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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'd have to think about it. I'm not going to give you off the cuff. I mean people have had employed referral sales organizations to call on the PCP market to refer patients for years. Certainly in the pharma space, but in the device space as well. I don't want to just come up with one-off, off-the-cuff, Suraj, maybe you have one in mind, and that's why you're asking. But it's something we can think about and happy to talk to you about that later.[/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'll answer the first part and then Zane can talk about the second part of the story. So Tanzu for us is all of the above is short answer. We absolutely see it as an independently significant and massive market, which is the market for customers doing their digital transformation and building new applications are refactoring and modernizing their existing applications and we are very unique in that market in terms of both the breadth of our portfolio as well as the fact that we are multi-cloud. And of course, we run really well on top of vSphere. So, that's the first part of the answer to your question.
And of course, customers never run infrastructure for its own sake, right? They always want infrastructure in order to run applications. And the more our platform does better with supporting Tanzu, the more differentiated our infrastructure platforms will be. So it definitely will pull in our infrastructure story as well. And then last, but not the least, Kubernetes is an industry phenomenon. It's turning out to be the cross-cloud portability layer in many respects. And so we are investing very heavily as part of the Tanzu portfolio in providing the world's best Kubernetes management and control regardless of which Kubernetes platform you may be running on. And so it's a strategic benefit to us. It's a revenue generator, and it pulls in the rest of our platform.[/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 not at all. Lukas, it is I know you're new to the story. So you may not have listened to some of the previous earnings calls that we've had about this particular issue. But our hospitals are performing exceptionally well. We have a number of operators that actually gave back not only the advances, but some of the grants that they received, our hospitals are in great financial situation. As we said, back in April and May of last year, we knew that the patients would all come back as soon as the government's reopened of hospitals, while the world called them elective surgery, that only meant that if you didn't have them done, you wouldn't die the next day. But these were all medically necessary procedures. And so we're back at volumes of pre-COVID levels, their lines out the door. And so we feel very good about where all the operators are.[/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 for taking my questions. First one, Steve, you named a number of customers migrating from on prem to cloud, is there, you know, what's most common moving a small portion of workloads or a big portion or, you know, all the workloads to the cloud, and then the customer starts a cloud migration? How long does it typically pick? And how do you, kind of help your customer migrate without having to double pay?[/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>>
Thank you, Rob and thank you all for your questions. We look forward to talking with you again in April when we discuss our first quarter 2021 results. Until then I wish all of you good health and safety and please take care. 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>>
Yes, Michael, this is Mike. So I'll absolutely agree with that statement that, certainly, as we go forward, we'll be building capital, I think, at a pretty good rate and level. So now that we are out of the consultation process with the Federal Reserve, things like buybacks, a dividend increase or other capital measures are things that we've already kind of talked about wanting to look at really in the second half of this year. So really, for now, we're evaluating those options. And, again, in the meantime, building capital. So I think more to come on that topic, as we move through the 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>>
You bet.[/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. This is Rich. So the NIM, we brought the guidance down really reflecting the sort of what's -- the continued pressure of the current environment. And if you think about it, you've seen the deposits grow. A lot of that -- since loan growth is relatively modest, a lot of that goes into the investment portfolio. And so you're mixing down because the NIM -- the margins on the investment portfolio are just lower than loans because there's no credit risk in there, right? So that -- you're going to continue to have that mix effect until you get the economy stronger and loan growth's moving up, right? So -- and then on the provision. Right now, a lot of it will depend on what happens with the specific credits, right? So if the economy stays stronger, we would expect the credits that are in the special mention category would come up because that's potential credit concerns. And if we don't see them and because the economy is improving and they're paying and there's -- and the risks don't appear, then with those upgrades, you could see continued adjustment of the level of coverage on the portfolio. Now I think all the banks in the market brought down their coverage level a bit in the first quarter, and it's going to depend on how the sustained improvement of the economy is and the result on those specific credits.[/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, it's Jeff. So the answer is, yes. I think the key thesis behind the partnership with AWS, just almost a year ago to the day now, was first, really just to modernize the architecture and technology. And as we've said in response to Ashwin's question, that's actually gone very well.
And the second piece was the distribution. Of those 20 LOI's that we have pending with AWS, a number of those are with neobanks, fin tech, start ups, and you're right, I don't think we would have been -- we would not be in a position we are today I think, without that. And I'd also say more broadly if you back up. Just our general shift from Cloud-enabled technologies initially into Cloud-native technologies, it's just selling very well. One of the institutions of all sizes, including neobanks, fin tech and start ups, and the like. Secondly, I'd say, and you saw our announcement on the expansion of our AWS relationship today into NetSpend. But whether it's at the issuing business or at the NetSpend business, we're very focused on program management.
To answer your second question, I think we need to be more vocal on program management. I think historically, most of the revenue, the growth of debt in the issuing business is really with financial institutions and generally, inside of the US and North America and which Europe with larger financial institution. Key focal point of ours pre and now of course post AWS, both with NetSpend, as well as Issuer is on program management. That's a key part of our relationship with Evercore ISI going forward on the new partnership we announced today. I'd look for us to do more there and we'll share more details with you next month on September 8th.[/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>>
I think we're just over 4% now, Robert. So just over 4%, 4.5% share. So from a quick start, so we're pleased with that as well.[/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 for taking my question guys. And I'll echo my congrats. It was a solid quarter. I guess I just want to touch a couple of quick things here on Synthetics.
You started charging for Synthetics. I think it was, correct me if I'm wrong, Q3 '19. You've talked about seeing solid traction. Just love to understand what the growth has been in that business specifically.
Attach rates, maybe how it's trending relative to your expectations because you did bring up a little bit in the call, but we didn't get much color. I'd love to hear how that's doing.[/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 Walter.[/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. Aaron. I think it's a combination of different items. Of course the focus for IT is always on cost reduction and I think we are achieving that level of cost quarter after quarter. The second very important item is this alignment between supply and demand that should bring a healthier pricing environment for the industry. And then of course, but as those additional cost that we are incurring right now because of the COVID situation that we don't expect to continue for forever. We think a few more quarters and then hopefully, and in that part of the cost we [Indecipherable].[/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. Thanks, Paul. Let me answer that. And the short answer on the metrics is that we look at a wide variety of lenses or metrics and financials as well as non-financials to determine what's in the best interest of shareholders. And the key philosophy that we've employed, quite frankly, since we embarked on the new strategy, was that we wouldn't take anything off the table. And you've seen through the portfolio optimization focus and activity that we've achieved a lot of great results from that focus and attention.
At the same time, what I will say is -- and we saw this in 2020, one of the core strengths of our franchise is our global diversity. And the fact that we have business operations that are globally diverse across U.S., Canada and Asia, really put us in a very strong position in 2020. And quite frankly, I expect that will continue to be the case in '21 and beyond. So we've said all along that we'd never rule out anything or any transaction.
But what I would say is, specifically as it relates to the Prudential transaction, that's not a high priority for us. We really do believe that the global diversity of our business is our key strength. And there is incredible opportunity for us to unlock through the agenda that we're executing today be it inorganic transactions, and as Naveed mentioned earlier, the tremendous opportunity through organically managing our business for greater outcomes and 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>>
Yeah. Hey, Samad, I would say, mostly from net new, but we also saw some upgrades. But I'd say the most part is gross new, net new. What we're also seeing is continued strength in our unit economics across the board, especially with accounts greater than 2K.
We know -- you saw the improvement in NR. Last year, that trend continues to improve. So I think whether it's gross new trends in upgrades as well as really improved retention across the board, we're kind of seeing all of those characteristics in that cohort.[/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. So we're -- we've seen significant interest in the business and we're really confident that we'll conclude our process to evaluate our options by the middle of the year.[/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. So that's an excellent question, James, and happy to answer it. I think that, in large part, what you're seeing in Q4 is just really some variability on the incentive compensation on how it was recorded over the year, particularly in that stock-based compensation. If you go back and look at the early on quarters, we reversed off a bunch of stock-based compensation. The Board then came back and modified a couple of those plans. There's 8-Ks out there that would point to those modifications that then required us to book some of that back up in the back half of the year, particularly into Q4. So when you look at it on an annual basis, it makes more sense than if you do on a quarterly basis.
If you look at one of the longs that I called out specifically, however, was in that, what we're calling the corporate administrative expenses. Internally, we call that core G&A, that is down quarter-over-quarter and year-over-year pretty significantly. Kayla Money, who works on Curt's team, actually included a really, really nice chart on Page 33 in the investor deck that really kind of breaks out the flow of G&A. And when you look at it, that core G&A is down significantly and really a couple of pieces on that slide. We call out how we progress through the savings that we indicated from our refranchising and development strategy of -- late 2018, into 2019, and some of the more and the impacts of what we have done through COVID. So I think that really the volatility exists in some of those incentive compensation lines but the reality is, is that core, the core G&A piece, the salaries, the T&E and the such is down and will continue to be down when you look at that chart.[/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>>
The $25 million is our best guess of the extent of the inventory. The $35 million is ex any prebuy.[/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>>
Bryan, it's a good question and it's one we've discussed internally quite a bit. Initially, when we did the IPO, we came out with really low leverage and the plan was to seek an investment grade rating. And then, we had the opportunity to try to demonstrate the value of the Hawaii portfolio with some CMBS financing and when we look at the portfolio now, as we think about our cost of capital; I'm not sure that the investment grade rating would really help us all that much.
We do have a significant number of our lying [Phonetic] assets encumbered with that CMBS debt through 2009. We've got great relationships with Banks, we've got other capital partners that we could work with. So, from a long-term capital perspective we obviously want to maintain a fairly conservative balance sheet and remain well positioned, but I don't know that it's a much of a priority as it might have been a couple of years ago. And then from a liquidity perspective or how to deploy that capital I'd like to turn to John for 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>>
Yes, the charging station -- or the charging opportunity for us is really on vehicle. I mean, that's what we're really focused on. So yes, you're right. It's really toward, I would say, middle to end of 2023 in terms of the early ramps with some of the early customers that we have. And then picking up through 2024 and 20'25, and the opportunities that the team is developing for the company are very exciting. And I mentioned in some of my remarks, the market is changing, too. I mean, the electrification challenge has always been there, and it's picking up. But the OEMs are really looking at supply chains very hard. And looking to the companies that can bring the next-generation technology to them, but at the right value. And that's changing the supply chain, too. So I think as we go through this year, we'll probably be announcing some engagements with partners that will help us bring the automotive opportunity, I think, even bigger than the one from just supplying modules.[/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 guess as the year progresses, I mean we do have one drill, let's say, that's going to be poking around more regional targets, but continue to have 2.5 or three on surface and a couple of underground as well drilling. So yes, we've got lots of exciting things to look at in the regional setting and I can't give you a time frame on when you'll see results. We're currently waiting for assays on some of those holes. So there you go.[/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, perfect. Thanks. Yeah I'd say when we think about the reopening, one of the things we said on previous calls and I think it's a strong position for our brand and a strong position for our product portfolio is we were able to evolve and take advantage of the pandemic as people were at home or they were more solo outdoor pursuits.
As the world reopens and some level of normalcy comes back, whether those are commutes or group gatherings or side-lined sports on the weekends, we think our brand is well-positioned and we think our products is well positioned to follow the consumer. We're not a pick up and put down type of product portfolio or brand. So our coolers and our cups and our bags can travel with you as your, kind of -- or as people's reopening evolution happen.
So I think that's -- I think that's one of the things and we talk a lot about this that we will continue to adjust how we position and how we market to what's happening and where the consumer is at that point. We did it last year, when it was highly disrupted and we'll do that as the world reopens.[/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 mean, we've historically run around 94%, so -- and pushed up interest rates for -- instead of another 0.5% to 1.5% in occupancy. So, I think we'll continue to do that. I'd be surprised if we pushed in higher than 96%.[/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, luckily, it's not a material part of our business. It's difficult, and it's expensive and the prices continue to go up. And it's hard to say how we could monetize it effectively over the long run.[/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. Let me jump in on that, Suneet. As we've said in the past, I think, everything is on the table, right? But what we've also said in this call is that we're really focused on annuities, and one of our priorities is annuities and shrinking annuities to 10% or less of earnings. But in addition to that, what we're doing is that we're looking at all market-sensitive low growth businesses or blocks of businesses in terms of runoff, reinsurance or sales.
So we're going to continue to look at those. Life will be one of the businesses we look at in addition to annuities, but not necessarily the only one.[/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>>
Yes. Over the long term, Will, absolutely, we've stated our goal is to walk down our leverage over time. In the very short term, I think in Jamie's prepared remarks, he indicated that over the last 18 months, we've, in essence, $300 million in proceeds from equity raises and from sales, and we've only deployed $100 million to date, and this would be -- so it's still even if we were to do 100% through debt, it would still represent $100 million reduction in leverage versus where we were 18 months ago, which for us is a significant number given our size. So while, yes, the answer is long term, that's what we want to get to, along the way, keeping things relatively where we are or not is probably most likely.[/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>>
Good morning. Thanks for taking my question. I'm wondering, if you could give an overall comment with regards to perm placement in terms of what you ended up seeing globally this quarter as a percentage of revenue and what your prognostication is for improvement going forward. And then I've got a follow-up.[/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 guys, good afternoon and congrats on the strong results. I wanted to talk a bit more...[/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. Thanks, Zegbeh.[/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. So, we're -- we've been asked -- we've been deploying JEM for last several years across the enterprise. I would tell you that there is probably no place that we haven't been [Phonetic] hit with with the start-up hit, if you will, for JEM deployment, utilizing visual management, focus on cycle time reduction and on delivering productivity. We have identified a number of sites that we would call model value streams and we talked about those within our Investor Day, and we have deployed at nine of those sites already and have gone through, what we call, our Value Stream Analysis process which starts to set up what the next level of improvements that we can focus on. It's very coordinated in terms of process, the deployment and the dedication of people resources and we're looking for significant improvements in cycle time, in customer satisfaction, employee engagement, as well as productivity.
So these are sites that are, kind of, in the advanced plan now and will be leading the enterprise and then ultimately we'll take those learnings to additional facilities around the globe. So I'm very excited with, kind of, this move. It's a bit of a maturity or realization of maturity in our JEM deployment and will deliver some real results going forward. I mean, I think one of the things that you're seeing is the trend on price -- on our price cost, the cost part of that for activities being delivered, the ability to increase our cycle times through our facilities is leading to share gains in the marketplace. I think these are all great signs of how JEM is being deployed and what we still have so much more that we can do.[/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 Brett, it's Dave here. So the pipeline looks good. I would say, the fortunate thing for LeMaitre is we've been pursuing acquisitions for a long time. We have a lot of targets. And so we've been pursuing those I would say at the margin, with fewer congresses and less travel, maybe that cuts into the bandwidth a little bit. But we're fortunate, again, because we have a pretty broad set of targets that we're pursuing. In terms of the types of targets we're looking at, of course, the center of the bull's eye are disposables and implantables used by vascular surgeons. But I would say, we're starting to think a little bit more about peripheral endovascular because we've got so many customer relationships with the vascular surgeon and the bulk of what they do is endovascular these days. We also get 10% or 12% of our revenue from cardiac surgery. So we're looking around there a little bit. We did one acquisition a couple of years ago, the Admedus acquisition and that space is doing well. So we're looking there as well. The theme here is low rivalry markets. But yes, we're out hunting and sort of the same as it ever was.[/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 everyone. On a quarter-to-date in the 3rd quarter outlook for revenue growth looks really strong, especially in light of some peers of yours what they've guided. Just curious if you could kind of dig into that a little bit more, I'm curious what's going on in China, we've heard more travel restrictions and case load so curious if you're seeing volatility there. Then in the North American market, specifically for Coach, how are you doing there, is there a chance that you're back to positive comps there. 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>>
Thanks. Good morning, everyone.[/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, guys. Congratulations on a great quarter and just got to -- wow, a whole list of -- a litany of wonderful things going for you. I just want to get to the gross margins versus the top-line growth drivers that you guys have highlighted. With the supply chain issue becoming less of a headwind, it appears in the second half of your fiscal year.
And by that time I would imagine just about every product you'll be shipped would be on the refresh universal platform. And then if we can get some moderation and expedited freight cost and the supply chain of freight kind of normalizes, how good could gross margins be exiting the year if those types of events were to occur?[/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.[/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, I don't think so. No.[/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 so much, Brooks.[/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>>
I don't have it with me right now. I -- but if you want, we can provide that to you at a later time, Alex. I don't have that specific information.[/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. We're winning approximately three quarters of the mandates for our new payments and cash management platforms. That business banks, banks were serious about the business banking franchise. Generally banks sub-scale in size, although there can small banks that are focused on business banking and we are the clear leaders. You can see IAT's list reports, but the market really supports that. So, our win rate there is fabulous.
As we move if you wanted that answer for payments and cash lifecycle platform, we're way to where we went out in market, actually we're announcing that this is where we're going. But I'd expect we'd have a real strong win rate with existing customers, because we're already there. We are already trusted innovation partner. So, that's really what gives us kind of loaded odds, if you will, entry into a broader market. We're expanding from a core. We're not entering receivables or entering treasury independent of the existing capabilities and known vendor status we have and enjoy today.[/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, Mike.[/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 think that's a good way to summarize it, but I think generally speaking, we're focused on enhancing the technologies across the Ligand platform. But I think as I said and Matt Foehr referenced in his comments as well, adding technology to the already kind of industry leading tech stack of OmniAb will be important for the business as we go forward. And so, there is certainly a focus on that area, and obviously that's directly bolstering the antibody space.
So generally speaking, I think you're kind of right in your thinking about focus.[/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>>
Glenn, do you want to take 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>>
I think the first part of that answer is it depends entirely upon the owner. So if the owner is a single owner or whatever, without the resources of the organization, the vision, and the capital, the building is going to stay a expletive building, and it will find its own market at much lower rents. And of course, that owner may or may not be able to provide TIs and may or may not be able to keep the building in good repair. So a lot of it depends upon the order and there's that. If the owner is a sophisticated firm and a large owner of multiple buildings, eventually, over time, the buildings will be teared down and there'll be new buildings or whatever, or they will take the buildings and make them so that they are fit to be leased at decent rents below the Class A umbrella. So if you get a halfway decent building with a sophisticated capable owner with an organization and a capital base, there will always be a low discount rent market for those buildings. So that's a complicated thing, I don't know. But great locations and the great pieces of land underneath those B and C buildings will over time -- and I'm talking about 20 years be bought up by developers and will be teardowns. There will not be a huge number of those. There'll be one or two of those every couple of years.[/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>>
You were breaking up a little bit Marla, but I think you're asking whether we've seen a change in the market just in the last month or two, since the -- the last month since the quarter closed, is that 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>>
Thanks so much. Good morning. Nick or Kevin probably. On the Cobham antenna business, can you give us an idea of what percentage of sales are the, say, defense versus aerospace, particularly your sort of pro forma pre-pandemic? That would be helpful.
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>>
Yes. Thanks, Josh. It really hasn't -- I mean, sort of that was in the range that we considered when we've talked about the TAM for INTERCEPT Fibrinogen Complex.
I think the challenge still is just sort of that market organically is growing roughly sort of high single-digits on an annual basis. And so, when we, I think, put that TAM out there a couple of years ago using roughly a sort of 750,000-gram equivalents of fibrinogen annually, that's likely gone up and we're attempting to get better sort of real-time information for how large that market is today.
But, I think the NTAP preliminary ruling certainly provides us with more confidence in the market opportunity. As Jessica mentioned, this does provide hospitals with a payment per patient that is incremental to the DRG and that doesn't exist for the other products right now. So, I think it's really -- it's been very well received by customers thus far even though it's only been a week.[/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. The accounts payable, if you look at that, that's the shift in -- from -- if you look down on our other liabilities, you can see that they actually went up, but one of the items we've been and we've got some earn-outs that are coming due in the next 12 months. That's what shifted up in the accounts payable.[/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>>
I'm not going to name names.[/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, let me ask Elaine to address 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>>
Yeah. We would expect that we'll still be able to stay ahead, Jon. I mean, because, if you recall, we implemented our normal round of price increases that took effect, some in January, some April 1, some in the U.S. the third week of March. And so those are all in place. And we should not expect any erosion to margins, as a result of inflation in the first quarter. But once again, we're trying to get ahead of what we anticipate coming down the road.[/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, Paul.[/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, Brian.[/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, this is John. Book value has been relatively flat since quarter-end.[/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 as I stated, I think across all the geographies, we saw improvement in the quarter. Markets that have life science like Boston was one of a key driver in that. And in Northern California, those areas did better as a result of those business lines that were the favorite proof of investors 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>>
No, no. No, no. No. So, it's incremental to the baseline excluding that also $100 million that we had last year. So the baseline which let me remind you, the baseline for -- and you can see 2018 and 2019 capex was $180 million -- almost $180 million, so $45 million a quarter. That's the baseline. 2020 was higher than that because we had this $100 million investment which is done, behind us. So for mid of this year, going forward to the baseline of $45 million a quarter which is $180 million annual run rate, you should add the $150 million which is approximately $35 million a quarter, right, if it's spread over four quarters. But Q1, Q2, like I mentioned before, Q1, Q2 should be pretty low because payments will be starting to be made in the middle of the year. So Q1, Q2 is back to the baseline of $45 million, $49 million a quarter which was the baseline in 2019. And for middle of the year, will go up by about $30 million, $35 million a quarter for the $150 million. Clear?[/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 guess let me take that. One thing you need to understand is that the Investment Bank quarter-end loan balances can be quite volatile based on just which transactions have closed versus in the pipeline at a point in time. So the direction of travel Kian, we think is up. We do see loan growth opportunities, opportunities to put the balance sheet to work. But the comparisons on any given quarter can move around given the episodic nature of some of this. On the financing costs, I'll -- obviously, it's all blended in the sort of percentage of dollar versus euro in our funding cost is blended in. Interestingly, as we've called out before, the geography of a portion of that funding cost that is based on swaps is asymmetric as to whether it's in net interest income versus other income. So it's a little bit harder just to pull out for you what the impact on funding would be of a rising dollar balance sheet. But as I said earlier, we don't see a mix shift as likely in that balance sheet growth as it comes. It's likely to be steady from a mix perspective with where we've been in the past.[/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 only number I'll share with you is we did talk about the Permian and it's possibly 100 to 200 higher than the beginning Jeremy depending on a lot of different things. But that's really a key driver of the -- of course, the Permian volumes that we might see.[/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, yeah. And we go through, Caitlin, you may already know this, a very rigorous review on our receivables positioning. And it's cross-functional. It involves finance, it involves legal, our asset management group and research.
and so, in terms of the actions that we've taken, we feel very solid about the reserve position. And as we look forward, our collections have been consistent and steady. Where we are right now in the fourth quarter, we've got close to 94% of collections. And really, when you take a look at the uncollected rent in our company, it's really a story about theaters.
80% of the uncollected rent is focused on the theater business, which is 5.6%, as you know, of our contractual rent base. And the remaining of the story is really around health and fitness, which is primarily the remaining 16% of uncollected rent. And we did incur some collections on the health and fitness business. As Sumit said and we've talked about, we still have theaters in front of us.
But there've been really positive momentum, and we view that potentially could be an upside for our business 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>>
Thanks, Joey and Andy, for the very detailed explanation. I have a question on the new store expansion, because I think so far, you've been doing a very good job in terms of managing both, a very fast store expansion and margin improvement. So I just want to understand more in detail about the increase of store density impacting the existing stores. Does that have any impact on the same-store sales growth of the existing stores? That's one side. And the other side is, yes, the payback and the return of new stores are quite good. So how are we going to look in the future with continued store increase, especially we uplift the target again. What kind of a dynamic we should look at in terms of new store margin and also the impact to the existing stores? 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>>
Yeah. We're obviously aware of just the growth in retail investors and what that's meant to brokerage accounts so far in the pandemic. We tend to under index in those type of clients, in general. So that's not really a driving force behind the move from free to deluxe in our products.[/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>>
Really going to enter. And nobody is predicting the semiconductor supply costs of shortages are going away in 2022.[/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>>
The most likely explanations would be I think that the inventory challenges have been more significant with independent dealers. As you know, we get the majority of our originations from independents. And then I think that there's probably some reluctance on behalf of dealers, given the scarcity of inventory to finance a loan with Credit Acceptance and given that the upfront gross is less than it would be with one of their traditional lenders. So we've gotten feedback that some dealers given the scarcity of inventory are electing not to finance that consumer and waiting for a higher credit quality by order of coming to the lot.[/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 can start and then -- this is Brian and then Joe can add in. I'd tell you that we are already seeing improvement in the small site count and we've cut the loss rate in the small dealers less than three by almost half. So, there's a quite a bit of improvement already. And as we continue to put both improvements into Drive because many of those small dealers still want to use the capabilities that come with Drive and Drive Flex, we think we can continue to turn that into eventually growth.
Now, that's probably going to take another year or so before we can -- to actually see growth in that space, but that is our target. But in the short term, we are seeing pretty dramatic improvement in that space and a lot of that's been really not only making improvements in our products, but making our improvements in customer support. Those are the guys who typically look at things like customer success, having people get out there and talk to them about their business and they look for that kind of work, consulting, time that it takes to answer calls into the help line, all of those improvements have really helped us, especially that smaller dealer network. But let me hand it to Joe and see if he has adds to 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>>
Yes, Joanne, you're right. It is rounding the two year mark on Wright Medical. However, we're only nine months into sort of the cash flow impact of buying Wright Medical. And so, as we announced at the time of the acquisition, we were going to focus on debt reduction and sort of tuck-in kind of M&A -- And so that really is what we've been doing, and you've seen it over the last nine months, we've paid down just a little over $1 billion of debt this year. We'll continue to look for opportunities to do that as we move forward, but we're ahead of the schedule that we thought we'd be on for debt pay down. So that's good. And then honestly, our BD teams are working and looking at smaller tuck-in M&A deals which we think actually provide the most sort of shorter-term growth upside. And so we're excited as they bring us new deals to look at sort of in that kind of size and category.[/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 question. So I want to reiterate that our top-line guidance really reflects the new strategy to hold on to our drugs longer partner, if we do partner later in development, and to really advance a broad pipeline of wholly owned medicines to the market, primarily in in neuro and cardio. So really as we think about our R&D revenue, it's based on amortization from prior up-fronts and milestones as well as a whole host of potential milestones and licensing fees across our current partnered programs in drugs and later stage research programs.[/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>>
You're welcome.[/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, thanks for the questions, Tejas. And let me start by saying that it's hard to look at any specific indication or group of new vaccinees and say, yes, that's in the guidance, or no, that's not in the guidance. We're operating obviously at an aggregated level of demand from our big customers. But I think it's fair to say that those big customers are highly focused on their own capacity and what their needs are to support the regulatory plans and approvals that they know they have in process.
So my answer to your first part of your question is, yes, I think it's reasonable to assume that those expansions of demand -- of coverage would have been anticipated by our partners, and that's then reflected in the orders that we get and in the way we build our guidance, as Kevin explained. And then on the second question, I absolutely believe that you will see much more use of mRNA vaccines in the developing world than we ever thought even three or four months ago. Before the first cold chain changes were approved by the FDA, that seemed like a momentous hurdle among -- monumental hurdle to get over. But right now, it looks like that's becoming much more manageable.
So I would expect that you're going to see mRNA vaccines will be used in a large number of places that were not previously anticipated. As to whether that's incorporated or not, I think it's less likely that those changes have been fully anticipated or baked in.[/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, Kody.[/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'm not sure which discount you're referring to, but I can give you a view to demand. So we're pacing for Jasper right now 17% ahead of what was quite a strong season in 2020. And that is really primarily all Canadians traveling. There's no international business in that growth mix. And we expect that number is just going to improve. We do have, at all times, depending on the time of day and period of the year, more of a dynamic pricing curve to be honest.
And so if you've got a young family and want to visit an attraction early in the morning, it's generally a more favorable ticket price than if you want to come at two o'clock in the afternoon on a Saturday. So we do price dynamically and adjust. And we adjust any offers that we have based on the conditions within that particular market. And also by type of visitor, mix of product, what else is packaged and so on. So we spend a lot of time and energy around on the pricing side and we'll adjust according to what the demand is.[/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 we feel that until this pandemic and its crisis is over for good that the strong occupancy is the best way to protect the portfolio and continue to deliver results like we have. So as we look forward at our lease expiration schedule again, it is skewed toward the second and third quarter during leasing season. We're adjusting our renewal rates in order to make sure that we're maintaining occupancy in that 95%, 96% range. On new leases, once the unit is vacant we are out there and you want to drive as much rent as you possibly can or once you know it's going to be vacant, I should say, or the tenant's going to leave. And it's also helped dramatically by the value add program. And in the value add program we're getting 18% to 20% premiums over expiring lease. That's very powerful from a rent growth perspective.[/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 Carl, good question. A couple of things there. I think at the most global level, when you think about the consumer groups, I don't think you'll see a dramatic change. I mean, we've seen a shift, right? We're something close to -- I reported in my prepared comments, our mortgage consumers, we saw about a 40% share of first-time buyers. When I look at the first-time buyer set, we're up about 40% year-over-year. So I think this new structure that you can look deeply at our -- in our investment deck is probably the overall percentage. When you look specifically to the geographic penetration, there are -- there's definitely been some movement.
You'll see in the press release, we've seen a reduction in our central, some of that is getting ourselves away from a finished lot business, which I would tell you, Texas historically was. And really making sure we can control our own destiny and not having the chance of gapping out based on development delays by controlling our destiny. So some of that by running larger, more efficient communities is part of it. So you might see some -- I'd say Texas is a place where you've seen that biggest change. But then when I look at consumers across the board, I'd say, pretty much status quo.[/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>>
Q4 launch. And obviously, we've done some things to pull it forward given things that we had to solve for along the way. So I'm pretty proud of the fact that we're still sticking to Q4.[/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. Thanks. Good morning. Joanna, you talked about co-brand economics improving, and I think you said, closing the gap between your earnings and peer earnings over the next few years. I just want to understand kind of what the expectations are, in 2019 you guys reported about $200 million in fee revenue from the card, Alaska reported $465, is it your expectation that you can close that gap within a few years.[/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, we've had some recent successes, actually getting better rates. So we've got a network of about 300 terminals or warehousing locations across the country. So I guess we don't have -- I guess it's been a positive for us. Using the network we've had, we've been able to be ahead of the spring season and having tonnes close to the customer. So I'm not sure that's answering your question, but perhaps I'll pause there. And so if you got anything specific you want to add?[/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>>
Steve, do you want to start with just on-boarding and what you see in the future and I think there is a tremendous overlap with Art's and maybe you can share his thoughts as well.[/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.[/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 in terms of 4G to 5G transition, no real change in the outlook. As Mark said, I think, or Bob at the beginning, we said across tiers anywhere from $5 to $7 worth of additional content when you pick a 4G phone and then make it 5G-capable. We think that's holding out this year as well. And so, the main difference is, you'll have another 250 million handsets or so layered on to the TAM versus what we had this year. But no change in the actual 5G adder that we're forecasting.[/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, guys. I wanted to talk about your order book and how widebodies will fit into the portfolio with longer-term. We've spent some time, I guess, talking about the shift from owning to leasing. And when I look at your current order book, it's primarily weighted toward the narrowbodies. I just wanted to get a sense of where on the next cycle, you kind of see the widebodies coming back into favor? Just seems like there's a large number of widebodies parked in 2020. And most of the lessor capital seems to be focused on investing in the narrowbody space. So just wanted to see if there comes a point where the economics begin to look attractive and, maybe what are some of the factors that would cause you to look to place an order?[/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>>
Let me start, Jeanine, and then Rob and Vicki can jump in on the back end. So obviously, Q1 production is lower than the average for the year. So there is -- the two, three, four is going to be higher than Q1 partly because of the storm and then partly just because of how we started up our development program late in the year and how that flows through. But I wouldn't think of it as some continually increasing trajectory heading into 2022.
It doesn't necessarily look like that. Every quarter, it will be a little different. But definitely, the back three quarters are higher than the first one. I think as Vicki said, we're not driving toward growth for 2022.
Our cash flow priorities remain intact. We're very focused on deleveraging -- generating free cash flow from the business that we can use to continue that pace and move that forward as fast as we can.[/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, Kevin, I think what you can expect is we'll continue to monitor the raw material basket as we normally do and if it persists at these levels, then. yeah, typically to offset the dollar, you got to get about 50% of the raw material increase just because of the way the sales COGS dynamic works. So and to be fair, some businesses within industrial are growing higher than others, just because of the dynamics within that specific business. So I would say that my expectation is still that would offset the raw dollars, dollar for dollar with price and to be clear, if we don't see that happening. Kevin we will offset it with other internal savings in SG&A and other leverage that we have to pull. So I don't want to leave here thinking that why if I don't get, if they don't get price, they're not going to offset the raw material increase that's absolutely not the case. We'll look at all the leverage that we have available because again, our focus is growing operating margin.[/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, we can speak certainly speak to it. I'll go first. But really, Stephen, it came across the board and there are two components to that net growth number, so it came across the board. And if we look at our funded -- our funding's surprisingly balanced. You couldn't balance it anymore across C&I, CRE both owner occupied, non-owner occupied, multifamily. Multifamily is probably the biggest area -- it was the biggest area of growth for us and we had good originations, but we just frankly had fewer pay downs. It was an impressive. Well, I appreciate you calling it an impressive growth number and we turned in good performance but actually it's probably even more remarkable for us was the level of paydowns as well.
We had great originations and continue to get some pay downs and we didn't get many in multifamily and that's what led to higher growth in that particular segment but residential as well we had some growth in that or, so it was really balanced across the board. Yes, anything 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>>
Hey, good morning team. Thanks for taking my question. I mean, most of them were already cover up. But just a few follow-up on the capital allocation priority. If you had to rank it, would you think like youre putting priority into the organic growth and then maybe dividend as #2? And then my second question would be more in term of aerospace recovery and if you have seen any sign? Obviously, we have seen the industry picking up in terms of air traffic and et cetera. But just if you have seen any impacts yet on order book and how do you see second half of the year versus the first half of the year for aerospace.[/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. So, not a big dollar spend there, about $0.5 million of cost that we look to establish laboratory asset on that kind of takes care of the revenue loss and the operating expenses to resolve the situation there. And then, looking forward from that event, when we did our Root cause analysis and looked at the reason for systems being down, as we said in the last call, it's very much driven by electrical outages. So, electrical outages as opposed to freezing, without the outage, we would have continued to be successful in providing our customers with uninterrupted service.
There maybe an opportunity there to -- there certainly is an opportunity there and some of the systems do some hardening and make some investment. These aren't huge dollars. In Texas, we're basically in compliance in terms of the number of generators we have, for the systems that we have and to invest in more generators, we really need to buy-in from the PUC kind of in advance saying, we want to ensure that we can generate power if the power is out. But, when you look at a fairly large number of systems across Texas, it's a big number to start putting in lots of generators. So, I don't think that PUC will -- we'd let a do tremendous amount beyond what the PUC allows at this point.[/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>>
Haendel, the impact of the equity issuance was really a non-event when it comes FFO guidance, because we're using the proceeds to pay our high cost debt. The dilution is less than a $0.05 for 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>>
It's hard to -- these things are very seasonal and everything. So one month might be less. We had to slow down in November, which wasn't only us, it was across the entire economy. But, let's say, it's -- systemically -- if you look at it systemically, it's very positive just because of virtualization and the partnerships that we have, the key partnerships we have long-term contracts with, but all the partnerships we're developing and implementing now. The long-term trend -- even though that we're probably -- we were 8 on the list of the Nielsen list last year, we might be as high as 5 or 4 this year, only behind the three big money center banks. It's a much bigger base, but all the necessary conditions are in place to grow at long-term at that level.[/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>>
Jonas, I don't fully know yet. It's also partially going to be contingent on that we do some M&A during the year. I mean, look, in aggregate, I mean, we're in a really nice spot here. We've got $5 billion to $6 billion of cash available to us as we close the three non-core sales that we've made but haven't closed them yet.
I think Lori mentioned, there's still $900 million gross coming in during the first half of the year. In addition to the $2.3 billion excess from the IFF transaction and the $2.5 billion we have just coming into the year from non-core sales and operating cash flow. So it's a really nice position to be in. And so partially just in general on where we end up on the M&A front, we're not going to sit on cash through the big numbers.
So it will either be M&A or buyback.[/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. So I think it's the -- just as you suspected, it's just incremental cleanup at this point.[/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 think that if we come in at the $150 million, we should be right around that same EBITDA range as 2020. The EPS is obviously going to be different because of the fact that we're now going to book tax provision, so 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>>
Yeah. So the important message we want to leave everyone with is a Block Horizons strategy is not a strategy dependent on M&A. We also know and we've talked about that we will stay open if we see capabilities that would accelerate our growth in small business or financial products and that they made the right financial sense, they generated the right returns for the business. We are open to those, but we're not trying to build an M&A-dependent growth strategy.
And that's how we've tried to be transparent on both sides of that question.[/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>>
That's a great question. Let me turn to A.J. for the answer.[/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. So your math is about right. It's about 10% growth or a little more off of the fourth quarter of last year, and it's really a number of things. It's really strength across both businesses.
We expect a variety of critical infrastructure projects in Europe to come to fruition in the fourth quarter. We're expecting more business in our Israel business with the IDF as the new government has been formed and budgets come to fruition. We expect stronger enterprise spending. I commented on enterprise being down in the quarter and capacity being utilized by some of our larger customers in enterprise, so we expect that to increase.
We have a variety of, what we call network modernization programs, which are six to nine months in duration that come to completion, and we can recognize revenue toward the end of the year. And in India, we were expecting a little more business as the year progresses but not dramatically. So it's really a variety of different things that kind ofcome to fruition in the second half of the year.[/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 mean loan growth, obviously, we want to make quality loans and we want to grow loans. So that would be our primary goal is growing loans. It's an enormous amount of liquidity. Our loan pipelines and I didn't mentioned this number in my prepared remarks, but our loan production this year through the first six months is up about 15%. So we are -- over last year, which was a very good year for us. So we are producing an enormous amount of new opportunities. We got to shore up the back-end and hopefully see some line utilization but yes, the number one priority would be to make loans. But we also focus on relationships and we're not going to pass on an opportunity, it's a great deposit opportunity that can lead to additional monetization whether that's services, other treasury management services, fee income opportunities. All of those things are part of our relationship banking strategy.[/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, Jeff.[/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, Steven.[/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, in the US, in ETF, generally about $135,000 to launch a fund. Our European UCITS funds are roughly the same. If it's a leverage and inverse fund, it's a fraction of that. It's closer to like $30,000 or $40,000 -- they're about $30,000 to launch an inverse in leverage fund.[/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. We haven't changed any of our book value assumptions related to any lift we're going to get on any recapture from the Caliber franchise at all. One thing and Nick pointed out, and just when you think about book value today and as we think about the second quarter, so everybody can model this correctly, why don't you just share the $0.03 thought?[/INST]
Direction (UP or DOWN): DOWN | DOWN |