good morning, it's 11:00 a.m. on wall street and "squawk alley" is live ♪ good tuesday morning welcome to "squawk alley." investors watch the vaccine optimism, v-day under way in the uk as they vaccinate their very first patients margaret keenan, 90 years old, patient number one norng at some point, the conversation

will pivot to the busiest month of ipos in the nation's history. for that, we'll start this hour with leslie picker hey, leslie. >> hey, carl, that's right door dash set to price its ipo after the market closes today. door dash has already gotten greater-than-expected demand, to hike its range and indicate to investors that it plans to price at the high end or above that boosted range. there's no doubt that 2020 has been door dash's year. the company has seen profits quadruple and posted a quarter of a profit in the second quarter. restaurant dining rooms around the country closed or partially closed, consumers have turned increasingly to delivery doordash is the leader in the number one spot in the u.s. for online food delivery that's something investors may be willing to pay for, but on a

fully diluted basis on an enterprise value to future sales that puts doordash's multiple somewhere around several times 11 turns above its peers looming question of sustainability doordash has shown its resilience in 2020 but what does its future growth prospects look like once the pandemic is over that's a conversation they're having over, and over, and over again with investors over the last week. >> certainly, leslie, interesting timing here when you look at the fact that we have the vaccine news and the idea that a vaccine is just around the corner, the same day that we have this doordash ipo pricing i'm wondering if you think this is a company that's rushing to go public before next year we might see that growth really fall off as people can go out to restaurants again. >> i think if you're a company that's looking to raise capital, you're doing so with a hope that you can get the highest possible

price. and in a year like 2020, it's clear that there are certain companies that have really, really benefited from the changes that we have seen in our society and in our economy doordash is perhaps one of the poster children of that dynamic. so, if you are looking to cash in at the highest possible price, perhaps it does make sense for them to go public right now, before there is a potential change in consumer behavior that could affect their sales. i mean, quadruple sales for a $36 billion company? i don't remember ever seeing that kind of growth for a company this size, for any company that's gone public and i've been covering these things for about a decade. so that's something that investors are paying attention to and, of course, they're going the traditional ipo route with a little bit of a twist as we talked about yesterday with regard to kind of using some indications of interest from investors to formulate a price that's not necessarily the price that they're going to go with, based on that kind of option-based system.

they're going to do that by hand with their bankers to assess the final price. it's something where it's going to be very imperative for them to find the right investors who are willing to stick with them when it's assumed that quadruple growth on the top line is not going to be there forever. >> yeah. leslie, we're looking at a potential shake-up in the complexion of tech at this size. i'm looking at other public companies valued above 30 billion. hp, inc., peloton around 34. ebay around 34 twitter at 37, 38. i mean, that's pretty big. >> it's massive. and it's massive, especially when you think about it in the context of their history of valuations just in june, that was their latest private funding round this company was valued at $18 billion -- i'm sorry, $16 billion for doordash

$16 billion. this is more than double that valuation. on a fully diluted basis, that's the apples to apples comparison with their june valuation. more than double if you look at what their top line did, it makes sense they would see such a huge surge, because their top line certainly did grow but it's remarkable what they've been able to accomplish on a valuation standpoint so, we'll see what investors are willing to pay for now and willing to pay for in the future. >> we'll see if investors can have a similar line of accomplishment leslie, thank you. and that doordash ipo will give investors their first big read on the gig economy since uber's disappointing debut a year and a half ago let's catch up with co-founder of ctac. marco, good to see you give me your sense of 2020, from run a gig economy, when the pandemic first hit, you did some pretty significant cuts. now you're doing an acquisition.

>> yeah. it's been that kind of year. thanks for having me when we got started at the beginning of covid, the hardest part was the uncertainty was this going to be two weeks, two monthors two years and because of that, we had to take significant action to, you know, preserve the viability and longevity of the business. the reality is once the fear of covid wore off, once consumers were educated on how to be safe and hire pros, demand came right back what you've been seeing, like the companies we've been talking about, is that this moment is accelerating these digital adoption trends, that customers are looking for new ways to find and hire pros or go about their daily lives, and we've certainly see that what turned out to be a fearful year really quickly turned into being very aggressive and optimistic, because there's a huge opportunity to accelerate our vision and today -- >> i think, marco, we'll get to

the acquisition. but the question that investors are going to have is how long lasting is this? is this just sort of a spike that's going to settle down, or is this accelerated a fundame fundamental shift that's going to continue? >> this is accelerated fundamental shift. sometimes focus, historically, was on being the best place to hire any pro and we accomplished enormous parts of that. we feel great. it's really giving us the base to take this next step, which is to move beyond simply being the best place to hire and being the best place for homeowners to fix and maintain their home, to become a partner to them for all of their needs as they go about this homeowner journey and the reason we're able to lean into that vision is because homeowners have realized that these digital tools are mature and they're just better than the alternatives they've been using. i don't expect a pullback. i think this simply brought the future forward faster.

>> marco, tell us about this bi acquisition of setter. what does this do to your business how are you trying to shift consumers' approach to taking care of their homes into mover an ongoing relationship rather than a one-off when something breaks >> think about your home it's the biggest asset you have. yet it doesn't have a manual people don't know what they should be doing, when they should be doing routine maintenance and we want to change that, empower you with the confidence of what you should be doing and when setter, this company we acquired out of toronto, canada, will help us accelerate that vision by delivering sort of the first version of our home maintenance automation tool. come to us to tell us about your home so we can tell you about the home maintenance you should be doing and deliver you peace of mind, which is what we're all after when it comes to taking care of our biggest asset, our home. >> marco, if this is a fundamental shift and not a

one-time spike, i would expect you to be putting your money and your investors' money where your mouth is, hiring back the people who you let go, but hiring at an increased pace yes, you're doing this acquisition, but also expanding further. is that what you're doing? >> that's 100% what we're doing. we're leaning into the moment. thankfully, we have the balance sheet to do that we have the investors around the table supporting us. we're leaning in so we raised our targets for next year a couple of times already. we keep seeing great opportunities to invest in and, you know, we really see this enormous opportunity to become the true partner for homeowners, for their entire life cycle of managing this home, which today they really have no one or nobody to turn to. it's a trillion dar opportunity. it's still there for the taking. >> all right possibly beyond door dash even investors will be watching marco, thank you. >> thank you it has been a remarkable morning of vaccine news.

we got the fda briefing document on pfizer. got some timing on j & j's data. now headlines on astrazeneca let's get to meg tirrell hey, meg. >> astrazeneca results that are coming out now are the data from two weeks ago, pooled efficacy of 70% for the astrazen emeca when, of course, it's 90% in one arm and 62% efficacy in the other arm. it's interesting to see that vaccine work its way through the regulatory process around the world as they're starting to submit to regulators here in the united states. folks from operation warp speed say those data are not sufficient for fda approval. of course, he's not the fda so we'll have to see what the fda does essentially the data we saw two weeks ago from oxford and astrazeneca.

pfizer, we got a new set of data released ahead of a meeting of advisers on thursday this is the first time we're hearing the fda weigh in with their thoughts on those results. importantly on safety, the fda says that the results it saw suggest a favorable safety profile with no specific safety concerns identified that would preclude issuance of an emergency use authorization. side effects you may feel after you get your shots there are two, and particularly after the second one, a lot of folks feel fatigue, headache, pain at the injection site people are warning these may not be easy for everybody to take and you may not feel well the next day that's important for us to think about as we approach getting vaccinated as for more severe safety effects, they did see a rate of four cases of what's known as bells palsy in people who got the vaccine. the fda is saying it's a normal incidence of that. it's a temporary paralysis or weakness in the muscles.

but they do say that that should be monitored with this vaccine now, guys, in terms of efficacy, we knew that the vaccine was 95% effective in preventing cases of covid-19 after two shots, but one remarkable graph included in these documents was the protection that kicks in after just one shot. you can see here this divergence the orange here is the number of cases among people who got the placebo and the blue is the number of cases on vaccine 14 days after getting the first shot there is protection against getting covid-19 the fda says it's about 52% vaccine efficacy with just one shot before getting the second one. however, since everybody did ultimately get two shots in this trial, they don't know about how long one shot would last so they're not saying that you should just give one shot here for the pfizer vaccine this information coming out ahead of this big meeting on thursday and the fda could decide after that. lots of big news coming up

back to you. >> meg, very interesting very reassuring news about that efficacy in particular thank you so much. and we're getting some breaking news on boeing orders and deliveries phil lebeau has that for us in chicago. phil >> hi, julia take a look at shares of boeing. going into this month or going into november, we knew that the orders and delivery numbers would not show any impact from the max being ungrounded in november the orders, negative 28 planes, all of those are cancellations for the 737 max. that means year to date, the total number of orders that have been taken off the books at boeing, 1,048 planes, almost all of those being the 737 max the backlog stands at 4,240 planes n terms of deliveries, boeing delivered seven commercial airplanes last month. year to date it has delivered 118. deliveries are important, julia. today or tomorrow, we expect, one of these two days, we'll see

the first of the new max, those that are now getting certificated by the faa, that delivery will take be place. we'll start to see the max deliveries slowly ramp up from here for the next several months. >> thank you so much, phil we're watching those boeing shares down about 1.5%. coming up after the break, an exclusive with warner media studios and twneorthat streamin. new projects means new project managers.

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announcing they will release every movie slated for theatrical debut simultaneously on mbo max for 31 days, facing criticism from industry insiders christopher nolan, director of several warner brothers films says the move makes no economic sense. ann sarnoff, chair of warner brothers studios and max streaming. your first interview since joining warner brothers. >> hi, julia nice to be here. thank you. >> first, to start off, tell us about this decision. why does it make sense to release your next 18 films simultaneously on streaming and also in theaters >> well, it really, obviously, stems from the pandemic. we've been trying to figure out

the best way forward for the last eight months, since we first went into lockdown, with all our movies and television shows, and now we're getting them back up into production, and we have many, as we've recorded many movies which are ready to go, and they've been sitting on shelves so we thought this was the most kind of creative and win/win situation, to bring them out not only in theaters, but simultaneously for 31 days on hbo max so that people who don't have access to theaters in the u.s. are able to see the movies and we're able to market them more fully, because we're marketing on multiple distribution platforms. >> i want to ask you to respond to that criticism of christopher nolan and some other big hollywood names. and i'm wondering if you think this is going to make it really hard for you to negotiate with top talent, both in front of and

behind the camera. >> well, look, we are big, big fans of the exhibiters we have been great partners with them, including in releasing chris nolan's movie "tenet" this summer we had a great partnership with the theaters and we were very happy with the release, which i think you know has done over $360 million globally. the majority of that being in international markets and about 60 million u.s so, we are really trying to work with the theaters to give them ready supply and we thought by announcing we'll have all 17 movie in theaters in 2021 that they would know that their business would operate because they'll have a full stream of movies. many other studios have been kicking the can down the road, so to speak, and moving the movies later in 2021 or 2022 and, in fact, about 35 movies

have been pushed to digital, either sold to streamers or to pea pods we wanted to see the movies on the big screen, the way they were meant to be. >> ann, i will follow up more on theaters, but i want to return to my question about your relationship with content creators, actors, directors and producers. it was reported in "the new york times" that you have to pay $10 million to gal gado and director of "wonder woman" to compensate them that they won't be getting that back end, that additional payment based on how the film performs in theaters going forward, how are you going to negotiate if you no longer have that incentive, that back-end incentive to give to those content creators and also, how are you explaining how you're having one part of your company, hbo max, make a licensing deal with another part of your company, the studio?

>> right so, along those lines, we have negotiated fully vetted market-based rates for the window that hbo max is buying, if you will, the 31-day availability on hbo max, and they're paying for that. and it's going into the pot. so that the economics are balanced out for any potential theatrical cannibalization by being on hbo max but, you know, we're working through the system with our talent, with their agents. i think the more they see the visibility of how they will be paid, we're finding that people are understanding the economics. and this is unprecedented, so anything new is always a little bit difficult to work through for the first time, but this new hybrid model has not been tried before as i said earlier, we're trying to be creative it's a pandemic we're all trying

to face. so we're trying to create a win/win/win, where the filmmakers and the talent get to see their movie on the big screen they get to share in some additional economics from hbo max and, as i said, those who aren't able to go to a theater, either because it's not open in their town or they're not comfortable, they can watch the movie on max and those who really want to return to theaters, we would love for them to do that hopefully, as the year goes on, more and more people will be able to go to theaters so, we are in the process, having many conversations with the talent, the agents and the exhibiters to try to work through how this can work and be good for all of them. >> ann, it's carl. the talents have decisions to make, but so do consumers who might now see some additional value in hbo max engagement is up almost 40% in

30 days, largely because of the undoing. for consumers who will start to pay for the service, can they count on this kind of access to films past 2021, or is this really just a 2021 pandemic one-off? >> hi, carl. look, this is a 2021 strategy. we do not know what's ahead beyond 2021. we are very hopeful that we're beyond the pandemic, but this was really a makeshift solution, to be able to put the -- to be able to afford to market the movies and put them in theaters. we really wanted them to be able to be seen on the big screen so, it's a 2021 strategy and as the year goes on, we'll revisit and work with the theaters and work with our talent and agents and see how 2022 is shaping up. >> ann, hirks it's jon fortt it strikes me as bold in two ways one, you're releasing to theaters, committing to it, which is different than others

have been doing. and, though, you're breaking this release window. we'll see how much some people prefer the theater experience to at home. what are the most important data points that you are going to be tracking throughout 2021 to decide where you go in 2022? >> well, of course, we'll see how many people go to theaters relative to whether they're open or not i mean, as you know, we launched a big movie, and i believe we're the only studio to launch a big movie during the pandemic. we launched christopher nolan's "tenet" in the summer. we learned a lot about the inclination of people to go to theaters when they're open obviously, the exhibiters have done an amazing job, making their theaters more safe with regard to ventilation, spacing out show times so that theaters can be thoroughly cleaned in between show times you know, we're very pleased

with the way we partnered with them and very hopeful that more people would have gone to see "tenet" in the u.s in the international market it was a very different story the theaters were more open. more people went to them it was really a little bit more like normal. what we learned through "tenet" is that the u.s. is not quite ready yet to fully reopen and have full engagement of fans back into theaters hence, this new strategy so, we'll look at -- >> ann, you mentioned -- >> -- theatrical box office as well as how many people watch the movies on hbo max, of course. >> ann, you mentioned how important it is to give theaters that inventory, so they can keep showing something in the coming months i also want to note it's very interesting that you decided to announce this without working on the deals with the theater chains first and i'm wondering what kinds of concessions or compromises you think you're going to have to

make to make sure that they feel like this makes sense for them there was harsh words from amc's adam aaron response. >> sure. we are definitely working with the theater chains we worked with them on "tenet. we worked with them on "wonder woman" and, by the way, early sales of "wonder woman," which went on sale last week, are strong so, we feel really positive, despite surge in the virus, to see that the ticket sales are going quite well, obviously, for the markets that are open. so, as we always have, we have been very good partners and vice versa with the theatrical chains and so we will work with them on making sure that they have a fair deal, as we go into this new strategy. >> ann, just a final question. i think it's important to note that you have received all of warner brothers content, including on hbo max and all these different platforms.

what do you expect this news, this announcement to do for hbo and hbo max? you have about 38 million hbo subscribers, inclusive of hbo max a year from now, 18 movies later. how many do you think you'll have >> i can't speculate on the subs you might have heard john stanke announce this morning at the conference that we have 12.6 million active subs on hbo max and that's gone up really quickly in the last six months since we launched the service. so we are very, very pleased with the momentum that we have on hbo max and, i don't know look, this is new for all of us. we hope we are able to attract new subs and convert those who have access to hbo max, who haven't yet converted, but we'll just have to see we'll take it a movie at a time and see how we go.

>> well, ann, this is certainly a big, bold move, shaking up industry we really appreciate you joining us to talk about it. and we hope you'll come back and keep us posted on how everything is going, such as those big wonder woman ticket sales. thank you so much for joining us. >> thanks, julia. >> great stuff, julia. we're watching the markets here still a look at tesla, which remains lower. the dow, now up 81 s&p is trying to make another run at 3700. don't go way at dell technologies, we started by making the cloud easier to manage. but we didn't stop there. we made a cloud flexible enough to adapt to any size business. no matter what it does, or how it changes. and we kept going. so you only pay for what you use. because at dell technologies, we stop...at nothing. ♪

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welcome back, everybody. i'm sue herera here is your cnbc news update.

pushback is coming in for president-elect joe biden's choice for secretary of defense. nominating army general lloyd austin, a role designed to be held by civilians. before heading to brussels for talks on a brexit trade deal britain and the eu only have a day or two to avert a no-deal brexit in india, hospitalizations from a mysterious illness have double ed doubled to more than 500 people. health experts are still searching for the cause. the most recent hypothesis is food contamination by a pesticide. the first man to break the sound barrier has died chuck yeager was already a world war ii ace when he flew the x-1 fighter plane faster than the speed of sound in 1947 he went on to become a general, but declined the opportunity to become an astronaut. chuck yeager was 97 years old. you are up-to-date

that's the news update, jon. i'll send it back to you. >> thank you, sue. and in product news this morning, apple announcing the air pods max the company's new over-ear noise canceling headphones, $549 how wild is $549, carl that's about $200 more than bose's quiet comfort line and $200 more than apple's own beats line of headphones if anybody has a track record in getting people to pay a lot more based on those sexy designs that we see, like extruded and coming apart and magnets and whatnot, it's apple, carl. >> you got that right, jon you can move seamlessly from your iphone to your ipad, to your mac you can pair a couple of different sets of air pods to listen to music or whatever you're listening to, julia

just another reminder we pay so much attention to the phone cycle and the max cycle, but accessories have been a huge win for this company. >> yes, carl a huge win but these are so expensive $550 the thing that gets me is perhaps one of the reasons they're so expensive is the headband on top is made out of stainless steel. i don't need a stainless steel headband this seems like a very niche market, people who are obsessed with sound quality and also willing to pay $550. i'm going to wait like three generations from now, jon, when the cost has come down dramatically. >> we say that now, but they got me with the apple watch, you know digital watches used to be like 20 bucks and now folks are shelling out 500 bucks these are my bluetooth headphones, they cost 30 bucks they work fine for me. like i said, apple gets people to pay up. we'll see what happens that's how you get to $2

trillion in market cap. as we head to break, check out shares of stitch fix themplt surging. the company reporting a surprise profit, revenue growth up 10% from a year ago. that stock up more than 90% year to date. st qrter, trina lake told us lauaer was just a blip we'll be right back. stay with us more affordable, more affordable, that's why we're keeping our tuition the same through the year 2021. - i knew snhu was the place for me when i saw how affordable it was. i ran to my husband with my computer and i said, "look, we can do this." - [narrator] take advantage of some of the lowest online tuition rates in the nation. find your degree at snhu.edu.

food delivery and takeout has increased dramatically during the pandemic.

our next guest company works directly with restaurants to help manage their own online ordering without having to go through a third party delivery service, which often charges high commission fees ceo chris webb is joining us start off by explaining to us what your business model is, how you're an alternative to the likes of doordash, as we look at its up dms coming ipo and often a partner to doordash. >> yes thank you for having me on, julia. excuse me. we started the company about ten years ago. what we witnessed back then are small, independent restaurants were having a very difficult time getting online. and the big national chains shall domino's, paneras were building apps and tech in house. if you were a small pizzeria or cafe, you didn't have an option to get online except to take a big cut. any company to fete on line with their own tools.

we charge a flat monthly fee for the software we have about 20,000 restaurants across canada using our softwar software. >> doordash's fees are more than restaurants can handle, especially right now how are you helping restaurants get around these fees if they want to? and is that even possible when there are so many constraints on restaurants and the challenges of delivering food in the pandemic >> we've always been an alternative to the marketplace model. we set out to do that when we launched in 2012 and it's very much what we do today. it's more important than ever because of covid we allow our restaurants to take control of their own business. so they don't have to be reliant on grubhub or any other marketplace, doordash, et cetera when they have their own tools, their own loyalty system, they're less reliance on any marketplace. we often make the comparison to

the airline industry where you have someone like southwest. southwest says if you want to buy tickets from us, fly southwest, you have to come directly to us you have to go to or apps or website to buy those tickets and that's a better deal for you it allows us to offer a better service to you, better cost. and so we have a lot of restaurants that take that approach that only use our software, that tell their customers if you want to order from us, go on our website, go on our app chat at powers behind the scenes and that way they don't have to give up a commission then you have the american airlines or delta approach they say i prefer you to come direct to us to buy your next ticket. however, if you want to go on expedia or any of the online travel agencies, can you do that as well. we have roughly half of our restaurants taking that approach these days, restaurants need every dollar they can get. what we find is often these days restaurants are looking, enlisting anywhere they can online to get orders that means using the marketplace in addition to that.

>> chris >> what we see -- yeah >> what's happening with doordash, we've seen its valuation expand dramatically, now north of 30 billion is looking like it will price when you buy it, are you a believer in that as part of this ecosystem you're talking about, whether restaurants are forced to rely on the likes of doordash or not >> sure, sure. so i think about it this way so if you just look at their direct competitors, and what i put in the bucket when it comes to delivery. so you have door dash, postmates, and grub hub. over the last few years, doordash has clearly outexecuted them there's no question about that it's almost hard to believe that they were in third or fourth place a few years ago and to see how they've executed if you want to buy the best company in the space, i think it's easy to make the argument that doordash is the best player, the best company when it comes to execution

then you have to think is this the best place in general? you have folks making bullish cases. what you have now in favor of this space in general is something that's very different than years past. years past, it was very costly to have couriers on the platform i've heard and seen numbers anywhere $800,000 all in that cost you have that cost you then have the cost of going out and getting the consumers. it's very costly to get the customers to order on your platform then have you the cost of the restaurant doordash included. so it's a very good time to be in the space. >> chris, we are -- yeah, chris, unfortunately, we're out of time we appreciate you joining us at this busy time for your space. and ahead of that doordash ipo of course, we'll all look

forward to see what happens next once they open in person again thanks so much for joining us. >> thank you. >> let's turn to deirdre bosa with more on these upcoming ipos. >> jon, doordash and airbnb will go public with their founders still at the helm. brian chesky founded it with tony xu, runs 200 national restaurant brands. now they're not just running airbnb and doordash but they and their co-founders will retain control. palantir had one of the most aggressive structures that essentially gave its founders control for life and investors have certainly not minded.

so, which typically perform better this goes back to an age-old debate reuters study found that major founder companies have outperformed rivalled tech firms that have hired managers they have a history, founder-led companies, in the aftermath of a financial crisis as well past performance doesn't guarantee future returns but airbnb and doordash will allow investors to buy into two newly public firms as their rivals are ceo, operationally led taking over uber from founder travis kalenick. private equity and banking respectively, they did not build those companies. but, of course, there could be a trade-off of founder-led companies, though they may come with more opportunity, they often come with higher risk as well

and we know brian chesky and tony xu have ambitions to grow their companies. back to you, carl. >> uber, as you might know, is selling their self-driving unit to aurora. 400 million in aurora and give khosrowshani a spot on the board there. at fidelity, you'll work with an advisor

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movie studios are implementing cutting edge technology for filming productions, allowing them to get back to work amid the pandemic we take a look at the industry's path forward not your typical hollywood studio lot, locationed in rural georgia outside atlanta. thanks to its nearly 1,000 acres, which include a forest, lake and 18 sound stages, it's where entertainment giants, including disney's "marvel" have shot some of their biggest films. the lot made changes to reopen in september, including testing everyone who comes on site, limiting access to sets and deploying an air filtration system that kills bacteria and viruses. >> it's actually allow iing our crew members to benefit from air that can kill covid. >> one of the studios' newest facilities enables virtual production this stage uses a 360-degree set

of l.e.d. screens, enabling directors to put characters in an infinite number of screens. >> we can't shoot with the number of extras anymore but we need those kinds of scenes how can we use real humans combined, for example, with virtual humans to create the same kind of outcome those upgrades were critically important to get us back to work. >> advantage of a 230-acre town with houses, a park and shops so crew members can live within walking distance of the studio. >> it's safer to know where your crew members are and how they're behaving on and off the lot. >> now, trillet says all productions paused in march are up and running again the ceo tells us overall productions are costing about 20% more, in large part because of the additional time it's taking to shoot, as they follow all those new protocol jon? >> julia, from movie theaters

and that window, to these production adjustments, i can't wait to see how much of this sticks around after we get through this tough period. a quick note, meanwhile, as we head to break this thursday, don't miss our cnbc special, the path forward "rac race & opportunity in america. we'll take a closer look at the economics of latino economy, including representation in corporate american, education and entrepreneurship that is thursday, december 10 at 8 p.m. stay with us we'll be right back.

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sumo logic out with iemts first results since going public in september it did have a bit of a wild ride we're joined by the president and ceo of sumo logic. welcome back, it's -- you're not the first company to erroneously blush results. >> a little bit of

overzealousness in terms of getting the results out. what's really performanceimporte strong performance and execution. we said what we were going to do and we executed that >> q4 out above expectations what's driving it with i shed light on how many you see the se sentiment going into 2021? >> i think we saw generally while there's still macro economic uncertainty and some volatility, we had a strong performance in the quarter as measured by not only revenue, like you're talking about customers, margins, but also innovations. and so all that really helped propel our results in q3 and guidance in q4 to the question around budget, earlier in the year we saw a shift of budgets to work from home type of things. now we were seeing a resurgence

of projects focused this year and next year on more acceleration of digital and cloud effort one area in particular that's very, very strong is around security transformation. and the logical reason for that is as customers move to the cloud, security is more prevalent now than ever before >> ramin, it's an interesting thing. your stock maybe is on sale. it's trading where it was last week it traded up in anticipation, it seems, of good earnings and then had you those but then the early release. tem me what's happ tell me what's happening with customers. up said you added 1 cuss mess,90 customers in occurring revenue category but the lower-end customers are churning, continuing to do that. why is that happening and what should investors take away from it >> the first important thing to know is we are a very direct

selling, go-to-market business as a result we've been focusing a lot on enterprise sales domestically and internationally. we saw strong performance in north america from our enterprise segment in our business naturally some of the verticals are impacted with covid as well as some of the smv mid-market or commercial segments of our business domestically as well as internationally. we still a little behind in terms of recovery. if you look as our results, our average deal size year to year was up, new logo average deal side was up significant live quarter over quarter and we saw strong contribution from our customers making longer commitments to sumo and betting on us. >> it's good to see you again on the results next time, hopefully more in line with timing thanks for coming on good to see you.

thank you. in the meantime, things are going to get a little built b y busine -- bit busy when we get earnings from the likes of doby and lowes and starbucks are going to be on deck as the market comes to about a 100-point low on the dow. let get to the judge and the half >> welcome to "halftime report." i'm scott wapner the first covid vaccine in the u.k. let's go to the wall and check stocks as we always do a nice reversal, as carl said. dow 30,166, a gain of just shy of 100 points today, one third of 1%. the s&p just shy of 37 hu,73,70a gain o