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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thanks Shneur.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thank you.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yes.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Well, as you know, the -- yes, we have, today, several different types of hose product, but the hose product for the EV is significantly different than it is for ICE. The good news, as they go from ICE to hybrid, you're talking about both of those systems being applied. So we really see even a higher content per vehicle on hybrid as you go to electric and compare it to ICE, it's a significant increase over ICE. So we plan on providing you additional detail on those breakdowns, as I said, as we go through the summer months. As it relates to investing in this business, it's pretty much there for us. I would see engineering talent being something that as we expand across the world, we'll continue to increase our talent in this space because the demand that our customers have for us to have the know-how is clearly changing. As it relates to manufacturing product, as you know, we've gotten out of the extrusion hose business in Europe, but we maintained the PVC footprint for electric vehicles, and we continue to add a footprint here in North America, and we'll continue to add it in China as we need. The good news is the investment is not very significant. When you think about capital, it's pretty low. The investment for us is really in the connectors in that innovation as well as the technology that we -- and the know-how that we have to route the different fluid lines that our customers view as value-add for them.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yes. Overall, the pipeline is strong, as I mentioned earlier. It's been strong for the last 1.5 years. I would say we're -- as we entered the pandemic, it really highlighted those enterprises that were challenged with distributed work, how they manage their supply chain, how they sell remotely. So it's been at the forefront for a lot of enterprises. And now that they're kind of coming out of it, we'll see how the latest dynamics play out. But they're really trying to figure out how they rationalize that for their long-term strategy. And all of the trends that we see, the analysts that we talk to, point toward this hybrid, multi-cloud environment, which we think we're well positioned for. So yes, we're encouraged with where things are headed.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thanks for those two questions. I'll address the last one, and then I'll let Brendan address the first one. So I can't give you a lot of color on our pipeline, the early pipeline. We don't really disclose a lot. But I can tell you that this specific project that is for the Celiac disease and it's an exciting project. We might, about a year from now, have a day where we focus on the R&D pipeline, and then we'll give you some more color. But until then, that's about all I can tell you. So Brendan, will you comment on the CGRP trend?[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Well, we -- Craig, the bracket I'll put around it is we have a $210 million authorization by our Board of Directors. So that frames what we would be authorized to do. But that's over a period of time.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yes, that was -- it was a low operating cash flow quarter, and Joe has got the --[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thank you. Good morning.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yes, I'd say it's. I appreciate you commenting on the changes because we have like every company you go through a period of refreshment, and sometimes these are additions as you think about moving the strategic direction of the company in a particular direction or two, and sometimes people just simply time out like, Rick has. And -- but certainly, if you think about some of the additions that we've made like to add Aravind Yarlagadda to our team and reports to me, and he is our Chief Digital Officer and that's really a reflection of the fact that I talk about these three big trends that are taking place. And I guess, as I mentioned, perhaps the three biggest trends that we will see in our lifetimes around energy transition, connectivity, climate change and the like. So this is really positioning the organization to capitalize on these trends that we're seeing inside of our markets. And so I think these are changes that we're absolutely thrilled with, and we think we're bringing in people or having people step up to take on responsibilities that will ensure that Eaton takes our unfair share of these growth opportunities that we're looking at into the future. And so I do think it's -- if these changes are going to hope that you'd see that they are very much strategically aligned with where the company, said, that we want to go and these are things that are certainly going to help us capitalize on those opportunities.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thanks very much. Good morning, everyone. So just following on that question with regards to congestion, and if we do see a very significant increase in economic activity potentially above and beyond what's currently expected, how much of your ability to protect services within -- is outside of your control? In other words, what can you do here to speak to your supply chain partners to make sure that everything remains fluid? And how much of a risk is that? And just as a follow-on question there on yields. I think you mentioned that yields were going to be negative for the year. And I'm just curious, with everything going on with that demand and the potential pricing opportunities, are you still expecting yields to be negative for this year?[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Hi, Tavy, this is Roni G. I think more than two years ago, we shifted from a license mode to term license, which mean including license and maintenance bundled together. And I can say in the last few months, some of the offers that we already sent out, move to subscription solution. Again, as we are signing between 25 to 35 new logo, this is only incremental. So we'll not see effect immediately of that. But we started to do shift into this area.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yeah. I haven't done that. I haven't looked specifically. I certainly didn't know you were going to ask that particular question, so I can't speak to those two cohorts with specific knowledge. What I can tell you is we look at every monthly cohort. This is how we run the business. And what we're seeing is remarkably consistent behavior. I think in those early -- as we've talked about, you know, your first 12 to 18 months are what we refer to as our -- they really are high-attrition, low-expansion periods where -- with a customer where customers who are in a serious shakeout. And at the same time, they're working through an initial three-pack of licenses. So we don't see a lot of expansion revenue from them. So these customers are relatively new to us. But we've not seen anything that would indicate that they're anything but the same kinds of cohorts that we've historically added. My theory would be that people who bought during those times are the -- are actually stronger customers in better positions. And that I would -- and this is simply conjecture, but I would imagine they would perform marginally better than an average customer if you ask me to bet on it. Again, I --[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Just to finish up what Cosmo asked. So it's already been -- it's been a point that maybe if we forgot to mention. We did -- we mentioned that all-in sustaining cost per ounce was going to be the highest in Q1, not necessarily in sustaining capital. And because our run production in Q1 is lower than the future quarters. So that's a big driver of our per ounce in the quarter. So sorry about that.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Hey, good afternoon. Thanks for taking the question. No one's asked about the strength in Surgical. And I realize there's a comp dynamic, but I can't remember last time Surgical grew faster than TAVR. So, just a couple of questions on that. Can we assume most of the strength was from international markets? Were there any stocking orders that impacted growth? And you also mentioned growth was helped by premium products. Any way to parse out procedure growth versus dollar growth? Thanks.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Hey, thanks. Just a quick one. I know you talked about the M&A environment and not being interested in that. I'm just curious on the perhaps venture capital or just general investment standpoint. Does fintech interest you at all from that deployment of cash? You have some unique history and payments in fintech. This is why I asked.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thanks, Chris.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Good morning, John.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thank you.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> You're absolutely right. It is lumpy. And this is an unusual amount for us, and it's unusual and that it happened in the fourth quarter. We were aware that these customers were looking to migrate portions of their workload to the cloud, which is why we had a relatively wide revenue range for Q4. But the applications that these companies are running are low-density consumer-based applications. One is cold storage of images. And that is exactly what the cloud should be doing. They can do it cheaper than us. That's where that workload should go. And this is a customer that's been with us for nine years. And over that nine-year period, technology has changed. And we've been very consistent in saying the cloud is not going away. The cloud is going to continue to expand and get a large amount of compute, but not everything is going to go to the cloud. And Switch is very well positioned for the workloads that really aren't best enabled in the cloud, but this happens to be one that is. The other is a consumer-focused software application that also is better run and more cheaply run in the cloud. And these are low-density applications. They're continuing to maintain their high density, most critical workloads with us. But we don't have a specific number that we guide to as far as migrations. It happens from time to time. We've talked publicly that there was a large file storage company that went to a cloud heavy strategy several years ago and then came back to Switch because the in and out charges were too expensive for them. So there's not a specific number I can give you. It is lumpy. This is an unusual number for us. We have our customers adjusting their deployments all the time with us and yet 88% of our growth is coming from existing customer expansion.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yeah. I'd say it's a similar flow through. I mean, we've had some success in cross-selling. Our Saia sales folks cross-selling some of our LinkEx services, some of the logistics and brokerage services that LinkEx puts together for customers. So we've seen -- we've seen some good trends there.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yes, so Dave on the manufacturing capacity, at this point, we're in the early stages of setting this up. And as the year goes on, I think we'll provide some additional details about what it is we're doing and any potential impact. I guess the only thing I would say is that the long-term impact should be positive. I think we're moving to, there's opportunities to improve gross margins on this. As you point out, there is always near-term things set up and framing and things. But I think positive takeaway is that longer-term this should be something that helps the company's gross margin point of view, which helps the overall P&L.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Well, I think Brad addressed it in an earlier question. Everybody -- we don't do our pricing on January 1st, right. It's done differently. There's signaling effect to manage backlogs. So you basically in certain businesses will say, we're going to do a price increase at the end of Q1, meaning so you lose that clocking period in Q1. So it actually ramps over the balance of the year on the comp. So again it is just a reflection of the timing of those price increases and the age kind of the H1, H2 effect of that.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Conor, I'll let you take that one.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yes, thank you.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thanks, Jeff.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Sure. So as we already kind of referenced, adjusting our quarterly expenses for the $2.1 million gain in OREO, our expenses would have been $40.1 million for the quarter, which is very consistent with our overall run rate. As far as technology spend, we're continually spending on technology, so I wouldn't say we have anything big on the horizon there. That's an ongoing thing. So it's built into our run rate. That would be the best I can tell you right now. I have nothing on the horizon in that regard. And then -- but what I do want to say is with the recent wave of bank consolidations within our market, there's quite a bit of dislocation in both customers and talent, which we will certainly be taking advantage of. So don't be surprised if we see expenses tick up a little bit as we had some particularly good athletes.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Great. Before I sign off, I'd like to let everybody know that we'll be attending a number of virtual conferences in June, including Cowen, Craig Hallum, Stifel and CEO Summit. We hope to have meetings with you at any or all of these conferences. And I'd like to thank you for joining today's call, and I hope that you have a good day. Thank you.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Steve, that in the latter part of '19 and early 2020, we hired some loan officers that takes them a while to get up and going and we had some pretty good loans in the education space around Long Island in the not-for-profit space and it was a pretty -- I got to know -- actually, a lot of these people I didn't meet. I met them on Zoom calls and they're pretty productive and they came in and finally put some numbers up on the board in the fourth quarter after a slow start in the first half of the year.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yes. That's another great question. At this point, we don't -- we do feel like we have enough time between now and launch that we can have a chance to recover from any delays we're experiencing there. We are experiencing delays on the fuel-cell program in the same way. We're just not that -- we're not so close to the start of production there that we think we have to push anything back at this point. We think a lot can change in the next 18 to 24 months. And we hope that we can overcome some of these shortages. The critical ones to us, of course, we've already mentioned battery cells, semiconductors, and products that incorporate semiconductors are in really short supply right now. But we think there's a good chance for that to get ameliorated over the next12 18 and even 24 months.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yes. That's the alpha. That's kind of the alpha.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Well, there's great visibility to a number of large projects that are coming online. Many of them have not yet come out for bid. And so there would be -- the question is the timing, although we're somewhat confident that we would be involved if not as a sole provider, at least in part. So there's visibility to the pipeline of products. It's really more a question of timing. And of course, you add on to that, the projects that will be created by the infrastructure bill that was passed a couple of days ago. Again, it's difficult to quantify the impact of that on the business. But clearly, in Clean Earth with respect to a cleanup of Superfund sites, a large number of new infrastructure projects that should create material that we would process, not to mention opportunities with respect to wastewater and PFAS. So a lot of optimism on Clean Earth also.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Hey, Eric, well, I think you have accurately characterized what we're seeing in the U.S. right now is definitely a very tight labor market that's putting pressure on both us and our franchisees. I think one of the things that we are thinking about, and I'll have Joe talk about it, is in our company-owned restaurants, how do we think about what is the pay and benefits package need to look like for us to make sure that we're able to get the people that we need, and then Joe can also talk about how franchisees are addressing that.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thanks Chris.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> On a final point on that though, we do have escalation agreements with the customers. And so on the vast majority of the commodities, we're able to pass them through. Various customers have different time lags on them. And when we go and get that pricing, but they are contractually agreed to.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Sure. I mean, I can't -- obviously we can't comment specifically on brands. But what I will say is, we would be looking for things that look one, it fit strategically and it fit culturally. I mean. we're always bearing that in mind and obviously, the numbers have to work. So, you have to -- it has to fit financially. But beyond that, we are looking for -- for brands that are growing. We are looking for brands that can be complementary to our existing portfolio and help us grow the overall business and obviously, we're looking for assets that can be margin accretive, even if they're not at the outset, can they be and is there a good plan for them to be in the long term as they scale up and grow. We have the ability to distribute both DSD and Warehouse. So, we're not just limited to DSD even though that is the bulk of our business. Warehouse models are certainly -- certainly no issue for us, it's really about, does it fit financially, does it fit operationally, does it fit culturally and does it complement the branded portfolio.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> It is global. So, we're seeing strength in all three regions when it comes to MyDay.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thanks, Peter.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thank you.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yeah. We would anticipate that the vast majority of overhead takeout is sustainable through the recovery and kind of committed to that reduced overhead cost structure. We are seeing some efficiency improvement in our operations, but then there's also the reduced indirect and that shows up in the gross profit and then the reduction in SG&A you can see in the quarter as well. So some of that will come back as volumes recover, but we do think that the vast majority will stick.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> So as far as volumes, we did see an uptick in fourth quarter volumes last year, and we're certainly happy to see that. Right now, we are guiding to flat, which is what we have been hearing from our producers. We did see some curtailments due to pricing last year. So as we -- it's still kind of relief for us to be more optimistic than not. So we are kind of sticking with the flat right now and we'll go from there. We're lumpy because of the usage on the system as far as quarter-to-quarter, but nothing really big.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Let me take that Patrick. Again, I'll point to the fact that although colonoscopy screenings were off 25% in the fourth quarter, Cologuard was up 9%. That tells us that the underlying growth is significant and wellness visits are the best data, say they were still-off 40% in the last quarter. If you've been to a primary care office recently, I have been because I had to get a shingles vaccine, fortunately, no COVID vaccine yet, but it is a very different environment. And it's pretty clear that the people are there for a very specific reason. And until you get people back into the office for wellness visits, you're going to see a diminished impact across screenings. I think what we're happy about is that we know that Cologuard is solving some of this problem. So we're getting a greater share of screening than we did this time last year. We're tracking that. And then the 45 to 49 opportunity, this rescreen opportunity that Jeff talked about. The Epic and HL7 integrations that we have seen are really having an impact. And then, the field force coming back to live in-person visits to a much greater degree in Pfizer, which was -- is largely today still doing mostly visits through Zoom or telephone or email, all of that coming to bear this year. We're truly optimistic about what the year looks like because of those factors. Some of these things we've been working on for years and put this year aside, some of these things are going to power us into 2022 and 2023 and beyond. Jeff, I don't know if you have anything to add to that.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Well, I'll actually let Gerry start.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> On Performance Products, I see a little bit of seasonality. Third quarter is probably going to be down a bit from the second quarter, $5 million $7 million down from the second quarter, just because of some of the seasonality and turnaround that we have. But by and large, I see it moving in -- second half can be a little bit weaker than first half, but not materially, somewhere in that 260, 270-ish sort of number, be my guest. I hope there'd be some upside to that.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yes. Jamie, why don't you jump in?[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Hey, guys. Good morning. Maybe just -- so first question is on investment. And I guess it's two parts. So I guess, first, could you just elaborate a little more on where you're making the actual incremental investments this year? And then secondly, could you just talk about the pipeline build for future investments and how the paybacks on those are kind of prospectively versus history? Are they the kind of same, better or worse? Just kind of curious there.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> My guess is that it will initially be a press release because we'll in all likelihood can't imagine it not being material information and then we will do conference presentations. I don't know if Andreas has any color on that yet, but over time we will -- we're all sort of recovering academics. So we'll be at more than one conference.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Correct, correct. Yeah, it's pretty consistent that you know most people who move into our homes or out of our homes are you know coming from a single family residence or -- and what we're seeing now, you know from our tracking of people who are moving into our homes, we are seeing a lot of people come out of the urban core to our suburban locations, in field locations and so you know we're not seeing people move out for that reason. In fact we're up because people are trying to come to the single family, extra bedroom, work-from-home, backyard, all the kind of safe things that you get from a single family home in today's world.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yeah. The FinTech reference, it relates to the unsecured -- Knight Financial, the unsecured small business lender that we acquired late last year. And they're part of us an ecosystem of the smaller lenders that utilize scoring methodologies. But importantly, they develop portals, which enable a small business power to go online and download documents and go through a scoring program and use -- it use a much less manually intensive origination front-end -- loan origination system and we're able to utilize that product first, with respect to these small loans, which the SBA allows you to use a scorecard on, the scoring methodology, so that obviously, it's custom fit to a technology front-end platform, like what Knight has. So, we've adopted that to roll out a small loan program, which we'll use it for affinity. And then we're going to do the same program with the large loans, the 7(a) loans, which are more labor-intensive, but we have delegated underwriting authority from, as a preferred lender from the SBA. So, that -- and that can be white labeled to, let's say, a bank, a credit union or what have you. So, those are -- that's how -- that sort of front-end system, both in terms of the -- an online portal and the ability to score and download documents is what we're talking about as opposed to the more traditional method, which is having a BDOs that said -- the Business Development Officers that will then take the referrals and then go through their more traditional loan underwriting process.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thank you and thanks for joining us today.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Sure. Thanks, Richard. So, on Contigo, I think the key point there really is that we're making progress ramping up the business as we are continuing to expand our Centers of Excellence programs with employers and we're building out our high value network of healthcare providers, which we think will create a differentiated value to our unique offering to help connect the large employers obviously to the members to help drive higher quality, low cost care. So, it's all around that Centers of Excellence and building up that high value network. As it relates to life sciences, I think what we're so excited about is, again, as we're evolving our capabilities and you know this, we went from providing data to really focusing on doing real world evidence work for these pharmaceutical and medical device organizations, to now where we're not only doing the real world evidence stuff, but we're also focused now on patient identification. And because of our data and our technology, we're able to identify patients based on lab values and screens and that kind of things. So, we're really, really excited about the prospects of the life sciences business going forward.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Well, let's see. Obviously, a lot going on and hard to speculate on what outcomes will be. But I think philosophically, what we believe is that there are 2 things that matter at the fundamental level. One is that, that focus matters a lot and no pun intended with lasers. We are solely focused on high-power well, semiconductor base lasers, directly semiconductor lasers and fiber lasers pump by the semiconductor lasers. We're solely focused on that high-power market. And that means there are a whole set of technologies and indeed sort of business systems that are associated with that focus. That's all we do. That's point 1. Point 2 is that we do think that, that vertical integration to do that is important. And that was a core thesis for why we acquired Nutronics was that we believe that the vertical integration was required really to optimize from the chip through the beam combination be control in this case, and to really make sure that there were no sort of breaks in that value chain to optimize across that. And we do believe firmly in really both those principles. And so we'll see how the industry evolves with what's going on. But that's really -- that's core to what we believe is critical.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Hey, guys. This is Billy Fitzsimmons on for Jason Ader. Congrats on a solid quarter. Over the last several quarters, you guys have added both new features and new add-on products such as Realm, Realm Sync, Data Lake, Charts, multi-client functionality. I guess, are any of these standing out over others in terms of customer adoption or in terms of generating customer excitement? And then how would you say customer conversations have kind of evolved in recent quarters versus a year or two ago, both in regards to these new features or just how customer demand has changed in recent quarters?[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Well, I hope you guys got it right because of my expert guidance.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yeah. You broke up a little bit there, Julien. I think you were asking about what retrofits we could kind of do at the projects in Texas. Craig, any particular views there?[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yes. Rod, we think that this is sort of good news, because we are starting to see the rollout of some of the deals that we want. So it's really a little faster on some of the deals that we've had in the hopper for a while that have not been able to roll out for various reasons.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Hi. Good afternoon, everyone.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Good question. Let's start with the instruments. In the instruments, we think our sales would increase about 5%, maybe just ahead over 5%, with our environmental and test and measurement businesses leading those. In Digital Imaging, the theme for Digital Imaging for us is recovery. And even though our revenue only went down 1% this year, we expect next year to recover and go up about 9% in Digital Imaging. Aerospace and Defense, we had a tough year, especially in Aerospace and we expect some improvement, especially in our Defense businesses. I would say, about 4%. Engineered Systems had a great year, the best year among all of our businesses in terms of improving sales. So there, we expect their sales to improve very modestly less than a 1%. And the way I've laid it out, Greg, so far, it adds up to something like 5.5% to 5.6%. I hope that's helpful.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Hey, guys, good afternoon. Congrats on the great year, and especially the great fourth quarter. Yes, I guess, first question, would love to dig in a little bit more on the land underwriting and I know you made the comment about not assuming price appreciation on the land deals. Yet the same time I'm looking at your lot count, it's pretty striking that, you know, roughly 50% of your lots you've been tied up over the last 12 months. So clearly, there's going to be some mixed dynamic as these communities come online. And, you know, I'm curious when you think about, gross margin, for example, you're at 23% today, what's the underwriting threshold? I don't know if it's gross margin or returns. But how do you think about gross margin on new land deals that you're tying up? And how does that compare to what you're delivering today?[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> My first one is on the 20,000 psi opportunity set. It sounds like even though the FID day for Shenandoah continues to drift to the right, that Beacon seems to remain pretty committed to proceeding forward with that project. I guess my question is, one of your competitors this morning announced a multiyear contract for the 20,000 psi work in the Gulf of Mexico that, that contract would have aligned pretty well with a potential follow-on opportunity for the Beacon -- or excuse me, for the Atlas after its potential program with Beacon here. And so just curious if you could give us an update on incremental 20,000 psi opportunities out there and, call it, the 2023, 2024 plus type time frame and thoughts on longer-term work for the Atlas following the potential program with Beacon?[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yes, thanks Jake.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Good morning. Thanks for the question.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Good morning. Thanks for taking the question. Just two for me, I'll start with Libre. Robert, just maybe at a high level your thoughts on kind of the roadmap for Libre from here given that you're closing in on $1 billion a quarter in sales? And more specifically, any update on the launch of Libre 3 in Europe? And how delays at FDA might impact the timing of Libre 3 in the U.S.? And I had one follow-up.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thanks, One question I have is what was the cadence of depletions from -- I guess, we heard, in the U.S., like a positive mid-single digits back in April to the minus 4% for the quarter. And any insights maybe you can provide on what you're seeing in July for depletions?[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thanks Mark. Operator we'll take the next question please.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> By the end of 2022, they will all have been closed.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> We can hear you Michael.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> The whole company is really only consumables and pumps internationally. And that represents about $300-ish million of business. And most of that business is still heavier, Europe and Canada, right.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yes. Hey, Jackson. Paul as well. Just a follow-up on At Home. Can it going private change your view on how you'll grow with the tenant at all?[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yes, largely I would say, it's -- I think pleasantly surprised actually on the upside, there's still a ton of talent, the very strong talent in the company, very strong, very passionate talent. And the team has done a lot with resources, limited resources, especially on the product and the portfolio side. So that's been a pleasant upward surprise for me and it's a really good, it makes me feel good about the strength of the product portfolio going forward. And then, no surprise, I do realize there is a lot of work ahead for us in terms of making this journey to subscription and they're very focused on execution on that front as we've been saying all along.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Well, look, we're gonna continue to leverage our Back to Basics strategy. We're gonna continue to leverage our manufacturing cost savings. I mean if you look at our whole Back to Basics strategy, it's focused on growth, improving underperforming areas of our operations, leverage our costs, drive market share, increase margins, increase returns and increase our return capital to shareholders. That's what a Back to Basics strategy is. So we have the luxury to continue being priced aggressively, which we will continue to do this year as we move through this year. Our pricing has been pretty stable. I would say as we once we launched our Back to Basics pricing strategy, probably we came back early in July, we've been continuing pricing aggressively. And that price is winning for us. We think we're getting share. Our business is performing very well. And I think one thing that we had to also look at is that with the market even being down 10% to 15%, 70% of our total market in the United States or in the principal market is related around social gathering. So our market has evolved through e-commerce. And we think that as we see this recovery, with our continued Back to Basics strategy, we're very optimistic as we move into -- out of '21 and into '22.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Hi, there. Good morning, and thanks for letting us ask a few questions. I will -- first on the SemiTest business. I definitely respect that visibility in this or any year has limitations, but if I do you take the midpoint of your new expectations for the Test markets, take your market share projection and assume the majority of the second quarter growth will be SemiTest driven, I think back into about a 10% or so sales decline in SemiTest in the second half of the year. Am I kind of in the ballpark here and to what extent is your backlog coverage supportive of this?[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Okay. So we think the CaPEx, our Internet segment, right, as I just mentioned before, for our capex from this section, it's mainly from IDC and FTTx. So for the first one, IDC business, right, because we know to tighten crash. So I think this is a good opportunity and we also see large customers come from overseas than to use our IDC services. So we still believe the investment in this area is very promising. And secondly, because of the pandemic, so there's a booming of whole economy. And that's why we think the investment in FTTx will also pay off. And in fact, we need to see some improvement, and there's a raise in our revenue from these areas.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Hey guys. Congrats on a nice start here. Maybe I'll start one on the guidance and apologies if this has been asked. Jay, I guess, you beat the quarter, right? The expectation was for low single decline, constant currency, you guys came in up low single. And if I understand the annual guide correctly, the constant currency guide raise was mostly a function of Caelyx. So I guess my question is, is the underlying business coming in better than expectations in Q1, why wouldn't that flow through in the back half?[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> That would be the large majority of that.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thank you.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thanks, Bill.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thanks, Phil.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> I'll start, and then I'll turn it over to Dominique Girard. In terms of labor tightness, that's been pretty stable in terms of what we see as sort of annual increases in our wage costs, particularly in Canada, which is the biggest part of our business, which has been sort of 3% or so a year. We don't see any sort of pressure on that as we look forward. As far as inputs, I'll turn that over to Dominique Girard who's on the call on the input price side.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Kate, I would just add one other thing. We have our geographic diversification, if you will, is really great protection for us. So whether we have domestic suppliers, we have European suppliers, we have Asian suppliers, we have the ability to have protection with a broad diversification among our geographies and supplier base.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> I mean, as you know, it's been a focus area for us for the last several years, it's one of my personal focus areas and I think it's paid great dividends going forward. I think, there are various parts of it right there, it's capacity creation within the facility, within our truck fleet and within labor productivity. I think we've gotten better. We are still not as consistent across the network as I would like, meaning that there is still opportunity in this area. We see Pool360, for instance, and our BlueStreak application, we see those continuing to grow and add value for not only us, but for our customers as well. So I think it's a very, very important area for us and has paid great dividends, and I don't think we are anywhere close to the end of what we can extract out of that focus.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yes.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Good morning.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> No. I think it will depend a little bit, Paul. But our plan would be depending on what we're actually doing whether we're doing a full-body or if we're doing subcomponents, we're -- quite frankly and even in the case of cabs, we've talked both models where we could be centrally located for certain things and then co-located for others. So I think it will be a little bit of a mixed model. It will be different than the blade model. There will be much more co-location as it relates to the different OEMs that we're working with. I think eliminating the transportation between a central location and another location is clearly part of the goal. And so co-location is more likely.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thank you, Shar.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> I would say, and I'll let Joe jump in here as well. I'd say it's recovering, you now, but not as fast as, you know, maybe we had thought. There's still several of our subcontractors that are behind in delivering, you know, critical pieces of equipment to job sites to help us, you know, complete the overall installation and completion of the projects. So it's getting better, but I wouldn't say we're out of the woods yet by any stretch. And hence, the reason we've still got some risk that we're trying to signal in that guidance.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Well, we said in our prepared remarks that they were up 2% year-on-year adjusted for mix. That was down a little bit from the prior quarter. It all starts with pay rates and with higher unemployment, we aren't paying quite as much, still more than we were a year ago. But the rate of wage inflation has subsided to some degree. But all things considered to still have a little bit of low single digit, wage inflation and then bill rate inflation and protect the margins for the differential is where we are and where we're happy to be.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> So we already started with some pilots around the world. And we've seen a lot of positive momentum and positive response. Obviously, in some cases, the gross margin gets a little bit lower, but we've been able to offset it even more with higher volumes. So one important factor is that the sales force ends up making a lot more money even with the same amount of efforts, which was key for us. And with achieving these new price points, we're actually becoming more relevant because our products are getting to more consumers in every single experiment or pilot that we did around the world. So this is something that got us very exciting and we're going to continue to do. And obviously, we're learning through the path but very excited with the pilots that we've run so far.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thank you, Alex.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yeah. Thank you, Mike, for the question. Yeah, first of all, I think that we really expect that the growth will accelerate over the course of the year. And that's driven, as Rustom said as well, with good start into the second quarter, which was actually -- the first quarter was our toughest comparison. So that's the reason why we raised our sales expectations for the year. I think that's important. So now coming to the different parts of the business, I would say, first of all, we see, if you look at the Scent business unit, a real good recovery on Fine Fragrances, which is really fantastic, in the first quarter and also starting of the second quarter, which is good. We see still a great growth on Cosmetic Actives, so that's basically super important for us as well. And the Consumer Fragrances stay on a elevated level. If you go to the Health & Bioscience business, here you see a couple of elements. You see that health and the cultures and food enzymes business should grow mid-single digits. And you will see a recovery of the Microbial Control business, which was very much varied by the situation last year. So that's important as well. And then on the Nourish side, very solid performance on taste, particularly the legacy Flavors doing very well. But on the new parts, Protein Solutions where alternative proteins are doing -- going very well. And then you will see a turnaround in the Food Service as well. The countries and economies are opening up, and that's probably a general remark. We have seen good growth as you've seen in the presentation in most of the regions. But in Europe -- and Europe will turnaround as soon as these economies are opening up, after the pandemic as well. So, I hope, Mike, that gives you a bit more color here.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yes. I start on Argentina then hand it over to Steve or Martin on the tonnages. But you're right, the complication is obviously still there. And we are only about six weeks into the year. So nothing has really changed on that. And that's what we assumed in our budget. So when you look at the budget numbers for the year, I think that's what we are on track for right now. As I said, it's very early days. We'll see what happens. But we obviously budgeted for that complication. And that's one part of the plan that we have that is improving during the year. And one other reason why our production is more back-end loaded in 2021. So we're assuming that that's getting better during the year. You're absolutely right, this is a combination of Manantial itself plus COSE and Joaquin, two high-grade underground operations, that truck the material to our plant at Manantial. So a lot of complications during COVID you can imagine with a lot of moving parts to it.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thanks, Spiro, its Anatol. Just to start as we've said to you, as we get into kind of steady states and have a very good feel for what our ops guys can do, we are targeting 90% contracted for the portfolio overall, and the medium-term volumes will certainly be a portion of that. And as Jack discussed earlier, our flexibility -- the flexibility that we need to maintain with the system, and the ability to respond to some of these punches in the mouth, means that we're also comfortable with that 5% or so remaining open on a forward basis. So 90% plus mid-term will be a key part of that. We've got good traction on that. It's another arrow in our commercial quiver and and we'll continue to add to that portfolio.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yeah. Let me just -- I'll let Doug finish up after I give a couple of color commentaries here. We are investing heavily. We are investing in clinical trials, IDEs trials. We also have a heavy lift to the EU/MDR, which is basically not only just compliance to the regulation, but also collecting real-world evidence that we can utilize on many fronts. And then, we have this organic development that basically comes into a refreshing the portfolio in the spine and also developing new, broader portfolio in the Biologics area. So, we were very active in the R&D area. And so, there's a very large incremental expense in R&D because we believe that's the future of building a product -- a high-quality product portfolio that's innovative and differentiated.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yeah. I'll start with Essilor Luxottica because we have a great relationship with them. We're selling right now their -- or we manufacture the Ray-Ban contact lenses here that they're selling, which is a great product that's doing really well. Yes, I would love to grow and expand that relationship because it's good now. They have a great team of people. I've gotten to know them better. Our team has gotten to know them better. If we can kind of combine our efforts to improve things like myopia management then fantastic, right? They distribute our Ortho K lenses in China. If we can work something out, I'd love to see us kind of come together on a product like MiSight. That's potential home run kind of opportunity there. So we'll see how that builds up over time, right? We're having a lot of discussions with them right now. And as you can kind of tell, a lot of positive good discussions. On the margin side, right now, with respect to the retailers, that's not impacting anything because the price point on that is what the price point is if you will. I think that will only ultimately be a question mark as to like if someone becomes really large, it starts doing a lot of volume. My guess, based on history is that we would continue the price point that we're at, we would hold the price point we're at, if you will, it would be more in terms of like, hey, if you do that much volume, we'll give you a cross-promotional activity for other products and services. that type of thing. more sales and marketing in a broader sense than it would be any discount activity associated with a product like MiSight.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Just two things, I guess, to follow up on kind of on the smaller side of things, at least the first one. But, as you talked about the improvement in capex per well in the Bakken, I was just curious over the 19, 20, 21 period, is that truly apples-to-apples with the wells? In other words, kind of similar completion methods and what youre seeing in terms of production per well? In other words, is there an efficiency above and beyond what youre seeing on the capex side? And then, my other question was going to be on NOLs and the possibility of a changed tax rate, how you think about that affecting utilization of those over time?[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Hi. Guys. Thanks for taking my question. I just wondered if you guys talk a little bit more about the moderate to severe psoriasis market and how you plan on kind of penetrating with the current commercial sales force you have, especially in light of potential competition that may emerge over time with Bristol. And then just also with the SHIP2 program, is that still under way as a combination for you guys? Thanks.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Thank you.[/INST] Direction (UP or DOWN): UP

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Sure. So regarding the first part of your question, finished goods, our finished goods number was $21.2 million of the $94.2 million. That number is -- has continued to grow quarter-over-quarter for the last several quarters. And this is where our safety stock is going to reside as well as some of our raw materials. All components, raw material, WIP and finished goods has continued to grow. And we think it's very important to show the -- our customers, suppliers, distributors that we're going to continue to build this inventory balance. In the past, we've said gross margins by 2024 of 40% to 50%. As we see the 4,400 batches start rolling out, realizing we just received FDA approval just a few weeks ago, a seven to 12-month manufacturing lead time, we hope to start seeing some of those gross margin improvements as we roll out the rest of this year and certainly into 2022. And those margins or gross losses are going to narrow, gross profit will be realized in the very near future. And as I said, these things are going to continue to roll out in a very positive trend, as we continued to see from the fourth quarter to the first quarter, gross losses are narrowing, net loss is being -- is lower, and we're very encouraged for what we're seeing going forward.[/INST] Direction (UP or DOWN): DOWN

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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Yes. That's -- in specific case, we had a sub-tenant in that building, so really, the use of the building continued, TriMas was no long -- is not long on the leased-up.[/INST] Direction (UP or DOWN): UP

UP

[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>> Sorry, this is P.J. I would just add that we do have a capital allocation policy. And first and foremost, we want to reinvest in our core business, and then we look to delever to the extent we're over our target. And as I mentioned earlier, we're well below our target, which means our balance sheet has capacity for acquisitions, which as David said, we're maintaining an active pipeline. And to the extent there is cash left over in the waterfall, we would look to return to shareholders.[/INST] Direction (UP or DOWN): DOWN

DOWN