100%, we're not subsidizing any delivery right now. | direct | [
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7f3f922307097e098ab44ca52bdbaa4d | My first question is related to the user growth in coming years and the strategy and -- in terms of the product strategy, etc. At the same time, how can we maintain the user quality, for example, in fourth quarter we noticed there is a small decline in terms of DAU-MAU ratio and also the user time spent on a year-over-... | So user growth has always remained our top priority and I personally take a great priority in looking after the user growth strategy. So under the rapid trend of videolization, we believe every Internet user could potentially become a video user and this is creating a massive market opportunity for us.
So I believe th... | intermediate | [
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c07b20dd88ea7a24dbd40ef681e3c290 | So my first question is about the advertising business, which has been accelerating almost four quarter in a row in the past several quarters. Can you guys elaborate a bit more on the growth driver behind this rapid growing advertising business? Also can you talk about the advertising revenue growth outlook for2021?
A... | So first of all, that we have over near half of active users, that is China's young generation and Bilibili is the platform that has the most concentrated young generation users as we believe as the Gen Z become the mainstream of the society, they have more saying and more spending power across various industry vertica... | intermediate | [
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fd0f3fcdb4987e0e083bbf8397b68407 | Yeah, thanks. Good afternoon. Congratulations on continued strong progress with the new business wins. I wanted to start on the revenue guidance. You're maintaining $115 million, $117 million target for the year. But when we look at what you've generated year to date, this implies a sequential decline in the fourth qua... | Yeah, thanks, Sean. It's Nick speaking. I mean, it's just very simply timing of batches with our clients. Again, as you kind of highlighted, the general trend is a continuing, growing backlog of $140 million. But I think, we've talked to this on a number of occasions, the timing doesn't always quite perfectly work out ... | direct | [
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cc5d97cc5f8ba0a7b327a1af5e3547b5 | OK. Thanks. And then, maybe on your last point there, the $140 million backlog, Myford now being open, so you have the available capacity. Can you just give us a little bit more detail on, I don't know, the fluidity or the fungibility of that backlog? How quick can you maybe pull some of the stuff forward and get the n... | Yeah, I mean, we've always said typically that we expect to recognize the backlog in a period of approximately 12 months. And this one remains pretty much the same, I think it's fair to say. So in that extent, I'm doing the math in my head quickly, but if you've got extra $20 million over, there's an extra $5 million a... | intermediate | [
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8953c86f3a0b573a438972d5317d673c | Hey, good afternoon. At the risk of asking a question that Nick, you said you wouldn't answer, I know you're not guiding yet to 2023. But as we think about FY '23, maybe the question would be this, how should we think about the long-term growth outlook for Avid and then maybe whether or not some of the COVID revenues i... | Yeah, I mean, I think, we've kind of articulated the growth. I mean, clearly, if we've got $140 million in the backlog and we expect to recognize most of that in the next 12 months, then I guess, that puts a bottom end on the expected growth that we're going to go forward with. But we've also seen the market growing pr... | intermediate | [
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e61ba2a0c4709439738b618b54219f27 | Got it. That last point leads to my next question. Just the viral vector process development lab, I think, comes online, I think, you said 1Q fiscal '23. Can you just talk about how important that viral vector process development lab is for the business development efforts kind of ahead of the manufacturing suites comi... | Yeah, I mean, so first and foremost, the development and process development should be online. We think it will be toward the end of the quarter, Quarter 1, so probably July, somewhere around that. The reality of it is, I mean, obviously, we're engaging in conversations. And I'll let Matt speak to that. But we're, obvi... | direct | [
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1a5d855a4740ba07b114b2d262526935 | Good afternoon, and congratulations on the strong quarter. Maybe a couple of questions for me. First off, on the gross margin, I think you talked about some of the incremental cost that you faced in the third quarter. Revenues came in much better than I think many of us had anticipated. What's the delta? What causes th... | Matt, thanks. This is Dan. You essentially just answered your own question. Yes, it's absolutely also the mix and the scale, the duration, the process. It's kind of all of the above. As I've said in the past, gross margin of 30%, roughly, plus or minus, is highly dependent on the mix. So I think, that's kind of what we... | direct | [
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241fb58c64072c7943c35aea4347d42a | Got it. And then, given some of the headlines here recently, and I know others have talked about it, are you seeing any inflation in your business? Is it primarily in wages? Or are you seeing it maybe in some of the inputs as well? Maybe help us out there. | So Nick speaking again here. I mean, I think, certainly, in wage increases, we see inflation in terms of what it requires to get ahold of staff and new staff as we're growing. And we're certainly hiring a good number of people these days. In terms of the inputs into the process, a lot of the inputs for us are passed th... | direct | [
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42a1542e48b36b05e77b064df06abb3c | Hi, Nick, on the commercial profile, on the profile of the contracts, are you starting to average longer duration? Meaning, are there more moving into Phase 3? I mean, are you like, on average, Phase 2 now? Or where is that maturity of the pipeline with the backlog increase, etc.? | Yeah, really good question, Paul. I don't actually know what the average is. I've never actually done that one. It's an interesting concept. I might have a look at that one. But we do monitor, obviously, the sort of pipeline. I think, as I've alluded to, one of the nice things about the businesses is that we establishe... | intermediate | [
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701effffc62e16635fcac9c1642ca2ae | OK. And then, with your experience in the industry, what type of EBITDA margin that you and Dan think Avid could operate when it's more at the mature stage of the business? | Sure. Definitely at the heart of what we're aiming at here, Paul. I think, I've said in the past, looking at the capacity going from $120 million to $170 million and ultimately getting to $270 million on the mammalian side and then adding in an additional approximately $80 million for the viral vector, looking at both ... | direct | [
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18a1660a55dc6c007856e345fb942893 | I wanted to start with the sales retention comments, right? So, you're talking about demand orders implying a 90% retention rate in July. But can you give us some color on how that retention rate evolved during the course of the month? Maybe talk about when you think inventory levels will be sort of normalized right fo... | Hi, Steve, how are you? Let me take that and Melissa, I'm sure you're going to want to add a few points here. But first off, as it relates to the fiscal July call-out/we did of 90% retention, I think it's important to remember that, last year in Q2, our comps were up 5.4%. And actually, July was the strongest month of ... | intermediate | [
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74d59dda2f9dde48d29ad0f1aec0ec20 | And then as a follow-up, right, so you talked about the rent deferrals. I think it was less than half what you paid in the second half remainder in 2021. But I guess how does that impact the P&L here for -- in cash flow right for the back half or was this just a second quarter impact as we think about the cash flow out... | Yeah. Steve, we did defer about $12 million in rent payments in Q1. And each case is different, but approximately $5 million of that $12 million will be repaid. We'll from a cash flow perspective come out in the second half of the fiscal year more heavily weighted to Q4, which is when we generate a lot of our cash. And... | direct | [
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521dca661e89cbe5c99330b406b80263 | And then one last quick one. On the reduction in payroll, maybe just give an update and sorry, if I missed it in the prepared remarks just where we are and where -- when you anticipate sort of a normalization in underlying payroll costs. | Yeah. I'll start. Melissa may want to add as well. As the stores are reopened, we have ramped up as you can imagine store operations and have returned our employees to work, but we're remaining very disciplined about our costs and we're managing those to the lower sales trends that we're achieving. So the goal here is ... | intermediate | [
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7d1e5e37e4ef6b43e48a9785d9848c9b | My question is centered around inventory. You gave some great detail there. I just wondered going into the second half, how you're thinking about being positioned from an inventory standpoint. And are you seeing as a result of the pandemic continued or any kind of disruption in terms of factory capacity when it comes t... | Yeah. Let me -- hi, Kate, I'll start on that. And the short answer is, we are leaner in inventory right now than we would like to be on certain items, because as we noted, we ended the quarter with inventory down 9.4% and started the pandemic quite conservatively in terms of the order flows we have coming in not knowin... | direct | [
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eb98516ad6318de63389e98847a30939 | And then my second question was just with regards to the competitive landscape, especially going into the second half. It does sound like just in general, retail was maybe a little less promotional than usual just in order to figure out demand from only one channel, etc. So as things open up here and stores open, how d... | Well, we're executing our fiscal 2020 marketing plan, which is going to be highly focused on digital spend for obvious reasons. And it will be somewhat of a reduced spend from fiscal '19. So we're proceeding with that. And obviously we along with others in the home sector have benefited from so many customers being at ... | intermediate | [
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280680ffb4dc0e0dde7793e07249e7e0 | So I just wanted to understand the first quarter performance a little better. Last time you spoke in May I think you mentioned you were retaining 76% of sales and eventually, you ended up with around 72%. So could you elaborate on that a little bit? Did you see a slowdown in demand, given probably some customers pantry... | Yeah. I think, the biggest explanation Tami is as we proceeded into the quarter, we were up against steeper Custom Closets sales from last year. We'd had a very, very successful Elfa free installation promotion in calendar May and June. And with our stores closed essentially until June 8th I think, is the day we sort o... | direct | [
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9effc7ccf5587faf2aeae174621dcef1 | So just a follow-up on that. So basically you saw incremental improvement in store performance. But given Custom Closets was up against steep compares and it's a higher -- much higher ticket item, that's why you, sort of, saw a slowdown in May and June. Is that the right way to look at it? | That's correct.
Yeah. That's right. That's why the percentage to last year didn't improve albeit the dollar volumes escalated. So we were doing more per week. It was just up against a bigger bar. So the percentage challenge was there. | direct | [
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1663dea399f1124e91d2ea357616f6c2 | And then you mentioned July was the strongest month of the quarter last year. Was it -- I'm sorry if I missed it, but was it due to some specific campaign that you decided not to run this year or it was just overall a strong month. | We just had strong business.
Yeah.
Yeah. Nothing specific to call out. | intermediate | [
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6bf55b1ade4d61183e75afd9d6f3abf0 | And if I may ask one last question. The Elfa segment gross margin was very impressive. It leveraged a lot. Do you expect that to continue as you look to the rest of the year? And then also you mentioned, customer mix being a tailwind for Elfa in the quarter. Could you elaborate on that a little bit as well? | Sure. I'll start with the customer mix. With The Container Store having sales down 28%, we pulled back quite a bit on our purchases particularly at the beginning of the pandemic. And the inter-company margin that Elfa records in their segment is lower for TCS than it is for their third-party sales that they do. So havi... | direct | [
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6e4ccbacece84af55fd3225f4933c7a2 | First, on the product revenues, a little bit light. It sounds like that's a timing situation. And you kind of helped us a little bit as far as the guidance for the year first half versus the second half. Is that almost entirely related to those three products in the market already, and it's just waiting for those secon... | Yeah. Thanks, Matt. The decline that we're showing in the guidance range for product sales versus the actuals for last year, that difference is less than the headwind associated with the inventory builds for those three recently launched, or about to be approved drugs with Kyorin and Urovant and Allergan. So outside of... | direct | [
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cd0a257bedd9da0842ed5749ea7ff614 | And then I guess you gave us a lot of new information today. But regarding the lysosomal storage disorder opportunity, should we be expecting -- is there going to be some type of an upfront licensing fee that would hit here in the -- it sounds like almost first quarter, maybe second quarter. And how should we be thinki... | Yeah. We're not going to comment on the magnitude at this point. All the commentary was clear that we expect this deal to close very soon. And the structure that you outline is a reasonable expectation, some measure of upfront milestones and R&D program fees that would probably accrue to Codexis. And that will have an ... | intermediate | [
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6645169d76ca1b56fa05d8cab900cc1f | And then maybe one last one, then I'll hop back into queue. You commented on some new industrial sectors. And I realize you might not want to give specifics, but could you at least help us out with size of those markets, or any additional color that kind of helps formulate at least a little bit of an idea of what you'r... | Yeah. Most of the commentary focused on, of course, outside of pharma manufacturing, focused on food and life sciences. And those were building market for enzymes, and we believe those are great targets and can be material product sales areas for the company. Outside of those three sectors, we're talking to many custom... | intermediate | [
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01da15359f3405d04fb11509ad232350 | Can you provide an update on how the situation with Coronavirus is impacting your business today, if at all? I believe you have one CMO in Switzerland, and another in Italy. Have there been any material disruptions? And then, can you also provide an update on important and overall Asia exposure? Are there any revenue h... | Yeah. Like everyone in the world, we're watching very closely the developments of the Coronavirus. Its impacts on Codexis have been nil to date, thankfully. We haven't had any issues associated with our supply chain partners to date. We have very limited potential exposure to the Asia markets. More it's our customers i... | direct | [
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a1a84eaaf83d36fac16a1ec0f75889d8 | And impressive progress on the therapeutics pipeline assets. Just to make sure I understand, is the ramp in opex in 2020 entirely driven by increased spending on existing assets as these assets progress? Or are you also building up further your discovery capabilities to add even more shots on goal with new pipeline ass... | The vast majority is associated with third-party spending for GMP manufacturing, process development, toxicology, regulatory alignment, stuff like that. That's by far the largest category. But we are adding some headcount modestly to that area. We did a significant buildup of headcount in that area over the last 18 mon... | direct | [
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63ec18623caa21798a3bb6e4e143d7b2 | You mentioned nearly 3 million in back-end revenues from Code Evolver licensees in 2019. Do you expect that to grow in 2020 and beyond? Thank you. | I think it'll be about that level, if not a little bit lower, Ryan. I think from there, it's set up to grow, but we've got a lot of visibility to 2020. And I agree with Ross's comments. We're not likely to generate quite as much in 2020. But the programs that are advancing within Merck and GSK's pipeline are exciting. ... | direct | [
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] | A |
1677176d84167533769799243ee95e8c | Following up on the Roche deal in December, curious how your conversations are going with others in this space. Wondering if this deal could serve as a potential catalyst to secure other similar deals within the molecular diagnostic space. And then, any color you can provide on discussions you're having with clients on... | Sure. Great question, and absolutely. The deal we made with Roche, one of the very top leaders in next-gen sequencing, for them to acquire a license to access our DNA ligase was a watershed deal for us. I referenced a team of Codexis employees at the AGBT conference just this week. They just returned, some of them. And... | intermediate | [
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] | B |
331371f6862fc2ce9059b0b4fb98c6c7 | If we just look at the product gross margins, 51% in 2018, 47% last year, and then midpoint of the 2020 guidance implies another slight decline year over year, can you help us better understand what's driving that decline? Is it simply mix, or is there anything additional to call out there? Thanks. | Right. And I think John actually addressed some of this in his prepared remarks and some of the Q&A already. But that's really driven by mix. We expect Merck, Sitagliptin product which is a lower-margin product, will likely be a bigger portion of the mix in 2020 than it was in 2019. And that's the primary driver of tha... | direct | [
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b47f676ac37a4e359b08db13fa23a521 | So my first question is on the revenue guidance. So based on the total revenue guidance you provided, as well as the very conservative product revenues, based on my calculations, you expect the R&D and licensing revenues to increase between 31 and 46% next year. So could you provide a little bit more color on which spe... | I'll start, and John can maybe add some additional color. But given our expectations of moving our pipeline forward in the novel biotherapeutics segment, I think a lot of the growth in the R&D revenue will come from that area. But at the same time, we have a lot of activity, a lot of projects in performance enzymes, an... | direct | [
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909e13a3e4a7392d89b79cf77b2b258e | And for the 65012 program, you mentioned that the company expects to disclose more details around mid-2020. So what can we expect from that disclosure? | Yeah, it's a promise. We just disclosed it has passed an investment gate decision, and so we have nominated it now as a development candidate. And therefore, we're prepared to invest the relatively sizable amount of expense to do the IND-enabling work to carry it into clinical trials next year. So with that, we don't w... | direct | [
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007b393de232070cd00ec4b77316303c | My final question is on the 6114 program. With the first study nearing completion and Nestle preparing to set up a larger study to come in the next couple months, do you have any insight into whether we'll see any data disclosures on the program in the near-term? | I don't have that clarity from our partner. And as you know, the partner is running that. They have provided information about the study designs on clinicaltrials.gov, so both of these trials are now posted there. And so, it's up to them. Of course, if they go from one gate to the next, the data from the prior gate was... | intermediate | [
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] | B |
c92bb5941fa004b5d8264d71055e444f | Real quick, a lot of my questions were answered, but I wanted to touch on capex. What was it for the quarter and for the year? And then, looking out to 2020, how should we think about capacity and potentials for expansion there and capex spend in 2020? Thanks. | Sure, Joe. Let's see, capex for the entire year was about $4 million, just under 4 million. And it was just under $0.5 million in Q4. And in the upcoming year, we are doing an expansion of our pilot plant. So our capex is likely to be at least several million dollars higher than it was here in 2019. | direct | [
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] | A |
76feeb5b5d7a2c8934a8432091258373 | And what does that equate to as far as capacity, the expansion of that pilot plant? Is it 25, 30% increase? | Maybe I'll cover that. The pilot plant is mostly used to do process development for ultimately much larger-scale manufacturing of enzymes, Joe. So it's a core asset to develop the processes, because Code Evolver generates protein molecules in extremely small, high-throughput scale. And ultimately, when they look good i... | intermediate | [
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] | B |
05d82588c37ac146b7e913e97eb12205 | I want to ask -- I want to start on the RFG business. Margins a little bit lighter than expected. You called out some of the factors. A lot of which sounded transitory, some of which sounded like they might linger for the balance of this fiscal year. Could you help kind of -- if we try to bridge that margin back to wha... | Sure. So I think, let's start with, we are just starting to have the conversations with our customers for pricing actions. So that's under way. The results at this point are unclear and mixed. Some of our retailers fully expected it and we can get them implemented relatively quickly, some of the larger ones though, it ... | intermediate | [
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] | B |
469264a2a3f4ab6c67693c3a705166bd | On the avocado pricing kind of post Cinco de Mayo prices have been bouncing around a little bit, could you just talk a little bit about kind of what you're seeing in supply and demand. I know you noted that we're kind of on the tail end of a large Mexico crop, but how does supply look? It sounds like demand is still qu... | Yes, I think what, and we probably talked about this before is that, certainly on the avocado demand side it's continuing to be strong and in that general upward trend, but much like we've talked about throughout the pandemic is that there's just not, doesn't seem to be a lot of appetite for those holiday lift kind of ... | direct | [
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] | A |
549e066cab474b5e46fed16e3746e9be | On Project Uno, what was the genesis of that? Help us think about where you think today at least as far as you're aware, what's the greatest areas of opportunity are for you to address? And you said more detail on that later this year. Maybe just to the extent, if you can walk us through kind of the critical path of wo... | Right, so, I think the conversation kind of continues on. It's the concept of the three business units that Calavo exists in and this company of one kind of thought process that I'm implementing. So we've done quite a few things on the structural side to begin to move in that direction. But now I've kind of been here j... | intermediate | [
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745c69daaae5ab262604e6e5afcc6534 | So I only figured RFG for a second, when you go back like two years ago in the second quarter, have you -- I think it was maybe 100 -- I forget the number $140 million of revenue and we're at $96 million. Could you sort of break that down, like how much of that was either retail business lost. I got -- we got the co-pa... | Yes, I think we're talking about is the Midwest co-pack operation was a very central strong player kind of in the Renaissance Group and so that was in play in that time period. And what we're indicating now is that, in the absence of that player, the existing facilities that are Renaissance are beginning to grow out of... | intermediate | [
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] | B |
228f5a311bf490e6f06b6d7c35b32cf9 | And then have you seen anything still on RFG, have you seen anything -- in the marketplace do you still of the view that the days of the open air salad bars are over at retail and it's going to be a pre-packaged type of delivery to the consumer? Or I mean any changes to your view there? What you're seeing in the market... | Yes, I think we've heard in lately is that some of the salad bars are opening back up, but it's retailer by retailer. | intermediate | [
"direct",
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] | B |
e45b04c34f52b1eb92a860600031c5bc | Okay, so you don't see this -- you see it ever normalizing going back to where it was and is that a good thing for RFG or would you rather stay in sort of the current pre-packaged format, the Grab and Go format? | Yes, I mean, the one thing about Renaissance is historically it's been a solutions provider and so generally based on what the retailer is looking for Renaissance has the capacity and capability to respond to that. And so if, as we were in the pandemic, a lot of the deli's were shutting down and so we were moving to th... | intermediate | [
"direct",
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] | B |
7adf629764357c8e9b0c7382a6e24949 | Okay. And then I guess just last question and it goes back to the pricing trying to get higher prices. On the Fresh side, particularly in the avocados. I mean, where is there opportunity? I mean can you price in foodservice? Is that harder or is it equally hard both on the retail side and foodservice? | Yes, I think as we've talked before on avocado pricing, we're moving inside of the market and working to maintain our margin inside of the cost price scenario and that serves both retail and foodservice virtually equally from that side of things. The big deal for us in the volume kind of scenario is that we are out, in... | direct | [
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] | A |
6e5a4c9eb441b0ba7408d4ebb3a1828d | Did I hear correctly, you're still looking to identify the consultants that you're going to work with and as such, this isn't going to really start in full here for -- later this year? Or do you have somebody named and you've begun that process really kind of in depth already? | We've narrowed it down pretty quickly. They've not been engaged yet. So you're right, there is a start-up time still to come. | direct | [
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] | A |
031dc3c068c7ba081d7a443e7befc10b | You talked about pretty considerable growth in the international business from both your Fresh and your Foods segment. You alluded to staffing investments there. I'm wondering if you could elaborate a bit on kind of how those investments that you made in staffing are going to really kind of drive that kind of a result ... | Yes. So, we've hired a couple of guys that have some great experience. So the investment is in people and certainly we've also reached out to some of the relationships that we've historically had that have just supplied dormant the past many years. And so right now, International is about 3% of our total revenue as we ... | direct | [
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] | A |
072afd1e85acd8d6302b2c9ed6f43ecd | Just to dive a little bit more into kind of the near-term avocado supply situation. Obviously we're coming through a more of the tail end of Mexico, but we have a pretty good US crop right now and are now getting to the time of the summer this June-July period where you start getting a lot of the Peruvian fruit coming ... | Let me start with this, so you're right. Peru is starting to come in, I think that crop size what we heard is probably 20-ish percent higher than last year. Now that they've got more mature trees. On the US side, this will be the down-ish year if you would. So every other year drops, we figure that's going be down some... | direct | [
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] | A |
ef0484262c990ade9cdc6a5e3d5b7c5f | The outlook for margins can we get back into that 30% run rate by the time we get kind of through this fiscal year and how quickly is Foodservice covering [Phonetic] in Foods. I mean, that tends to be a pretty good size piece of that business. | Yeah. The Foods business historically has about a 50% foodservice component to it. So a pretty big. I think right now, the margins are a little low, because the prices have risen on the prices we're paying. And again, as we look out the next couple of years, 30% is a little aspirational, but I certainly think we can be... | intermediate | [
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] | B |
37bbece9cf2707b428548886d6147006 | Glenn, I was wondering if you can tell me about how your GreenLight agreement is going and how it might be energized by the recently announced stack agreement? | Hi, Jonathan. Hope you're well. So we generally don't make a lot of comments about the partnerships. In this case, I can. We've done have really good interactions with GreenLight. We've worked on their materials. We've produced some really stellar results in formulation. And I'm actually quite excited about the fact th... | intermediate | [
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] | B |
987330bb9ca347607735576b8f80e563 | Also are you still confident in cannabis revenue in third quarter this year? | Yeah, Jonathan. So you get one chance and one chance only to launch a consumer brand, right? So we have really done a lot of formulation work with PLUS. And right now, I think we're at the point where we are in position to test these formulations and different put ups with consumers. And once we have a good handle on w... | fully_evasive | [
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0b397e59e853f07a2e432144634f984a | By activities by year-end '21 for vori and tac, do you mean patient dosing or some earlier activity? | Thanks, Glenn. And thanks, Jonathan for -- yes, Jonathan, for the question. So we are doing everything we can to push into scientific advice meetings and so that we can negotiate some of the endpoints and then get our regulatory filings in place. And unfortunately, we're going to be doing our best to actually dose pati... | intermediate | [
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2ffef4327c1abb51dc792cec4dfa9f92 | So I'd like to ask just regarding the timelines in tac and vori, it looks like we're on track to enter those pivotal studies in the second half. And if I recall, those were supposed to be relatively short positioning potentially for filings in the first half of '22. Are we still looking at that time frame? And then bas... | Yeah. So we believe that we'll have the interim analysis done in the first half, and the trials will probably now conclude in the second half of next year, Michael. | direct | [
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b60f0bcb82aae4c3c7d89ea538a244aa | Then going forward, it looks like we're pretty quickly approaching tac and vori crossing that finish line. So I'd like to ask, in your view, what comes next? It seems like much of the pipeline is in the form of your platform collaborations. So is this more so how we should think about the future of TFF? Or do we expect... | Great question. And it speaks, I think, to our strategy. So you're right. First, you think about the fact that Kirk mentioned that we do have significant capital that will cover the trials that we have planned. And that Kurt's assumption here is also that that includes no, which is a really extreme assumption, no inter... | direct | [
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] | A |
a5969cc02e58367fe25ea4e9777b53f6 | Sometime last summer, you were discussing a TFF formulation of remdesivir. We haven't heard much on that recently. But the reason I'm bringing it up is because Gilead recently stopped developing their own inhalable remdesivir due to deposition challenges. So what I'd like to ask is, were you able to get lung deposition... | Yes. Yes. Thank you, Glenn. Yes. So we have shown in multiple rodent models, one of which was hamster, and that's the preferred infection model for COVID. We showed very good deposition in the lungs, and we modeled it in the two papers that are -- or the one paper I referenced in the script. So we believe we can do it.... | direct | [
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48ada81f31e57a14457f41d820f3951c | Kind of going off the last question, nice to see the progress across the tac and vori programs and looking forward to see those trials start. But as you kind of think beyond that, it would be great if you could opine on any thoughts you had on the Philip Morris Vectura transaction that closed today? How do you think ab... | Yeah. So Mayank, I mean, obviously, we've watched the Philip Morris interest in in delivery companies. As I sit here today, we're certainly focusing on execution and moving our business forward. And certainly, we'll always be opportunistic. But more importantly, I think we're just going to -- our focus is on creating v... | intermediate | [
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] | B |
5d2b29a1927e1ec4e3013d1676d97a23 | Do you have any deal sheets that you're reviewing right now that you can talk about? | The answer is yes. And I can't talk about them. I don't think you'd want me too because we will -- we're looking to create meaningful economics. And hopefully, these discussions will result in that. And when we have the deal signed, we'll report it. But we're at all levels with these partnerships that Chris described, ... | fully_evasive | [
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b49d2661ab1623f242f45bc19bfcceec | First off, Glenn, on tacrolimus, the clinical PK data release so far shows that the drug can reach blood levels needed for systemic immunosuppression. And I'm wondering if you have reason to believe that you can lower the dose for lung transplant patients to a level closer to what is used in the other transplants like ... | Yeah. Thanks, Glenn, and thanks, Dan, for the question. So to date, as you mentioned, we have the clinical PK data that shows that we can reach that upper limit, the 14, 15 range with a low dose. We're getting about 80% bio availability. In our 26-week toxicology study, what we've demonstrated is that we can achieve ab... | direct | [
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c21ed44e7d01bab217cbf81c1c51f7b1 | Switching gears, your augmented TFF lead has shown activity against the delta variant. And I'm wondering if you've tested against the new Delta Plus variant that Fauci has mentioned recently? | OK. Thank you. Again, a very good question. So the delta plus that has been mentioned, it has the full complement of mutations that are in the delta variant, but it's also picked up this K417 N mutation. And that K17 -- or K417N mutation was also in the beta variant that was first identified in South Africa last year. ... | direct | [
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8124b9b4e625742ec861b76279ef70e0 | Glenn, can you talk a little bit more about your relationship with Catalent? | Yeah. Actually, I'm glad you picked up on that, Daniel. So we're very pleased that -- Catalent is obviously one of the leading in fact the leading CMO, especially in the area of biologic. So the fact that we have Catalent on board to help produce Augmenta, the map is a great signal because they now become a provider of... | direct | [
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fdb9118c6844f50bcd3f12c627464629 | I know your vaccine work would help relieve cold chain issues. And a company that has been working over in Africa on some vaccines is Dyadic. And I'm wondering if you've done anything in conjunction with them at all? | OK. Well, I had permission from their CEO to say this. So Mark Emalfarb, I want to congratulate Mark on his transaction with Sorrento, which again is good, I think, because it now gives Mark some capital to do something. So we have successfully formulated a vaccine candidate. And I think it's just now, we have the oppo... | intermediate | [
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ffbb925e4731b3d19519c6ba42423ef8 | First of all, I thought I heard you say out of the business deals that have been percolating for a while, did you say you actually put out finished term sheets that are under review right now? | We have -- we do have term sheets in place with some partners. And Richard, I just want to be really clear. It doesn't mean that we're going to get transactions done with these partners, but we are in the term sheet stage. And look, I wanted to say, and why wouldn't you do a deal? Well, maybe the economics won't be rig... | direct | [
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62220f0126879a50c294866d75b01263 | When do you expect -- or have you heard about orphan drug status for tacrolimus? | We actually have orphan drug status already for tacrolimus. That was, I guess, about a year ago or so that we actually received. Yes. | direct | [
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6fcf785d8c53f26f303fcf461c4c6679 | Then I misspoke. I'm looking for vori then. Aren't you -- | Vori. Yes, we are in the process of applying for the orphan designation for voriconazole. | direct | [
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] | A |
a04bf1f653b4af450f51c037aa34b0d9 | And what's the time frame on that? | Yeah. I don't want to say specifically. Again, I don't want to give everybody a date because we're at the mercy of the regulatory authorities, right? So -- but it is something we're pursuing. | fully_evasive | [
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] | C |
d3046242c334a114ea88e048dbbd3e79 | And you also had the GLP results coming? Are those going to be showing up soon? | So we -- sorry, we do have GLP tox studies that have been completed and ongoing. And we also have good manufacturing -- we've been manufacturing to GMP for all of our clinical work to date. So we are fully GTP, GLP and GMP-compliant for all of our work. | intermediate | [
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4ae5796552937595edb5820688c2ba57 | My first question is just around the North American construction markets and what you're seeing here. Could you perhaps provide some color as to how many months your order book length is now sitting at and how we should be triangulating the comment around customer destocking activity starting to ease and the expansion ... | Yeah, Emily. Our backlog extends well into 2023. And so we're sitting in an excellent condition and with a lot of confidence in terms of the comment I made around a really solid first quarter in fiscal 2023. Whenever there is a raw material price change, particularly a downward trend in raw materials, you will tend to ... | intermediate | [
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5670243abe7bdfaadb3fa077aa3c955a | A follow-up question, if I may, just around the controllable costs. And I think you flagged some pressures along the freight alloying and energy cost side of the equation there. But perhaps if you could talk to a direction of travel for each of those three components, both in the U.S. and Europe, that would be helpful. | Sure. If we look, Emily at the U.S., I think the -- we had a combination in the energy market of an extremely hot summer as well as the global challenges with natural gas and other energy costs. And so if we look at our cost profile in the U.S. market, certainly, energy was the leading area of inflation.
But also as we... | direct | [
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fb7fb792992850cc36e9f974a067610c | Two things I wanted to explore a bit more with you. If you could characterize more of the import pressure you talked about in both markets. I know in the U.S., definitely a 25% tariff still has a pretty big impact on many countries with section 232. And it seems that Turkey is pretty hobbled with Europe also hobbled fr... | Yeah. Thank you, Timna. Yeah, I don't think we want to overemphasize import pressure and all that data is very public, as you know. But they're year on year, if you look at '21 versus '22.
There has been more foreign product available here in the U.S. market. And a good bit of that coming on the wire rod side. And ther... | intermediate | [
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] | B |
4073112a72d2cd9fa13a4773abde2b4a | OK, great. And if I could sneak in one more, just to ask about the European first quarter, if you're expecting to see that $15 million carbon credit that you've seen those last several years again? | We are, Timna. It's going to be -- the amount is yet to be determined and fully approved by the EU. That's expected to occur next week. But all indications are that the amount will be similar in zloty that we've received over the last couple of years.
Obviously, the translation back to dollars is reduced, but we do exp... | direct | [
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3f5931fca6b25c7f7c06f529ba75d963 | Another question, please, on the European market. In your prepared remarks, you commented on destocking early in Q4, but perhaps a reversal of the amortization of the destocking pressure late in the quarter. Can you provide a bit more color on the scale of that downward pressure. And I guess to the degree of confidence... | You're popping a lot, Alex. So I'm not sure I captured everything. But I'll start and Paul -- excuse me. He can continue if he -- or reask your question.
We think the destocking is behind us. Clearly, a lot depends upon just where does the economy in Europe go and everybody has their own view of that. I think we just t... | intermediate | [
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6b7470d3481e93e9d1ddbecf8216e839 | And a second question, please, in Europe. Earlier in the year, your team spoke publicly about some interest in perhaps expanding your capacity within Europe, either organically or inorganically. Obviously, the macro condition has changed a great deal since. And I'd love to hear your thoughts on the attractiveness of in... | Yeah. Alex, thank you. We're always evaluating organic, inorganic, every opportunity to look at growth. And I would just say that we take a very long-term view on growth, and we also have a very disciplined process for evaluating any of those types of things.
And we never use peak of cycle kinds of market conditions in... | intermediate | [
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] | B |
81814a2186afdb87f683f7a09789af4e | The first question is just on fabrication pricing. Nice step-up this quarter. I know the backlog pricing continued to move up over the last several months as rebar prices escalated and a lot of that tends to lag as we know. So how many quarters do we have looking ahead where pricing could actually continue to move up o... | Yeah. Phil, I'll start. Barbara can add. If we look at our current activity that Barbara alluded to, it is strong in the fourth quarter.
And really, we continue to see good levels on the downstream work. And as a result, really, the backlog is made up of what's in there and new stuff. So assuming the -- no significant ... | direct | [
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068b45d46ed06aae34e7a5ae0887c332 | OK, that's helpful. And I know you gave some color on capex for this year, $475 million or so at the midpoint. Is there anything baked in there for the new potential mill in the Northeast and whether it obe permitting or due diligence or is that going to be something that phases into the out years? | Yeah, Phil. There'll be a little -- there's a little bit in there. I don't know the hard number off the top of my head. But as you can appreciate, the first step is to go through the permitting process, which can have some long duration to it.
And -- but we will do -- we will begin the engineering phase and other thing... | intermediate | [
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] | B |
d66a4ff7466fb029bb90ac867d05ec65 | OK. And then my last question is just on net working capital. Assuming that you have scrap stay around current levels plus or minus, and you've got let's just say, broader pricing downstream and rebar stay around current levels, what do you expect net working capital to be a use or a source in fiscal '23? | Yeah, Phil, if we hold all those things relatively constant to where they are today, we would really see working capital being relatively flat from where we are for the year. We'll have our seasonality throughout the year. But for the full year view, give -- if we assume things are going to be pretty consistent, the le... | direct | [
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0afd8a182ca846f9382719666c609734 | On the M&A side, can you talk about the sources of the synergies that you're expecting to get out of the transaction? And any sort of time frame? And also if there are any sort of dis-synergies we should be looking for of sort of upfront investments and the like? And secondly, you mentioned the release on the B2B side ... | Sure. Thanks James. So on the M&A front, on the AT&T deal, I'm assuming that's what you were asking about. The synergies that we indicated is about a turn and it comes from a number of different areas. But one of the big ones is really the TSA agreements that we have with AT&T. As we roll off the TSA agreements and bri... | intermediate | [
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7bc9bd4475b0b490e1c3026cff27e478 | One on Puerto Rico. I was hoping you could just give us a quick update on how you see the broader demographic situation. I've heard slightly different conflicting things in terms of population kind of growth and contraction. And maybe also how do you see the sort of broader demographics going forward. What is built int... | Sure. Thanks Soomit. On Puerto Rico, I'd say we are really bullish on Puerto Rico. It's one of our best businesses and we have an amazing management team on the ground as well in Puerto Rico. And you can clearly see by our capital allocation -- and we are all in there and we feel really good about it. And I'll ask Naji... | direct | [
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"fully_evasive"
] | A |
877c660bb294d1d609ddd7192d4d427c | Curious if you could discuss the longer-term opportunities for margin expansion for the broad portfolio, as well as your key operating regions. | Thanks Michael. This is an area that we are actually quite excited about in our business. We see margin expansion at the operating free cash flow line through both opex improvements as well as capex improvements. And Chris have given you guidance this year and we're going to nail it. And come next year we'll give you a... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a074de8cad0cef6f64b589743b64b7f5 | First on Hurricane Dorian. When do you expect to return to a pre-hurricane run rate? What work needs to be done yet? And on the Seychelles sale what are the expected use of proceeds you're going to keep that on the balance sheet or potentially pay down some debt? | Well thanks, Kevin. On Hurricane Dorian, we think sometime next year we'll get back to pre-hurricane levels. There is two parts to the story. Of course, the Grand Bahamas island that we are focused completely rebuilding. We are already getting there. And a lot of our B2B customers are coming back our fixed network is b... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
80e9246e21150712a0a864ddd9f62a7a | Just for purposes of comparing the acquisition in Puerto Rico to other acquisitions in the region and also to adjust for IFRS 16. I was wondering if you could disclose operator leases for AT&T in Puerto Rico please, if you can tell us how much particularly tower leases, tower commitments in Puerto Rico? | Okay. Well we won't -- we can't disclose fully all the details there. But we are inheriting a network there. A lot of towers have already been leased, so there's still a small part of towers that's coming to us but most of them are already under existing agreements as AT&T does with multiple vendors and with all the na... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5014b8dddc76cb6da7e9d763e692550d | Obviously Chile is undergoing a difficult political situation right now. I was wondering if it's -- you have noticed any changes in the competitive landscape in Chile perhaps a slowdown in terms of sales? And just overall what's your -- what's the sense of your team in Chile right now? | Sure. And I'll ask Guillermo to jump in here a bit as well. Here's how we feel about it. We love the country and our business there. And our timing focus is really on our employees, on our property, on our services and on our customers. And we want to make sure our services are all up and running and our customers are ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7fdc6dc59ac0957e5d33c9d2eb97a24e | I was curious, as tragic as Dorian was, I mean if you had all sorts of trajectory a little bit it could have hit Nassau or Paradise Island. You alluded to using wireless drops and other elements to reduce your capital cost for newbuilds. But is there anything that gives you pause in terms of the cost of insurance and a... | Almost like five questions in there Matt. But let me try and see if I can get to your -- the questions that you want answered. And if I miss something please jump back. I'll ask Chris to think about the insurance question on Dorian. You asked a question in there on fixed wireless. You kind of dropped off a little bit t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5b391bc83b04b447563fad4e0fd509a5 | Can you give us a sense of the backlog of installations; you have in systems heading into 2021. And then secondly on every piece of your guidance makes a lot of sense but for this margin. You're coming off a quarter in which Infusion Systems was elevated, coming off the Infusion this is as elevated, next year consumabl... | I do the first one and Brian will do the second one right. On the system, I don't think we are in a place where we would quote a backlog number. So with that, I think we tried to say in the script that which is we have more competitive wins that we have an installed yet and we've ever had before. And I think a year ago... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f025b59364d89ca16b3e2edaa07fb8d3 | Can you talk through some of the new products that you'll be focusing your attention on it in 2021? | Sure. I mean I think we have a number of things getting on the filing docket in '21 as I said, that's why spend is going up, as you would expect, I mean, majority of dollars that we've been putting in over a three-year period been so since we had the full freedom to do so on the system side. And now means finishing the... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ae4fd5d74ff49188df352fea24e07148 | So just to clarify, sorry, on the margin side in terms of margins for solutions, do you see increased volume as being able to help you out with that should we think about that is a positive, given now Austin [Phonetic] and the new distribution plan. | I think I would say it's been a bit of a wash their Pete. We can't obviously margins were higher for the company when we were selling more solutions two years ago, 2.5 years ago. The distribution center has added some efficiencies. But we've also extended a number of the contracts, et cetera and a lot of activity happe... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
75ee70b2dab9d8a226714b8ee23d0bf1 | Just a general question in terms of M&A, can you discuss just broadly what you're seeing in terms of from the sellers in this environment and they're willingness to engage given all the impacts of COVID. | I mean I think it's a balancing act depending on where you were, what part of the market you are playing in there. Certainly folks who have COVID make an impact on their business or have operations. There is a constructive dialog. Otherwise, I mean I think the market is challenging as everybody has seen on that front. ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
9f0aa53678f40d9f629919b3ce488848 | Wanted to get back to the gross margin pump dynamic question and I appreciate there is a lot of moving parts here, but just I guess simply are you expecting to sell more pumps in '21 than you did in '20? | I think, Jason, it's not only the absolute number of pumps. It's what class of trade, are they going into right, whether it was maybe pandemic surge in some of the international markets versus some of the competitive situations. That's probably a bigger factor in the absolute number in terms of the absolute number, I t... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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