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3904b4d25bb9e08a32705fbb28113fdc | Very helpful. If I could just squeeze one more in, so your fourth quarter, the guidance implies that you would do about, I believe about $20 million to $40 million more in revenue in your April quarter then you just reported in your January quarter. Obviously, this implies that you'll be getting productivity expanding ... | We are making progress every single month and our ability to make furniture since the month, we opened up back in May, and we expect that progress to continue all the way through back-end of the summer. But again what we found this quarter and what we expect -- as planning for at this point is that they will continue t... | direct | [
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33e5a6fe487d76ba77b9610c32c46424 | Can you provide an update on mRNA-1273 and the COVE study? What are your thoughts on the interim analysis timelines and expectations? | We are pleased with the progress of mRNA-1273 and the COVE study. Enrollment is ongoing and we expect to complete it in September. The study is designed for two interim analyses, with the first potentially occurring in November and the second in December, depending on the event rate. We are working closely with the DSM... | direct | [
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a27ea8a48c391a027aa08fb463f402f3 | How are you thinking about manufacturing scale-up and potential distribution of mRNA-1273 if it's successful? | We continue to ramp up our manufacturing capabilities both internally and through our partnerships. We're on track to produce approximately 500 million to 1 billion doses per year beginning in 2021. We've signed several supply agreements with governments around the world. In terms of distribution, we're working closely... | direct | [
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02c6830ff61a9e1375f63e1852cf6e23 | Can you discuss the progress of your other pipeline programs beyond COVID-19? | While much of our focus has been on mRNA-1273, we continue to advance our broader pipeline. Our CMV vaccine candidate mRNA-1647 is progressing in Phase 2, with data expected later this year. We recently initiated a Phase 1 study for our Zika vaccine mRNA-1893. Our personalized cancer vaccine program with Merck continue... | direct | [
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126d2ca3f9a81a3fc238affe7d3ca303 | What are your latest thoughts on pricing for mRNA-1273? | We haven't finalized pricing yet, but we're committed to responsible pricing that ensures broad access. We're considering factors like the urgent global health need, the innovative nature of mRNA technology, and our significant R&D and manufacturing investments. We expect to offer tiered pricing based on country income... | intermediate | [
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7a71db678c5b246a83c6e52a3dd4f68d | How are you managing cash burn given the accelerated timelines for mRNA-1273? | We've certainly increased our spending to support the rapid development of mRNA-1273, but we're managing our cash position carefully. The recent equity raise has strengthened our balance sheet. We're also receiving funding from BARDA and other partners to offset some costs. We're prioritizing spending on mRNA-1273 and ... | direct | [
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787898790285c72437682a036bddda1d | So, Pedro, I wanted to follow up on the same-day delivery expansion in Brazil. How quickly do you think you can get to full coverage of the country with same day? And can you quantify how much of the customers order velocity picks up as the service level is improving? And I guess, secondarily, the eternal optimist in m... | Stephen, thanks. So first of all, the evolution of our rapid shipping solutions, so same and next day, certainly is one of the strongest pillars of our value proposition today. Taking Brazil, for example, I think we're already at about 2,000 cities where our packages can be delivered same or next day, which when you lo... | intermediate | [
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858b85bca4d5c54903f2bf7f029fa4ac | I'm curious thinking about the investment stance into the second half. It was another quarter here where -- versus our expectations and meaningful upside on margin. So can you talk about what you're thinking about spending directionally for the back half? And specifically, where that's going to perhaps a bit more color... | Yes. Great. So I think it is important to note that we typically look at our efforts to deliver conservative but consistent operational leverage on the business on annual cycles. And so the way money gets invested across a year sometimes isn't necessarily very linear across quarters. The back half of the year has the m... | intermediate | [
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bd46282f5de00241edc4aba1b3391196 | Pedro, in the quarter, you seem to be doing some gamification, AB testing in Brazil. How should we think about your use of gamification elements going forward? And you also seem to be growing more comfortable in your comments with respect to the loyalty stack that you've put together so far. Does it need any further re... | Hi, Bob, thanks for the questions. So on gamification, I think interesting initial trials. One characteristic of ours, and you've seen this as we've always, I think, not only try to innovate and see what works but also learn from what's going on globally. I think gamification is one area that we hadn't made too many ad... | intermediate | [
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5700a1fb229c55b5fe9be9edfbcb6849 | The first question is regarding the same-day delivery. You mentioned that 20% of postal codes can get same day delivery. What will be an estimate on how much of GDP is covered by this postal codes, so just to get a better sense of purchasing power? And the second question is about the live stream initiatives you mentio... | So let's see. Logically, those postal codes where it makes sense to aim for same-day delivery are the ones where we will have fulfillment centers, and they are determined by where most of the demand lies. I don't know off the top of my head exactly what GDP those 20% represent. But clearly, it will be the lion's share ... | intermediate | [
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ccddd5a4d3c599701990d222cda01821 | The first is about the competitive dynamic in Brazil. This is the No. 1 question we're getting from investors. And you made some impressive comments regarding your fulfillment capability in Brazil. So I was wondering if you could perhaps try to talk about or define how many years behind do you think the competition is ... | Look, on the competitive front, I think we always say the market has been competitive. It's a huge opportunity. It will continue to be competitive. And rather than looking at how many years of a head start do we have, it's how can we move consistently faster and accelerate our own pace of rollout of our network to try ... | intermediate | [
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ae284195c26eeac83d50a2a0d70a75c4 | It sounds like you had some strong progress again in terms of user engagement on the platforms, and that remains something that you continue to call out on your comments. So I was just curious to what extent you're working on bringing on in more personalization into the user experience, whether it's in the interface, i... | Irma, thanks for the questions. I think more of the focus and the heavy lifting on user interface is still around removing friction. There's work being done around discovery. There are the gamification efforts. I think incremental personalization in the UI and how you interface with the platform probably would be overp... | direct | [
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1767bb832a24c061e2c05d3336b49fef | So first, can you talk about how wallet use cases evolved during the second quarter? Also, I realize you don't provide any guidance, but as you comp the impact of government relief payout in the second half from last year, how should we think about the impact on those on the year-on-year growth rate? And then second qu... | So with regards to wallet, I would say that mostly, the -- typically, the payers we count in those 50 million people who paid with our wallet in the quarter are mostly coming from six use cases, and those are mobile top-ups, transportation, paying utilities, QR payments, B2B transfers. And those are mainly -- Now if we... | intermediate | [
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aa063467dd01e5626e5765bc3b543cd6 | Anil, you noted service provider spending was down 11%. I wonder if you'd talk a bit more about the dynamics there and maybe a little bit more on your large deal pipeline there that might get you more confident on Q4 expectations on the service provider side? | Well, overall, as, Matt, we have mentioned in the past, I think there has been consolidation changes in the large customer -- large carriers, the top four. There is consolidation and lack of spending with one of them and that has affected as our business over the last few years. And we think we are hitting all the -- b... | intermediate | [
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c96088514e5af80ae7f109be43e0d9da | Jean, in your prepared remarks, you noted the software-only sales were 31% of service assurance and product revenue. It was a bit lower. I think you noted 42% last year. Just sort of curious on why that's the case. I mean, I guess I would assume that, over time, software-only would continue to mix up rather than down t... | The way we discussed it before is that we have many different offerings to customers and they can buy in any form factors that they prefer. So, the mix is generally a function of the preference of customers. Last quarter, last year's Q3, we had many deals that were -- including some deals in the enterprise that were so... | intermediate | [
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756501407ebf36dba6d418eaee2e8753 | I also wanted to focus on the carrier spend. Just to clarify, I realize, when I may not quite understand, Anil, when you say carrier spending hitting bottom or... Does that mean that there is kind of a maintenance level of spending from carriers that stops the carrier spend on an annual basis from going down anymore? O... | I think on the U.S. carriers, the top four U.S. carrier with now there are only three left. I mean, that's what I mentioned, that I think we are doing a reasonable business on both the product side and renewals have stabilized. And that's what I was saying that a further decline into next year is unlikely. And that was... | intermediate | [
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b699cf3bcf1a3d7b3c8b869e9cb395ff | You talked about, one of the things in the quarter that took place was a nice renewal and expansion with Vodafone. I know you've had Vodafone, got to be over probably 10 years, if not 15 years, you've had a relationship there. What can you tell us about how that relationship changed on this renewal versus the prior rel... | I think it just strengthens the revenue stream coming from them. And so, this -- first of all, this deal is about covering all the OpCos in Europe and so about [Indecipherable]. So, it's a master deal and they get price -- their pre-determined price volumes, if anybody wants to buy the blanket contract. And so, it just... | direct | [
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7eb964046aa85d212caaedcc576f060f | The fed, as you characterize, it's somewhat unpredictable as to when that business hits... Given change in administration. Is there anything that allows you to predict that business a little bit better in over the next 12 months versus the prior 12 months, or is it really unrelated to the administration in charge? | I think Jean may have some other things that points there, but I think it's unrelated. But that doesn't mean there may not be a positive impact. But overall, I see there is a lot of interest in our cybersecurity solution in the federal area. And I think that could be a bigger effect. And as you may remember, we announc... | direct | [
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6315b2702b3372feb64f1972f3325ee1 | Given the repurchases that you did in the December quarter, I see the guidance includes your expectations for the weighted average share. Historically, you've had some kind of calculus on the buyback. I know, because of COVID, you revisited that. So, maybe it was nine months ago. The use of cash, you've said in the pre... | Well, when we look at the buyback, we always look at what our future valuations will be based on all plans and where the market is. So, it's really a condition of what the share price is at the moment when we put the grids in place. These grids were put in place back at the beginning of our last quarter after our earni... | intermediate | [
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37d59aa135dd3c2092c1307fb956a942 | And then if the pay-down on the debt just really have more breathing room on covenants or just aversion to debt? | Well, we -- When we looked at it, we have -- we generate a lot of cash and a lot of free cash flow, especially sitting in the United States. And rather than keep it on our balance sheet, we thought, at the moment, it makes sense to pay down the $100 million on the revolver. That will bring us down into a slightly lower... | direct | [
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7a3d4c5a601d7e48208097a6583897a0 | I wanted to start on the product upside. How much, especially with enterprises, was related to budget slash versus kind of project deferrals coming in from prior quarters versus any demand this quarter following the SolarWinds breach for security?
And just related to the SolarWinds breach, has this caused some enterpr... | So, I'll answer this SolarWinds question about the Sunburst Attack. And -- So, we don't directly -- our products didn't directly detect threat attack, but once the attack was detected, once this threat vector was known, our product was used to provide visibility into how vulnerable people were. Like, it helped in the c... | intermediate | [
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34fcbe9aa0a80e9b4080e2f9ddbded55 | But really, I'm trying to understand if there's any way to flush out really what the upside -- like how -- why enterprises look pretty good this quarter, relatively speaking, between budget slash that we're seeing with kind of the infrastructure space as a whole versus kind of the project deferrals. Anything to comment... | No, nothing comes to mind about any deals that were pulled forward in the enterprise. I would say, for the most part, the quarter came in line from a revenue perspective with what we had anticipated. | intermediate | [
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935843599ab764a003b2bee9031a66e3 | Is there any way to understand what the penetration of security is actually into the service assurance install base at this point, or how many products per customer you have today for security? | I think the number of customers who are actively looking at that -- I would say, maybe 10% of our service assurance customers are actively looking at our Arbor solutions. And out of that, some of them have already purchased and some of the growth that Jean is talking about is original Arbor customer base and some are s... | intermediate | [
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4d7f95d122da2d705c275e86a7a48dee | First question here, just kind of following up on your last point. Anil, just last quarter, you guys talked about the growth for Arbor Edge Defense. It sounds like that continued so far. But you did also mention that some of the opportunities that demo were limited by COVID-related restrictions. Have you seen those opp... | Yeah. So, right now, Kevin, as mentioned, bulk of the growth in the enterprise is on the Arbor side and not for the new product. And bulk of that also is the existing expansions of AED, where the evaluation has not been a big issue, like going from 5 gig mitigation to 10 gig or changing the model number. We are only re... | direct | [
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d4d92f72f2c0e509874fd2c2d266fbe8 | And then maybe just shifting toward Arbor, within the service provider environment. You guys talked about kind of an interesting use case for DDoS at the subscriber edge with MSO customer. I'm just wondering if you see that as more kind of a one-off where this does actually open the door for additional growth opportuni... | No, that was more of a one-off and because people try to deploy that. I mean, they could have easily got with Arbor Edge Defense, but this was more practical for them. And so, we see bigger opportunity on the enterprise side for security. And on the carrier side, we have still similar challenges of carrier spending in ... | direct | [
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57c7575ecca59ee3968dc4ec066e2a3d | Just as we head into your fiscal '22, obviously, you're still going to be virtual with Engage Conference. But how are you guys thinking about kind of the return of pre-pandemic travel and marketing-types events? Is that more kind of a back half '22 type of event for you, or do you actually see that starting to trickle ... | Yeah. I would say, follow our first half of our fiscal year and in the end of September. So, I would have to agree with your assumption or your statement that probably travel will pick up again in our Q3 and Q4. So, that's calendar year last quarter and the first quarter of calendar year 2022. I mean, it just makes sen... | direct | [
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862505f5289ff43df0077d0d2f6e2ba9 | John and Marc, if you're AWS, you know exactly who you're calling at any given company. But for Unity, it was not always clear to us who you're placing that call into -- on the create side. So as you talk about how create's nongaming revenues now accounting for 40%. How has that selling motion and particularly to those... | So Steve, a couple of thoughts here. One, we've gone through a pattern over the last few years where we were originally doing things that were -- they didn't know who we were. They didn't know how to use real-time 3D. And the deals are very, very small. Now what we're seeing is a continued inbound from the top of the f... | direct | [
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05c8a10da71d98d973550da39b2024c0 | John, you talked about how you have a good handle on data, data versus macro versus competitive impact? I mean how much better informed is the company on all these three potential contributors to the issues that caused a shortfall in? And going forward, what are the -- I know you mentioned a little bit about the guardr... | So again, I'll tap this and ask everybody to join. The -- and by the way, Kash, thanks for the 11-part question. I'll try to keep it to a reason. So first off, on macro on the operate side, the majority of our business -- the vast majority of our business and operate within gaming. And as I've said a few times before, ... | intermediate | [
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1b86469b6e6159b61dfe496234ffef59 | I had two, if I may. So the first, I guess, like recognizing what you're talking about, John, with sort of the crosscurrents with macro and sort of visibility relative to, I think, based upon the comments last quarter you're in the second 90-day phase right now where you need to kind of rebuild data. And I'm curious ho... | So one, I can't say that we would never do incentives, but that's generally a very firm solution and doesn't really yield long-term returns. And so that's not high in our playbook, and it never will be hurting our playbook. Again, it is part of the portfolio of think companies like ours do. But we're very cognizant of ... | intermediate | [
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bcbb2edd71f2ee0d757521b54c03d7b0 | On operate, just to zoom in a little bit here. If the data quality and pin pointer issues hadn't occurred earlier in the year, would operate revenue have been at the 160 level you reported this quarter just because of macro? And if not, how much work is left to do there in terms of improving the tools and scaling spend... | So, Ingrid, do you want to take that on the Operate question or I can pick up in the beginning of that would be helpful. Yes. I think in terms of the specific numbers, look, it's a combination of all of those things. It's hard to kind of divide up like what component is attributed to macro versus audience pin pointer a... | intermediate | [
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620762d9a7a50dff21c2141036c822bf | Can I -- just to clarify on the China JV. Am I right that there's going to be an inflow of about $1 billion of cash, and then we're going to be modeling noncontrolling interest on the income statement once this deal closes? | Yes. We will still consolidate China. We're forming a joint venture, and we will get $220 million, and that will stay within the JV. So there is no cash flow coming into. And we remain a majority shareholder and control the board. And there's a number of operating relationship agreements put in place between our enterp... | direct | [
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8e17401166b71306d0009059d062dd0e | Maybe one since we didn't touch as much on it. I'd love to get in the strategic SI partnerships, but maybe for Mark to a little bit of incremental color on the partnership with Azure with the release yesterday, can you talk about kind of some of the expanded capabilities, what this can mean for creators and potentially... | Very excited to deepen our relationship with Microsoft. Obviously, we're already very strong partners, especially on the Xbox side and with HoloLens. But when you go in and you think about where real-time 3D is going, we talked about all these use cases around digital twins. And we talk about just the size of games and... | direct | [
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68a0c789bd671ee3c5a7bcbccbb55dbf | I guess I just wanted to start off on kind of producer activity and kind of seeing what you're seeing there, private versus publics. And then, also, in kind of your basins I see that, on top of the customer connections and everything like that, we're seeing production go up. So I just wanted to see kind of what you're ... | Yes. I think we've been experiencing this for some time now, a little bit of a difference between the publics and the privates. I think there's lots of discipline now with the public producers. And the private producers, they seem to be more attuned to growth. However, when we look across our portfolio, Steve, I really... | direct | [
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ffd62891483ba1a7434a76a7714f3aab | And then if I could kind of pivot a little bit on the guide raise this -- and then also Stonewall for next year, you have the connection coming into 2022. But I just wanted to see if you had a little bit of --- if you could help us out on timing of that when that should be expected to come in and then also keeping the ... | So I'll say this, we're highly confident in our growth for 2022. The Stonewall transaction that we referenced does come into the portfolio in 2022. As we -- I think as we progress through the year and as our key customers sort of solidify their plans, we're certainly going to keep everyone tuned in. But we feel really ... | intermediate | [
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7037162d697ba2010d353c0fbc8a52a5 | I wanted to start off on, obviously, great Haynesville volumes from the gathering side. Just curious if you could talk a little bit about what you're seeing for the Haynesville kind of takeaway balance overall? And maybe just give us an update on the potential for a LEAP expansion? | Well, we're really pleased with our Haynesville position and the recent activity that we're all observing in the Haynesville, I think, is a function of the quality resource and the proximity to large growing demand along the Gulf Coast. So, again, as I think about our assets and our position, number one, we have assets... | intermediate | [
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2e9ba9ddf4ddeb513da53da1b0170f45 | Maybe, one just quick follow-up and just one on the weeds. But just on the new Appalachia Gathering and the new Stonewall contracts, are those kind of in addition to the kind of existing EBITDA base or are either of those kind of replacing maybe some contracts that have rolled off? | These are new incremental contracts on those assets. So they'll be new and incremental. | direct | [
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881b897c93445c9c9aea43b209156753 | I was wondering if you could give us a little more detail on the NEXUS open season. Just trying to understand is this an expansion of capacity? Are you just signing up existing capacity? And how should we think about rates going forward, assuming you have a successful open season and what's timing of getting the open s... | So the open season closed. It closed about a week ago and we've received favorable responses from the market on that open season. So commercially, the commercial team is working with those customers to work through the details to move those expressions of interest into definitive agreements. In terms of mechanically wh... | intermediate | [
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b58a36108736858c321eeea34f64d7a8 | And then second question I wanted to ask was around Southwestern's very recent acquisition of GeoSouthern. Just curious if that acreage is already dedicated to you? Is this an opportunity? Just want to understand, how this could impact your overall Haynesville position? | Well, first I'd like to congratulate Southwestern for this they continue to execute their strategic goals of consolidating and gaining in scale. When I looked at their strategic rationale, it really aligns with the strategic rationale that we -- that guided us to the Haynesville 2.5 years ago, just high-quality resourc... | intermediate | [
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2cb717d34134eb0b3b1fed09aa6fcc55 | Just a question on the carbon-neutral service in the Haynesville. And thinking about some of your proposals that we're seeing in these reconciliation goals about a higher 45Q credit. Just wondering as you think about the economics of the project due to -- if there is an increase in the carbon credit, did that -- would ... | So the economics work with the current tax credit regime that exists today. So we'll just start there. We are very tuned into what's happening in Washington right now. There's a lot of drama going on in Washington right now. But we're optimistic that the 45Q tax credit will see some reform and probably see some what I'... | direct | [
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3fa80d2286de06efb814f8d62fc21689 | And maybe just a follow-up on the 2021 and 2022 guidance, again, just thinking about the potential growth into 2022, and having high confidence in that, but obviously 2021 has gotten a lot better. Is that really just a question of things that you've been looking acceleration of either cost efficiencies, or operational ... | Yeah, great question, Alex. We definitely have seen some commercial activity pulled forward. The one item that, I mentioned in the opening the treatment plant that, we were able to get done early that's been very positive to our financials here in 2021. And just the new customers also coming in and some of those coming... | intermediate | [
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5daae590c80985df4c21e0190e9e8cc6 | So on the proposed carbon-neutral expansion, just wondering, how much capacity on that system can be carbon-neutral. I'm wondering, if this is maybe the first step toward a larger expansion. Just hoping you could frame that up for us? | Sure, Rob. The way we've laid it out to the market is that we have the ability to expand up to two Bcf a day. So that would be a one Bcf a day expansion. And we can do all of that carbon-neutral through combinations of CCS electric compression. And those are really compression and the treatment plants are really the tw... | direct | [
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4ed8626720dc6aaab313bcd3ea9f9fe7 | Got it. So the entirety of the expansion would be carbon-neutral then? | Yes. And obviously that depends on what the shippers elect, right? The shippers can elect the green projects, or they can elect what I call the blue project which is a more of a conventional project. My anticipation is Rob, it will be some combination of the two. | direct | [
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0ca033c7ecd5cae30897148e03a90ac0 | And then maybe shifting to the Northeast, just wondering, if you could talk about that long-term agreement you had signed on the Appalachia Gathering System? 25% system capacity seems like a lot assuming that might be a mix of fee-based and other more commodity sensitive, but can you just frame that up for us as well? | Sure. It's the typical contract structure that, we have across our portfolio, Rob, where we have a significant take-or-pay component to that agreement. And yes, it is a sizable contract on the Appalachia Gathering System. It represents approximately 25% of our mainline capacity. So it was a very important transaction. ... | direct | [
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055b21610d273ad70f55f0c02ad557b1 | How do you envision the role of MicroStrategy's participation in the Bitcoin network evolving in the future? And will the company look to build a software business that leverages the growth of the Bitcoin monetary network where you expand the company's world beyond being a leader for Bitcoin treasury education? | We have a scrum team, and we're actively studying the Bitcoin industry and all the activities and the process in the industry and all the data in the industry to determine the best way for us to add value with our existing business intelligence and HyperIntelligence. Although we don't have anything that we are ready to... | intermediate | [
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8eca4c82b02005a0d7b6d6050f5d1751 | How should we think about the growth of license in 2021 given the momentum around cloud and subscription? | Yeah. Thanks, Jeremy. Obviously, we're pretty excited about the ability to transition to the cloud. We are still early in that process. I think as I noted, we saw a 21% growth in our cloud revenue on a year-over-year basis and 41% growth on our cloud billings on a year-over-year basis. That was off of Q3 where we saw a... | direct | [
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4eeb4f39244efae24eb6ab155b1a1084 | Are you planning to do another convertible debt offering, or have you considered issuing equity debt or other securities to allow you to purchase more Bitcoins? | We're continuing and continuously evaluating our capital position, as well as the market conditions in the capital markets. We have sufficient liquidity to operate our business as it's currently conducted. While it's possible we'll raise additional capital if we think it makes sense to, it would be inappropriate for me... | fully_evasive | [
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ddc2e5ad92baea39dce84cbbce92fa41 | Will you purchase additional Bitcoins in future periods? | Well, Bitcoin is an important part of our overall strategy. So going forward, we will continue to plan to hold our Bitcoin. We will invest additional excess cash flows in Bitcoin. And we'll explore various approaches to acquire additional Bitcoin as part of our general corporate strategy. | direct | [
"direct",
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] | A |
be9a28d72f77c54122e553333e9ed31e | Are you a software company or just a Bitcoin investment vehicle? | We're a global leader in enterprise analytics, software, and services. We continue to operate the software business, as we have over the last 30 years. But at the same time, Bitcoin is an important part of our strategy. We have a Bitcoin strategy in addition to our software strategy. So if you just keep in mind that we... | direct | [
"direct",
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] | A |
498a7a6efdf694194fdc9d5ada894fb7 | Does your Bitcoin strategy depend on selling high and buying back more Bitcoin at lower prices? | No. No, it doesn't. Our belief is that Bitcoin is the first effective digital monetary network, and it's going to grow over time. We're early adopters, the early Bitcoin holders or adopters. It's the solution to every company's problem and every individual investor's problem. And so as more and more corporations adopt ... | direct | [
"direct",
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35a306835215b30c170dbadaf19e1c15 | From the time a CFO or a CEO of a publicly traded company mentally commits to buying Bitcoin for their company, to the time it confirms on the blockchain and is on their balance sheet, what's the average time frame for the whole process? | Yes, it's a good question and something actually we'll be addressing in our Bitcoin for Corporations Summit next week. There's really no sort of straight answer or one-size-fits-all answer. It depends on how a publicly traded company might decide to invest in Bitcoin. If they decide to invest in a fund, it could be qui... | direct | [
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a97a49c4a31f0fb13aed7f693fbee563 | Is MicroStrategy using a self-custody cold storage solution for the company Bitcoin holdings, or are services of a third-party custodian being utilized? | We can't comment on that for security reasons, unfortunately. But thanks for asking. | fully_evasive | [
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d07719430aa44c629684af324e65aae4 | Are you interested in acquiring other cryptocurrencies or diversifying beyond Bitcoin? | Yes. Our view is that Bitcoin is an institutional-grade treasury reserve asset. It's 95% dominant as a proof of work crypto asset network. That makes it the crypto asset winner if the use case is money or long-term store of value, i.e., digital gold. So what we wanted with our treasury was, in essence, digital gold fro... | direct | [
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] | A |
21457619283100dc4b832d9ecfabdf5d | When do you think your subscription revenue will become over 50% of total revenue? And would you agree that it's conservative to assume, based on the current product offering, your total revenue to grow, let's say, 7% to 9% CAGR during the next five years and generate over $500 million of free cash flow? | Yes. So a lot of interesting questions in there. First, on our split of revenue, subscription revenue versus support revenue, I think it's probably the way you think about it. We're, right now, we have about $280 million in support revenue and $35 million in subscription revenue, so maybe 10% of total subscription. We ... | intermediate | [
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366bd5c0d17008d48265f6764fae6b87 | How are you hedging the volatility in the price of Bitcoin in your financial statements? If Bitcoin is being accounted for as an indefinitely lived intangible asset with annual impairment tests, will there not be a lot of volatility in the financials year over year? | Yes. It's a good accounting question, but it's sort of the, I'll call it, book value of our Bitcoin versus what may be perceived as the market value of our Bitcoin. How we get to, based on the accounting of Bitcoin as an intangible asset, is every single quarter, we take each and every one of our wallets of Bitcoin and... | direct | [
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] | A |
dec531b34bd491810420592b4e0d44e3 | Jeff, I'd like to dig in a little bit in the lower expectations for Q4. So how much of that was sales disappointment in Q3 versus higher churn? And then on the sales front, maybe you could define for us is this a new account issue? Is this an upsell, cross-sell issue? What's the leading to this poor sales productivity,... | Thanks, Steve. Good to hear from you. Looking at all the aspects of this, I think you've hit it, that which impacted us the most this quarter was sales. As Rob noted, we are progressing with the renewals business in the right direction. And I feel good about the progress that that team is making and the nature of the k... | intermediate | [
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1337e4c4d4bb3e22cdf665082d987f9c | And in North America, are you satisfied with your ability to upsell and cross-sell on the enterprise side of the business? Or is there still a lot of work that needs to be done there? | Yeah. Again, I'm never satisfied, but I feel that the Americas team is in pretty good control of their destiny. The predictability, the insight, the hard data that we have to support that puts us in a much, much better position. Yeah. And just to add to that, Steve, this is Rob, just to add to that real quick. You know... | intermediate | [
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d598086ffad4df8e9fb4abeb71d100c9 | OK. That's good. And walk us through the divergence between the two retention metrics, I kind of would have thought they would directionally go the same way, but they diverged this quarter. So help us understand that. | Yeah. I think, Steve, the big difference there is the calculation in the two. If you recall, the recurring dollar retention rate that came in at 93 that is actually for those contracts that happened in the quarter, right? Those contracts that were up for renewal and what happened in the quarter. The second metric that ... | direct | [
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68a6f4570ae1a9cbce8e5e72ba1af3d2 | OK. Jeff, do you fundamentally still believe this is a business that can grow double digits? | Absolutely. Perhaps I've never felt better about it. Look, I don't like the performance right now, any better than anyone else. But when you look at the underlying strength of the business and the work that we've done, especially in the last six months to reconfirm and revalidate that we have the right target market, t... | direct | [
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974075d7e1aa5ba4e8b93b6bea369c10 | OK. Great. And then one last quick one for Rob. What were overages in the quarter? | Yeah. Overages were about $1.7 million. | direct | [
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3893d2b6eba9e47ea9fb75bf54620729 | Yeah. I wanted to focus on the Q4 outlook here. If I have this right, it looks like the subscription business is relatively flat given the services guidance. And I would have expected that given your color there, Rob, on the new sales going up, help me understand why the subscription line would be relatively flat at th... | Yeah, Eric, there's two pieces there. One is a small headwind on overages. We're bringing that down to $1.6 million. And the second piece is, my comment around new business was net new customers and selling the net new logos, where we were challenged in the quarter is on the upsell side. So from a dollar perspective, i... | direct | [
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f34cb3bab214bcdab5a85b22b6b8dad4 | OK. As I look at your -- the premium customer count though, I've got that actually -- and I guess it is a net number, but I see that declining sequentially. I guess it's just a question of not all customers created equal. Is that the color here? | Yeah, that's 100% right. When you think about it and you put it in conjunction with our ARPU, we continue to drive stronger customers and the ability to grow our customers. So you see that growth happening on the ARPU side. Again, customer count is not something we focused on. We understand that it's critical over time... | direct | [
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f1166cf246a2cf5b44d883248cb258ae | OK. And then, Jeff, you talked a little bit about your kind of moving on here at the end of the year and test driving retirement again. I can't remember if it was golfing or fishing that you did or didn't do. But I know you got to be leaving with some regrets, given what you saw, the potential as you came aboard back a... | It's pretty -- it's a great question. I try not to spend too much time looking over my shoulder. It's kind of dangerous to do. And I live in Florida. And quite frankly, when you go out with people around here, they spend a lot of time talking about the past. And it's a freaky place to be. I'll just stay with what I sha... | direct | [
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db7260b9c1867f2399757e02ec5101b7 | Yeah. And there going to be a consultant for all of 2022. So I definitely picked up on that. Lastly, you know, the shares are weak here after hours. It looks like they're a little below $10. Is the balance sheet, is the board talking at all about perhaps using the balance sheet on a buyback more aggressively? I can't r... | It never comes up. Rob, let me go first, man. Rob was coming in on that one. No, it does not come up, period. And we just had our board meeting yesterday. It does not come up. We are now in a position where we're in an enviable position where we're EBITDA positive, cash flow positive, generating cash, building a bigger... | direct | [
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a340bae2775d07ba5de49e504b14a476 | Hi, I'm Sharon on behalf of Mike Latimore. Well, I have two questions for you today. One, how is the demand for events relative to the last nine or 12 months ago? And is the media segment the main focus of your revenue retention effort? | Great. I'll start with that. Rob, feel free to break in. So the first is, where is the evolution of events, especially as we're thankfully finally starting to wind down from COVID? And where is that going? I'll be happy to comment on that. And the second is media in terms of its priority and retention. Did I cover that... | intermediate | [
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b66cd7268a5a24c3177a86cb4acf8e2c | OK. Thank you. And my next question is on the churn rate. So I believe sometimes media customers give you a forewarning in third quarters about whether they will churn in the next year. Did you get any notable ones this year? | No. I haven't seen anything notable that changes anything. Again, I feel good about the fact that we have more insight than we've ever had before and that it's earlier insight so that we can act pre-emptively. And certainly, we saw that with the renewal of Seven Network. That was a great example of a really, really big... | direct | [
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a403b9540d5d565bef32d61b6fd3cb7d | How do you feel about the sustainability of this growth? And I guess, what kind of sort of signals or feedback you're getting from your advertising clients that may suggest that this elevated growth can be sustained through the year? | Yes. So there's sort of three pieces to the monetization piece, Maria, that you're sort of talking to.
One is obviously demand from the advertiser and how we get and how that demand has increased and that is basically based on a revenue per user or revenue growth that they're willing to pay. And we continue to see our ... | intermediate | [
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5ea64cad257956a584735c8ea0c8bc31 | Should investors think about you managing your business to growth in media margin dollars here in the near term? Or sort of what are some levers that you could pull to improve your media margins, sort of as a percent of revenue over time? And I know you mentioned some of the initiatives that have higher margins, but so... | Yes. We -- those are the exact same metrics, Maria, of revenue growth and media margin. So from a revenue growth perspective, we have a very simple view is that if we're growing at or above the industry standard and how the industry is growing, then we are positioned right within the industry and have the right product... | intermediate | [
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45b82e99f95983f10bc3a605b965454f | You mentioned expanding into mobile app as well as one of the sort of growth initiatives here, sort of launching new products. What are some key developments or key milestones for you here? And is this something that we could see sort of developing or contributing to revenue this year? | Yes. Yes, Maria, you can. And we've always been a mobile-first company, primarily on the mobile web. We began testing and incubating our rewards product, primarily on the Android platform.
So we've been testing that. We have the KPIs right, and we're ready -- we've launched it and we're ready in a larger way. So just t... | direct | [
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6fd8c14e7032dbb810012134997027d3 | Just summarizing a little bit of what you've been saying, your financial statements are trying going to go through somewhat of a redo because you're going to have a higher cost of customer acquisition but better follow through. I'm wondering if you might give any targets for key accounts as we might think about it.
And... | So I would not say it's a redo of our financial statements. I think the way we're really looking at it is an expansion of how we're able to interact with the consumer and monetize that consumer. So we went through a little bit of the monetization with Maria about what's driving that and how we can continue to look at.
... | intermediate | [
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e13b7b977eeb0ff9900f0368b3052b02 | It does seem like the new shift will adjust somewhat your mix of end markets and perhaps even the mix of competitors you would be dealing with. Is there any comments you make in terms of those markets, you'll be addressing? | Sure. Sure. And you're absolutely right, Jim. It does open up some different places to us.
So let me just hit a little bit on the verticals. The verticals you'll see that we've traditionally, as you know, are very diversified across our verticals. And it is still diversified, and it's one of our strengths in terms of h... | direct | [
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11d9d8949e50dc84078f71315c07dfa9 | About a year ago, you undertook this adjustment to your business model. And it sounded like, at that time, it would be a quarter or two before you would sort of stabilize and start to generate some renewed growth.
We're about a year into it right now, and I'm wondering how you are thinking -- where you think you are in... | Yes. Well, what we originally laid out, Jim, was that we've sort of returned our traditional growth rates in the later part of 2021. So I believe we've gone back to that and 22% in Q4, obviously, is higher than what we've traditionally done. So we're happy with our ability to drive that value for our brands and then to... | direct | [
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403304908171e5a3944d115a9d121d6d | So I wanted, George, to start off with some of your thoughts, commentary possibly here in the U.S. Marshals Service. You mentioned that they don't own any of their beds. So where are they putting people? I mean, how far away from the court houses are they? How are they transporting these people? It just seems to me to ... | Well, on the first question, I think it is a complex challenge for the U.S. Marshals Service to identify alternative locations for their prisoners that are being held predominantly in urban areas near federal court houses. We don't have access to the details of what they're doing or how they're doing it, but we surmise... | intermediate | [
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7d9b077dfccbcdc93af2ffe349629ad1 | OK. And just kind of a follow-up on that on the U.S. Marshals. I understand you don't have access to their detailed plans. But as being someone that's been in the industry for such a long time, I mean, are you aware of thousands of beds that in secure facilities are just being -- going unused. Setting aside yours and y... | Yeah. There may be some extra empty beds this year because of COVID, but because the court systems have closed for all intents and purposes. But as the COVID, the pandemic is ended, we would think the court system will reactivate in due course and there will be a greater flow of people going into jails and prisons. | intermediate | [
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098349832c3830c7ef3523527d081ca4 | OK. And on ICE, if I can switch gears for a moment here. Your competitor was mentioning how their ICE populations had increased significantly since the beginning of this year. I was wondering if you guys are kind of seeing the same trends there. Then also a little bit on the Title 42. I understand it's being used to --... | Well, with regard to the first question, we have seen an uptick in our ICE populations, particularly on the southern border. Title 42 to my understanding is, is a temporary situation because of COVID pandemic. And once that's resolved, I would think Title 42 will be amended to allow the detention of individuals inside ... | intermediate | [
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8bc7025159782335e47a52678f3d6d1a | OK. One final one for me, and I'll get back in queue. So you talked a lot about, obviously, the difficulties here due to the president's executive order and renewing contracts. Can you speak to efforts on potential new business out there and where you might be looking for some new business, maybe in some of the -- with... | Well, I think we've seen growth in our reentry business and our day reporting business, in particular, as described by Ann Schlarb. There's been more of a focus and interest in the rehabilitation programs post release of the nature required reentering facilities. Ann, could you comment on that? Yeah, we've seen, as I d... | direct | [
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1509fccc295034cb6f3016d71d676711 | Yes, good morning. Thanks for taking the questions. First, I just wanted to maybe get a little more color on the favorable cost trends that you saw in the first quarter and how sustainable, how comfortable you feel that you'll be able to kind of forward. | This is Brian. So the cost trends really are driven by, I think, some of the lower occupancy levels in the facilities you're seeing less resident related costs as a result of that. And then also, I think, due to lower occupancy levels, there's less off-site medical, there's less hospital runs. So there's better overtim... | direct | [
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7fbbd944d638b41645875b1d3fb39b8e | OK, no, that's great. And speaking of occupancy, any sense -- I mean, we see a lot of states are increasingly lifting COVID-related restrictions and with the vaccine rollout well under way, curious if you're sharing anything in terms of when you might be able to get back to more or increase capacity from the 75%, maybe... | We only have a guess and that guess would be toward the fall, we would think that things could get back to a more normalized state. That's just our guess. | direct | [
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0263b3c52262dc8f74f09a19695631ef | OK, thanks. And then, recently, you were seeing some states indicating that, again, sort of following the federal policies as it relates to maybe not engaging in private prison contracts when those expire, etc. I'm just curious if there's anything you can do in terms of whether from a lobbying perspective, etc., given ... | Well, we are essentially a service provider, and we stand ready to provide services when our clients need them. And those needs can fluctuate seasonally and periodically due to administrations and implementing new policies. And I think we said in the first quarter, we expect this year to be a transition period in which... | intermediate | [
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21c88bc43ecdd5bcc0789f3858416f59 | OK, thanks. And then, finally, again, on the investments you're making on, for example, on the growth capex, is there -- given the political climate here in the U.S., is it more likely that you might be looking to explore more international opportunities? Or again, the focus is still pretty much gonna be here? | Well, the capex, I mean, we reduced some of the capex that was related to improvements in existing facilities. And I think -- so what we had forecasted for the balance of this year and next year is pretty minimal for the most part in our correctional facilities and our reentry facilities. And then, the bulk of the cape... | fully_evasive | [
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0e9733b224928bf5d3e65edfa7d28699 | Yeah, thanks for the call. And reading a press release from February 19 on the new bond issue, congratulations. But I noticed it was issued at a subsidiary. Is that where the other two bond issues are issued from? | I'd have to look at that. I'm not sure exactly which ones they're all issued from. | fully_evasive | [
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8bcf485c9d706ff990e6bc9cf6a26245 | OK. And it would be great if -- I don't know if there's an offering memorandum or if you 8-K-ed it, it'd be nice to see the full prospectus. The other question I had was -- | It was a private placement. So I don't think there's a public offering perspective now. | direct | [
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4f5952c5f3ce195e044b3ea6b5deb2e8 | But as a public company, wouldn't you look to -- you put that in an 8-K? | Some of it is. | intermediate | [
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] | B |
d85e29436563ba1e48df97eaaebf06cc | OK. The other question was you mentioned the goal was to pay down $150 million in debt. How would you think of allocating that between the revolving credit, the term loan and bonds or I think you actually said reduced net debt, would you just allow cash to accumulate? | Well, as I said during the call, we're working with some financial advisors. So I think that that will all be part of that process evaluating how to apply the cash flows of the business and the timing of when we do that. | fully_evasive | [
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cfaec98b03f288e33eaae623fc4a0a0e | Hey, good morning, guys. Tanks for the time. Just a quick follow-up on the Marshals Service relationship. Could you just clarify how you're thinking about the difference, if there is any between the direct contracts and the ISGAs and whether you think it's possible, but the ISGA contracts will remain even if the direct... | Well, currently, our discussions with the Marshals Services have only been on the direct contracts. | intermediate | [
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73f08823426bfc91c56557cbc2dd7644 | Do you expect the executive order to apply to all contracts? Or is there a reason to think that the way that it was worded would allow them only to apply it to the direct contracts? | Well, we're responding to the discussions and concerns of the Marshals service as they identify them. And right now, those discussions are exclusively on the direct contracts. Yes, we don't have the ability to speculate as to the entirety of their concerns. But as they've expressed them thus far, the discussions have b... | direct | [
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0d20314c695d0ccddb4f836486f0f1c6 | OK, great. And then, one other one, if I may. On the ICE relationship, how are you thinking about -- I understand that the executive order didn't apply to the ICE in the homeland security. But as you just think about the populations in your facilities and the occupancy levels, how do you expect ICE to address, I guess,... | Well, again, we don't have in-depth knowledge of what the White House planning is, but we are aware that there is excess capacity, and that's in part due to the large number of locations that ICE has. I think it may be a couple of hundred locations. And many of those are small jails around the country that don't actual... | intermediate | [
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9e5e707d5503fdd5683eb2d6d8000b5e | I was wondering if we can get a sense of where we are with the SEC rule changes based on your Q1's actual and your guidance for Q2? How much of that $130 million to $140 million in revenue reduction is kind of baked into the first half of this year? | Yeah. So Charlie, in the first quarter we said print was down $25 million just based on the historical seasonality of when we see most of the print hit. The second quarter will have kind of disproportionately larger impact than what we saw in Q1 and it will be the largest impact of any quarter during the full year. | intermediate | [
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26e01cbb276eca31fec68f55168075a2 | And then shifting a little bit to the transactional work, obviously, SPACs have been a big percentage of the IPOs that came out in Q1. I think we saw probably a record growth. I think Q1 was higher than all of last year. What percent of your transactional revenue in the quarter was related to SPACs? And then, also, are... | Sure, Charlie. So I'll start and then, Craig or Dan can jump in. When we look at our performance in the SPAC market, and obviously, as you said, it was up substantially relative to last year, but from a share perspective, we did very, very well there and it's historically been an area that we hadn't focused on until mo... | intermediate | [
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b44d8013ef9f77afaf9b18c05beab61b | Great. And then the companies that are De-SPACing and working with you on kind of the transaction part of that, are they also signing up for -- do they then sign up for kind of recurring long term compliance work as well? | Yes. So we're seeing, certainly when they do the initial set up of the shell SPAC, we're seeing them also sign up for ActiveDisclosure, our compliance solution, and new ActiveDisclosure. We're also seeing during the De-SPAC process they use Venue supported by eBrevia which is helping with their M&A diligence. And then,... | direct | [
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8a1de65d103d59029490e48d41a19c75 | Spectacular results and good to see that the share -- your share of filings both on capital markets and investment continues to be real strong. I certainly think that that a lot of the investments that you're doing in upgrading the technology are helping you keep here, but do you think there is also the opportunity to ... | Sure. Thanks, Pete. So when we step back and we look at our relative position in our markets, we are number 1, 2, or 3 in each of the markets in which we play. And so, to your point, we start from a very strong position as the only full-service provider in our markets. It offers us a great opportunity to sell across th... | direct | [
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a4a1d34bc6cba0f7c2cb33daff729272 | That's great. And then in terms of just the capital allocation, I mean, you've done a fabulous job of deleveraging here over the last couple of years. And so you're now -- that's down to 1 times. I guess how are you thinking about capital allocation? Are you starting to see some seller expectations come down on the M&A... | Sure. Yeah. Absolutely. So we went into or I went into a fair amount of detail on our last call and our perspective on it remains unchanged, which is really continue to drive performance, generate the strong cash flow, and be disciplined and thoughtful on how we deploy shareholder capital to grow the business profitabl... | direct | [
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109250590b109c700714021d82bd876e | Hi. Sure, absolutely. So just if you could touch upon the cash flows for a second and you talked about there were some extraneous items in there because of LSC bankruptcy settlement and also seasonally the cash flows are supposed to be negative in the first quarter. Could you isolate the incentive comp and the LSC impa... | Yeah, Raj. So the LSC multi-employer pension plan payments were pretty small in the first quarter. I think around $1 million or so. The two settlements that we talked about, while one of them happened in the first quarter, the payment was actually made in the second quarter. And then, on the second settlement, that pay... | intermediate | [
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1811937ef6af8de1c1fedee503331617 | Okay. All right. And then just, off the -- two more questions, off the $130 million decline that you are expecting in print and had allowed for, I know Q1 was down $25 million, how much would Q2 be? I heard you say primarily the entire amount would be taken in Q2. So in the first half you would have taken most of the $... | No. Sorry. And if I said that, let me clarify. What I intended to say was that the second quarter will be the largest decline of any of the four quarters of the year. So it will likely be substantially larger than what we saw in Q1, and then Qs three and four, ballpark should be roughly similar to what we saw in Q1. | intermediate | [
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222745f892b3a0048346d806a87829da | Got it. And then just lastly the software solutions for the rest of the year, do you expect similar sort of robust growth in software solutions? | Yeah. So as we talked about on the software side, expecting double-digit growth and that's really across the board. When you look at it on a product-by-product basis, the momentum we have in ActiveDisclosure, grew 16% in the quarter. We expect that to be in the kind of mid-teen range. Venue was 30% in the quarter and t... | direct | [
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"fully_evasive"
] | A |
abbfd06ff60f394178e70a874f9dea5b | Right. And then just lastly, the guidance for Q2 assumes a capital markets transactional activity in line with Q1 or lower? | No so our guidance they rise -- we think Q1 transactional activity will be up not nearly the amount that we saw in Q1, right. Q1, we said in our prepared remarks that transactional activity almost doubled from the first quarter of 2020. In the second quarter, our guidance implies somewhere around 20% or roughly $15 mil... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ecc624e5822204460fa0bc03d96ae789 | Hi. Just one quick follow-up. Just looking at the balance sheet and the debt remaining on the balance sheet, any thoughts there on potential refinancing taking advantage of the kind of robust capital markets that you're seeing on your own business? | Yeah, Charlie. So we look at this all the time. To your point, we had 8.25% notes that become callable at 102 [Phonetic] in October. Given the strength in the markets and hopefully, that continues, right, we believe that it will and that there'll be an opportunity to refi that debt at a significantly lower rate, but a ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6e0d7f5714bfa960db6ca7c1f1710074 | May I ask given the recent update in our regulation from governments, what do we see is the potential impact on our operations for the rest of the quarters over for the next year? Could you share a bit more color? And also, my second question is for our advertising ROI. Could just share a little bit more color on the R... | Thanks, Mark. For your first question about the regulation impact. So we have been following the openings on regulating all these Gaotu institutions in 2018, and further openings on regulating our office -- institute -- our online office guru institutions issued in 2019, in the past year. And recently, the government h... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
cab5e19b10fbe75dc7ac9b970c8eff0d | Well, can I check why and how we saw such a drastic deterioration in building and in enrollment this quarter? I mean, it's particularly surprising because as sales and marketing as you mentioned went up quite a lot to be twice of gross. This quarter wasn't even hurt materially by the regulatory pressure yet. And follow... | OK. So I will break down the reasons for several points. Firstly, the net revenues of Q1 and Q2 of this year, on a very large level, relies on how much we spent in the second half of 2020, especially last Q4. And also, the gross billings of the first quarter of 202, part of it is also relying on December of last year, ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e6b0ccc84523497da78a26c829398dd1 | Yes good morning Dave, I wonder if you could -- I know you're always reluctant to talk about sort of spot price dynamics between needle coke and UHP, but it seems like our channel checks relative to the 4,200 you booked this quarter for non-LTA is now moving significantly above that, closer to 6,000 or even higher. And... | Sure, we can do that. So I think just to kind of set the stage a little bit, on the last earnings call, you'll recall, Curt, that I referenced that we thought that pricing would bottom out somewhere in the first quarter and that we were seeing the beginnings of a demand pickup. And that projection turned out to be corr... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1d9cb96a0be69d60c9883c6a7b149a73 | Yes. No, that's helpful. And then I guess with respect to the non-LTA book, when we look across a lot of your competitors there, they seem to be running at relatively high utilization rates. So it does seem like the market is definitely getting tight. Can you provide any sort of guidance on how we should think about sp... | Sure. Out in the market, obviously, GrafTech has the advantage of a sizable part of its order book secured through the LTA process. And therefore, we're not selling as many spot tons as most of our competitors. But I think your view is reasonable, although I will tell you that there -- we know that some of our competit... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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