completion
stringlengths 232
2.25k
| label
stringclasses 2
values |
|---|---|
[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 | 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>>
I think it was the latter.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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 let me infer a little bit from the question you're asking. We hear a lot of anecdotal evidence that there may be systemic changes emanating from COVID that have to do with work at home and what that might mean for commercial real estate footprint. We still believe it is too soon to declare any change structural. We do expect to see some, the extent to which remains to be seen, but some work from home, either in hybrid capacities or, in some cases, more completely.
But I don't see that move as something that is positive and determinative of real performance and execution. I think what you saw, going back to execution through COVID and, frankly, this company's performance across its business units during COVID was really a manifestation of the discipline that we have in all of our operating -- on our operating performance and our operating leverage. The more disciplined the company is, the better they were able to adapt to the vagaries and some of the really significant challenges that COVID provided both to the workforce and, frankly, the customers and the environment. So I think that to me, it underscored, amplified our operating excellence.
And I suspect that that will continue -- the understanding of that will continue to permeate as we go forward, and we will continue to build on that. Operating excellence is never static. It has to get better and better and better. That's what continuous improvement is all about.
And frankly, we have a long-standing discipline around that. So I don't think there'll be a structural change in our operating performance, but it simply undergirds the importance of that discipline that focuses on performance.[/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>>
Yes.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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 | 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>>
No. It was specifically just increments above what we had forecasted. There -- we -- in addition to very solid sales execution, we did see year-end budget flush, which we didn't see in Q4 of 2019, but we did see that this year, and I think some of it was just pent-up demand from perhaps Q2 and Q3 where people were on the sidelines. And when some of the enthusiasm around perhaps the second half of 2021 a return to some sense of normalcy and growth and the vaccines. I think that we just saw some enthusiasm in the customer base that we hadn't experienced in the earlier part of the year.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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 Asiya maybe I'll start with your question and then I'll let Colin jump in on units versus ASPs. I think that we are excited about the early results that we're seeing in some of our services pilots. I think it's important to also remember that while we are looking optimistically to commercializing those during 2021, it will take a while before those become a material part of our number.
As I think about looking forward ASP and unit, we've certainly seen during 2020, a nice increase in what I would call net price with shift in up toward our premium end of our category as well as ex shifts in our channel. We also have seen nice unit growth. And as I look forward into '21 and beyond, I think the -- we will expect that we -- that we'll continue to see good unit growth again pointing to the relatively low penetration that our products have globally. And a small amount of continued pricing strength again related to mix.[/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>>
Yeah, I would say, as we mentioned, we're working on building that new enterprise growth strategy and certainly as we work through this, we'll be looking at all parts of our portfolio and identifying where we see the best long-term opportunities for not just revenue growth, but delivering margin and profit dollars and higher return on investments. So that certainly will be a lens that we'll be looking through as we work through the strategy project over the next few months.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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's a great question, Faiza, particularly because devices make up nearly 30% of our revenue and are really a key growth driver. As we've come into this year, we continue to see a lot of strength in those devices, not necessarily impacted by the sort of new normal that we're starting to see around the world with devices. And fortunately, we have a real strong pipeline. We just launched Boost. We'll be connecting these devices and making them more interactive, I think, with customers going forward. So we see that trend continuing to play very, very strong. Ryan, maybe you would add something to that.[/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>>
Yeah, when you look at the year I would say, Q1 is up to a great start as we had mentioned. And with four months, let's say, of the year now complete, we are increasingly confident in our ability to achieve the full-year plan, I would say overall. So the trend continues to be stronger and the plans are unchanged versus what we had mentioned, I mean earlier. On the two-year, the one inventory that's important, I think, to keep in mind overall is that we need to look at things as well on the two-year basis. Many companies have done that but I think it's a good perspective to highlight. And the fact that the two-year growth for us was about 10% I think for the year. And that's what we did in Q1 and that's frankly what we're going to be after I mean for the rest of the year.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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. Sure, Tracy. This is Mac, and it's a fair question to ask. I think for our Board and us as a management team, we look at our earnings growth potential and all of the steps that we've taken to provide consistency and stability in the earnings, whether it's with the aggregate cover, whether it's with even the cap bond. And certainly with all the underwriting changes, we have considerable conviction and the visibility that we have in the business. That's why we took guidance up. And we think that when you look at our -- my background is a former private equity investors. We look at earnings growth and the price to earnings growth, and we think that is pretty compelling at this level. It's materially below our earnings growth trajectory. And so that's part of the impetus, and that's why our Board has gotten comfortable with the buyback.[/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>>
Great, thanks. Thanks for the question. So really for the ex Mab, 564, I guess, you know, if you sort of see the appropriate therapeutic window, do you have any thoughts on how, you know sort of maybe the low hanging fruit indications, if you will, or maybe sort of maybe interesting indications that you could pursue? Initially, obviously, assuming success? And then I have a second question.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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 morning. Thank you for taking my question. I just want to dig in a little bit more on the direct channel as you look at the direct channel and the customer set there. I guess what strategies and capabilities do you see a demand from these customers that you do not already have on your platform today or don't have capacity on your platform, strategies perhaps that you see as white space that maybe you would think about filling either organically or inorganically?[/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>>
OK. Well, let me start off then Colin can add. I think we've outlined certainly at the Enbridge day and in other places. If you look at the backlog in traditional terms, the way we've added it all up, they're somewhere in the order of $30 billion in that.
Now we've obviously emphasized that not as much because we're continuing to focus on the efficiency of capital and minimizing large-scale investments. But it's around $30 billion over the next few years and so that translates to roughly $5 billion to $6 billion a year, Shneur. And so if you kind of back into each of the businesses. You're looking at liquids roughly $1 billion or $2 a year in terms of optimizations, expansions and extensions and what Vern is looking at.
I think GTM is probably in the $2 billion category those modernizations expansions. We've got a lot of LNG to look at. In the utility, I mentioned it's probably $1 billion, $1.5 billion, again, reinforcements, customer adds, the new community expansions that we were talking about. And then I think in Matthew's business and renewables, it's somewhere in the order of $1 billion a year.
So my point is it doesn't take too much to fill up the $5 billion to $6 billion a year of capacity with our -- what looks to be our organic backlog. But again, I think the $3 billion to $4 billion we've identified, we think that's locked. And then the other two are going to be very discriminating, let's put it that way. So I think there's a good backlog there.
We're just going to be careful on how we deploy it. Anything to add, Colin?[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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. Thank you.[/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>>
We've shared in prior calls that we do see more interesting captives. We're starting to see us execute on some of them, but I think it's too early to say whether that's going to be a big part of the mix or not. For the reasons I've talked about, we can go in and help digitize. KC, do you want to add anything?[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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 morning guys, thanks for taking my question. George, you gave some good color on the retail side and the financial services side. Last quarter, you mentioned the healthcare industry. I'm just wondering how that is progressing. And really a bigger picture here through this COVID pandemic, what kind of organic growth or new opportunities has this afforded you guys in the healthcare industry in particular?[/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>>
Yes. Maybe I can pick that one up, Christian and Luka. So Mark, the answer is both. So we've seen with the customers so far with Verizon. And as Christian said, since the launch at the beginning -- at the end of January, we've seen amazing response, but customers are on different transformation journeys. There are a number and quite a number that look to use and leverage RISE with the simplicity of the offering to be able to bring that transformation and do it quickly in a holistic way, but particularly when you get to the larger organizations that have got multi-geo, multi-industry different landscapes they look at RISE as being the platform. And then as you indicate, we do expect that it would then continue, and they do. There are the opportunity to have phased or roll out over a period of time as they embed different parts of their business into the singular offering that RISE brings.
What I would say is this -- is that when they choose RISE, they really look at it from an overall transformation of their business even if the transformation journey will differ between organizations, and that's what makes it so compelling whether you're a small, medium or large organization.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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, the U.S. [Indecipherable] Virgil, did you want to speak to the sales trend?[/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>>
OK, so Peter the question is on the repurchase and leverage at -- at AIG. I believe so. You want to start and maybe if, Mark, you can jump in if he asked to.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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. We are going to start paying tranches in cash instead of refi. We have the plan laid out completely between now and the end of 2022 on what tranches we're going to take and when, and we're going to take them all down with cash. We will not even need a rating from the rating agencies.
That will be the part that I will really miss, you know.[/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>>
Where new loans are coming on, do you want to answer that? Tim, want to answer that?[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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 good morning, everyone. Maybe just a quick one around the conversations with credit agencies. I think EQT mentioned that it sold down storage [Phonetic] capacity. You talked about some of the partners taking impairments. I guess, just how -- and obviously, this wholesale [Phonetic] application that you just filed with the Corps and the FERC. I guess, how have those conversations gone with the credit agencies? Thanks.[/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>>
Yeah. I guess -- you want to? OK. I'll -- I'll just start and see -- Stan, as we build and we model this out, we didn't take any significant changes in assumptions from cloud migration because again as David had mentioned in some of his remarks, you know, we're not really pushing customers and accelerating customers to move over to the cloud. If the opportunity presents itself, you know, we're certainly going and talking to them about that.
But there's no forced migration that's taking place. And so, our anticipation for cloud migrate -- from migration to the cloud from on-prem is really consistent with sort of how it's been, you know, the level that it's been in the past. So, we're not anticipating any big jump there in terms of kind of how that activity plays.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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. Thank you, Sunny. All right. Operator, let's move on to the next caller, please.[/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>>
Well, I'll tried to give you a little bit more of a core kind of NIM number at start off with in the year, would put that on the chart at about 2.67% [Phonetic]. Again, It's hard to say how much that will migrate down, I do think it will, because of the repricing of our available for sale securities portfolio. I mean, if you look at the chart that we provide, you can see a pretty natural decline in AFS securities yields. I think, it was 18 basis points a couple of quarters ago, 13 basis points this quarter. It's going to continue to roll down.
Now, we've been very successful in pushing down our interest-bearing deposit costs, again in this quarter. In fact, it was 19 basis points average for this quarter, and I think the month of December was down to about 17 basis points. Can we continue pushing that downward? Perhaps, we can. But I don't think there is significant room to offset some of the AFS securities repricing. So, I just think there is a natural kind of migration downward of net interest margin. Of course, we focus more on net interest revenue than anything else. And to your point, loans beginning to grow, we hope sometime in 2021, particularly in the second half of the year is going to certainly help stabilize the margin and bring it back board.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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 | 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>>
Thanks. I think it's fair to say that Mexicali, that will pick up a bit in terms of utilization. Based on the allocation of 10 units to Mexicali, that means 26 out of our 30 turbines will be deployed. And in terms of the diesel generation units, I think we're running with about 40, 48 or so idle units there out of a fleet of 439. But as we've articulated previously, we're sort of progressively going to be winding down our exposure to the diesel generation market because it's not a strategic direction that we want to plan on. So, I think the main priority at the moment is getting all of those turbines deployed. And currently post-Mexicali, we've only got four left idle. And the team is working hard on to deployment of those at the moment. But I think the obvious thing is that this is a very lumpy market. So you get jumps in short-term contracts.
And unfortunately -- fortunately, we participate in sort of special situation-type opportunities, and they're very hard to plan. But they also come with a premium as well. So I think that's what we want to sort of maybe shipped our reliance away from that a little bit and to provide a stronger base, which we can use to amortize our cost over and then sort of also to take advantage of those special situations when they arise.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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 should. If this category behaves the way, certainly, so many other categories have Tony, that have undergone an institutionalization process. Yes, the prices should go higher. Our mission, we would work hard at every single day at VICI to make sure our cost of capital improves at a rate equal to or in excess of the velocity of cap rate compression. But it just stands to reason that these assets should attract higher prices as time goes on, as everyone recognizes that they came through really, a totally unforeseen magnitude of crisis, right. And making to better than just about any consumer discretionary sector out there as a real estate asset class, so yeah, you have to think, especially as people truly start calling out from under the rock to COVID that we should see what -- but frankly, I joined VICI four years ago, which is to take part in the next great cap rate compression story in the American commercial real estate.[/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>>
Yes.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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, thank you. Jay, you mentioned that cap rates remain low. Can you just provide a little bit more color on what you guys saw being shopped in the fourth quarter? And then how cap rates are trending across the various retail industries?[/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>>
Thanks Camilo,[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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 the answer is we're not able to support all of the existing demand today. We did increase our capacity in Q4 last year. That capacity improvement didn't come until the end of December.
We were hoping to get it earlier. So we are enjoying that additional capacity in Q1 this year. And we're in the process of getting to the next level of capacity. We probably won't see that until April, May time frame.
So we'll start to see some improvement in capacity in the second quarter. Our goal is to get to two and a half times the capacity we had in 2020. We expect that to happen in the second half of the year. So we won't get there until the second half of the year.
So that is our goal. We think at two and a half times the capacity, we'll start to make a strong dent in that demand. But as we continue to introduce the product around the country, we think that demand will continue to grow. And we believe we need to get even above the two and a half times going forward in 2022.[/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>>
So look, the Sun Streams module volume, when you say systems, it was not part of the system sales. So I want to make sure that that's clear, right? So that was a module sale.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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 think it's more of a hedging mechanism certainly. But Toni, why don't you dig into some of the details?[/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>>
Good morning.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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, exiting Europe is certainly not an option. And as I mentioned, we are appealing now, and we should be knowing in a few weeks time if that appeal is granted. If it's not granted, obviously the increased tariffs will come into effect right away. And hence why we've said -- if we take the worst-case scenario, that's why the adjusted -- the guidance as Gina mentioned would essentially go back to the levels that we communicated early on in the year.
So, I mean, we are looking at all options right now. We are vigorously defending our position, and we believe that the original ruling of the BOIs is correct. We are hoping for resolution and we are looking at all our [Indecipherable] roots in Belgium and the EU, and that's the primary focus right now.[/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>>
Yeah, that's not a bad number. Yeah.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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. It's a fair question. We would actually do what we think is bet strategically, and that means what's best for the customer. So even if financially, you might be better off not running an event at all because you can save more costs than the revenue unit sort of thing, we would generally -- our bias would be toward running the event if we can and that's the better thing to do for the customer and the longer term. So we'll have to see how it evolves, but that's definitely our bias as we look at the events. What matters, of course, the event, something that the customer values. Is there an audience there that they want to in -- even with smaller attendee numbers, the quality of the audience, if people are -- the companies coming or sending more senior people generally. Either if it's fewer people, you can still get a very positive show and very good feedback from exhibitors. So the bias is definitely to run the event, if at all possible.[/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>>
Thank you.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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>>
Adam, our expectation is to grow the combined business. And we know through every acquisition prior and we expect through this acquisition when we service your customer and your vendor partners well, you get more business, not less. And that's what our expectation for this transaction.[/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>>
Yes. I think the difference is sort of three or four fold between the two products. One, our objective with ampreloxetine is a treatment for nOH is commercially and the effect that we plan to have on patients is greater than where Northera was when -- at peak sales. And the reason for that is one, you've got an ampreloxetine product once-a-day with a very long half-life that should be able to stabilize those norepinephrine levels and therefore address dizziness with efficacy that is -- we hope is better and certainly more durable than the Northera program, that the therapeutic index that we're able to achieve with ampreloxetine in patients with nOH is in fact greater than what can be achieved with Northera.
And there will be less stopping and starting of Northera because of both the efficacy and the safety. You may know that Northera, many patients titrated to effect. We believe that with the long half-life of ampreloxetine that titration obviously we don't have it planned that it's a much simpler dosing regimen. And if the small Phase II is an indicator and now published the levels of norepinephrine increases that we see we should be able -- our plan is to in fact see that efficacy come through in the Phase III program. And I'll let Rick comment further because he's quite close to it.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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. They definitely provide a benefit as the interest rates rise. So, how I would think of them is probably as a capital hedge against rising interest rates rather than a perfect P&L hedge. So, in the quarter, we had a mark-to-market adjustment of roughly 800,000.
And that happens as the value of those hedges increase or decrease. As rates start to rise, the value of those hedges will increase and, you know, we put on 300 million since the beginning of the pandemic, and they have fairly low strike prices. They range from about 25 basis points to 50 basis points. So they're very much a part of our funding strategy as we move forward and help us manage that interest rate risk.[/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>>
Yes. So I mean, the -- there was -- Asia Pacific is a region that has a disproportionate percentage of customers who prefer the perpetual model, and that was a stronger performer in the quarter. And so there's a relationship between those two things. Overall, we feel that the long -- that over the long term, there will be a continued shift toward the leasing model. Customers have very dynamic development, R&D needs and project change and needs change over time.
And so the leasing model provides customers with the level of flexibility to be able to use the capabilities that they need to as they need them over time and change those things over time. And so overall, the long-term pattern and the momentum seems to be favoring more toward that more flexible model. And that's consistent with trends that are in the market today around customers wanting subscription licenses and more time-based licenses. So I would say there's nothing that we're seeing that is a sea change in preference. But in any given quarter, depending on the mix of customers, depending on the geographic region of customers, I wouldn't be surprised to see a dynamic like we saw in the quarter.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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>>
Really good question. So based on what we see on the ground that affects our same-store pool, so not national statistics, things we care about. We continue to believe that there is going to be some moderation of deliveries in 2021 from 2020, just like there was from 2019 to 2020. But that being said, I think we're going to see more development in the future. Just this week, I talked to two developers who had projects that did not hit underwriting, they were making no money and they're selling them and they're getting bailed out by current pricing.
And I asked both of them what they're going to do with the proceeds, and they said, we're going to go stick shovels in the ground. So between great fundamentals, low interest rates, lots of capital floating into the space, albeit I get that costs are higher. I think we're going to continue to see development, and it's going to be something we're going to have to deal with just like we've been dealing with for the past four or five years, no difference. And that being said, I'd point out that one of the advantages of having a broadly diversified portfolio like Extra Space is we have exposures to many, many different markets, some of which are heading into a development cycle, some of which are coming out of a development cycle, some of which have never been affected by development. And all those markets are in some different stage. And because of that diversification, our returns are smoothed out.[/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>>
Andrew, we believe that our shipments are in line with consumption as you look across all the channels that we participate in. So we don't see anything abnormal for the quarter going forward.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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 for taking the questions. Just two if I could, one on the services side. If you can give us any updates in terms of how we should think about the cadence of revenues and services margin the next couple of quarters? Just -- and then also kind of get a better sense of the breadth of the strength. I think in the prior remarks, you mentioned pretty diverse in terms of contribution, so if you can give us any color there? And then secondly, on the SG&A front in India.
It looks like you're moving past some of the elevated bad debt that hit you a year ago. So just trying to get a better sense of how we should think about that in terms of whether there's any incremental bad debt you anticipate in that region or whether you move past that. Thanks.[/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>>
Chad, my -- our expectation here is that this is a -- to some extent a pull forward of demand. This is a peak largely tied to COVID root cause where you have a lot of folks stuck in their home looking outside and doing special projects, you see the same thing happening in home improvements, lumber prices, appliance availability and so on. There is not a structural change in refrigerators, we don't think there is a structural change in small horsepower tractors either. So it's a surge in demand that is very, very high right now, but it's largely tied to COVID.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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>>
Look, I mean, I don't think-- our capital allocation priorities have not changed. I think the M&A environment, there's a lot out there. We continue to look at a lot of stuff. I mean, my own view is it feels like evaluations are starting to get a little more reasonable. And we might benefit from that as we sort of move through the back part of the year into next year. But we're still focused on identifying opportunities to grow the company. And we've been pretty upfront with everyone about where we're looking to do that and where the areas of focus are. And I think we'll find some opportunities, but we're going to take our time, and we're going to do it the right way. And we do have a balanced mix of opportunities that are sort of organic versus inorganic. And that-- creating that kind of tandem of work, I think, is actually how we'll create long-term value for our shareholders. [Technical Issues][/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>>
No, that's just that's the number of recontracts in there Rob, might be some slight upticks maybe for additional service, etc., but it's basically looking at clients that were recontracted and the contract value of their -- of their contract at that time. So there was a few of them during the quarter and I just called out that recontract them.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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 mean, we point this out I think in the press release, particularly around gross margin. Those margins get challenged when the biggest contributors to your sales declines are soft pretzels, and ICEE beverages, both of which have some of the healthier gross margins. So when that mix changes, that has an impact on gross margin and until we see those businesses turnaround or continue to have a similar mix impact. The other thing, particularly as you look at Q1, Ryan, is, again, as we think about the magnitude or the impact of COVID, obviously, the more that heightens, the more that impacts our labor force. And when it does that -- and people are concerned about coming to work, we have to often look at ways to manage that labor in a different way and sometimes that's a little bit more expensive, whether that's temp labor over time just because of the concerns of ours is creating.[/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>>
Yeah. Yeah. Thanks, Ken. Yeah. And interesting that you mentioned hedging, as well as the securities book. In a sense, we are hedging with securities right now, and we feel like we're in the fortunate position in that we have an alignment of two different objectives, in a sense, by using securities to hedge. We can reduce assets and sensitivity right now moving some earnings into the current period, while maintaining some upside still. But we think we can do so in a way that efficiently uses the excess liquidity to buy securities that are yielding significantly more than synthetic hedges would. Right now, the hedges would carry about 50 bps of positive carry. The securities were buying about 170 bps of positive carry. And frankly, we're a little agnostic as to what line item or geography we achieve both that earnings accretion and the reduction in asset sensitivity. So, right now, we see a lot of percentage and using excess liquidity on securities and as that excess liquidity begins to wane, you may see us start to transition to more synthetic approaches.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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 Shuky. Hi, Tamar. Hi, Matt. Great to hear from you. Thank you for taking my questions. So Shuky and Tamar, I really appreciated the mid quarter call, you're getting a lot of questions from clients, and there was some skepticism, that I appreciated you taking some time to answer some of those questions. One of the themes that sort of seemed to be up for question, when we did that last call was, the durability of your relationship with some big tier ones, particularly AT&T, at the heart of it. When I listened to your remarks today Shuky, it seems very, very clear, that not only is North America growing, but AT&T as a particular customer seems to be on very solid footing. So I'd love to hear, just your perspective on the durability and sustainability of the projects that you're working on. As you look at these type of projects, are they recurring revenue in nature and long-standing, that'll extend beyond just 2021? Tell us about the strategic nature of what you're doing there and getting tied into their future, as opposed to catch up projects and band aid fixes that might only be for, say, 2021? Thank you.[/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>>
You're welcome.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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, we've had, that's a good question. We've had. I'm not going to name the center, just because it's not appropriate, but we've had one center in particular, which is one of the highest-profile in the country, if not the globe, has been a massive enroller. They have done extremely well and a lot of this gets to kind of the logistics of the trial. This is different than most trials, as we've talked about. This is not a trial where you actually enroll patients in the surgery, and then they do the case this is going back and we have 30,000 patients that are available to be in this trials who've got an On-X valve. So a lot of issues going and finding those patients, getting them consented, bringing them in and we've had a handful of centers that have done an excellent job. We just sent out 31,000 letters to existing On-X patients to see if they're interested in participating in the trial. So we're learning as we go. We're having lots of investigator meetings, but we're expecting the momentum for this trial I think even to pick up from here.[/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>>
Yeah. Well, I don't -- we can take any details that you want to talk about, but we don't forecast share. But I would certainly anticipate continued consumption improvements.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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. Gene, that's a good question. So if you think about ARR, it's everything that is contracted and both signed and launched, signed an implementation. Because of the dynamic you mentioned with renewals and, candidly, because our employer sales were lighter in 2020 than we would have liked, the proportion of ARR that is live is heavier than in previous years.
There is still a set of ARR under implementation. A big chunk of that is what we just talked about with Blue Cross Blue Shield of Alabama, which signed in December and will launch late this year. But we do expect a higher portion of the ARR to convert to revenue than we did, say, over the last couple of years.[/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>>
I would on first as we said; Mt. Holly was tactical thing, fancy word. And hedge anymore to create second or first quartile, European power price absolutely, all day long. But we don't have to sell a lot of LME to do that structurally. I'm sure you got the math. We close out hedges that's not I think that's not something that we expect anytime you're talking about and I think you should not sit around and wait for that eventuality, the long wait.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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, Craig.[/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>>
Hi, good morning, David. This is Dan. So in a lot of cases we have really become even more efficient on taking a pre-order for a lack of a better term. So perhaps the car that is an income in unit, that is actually being built or already on the transportation. In a lot of cases we're seeing a lot of cars that are being delivered by the trucking company and they're going in for our pre-delivery inspection, getting detailed and coming right out for delivery. So I can tell -- and in a lot of cases where we just don't have that availability of that particular model, customers are a little bit more flexible on maybe giving of a particular package or maybe taking additional package that they were not considered at the beginning.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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>>
Right. So Tom, why don't I let you take a shot at that?[/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>>
Yes, Brian, I would say we're pretty confident that this 130% won't negatively impact. I think when we're contracting, it's usually above the $4,000 mark, and so I think when we look at the numbers, although we don't see any of the payments start to come through yet from the private payers with the ADLT, I think as we look at it, we're pretty confident that we will fall above that -- or below that level.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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, on your first question around the mixing -- around the Daisy Wheel, our Daisy Wheel system has been in the market for years and years and years, and we've launched the third generation of that product. Now, I think when you step back and you look at the overall Refinish business, you have to remember our waterborne refinish system is 55% faster than our next closest competitor and uses 30% less materials than our next closest competitor. So, we're already starting from a pretty nice advantage from a product technology perspective.
And the Daisy Wheel 3.0 is just an upgrade to what was the industry's first fully automated color dosing system and what that does is it enables the fastest and most accurate color mixing in the marketplace. That being said, you got to remember, paint mixing is only 3 minutes to 7 minutes of a typical process time of 45 minutes to, say in 120 minutes and that's why you don't see a greater adoption of these automated dosing systems in the marketplace because the capital investment that you have to make offset by the productivity improvement that you get, it's just not that large. But we want to make sure that we're meeting the needs of all of our customers so we continue to innovate on that platform.
And then, in terms of some of the e-coat developments, we have our technology team both on the mobility side as well as on the industrial side of e-coat has just done an outstanding job in moving up our e-coat technology not an incremental step, but a couple of steps up compared to where we were. So, net-net in terms of innovation overall and product development, I think we expect that to continue to power our organic growth as we go forward and allow us to gain additional market share.[/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>>
Ok. You got it.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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. Hi, Mig. Good morning. The first piece of it is on the headcount-related savings. We showed 110 basis points improvement and a lot of that was tied to incentives, which we hope not to repeat, but it's a factor of our sales being down almost 11% on a full-year basis. So obviously that impacted incentives. So there was an adjustment in the quarter, but we do expect at least 20 basis -- round about 20 basis points to stick up that savings.
Supply chain savings should stick, but we are seeing some pressure from steel, that's definitely up year-over-year. We're seeing in Q1 roughly 77% increase on steel. So, we're managing our way through that so -- but there might be some deterioration there just due to that. But the other transformation savings also should stick and then we'll see some more expenses for corporate going forward as we roll out our systems and focus on innovation versus product rationalization.[/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>>
Sure. Well, Ken, first of all, pricing is an ongoing discussion with customers. I don't want to get too specific about pricing actions that haven't been taken because of customer and competitive reasons certainly. And so, our comments on that are pretty limited right now. I'll remind everybody on the call that 40% of our sales are due to Flavor Solutions segment, and a great portion of that is based on our contractual relationship for this, a pass-through of pricing. We -- I don't think we have the same pressure on pricing as maybe some other companies.
Our outlook is for low-to-single digit inflation. We have a unique basket of commodities and input costs that are not an exact match to inflation or an exact match to our peers, but we do use CCI as well. We are seeing cost inflations. Freight is up, ocean freight in particular is an emerging -- a current and emerging concern, but we're really not prepared to talk about. I can't give any specific comments about pricing right now. We you have some graphs from 2020 of pricing actions and where we need to take pricing in 2021 we're confident we can take it.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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. It was something that we expected. It was an anticipated accounting change when we came into the year that we were going to implement in Q1. And it is something that will actually reduce the volatility of that earnings stream within our investment management business going forward. We're basically going to be marking to market our unlisted co-investment balances. And therefore, instead of having one large gain at the end of the period cost, you're going to see us mark that to market every quarter.[/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>>
By the way it's not the largest one it's on the river, way, way back that we did. We took a note that 25 megawatts coal fire cogeneration plant demolish the building a brand new Woodchips Power Plant, it was definitely the energy savings performance contract about a couple of $100 million project so close enough anyway. And it's been worth. And that was a transformative project for us. That $173 million, we get paid as a percent complete. Actually, they have a schedule, it's about two year's right now.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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>>
As regards to flu vaccine, we had a collaboration with BioNTech that goes back to 2018. At the time, we had announced also publicly some of the terms of this agreement. And the developments are based on the work that has been done so far by both companies on the flu. As regard to the question of co-formulating, we didn't announce a co-formulation with Prevnar right now.
We announced a co-administration with Prevnar. Clearly, we are looking at options to co-formulate the BioNTech-Pfizer mRNA vaccine against COVID with other, let's say, vaccines. But this is not what we spoke about today and we haven't made final decisions on co-formulation. And I think, Chuck, we do not have time for another question, right?[/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>>
Yes. Hi. Good question. Well, I guess just the long story short, we don't break out the composition of revenue that way. So we are growing our international business. As you know, through none of the carrier win announcements, we talked about Western Europe, Japan, Australia other places. So international revenue is growing, it is still currently a relatively small percentage. And I think till such time, it reaches critical mass, we will then talk about absolute numbers. But at this point in time, we're not breaking out international revenue as a percent of the business.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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, our expectations are predicated on a recovery in the market that will drive fundamentally all of Gulfstream's performance. But we're pretty much counting on the 700. And it would be by a quarter or so, but I don't believe that that's the case at the moment. And so what we do is work with our FAA teammate and made the best estimates that we can for one, we believe this is going to enter into service.
We're not going to get into the number of production and deliveries by model, we never have or not going to. But that airplane is coming, and it comes with nice margin performance and good cash. So our expectation, I think, is reasonable given all of the fact patterns we have and evidence at the moment. And if it changes, of course, we'll let you know, but we have nothing to believe at the moment that it will change.[/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>>
You bet, Doug. Great questions. As far as the synergies, we feel very, very good. We felt confident on the merger rollout.
We feel even more confident today than we did then. And so I hope that everyone is hearing that. We already have -- and Jeff, I think, talked about it in some of his prepared remarks, and you may ask him to weigh in as well if I miss something. But at the end of the day, we've captured quite a few of the synergies already and have that built into our 2021 forecast.
And so Doug, we feel very good about it. And I don't want investors to underestimate our focus on that, and our diligence on that -- something this management team is highly focused on. So Clay, you want to talk about the capital?[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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. Thank you. I wanted to talk about sort of your future rents. Are you facing any material rent roll downs you expect to release? And what are the rates coming? And what are you looking to underwrite to with lease renewals going forward?[/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>>
Great, thanks![/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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, Steve, that's -- again, part of the equation, is the strength in the upstream. But that midstream, we have many channels as to how we monetize the epichlorohydrin and the bisphenol A. So that's where we have a lot of channels, a lot of optionality, a lot of optionality to parlay. So that's pretty broad reaching as you move down into that midstream.[/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>>
We have been finalizing the design and the contract, and I think you know us well enough, Doug, that we would not have talked about being on the cusp unless we were on the cusp. So we're working on the final elements of the contract and the agreement.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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. Well, look, we do expect to get the approvals, and we will start sometime next year. We'll certainly, if there are continued delays to get that approval, it could push the completion date out. Naturally, it would. And then we would -- if that were to occur, then we'd have to reexamine when we would file that subsequent rate case. So I think we have a little padding in there because it's such a long lead time. But look, we're just pleased that there's progress. There's been some good dialogue. I think the Board understands the critically important need to create this redundancy. So I'm still optimistic. Would I have loved for it to be approved earlier? Of course, we all would. But it's still moving forward. And if there are some further delays, it could delay by a few months when it's placed in service and then when we file that subsequent rate case. A lot needs to happen in the next three years so there could be a little shifting, nothing that I would consider monumental.[/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>>
Mark, this is Subhadeep. No, I think we're going to continue with our tax credit program, and the sort of the increase in tax rate that you saw was because of sort of the timing of our tax credits that goes on and off our income statement. So you're going to see the impact of additional tax credits going into the rest of the year and beyond.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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. Go ahead, Keay. Good morning. Keay, can you hear us? We can't hear you, Keay.[/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>>
Thanks. It appears that we have no further questions at this time. I will now turn the program back over to Gail Peck for any additional or closing remarks.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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, Justin.[/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>>
No, Andy answered the question, so I didn't want to add something.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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 would say it's largely driven by price. Units were in the quarter were down slightly. But it's in this environment, command from the pricing perspective that we're pushing.[/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>>
I'm sorry, Victor, it was breaking up. Can you repeat the second question?[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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, Scott.[/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>>
Yes. No. So we've got a couple of pieces there. The one you're referring to, David, expired in, I want to say, 2013 or 2014 or so. So that is no longer. So if we're going to supplement our Ogden operations, it would be buying MOP at market prices and converting it up to -- converting that -- upgrading that up into SOP. So we do have an agreement in place as it relates to our Wynyard facility, but that's specific to Wynyard.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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 I think I've asked the same question like from the last two conference calls. I'm going to ask it again. I look at the reserve releases in mortgage and I look at the reserves per new case in the 2Q '21 numbers and you're reserving more than ever for new defaults or delinquencies as you're releasing the reserves. Yet the housing prices are appreciating. I'm trying to figure out what the math is about why the potential claim per loss keeps getting worse?[/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>>
Thank you.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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>>
Ken, you're correct. And we wanted to be clear in our remarks. So there was a bit of left on both pieces of that, particularly on the purchase loans, I think. Tim mentioned that was about $1.7 million more than what we would consider a normal run rate. Now you know those numbers tend to bounce around quarter-to-quarter. So what's normal is, it's hard to determine. But our special assets guys did a great job in collecting some loans that were previously charged off in special assets and collecting loans -- or interest on some loans that were previously on non-accrual status. That really reflected their good work that helped lift that number up to an unusually good number and you can see on the chart, the figure in the management comments. So that was one of our highest net interest margin numbers in that purchase portfolio in quite a while.
So there was $1.70 million [Phonetic] whatever the number is a little bit of lift there. And then we did have probably a bit higher level than normal and again normal is hard to define, what is normal. But we did have a bit higher level, a couple of million dollars. $2 million or $3 million might be more in short-term extension fees and minimum interest paid on -- earned on loans in the non-purchased portfolio. So that was a contributor, but there was a healthy trend in the NIM in the core spread, even with those factors out. So we were pleased with the results.[/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>>
Hey, Brody.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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 taking the question. Matt, I'm not going to call it housekeeping or cleaning, I'll just call it model question, because you're the expert there. Can you remind us what percent of bad debt reserve stake in the fourth quarter on the portfolio? And then, how should we anticipate potential additional reserves in '21 and potentially any reversals?[/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>>
Hey. Thanks so much for the question. I was just wondering if you could talk a little bit about the potential impact from the growth in iGaming on social casino industry growth? And then separately, I was just wondering if you could talk about how your VIP programs may have evolved because of COVID. Are there any in-person events that are now kind of shifting more toward digital? Any color there would be helpful.
Thank you.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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 | 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>>
Yeah, absolutely. I'll take that one. This is Tim. So last year, we implemented a number of different things, some that were more reactive, where we set up teams that would take inbound calls from existing customers and serve them better than in regular sales agent.
But one of the other things that we did is we basically profiled our book of business with our data science team to identify the customers that we felt we would be best served to reach out to. And we ran a series of different tests. We reach out to them with email, with direct mail, outbound calling. So we were definitely more proactive in reaching out to our customers.
And then where they may reach out to us, we did a better job serving them. So there was a combination of things that we deployed last year. And again, like I said before, we will -- we're still assessing basically how well different levers work with different populations, and we'll iterate on that for this year.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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. That's the -- we'll -- because it's on demand and is very different to Heidrick Consulting and different to Executive Search, yet obviously pretty adjacent, but we believe for our investor base, we want to break that out separately for you.[/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>>
Thank you. That's super. I mean, it's mostly driven, obviously, by a really active origination quarter. If you looked at sort of the fee percentage, so take fees and divide them by the amount of commitments, it's pretty in line with what we saw throughout the year in 2020, if you look on an annualized basis, as well as in '19.
There were one or two large deals toward the end of the quarter where we were able to achieve some better-than-expected sort of capital markets activity on some larger deals that maybe bumped it up a little bit, but it's largely a result of the significant new commitment number.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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 do expect that.[/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>>
Not at this point. It's definitely worth keeping an eye on. Obviously it costs a heck of a lot more to build a house today than it did a year ago. But, again, the macro dynamics are still fairly favorable and we haven't really seen anything translate into activity with our painting contractors or the other parts of our business. As I said before, the incoming order rates still look good. Most of the painters that we talked to, they've got a good backlog of jobs. I was recently actually trying to get some work at my place. And it's -- they're backlogged and you just can't get -- you can't get good people.
And I think it's the same thing on the housing side. If you want to build a house now, you're looking out quite a ways there. I believe there will be a break in some of the cost pressures that they're seeing for building materials. And I think you've already seen this -- start to see a little bit of that. And as we work our way through the year, hopefully that opens things up a little bit. But we're still very bullish long-term cyclically on that part of our business.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[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, Phil.[/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>>
The timing during the year for the prepayments is varied. So we have some that will be early Q1, some that will be Q3, some that will be early Q4. But so we'll pick a time that we can wrap as many of that in as we can and kind of think about it that way. So you're thinking more like midyear, really.[/INST]
Direction (UP or DOWN): DOWN | DOWN |