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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah, I think that -- it's a good question, I think, I would probably lead with geographic locations. New York is a little unique, but any major metro with mass transit is still kind of locked up even on the smaller to mid-size. So, this is probably a little bit more geographic-driven based on what we look at.[/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, Matt.[/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. Thanks, Rajan.[/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. I mean there definitely has been a lot of change in our customer behaviors in that part of the marketplace with the over-the-road customers. I talked a little bit about on the call some of the products that we've developed as a result of those changes. It's been this movement more around delivering for the last mile.
There's been concerns around staffing. And certainly, all of that have played out in the marketplace. And one other thing I'd say is if you look across that portfolio through the pandemic, the larger-sized, over-the-road fleets have outperformed the smaller businesses, and so there's been quite a bit of change in behavior with that customer set. I think like lots of parts of the economy right now, they are struggling with labor.
Not hearing that, that something that they're concerned about in terms of ability to have less ability right now to meet customer demand in aggregate. It just kind of shifts the volume around from one customer to another. So I wouldn't say that that's a trend that we think is going to play into a change in overall volume. It just changes between the customers that are fueling.[/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. Thanks. I'd like to ask about your efforts and addressable advertising. I saw you announcement a few days ago about the campaigns that you just managed to do? I guess my question is, this is such an obvious natural progression in the industry. Maybe could you fill us in a little bit more on kind of what it takes to make this a more standard procedure, because it seems like such a good opportunity for all parties involved. 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>>
Well, again, you're asking a question that's probably more specific than I can answer directly. What I can tell you is that unit buybacks are part of our going-forward plan. I'm not going to comment on the timing or the pace of those. But they are a core part of our capital allocation strategy going forward. I can't. I'm not going to address whether this specific price is a good price or not because I don't think that would be appropriate. But I can't tell you equity buybacks are, as I've just said, to reiterate, core part of our capital allocation 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>>
Yeah. Sure, Mark. This is Darren. I'll take this question.
Our guidance for the year of $450 million to $470 million includes our 53 current locations and additional new store openings in L.A., Long Beach, Mississippi, and Ardmore, Oklahoma, which would bring it up to 57 stores, though currently we're guiding to 65 stores. All additional store openings and potential acquisitions will be updated on a [Audio gap]. We have a very healthy pipeline going forward. We believe we can close up to another $100 million of acquisitions in the remainder of 2021.
So as we close these acquisitions, you'll see us updating guidance on a quarterly basis.[/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 questions and good afternoon. So my first question is around just the rollout of IQ 8. I was just wondering how long do you think it would take or it could take to completely transition from selling majority IQ 7 to selling majority IQ 8, a year or two years? Just some rough numbers would be great.[/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. Kevin, I do want to clarify one thing, just so everybody understands. When Michael talked about our guidance and nothing having changed, in the third quarter, the guidance we had given was that we expect in 2021 to be about $450 million. Based on what we had in PPE orders that we already knew of at that point, we really were giving the base business.
As Michael mentioned earlier, we are continuing to book fairly significant PPE business as we go forward. And when he said nothing had changed, I did want to clarify the part about that with the acquisition of Gifts By Design, that was not something that we had contemplated into that $450 million number. So that would be additive to that number. But then going forward, it would be within the organic growth comparable range to what we've got across the rest of the promo business.[/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>>
Congrats, Brad and Ben, and happy birthday, Andrew. My one question is probably a longer-term one, Ben, but you have the Boeing deal with you now, pretty conservative balance sheet, the oneworld agreement coming up. Is the future-looking bright? And what are you reimagining in a post-COVID world? Is this the time for you guys to be a bit more aggressive maybe than in the past?[/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 sorry, I wasn't sure -- what's the $50 million to $80 million?[/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. We talked about this when the pandemic unfolded in regards to kind of the big implementations, the on-prem, which as I talked about, is a much smaller part of our business now than it was. But that is the part that I think was more impacted by not being able to be on-site. Just the complexity of some of these on-prem solutions and installations, which I think challenged by being virtual. But I would say that we've done a great job of adapting to virtual engagement with our customers. And you see that from not only the recurring revenue growth, but our sales of the SaaS solutions in that business. So I think you're going to -- I think part of what is contributing to that fairly significant decline in onetime is what you are touching on. But like I said, in terms of overall engagement with our customers, we've done a great job of adapting virtually.[/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>>
Lance and team. Thank you for taking this Kenny, maybe one for you on the automotive side. I mean, obviously, that's a question mark that you guys have up there going forward. Clearly, that's going to depend on the ability to get the ships and manufacturing back up. But once that is back up and running, what should that backlog look like for you guys? And what should we expect on the volume side in the second half of the year and maybe into the first half of '22?[/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 know, Omotayo, I don't think it differs from -- obviously, 2020 was a weird year, but I don't think it -- I think it's a little bit more normalized but -- which is normalized to us is choppy, right? It's hard to predict deal flow. We're seeing a fair number of sort of what I would call the small to midsize deals. But we're not -- right now, we're not involved or seeing any really, really big chunky deals on the SNF side. On the assisted living side, we've made an effort to look for potentially distressed prospects.
And quite frankly, those have not panned out. We just have -- we've seen some distressed activity, but there is a lot of money out there chasing those deals.[/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 guys, good morning. Pretty impressive loan growth in the quarter. And it's encouraging to see apparently C&I line utilization increase in the quarter. And I think that is ahead of what we see from some other of your peers so far in the quarter. So would just love to get some color on just the drivers for the increase in line utilization this quarter and just the overall C&I growth that was again impressive, and just kind of the outlook for overall loan growth in the back half of this year ex PPP?[/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>>
Eah. Technology, in our world, we're thinking as a consistent, I mean, it's a constant investment. I mean, we're making some investment in technology every quarter. And so, for us, it's trying to plan and it's trying to be routine about it. We have done a couple of things on the technology front, that we feel, gives us, keeps us on the front line in terms of what's emerging, what's happening. It keeps us thinking sharp, and thinking about that customer experience.
We were an early investor back a--, a few years back in a local fintech firm called FinTode [phonetic], which was managed by a friend of ours. And then, when I said we are a local investor, we were an investor, that is actually misstated. And I guess, I'd say a very large shareholder of that horse, it was our personal investor. But, because of that, we were able to get a lot of insight into their investments, what they're looking at. And so, that's--, and so, we have since made an investment in a fund, small investment in a fund, that is a fintech-focused. And so, again, we will sit on an advisory board there.
And with Jack Henry, our core processor, we're on their highest level advisory board, again where we are constantly evaluating and monitoring on the technology front. So that--, so wrapping all that into what we're doing and wrapping that into the customer experience focus and project that we have going on, so that we're in a position to continue to make sure that we are leading our competitors when it comes to that customer experience.[/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, Tim.[/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 -- I -- I think it's a mix of that and I think the insurances haven't helped. You -- you -- you put your finger on SUI, SUI is -- is going to be an impact into Q4. And that -- that's -- that's going to be an impact, workers comp has an impact too. So, I think you got a mix, mélange, of a say, of different issues there.[/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, Matthew.[/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, Dan, on that particular one, we do see the business is a high single-digit growth in both stand-alone, and obviously, the combination should be in that ballpark as well. I think we're -- as you know, Dan, folks who think about things in terms of making sure they're absolutely doable. So while we get in and we integrate these businesses, we do see opportunities.
Steve has pointed out that we have a lab business. They have data elements that we don't have. Likewise, we have the imaging. They have a lot more early phase. So there definitely is cross-sell opportunities. But I suppose what we're saying in the first instance is, let's get to those high single digits and make sure we're firing on all cylinders there, and then we'll look to that as additional leverage.[/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>>
Michael, there is a couple of things to qualify that. If market conditions remain as they are today we'll continue to be opportunistic and frankly take pace and price, like we did in the first quarter. If you think of our business model and our stated blended absorptions five a month and the spring is the stronger time of year, so on average five a month for a year, you're going to be six, six-and-a-half, in our second quarter. So I think it's fair to assume similar absorptions to what we saw in Q1. And at that level we hit the starts everywhere and we're in a nice balance and a nice rhythm to deliver on the year and set up a growth for '22. I think that's a reasonable assumption.[/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>>
It could. I think once again, obviously, those are assets from developments, I think it was kind of wanted to make sure that we have agreement and a binding commitment between CEG and C1 before formally extending that. But I think to your point, hopefully as we kind of get traction around 2023 and any volatility around the gas fleet is reduced and we kind of know where we sit, I think trying to extend guidance is something we definitely shoot for, but once again, would want binding agreements before we felt comfortable doing so.[/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 first on the cloud margins, because there I have an answer for you. So our expectation is that, despite the investments that we are taking over the course of the next two years, we should still see a modest increase in the cloud margins in '21 and in '22, but then a significant step up as of 2023 when we have concluded that work. Very much in line with what you saw actually in the past while we were going through the harmonization of the database. There you might have -- might remember that we had slower progress for a while, and then after SuccessFactors, also last year, Ariba was done, you saw, again, a step-up, and that would be a similar trajectory that we are expecting also for the cloud infrastructure harmonization work.
And on the infrastructure as a service share, I really can't give you such a share, because we are not breaking out the public cloud infrastructure piece. Actually, we are offering our customers choice as we have said. They can actually select the public cloud infrastructure or they can elect to go with SAP's own converged cloud. So we obviously have an overarching revenue ambition for RISE with SAP that fuels, as I've said, the ambition to reach the EUR22 billion in cloud revenue by 2025, but within that, I really cannot give you a breakdown between public cloud and converged cloud infrastructure.[/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 sure he's listening. So -- he probably heard you wishing him 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>>
Good morning, Ben and thanks for recognizing Tom. His incredible 18-year career has laid this foundation for all of us, and we're so excited as we look forward. It's an honor to be the CEO of SunPower. And from a personal standpoint, this is a mission I'm very passionate about.
Renewable energy, and particularly solar, is so critical for all of us and for our future. But it's -- in particular, for me, as I took a look at SunPower and this opportunity, I was so amazed by the leadership and technology that this company has had over the last 20 years. And my plan is to preserve this wonderful heritage and build upon that over time. And there's three areas in particular -- it's early days, but there's three areas in particular that I think we can look forward to building with this technology expertise we have.
One is, how can we continue to build world-class customer experiences? How can we be the leader in providing this ease, reliability and resiliency? Two, how can we develop new innovations for consumers that help them take advantage of all the things that renewable energy and storage and beyond offer? And then three, how can we continue to scale this company efficiently through automation, self-service and all the ways that you would think a technology company would approach a problem like this? So I'm so looking forward to our future, and I'm ready to get started.[/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. Yeah, sure. I think I won't comment on ultimate penetration because I just think it's going to take time with this segment. We're just in really early days here relative to the Type 1 segment. So we're more comfortable saying hey Type 1s can get over 50% because we are mature and we see where we are in that adoption curve.
We are at -- we're standing on the precipice with Type 2s and we're seeing great adoption, but it's very small penetration into this massive opportunity. When you think about the intensively managed Type 2 user, there really isn't much difference in their need. And we do think that all of the work we're doing to establish broad affordable access, to drive unparalleled simplicity into our technologies that those advantages are I would argue, more important for the Type 2 user and the Type 1 user, but regardless, they are important for all of our users and should drive continued adoption. And we see both segments Type 1, particularly as we start, as we bring Omnipod 5 to market and we think that will be an accelerator for growth in the marketplace.
And then, as we look at Type 2, we've got a product today that is incredibly simple and being very enthusiastically embraced. And then, as we -- the kind of the next wave is as we bring the simplicity of Omnipod 5 to the Type 2 market, we think that can further unlock it. So we are excited about the long-term prospects for the Type 2 space.[/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, Charles.[/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>>
Hey, and the only thing I would add to Joe's is that -- the other thing that is really neat about Fortellis is that it's -- because it's all API driven and it is modern, it allows us to integrate opportunities very quickly. So, you heard about our Square Root application -- or acquisition, excuse me. That will help -- Fortellis will help us integrate a lot of their applications and their technology much quicker. You saw our payment partnership that we've just put out there. That is going to be integrated through Fortellis and it allows us to do that integration with third parties. Then, we will get paid quite nicely for on a per transaction basis. So, it's really going to be the engine that helps us grow our business, even if it's not Fortellis that's getting paid for that transaction, but it's allowing us to integrate with applications that we are getting paid for it. It's going to be convoluted how it does, but it's going to transform the rate at which we're able to make change and improvement. Okay, next.[/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>>
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. Thanks for taking my question. Just going back to the -- the -- some of the outlook comments you made with respect to legal. I was wondering if you can develop with respect to international growth there.
I was wondering if you can sort of expand a little bit on the international growth element there? And secondly, just as a follow up with respect to the tax comments. Is there an update on the U.K. tax dispute? I know that there is an additional component that we're waiting for a larger component. I think, of course, $600 million --[/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, sure. Thanks, John. The purpose of the plan is as -- as part of our compensation model and -- and pay for performance, and it allows our employees and our financial advisors to -- to basically put some of their deferred income into the market and -- and have it in earn in the market. And since that's what their profession is, that makes perfect sense.
And then, as a company, what we do is we hedge that. So if because the compensation expense will rise and fall as markets move up, and as they've been moving up recently, especially in the first quarter of this year, our fiscal first quarter, our compensation expense would mark to market or mark up. And -- and hedge that, we basically buy a basket of securities to offset what is -- is -- what our clients -- our -- our financial advisors and employees are put into the market. And you can see that on Page 10 of the sup.
And we spell out the impact of revenue and expense there quite clearly. And you can see for the last two quarters, they've almost matched perfectly. But they won't match perfectly because the compensation expense amortizes in as -- as a best over the three years, whereas we have to buy the securities to hedge it immediately upfront. And you have seen that dislocation in Q2 and Q3 last year where there were about a $20 million difference.
But year over year, you'll see a big increase in revenue and a big increase in expense for that. And that's why we adjusted out when I talk about noninterest expense growth year over year because it has no economic impact, except to the financial advisors where it's a positive because it -- it allows them to invest in the market as their salaries and -- and compensation is deferred.[/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, we've seen -- you know, if you look at the data, I think in June, North America miles driven are projected to be up about 105% of pre-COVID levels, and in EMEAabout 112% of pre-COVID levels projected looking at pre-COVID seasonally adjusted levels. But we do still see collisions and, thus, body shop activity in terms of actual collision data, as well as through our point-of-sale and customer support systems in the body shops, we've got a good read on the amount of paint that's being made on a sort of unified basis and when you look at that, it has everything to do with track traffic congestion levels returning to normal levels. So, I'd say that we expect to see that trend continue until we get to September when we expect that back to school and back to work will result in greater traffic congestion at more typical times of the day and, thus cause collision activity to return to more normal levels. That's our expectation at this time.[/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>>
Any impact I'm seeing from -- [Speech Overlap][/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 referring to the current accident year for casualty specialty last year versus 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>>
We have been able to make any changes here before in a very cost-effective and time-efficient manner to meet the needs of our customer for the testing program, but I do not see at the moment any impact on our EACs or frankly on our ability to produce this vehicle efficiently. The kinds of changes we're likely to see and that we could anticipate typically are cut into the production line. So I don't see a whole lot of perturbations from a cost or schedule impact from the changes that we can envision resulting from this, from the resolution that we come to our customer with on these particular 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>>
Yes. Under our current covenants we have those restrictions and those remain there till the end of the year. We could decide to renegotiate them. The other factor that's at play here is that our current capital structure. We're kind of growing into our existing credit ratings. And so, by the end of the year, our capital structure will be much more aligned with our existing credit rating. And so, this would not be the time to buy back significantly more shares as we're trying -- as we are still working our way into our existing credit rating. And so, that's the other element that's at play here, Deane. We could renegotiate it but there is still the credit rating that's in play as well and it's clearly our intention to remain a solid credit rating company.[/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. There is a point, I don't know what that point is but sure there's a point. So that's kind of an open question for us. I understand exactly what you're getting at, at least I think I do. I don't have -- can't give you a date, but it's something the back of our minds, absolutely.[/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. No, we're thinking about that. Obviously, in watching the debt levels closely, as you mentioned, our first initiative is to get it under $2 billion. But once that occurs, then we'll definitely be analyzing the various return of capital being employed by other companies and how they're valued. We have a long history of buying back shares. We bought back significant amount of shares last year. We bought back significant at AM. We also have a long history of paying a significant dividend. So we're well schooled on those two different forms of return of capital. But it will be something we monitor in 2022 now as our forecast when we get below that $2 billion, we'll pay close attention to it and have some more information then.[/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, Luke.[/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 are 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>>
Well, the biggest driver in that is the timing of the occupancy recovery and we're very excited about the fact that we had 100 basis points of occupancy growth from the end of February to the end of April. We see positive and encouraging signs about the level of demand that is in the market and our expectation is that we will win the recovery. So that's the biggest driver. Steve, what else do 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>>
Great. Thank you, guys, very much. It's been a while, and I hope you're both doing 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>>
Thanks, Dana.[/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, inflation is still very high as we all know. And as I mentioned July wasn't any better than the previous nine months in terms of increase, but I would say that availability of some of the materials that we were struggling with resin and aluminum in particular are starting to work themselves out. We started to see that in the latter half of second quarter. So we feel like that one is heading in a positive direction. Labor availability is something that I think everyone is going to continue to struggle with for some period of time and depending on what happens with -- continues to happen with COVID that could cause some challenges for folks, but we're managing through that pretty well. So that's just going to be a continuous battles as we move through the next couple of quarters. So inflation number one, material availability starting to improve but still there a bit. And we still have strong demand. We're trying to support it. But we've got to have the material coming in. That's getting a little bit better. And then the third is any other disruption associated with COVID, which I think like I said, to this point, we've been managing relatively 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, I think we were pleased given what COVID did in 2020 to retail. We were pleased with retail as a division of our D-to-C. As of today, we have five stores. Traffic was down in these stores anywhere between 60% to 80%, but conversion rates jumped from the low 20%s to 50% to 60%, which goes in sense, you're not going to go to the store, given the environment unless you really want to buy something. We continue to see opportunities to expand retail in 2021 and we'll probably add anywhere between three to five doors potentially, but again, you have to watch the market because not every market is responding or rebounding exactly the same.
Like I said, we see as a long-term initiative. In the short-term, our focus has been more on the e-comm side of the D-to-C because it doesn't have closures. Unfortunately, even in markets like Big Sky, which we opened in November, we've had to close the store twice due to COVID restrictions. I think the other side that was really impressive and point out again about the growth in e-comm is that we did it without being off-price and in a market that was very promotional driven, which we believe is both proof of a super-fan brand, but also the discipline that long-term, the value of BD is in the product itself, not in its ability to short-term promote.[/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, guys. Great -- congrats on the great and to 2020 -- calendar 2020 and Rajiv, you know, like Alex said welcome to Nutanix and congrats on becoming CEO looking forward to working with you more over here. But I did want to actually ask, Duston, first you talked about good linearity, but just wanted to understand how much of the strength and the linearity was actually due to year-end budget flush? And what you saw in -- versus kind of what you saw in January to follow-up with 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>>
Well, anytime if there is an acquisition, in this case, similar to a state auto and liberty mutual given the size of that transaction, Jamie creates disruption in the marketplace. We would be very cautious in terms of what opportunities might come out of that transaction. But most certainly there will be some disruption in the marketplace.[/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, Mike.[/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>>
Sorry. We [Speech Overlap] yeah, yeah. You broke up. Can you repeat?[/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 mean, for as many companies they are going public, there are still thousands of private companies. And as we said, even with a really active IPO environment last year, we had 90 Private Market programs and it was a record for us. So, I think that we should assume that there is just a lot of companies out there, some of them are ready for the public markets and some are preferring to stay private and the great thing is that Nasdaq has the ability to serve both of 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>>
Curious on the acquisition pipeline. How large do you expect Nashville to be in the near term?[/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 Cosmos.[/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. Thanks, Cosmos.[/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. Great question. And when we think about the semiconductor market, clearly really strong investment trends by all of the leading OEMs in multiple regions. So you see the Tier 1 fabs who are investing up, in aggregate hundreds of billions of dollars over the next 2 or 3 years, some in the U.S., some in Asian markets, some in Europe, to expand and build capacity.
Most of that capacity is going to be built to accommodate leading edge, both in the logic foundry side as well as on the memory side. We see that as extremely favorable to our business dynamics. When you make those investments at leading-edge foundries, then that increases the number of -- it increases the manufacturing complexity as well as the purity of the materials, all of which plays into the sweet spot of what we're able to provide for our customers. And our portfolio was broad enough that we're really touching every step of the manufacturing process for the wafer.
So the partnerships that we have with the OEMs are strong. We continue to work together on qualifying materials for all of those next-generation, leading-edge solutions. And as we start to see the wafer starts come online, we've already seen some benefit this year from new wafer capacity. We'll continue to see wafer capacity ramp up over the next couple of years as some of those investments start to come online.
And we're really well positioned to capitalize on those trends.[/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 certainly have seen, I'd say, across all of our businesses. We have seen customers more interested in contract arrangement versus just spot arrangements, because quite frankly we prioritized our contract customers we -- as we've had started both in acetyls and in EM. Those -- those customers that we have contract where we have worked very closely to make sure we could get them, again, not necessarily all the volume they wanted, but the volume they absolutely needed to keep running so that they wouldn't have any plant shutdowns or outages. For those non-contract customers, we haven't been able to do that. And so, certainly, we see that driving more people into wanting to have contract type arrangement than we've had 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>>
Yeah. So from a retail standpoint, I mean, obviously, we don't guide retail. But when we look at our models, we think we're going to be flattish for the year. And that obviously has ORV down a little bit, motorcycle is up.
And that's predicated on what we are projecting right now. And obviously, we'll continue to update that as we go forward. And as I mentioned, we do see dealer inventory improving through the end of the year, but we're still going to be short of what is ideal. Last quarter, we talked about the fact that we were probably 30% to 40% below optimal level.
And obviously, given better demand, we're even further than that. So it's a restocking opportunity into '22. I don't want to throw any numbers out because we're not prepared to do that. We've got a lot of work to do to see how demand shapes up here as we continue out through the second quarter.
It's been better in April than we were expecting. And obviously, we want to see the critical months of May and June and how they play out, because that's going to be really important in terms of how confident we are in the back half, as to whether or not they're potentially a stronger retail or not.[/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. I wanted to ask you about Cerro Lindo. In my view, it's your biggest and most important asset in the portfolio. Based on kind of 2019 reserves, I think that mine looks like it's going to deplete around 2027, '28. I'm just wondering if there's going to be a focus on trying to grow those reserves to extend that mine life. And sort of what kind of focus is that going to have over the next 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>>
Yes, I think for the year, we're still around $240 million. And we are going to be a little bit -- skewed a little bit higher in the first part of the year, because of the usual seasonal factors and utilities cost, payroll taxes. So maybe a little bit higher than $60 million in Q1 and then -- and floating down.[/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. I wish I could say I love my children equally in the family. Obviously, you haven't met them. But when it comes to ITT and Motion Technology, CCT and IP, I would say, in Motion Technologies, the focus is really on rail, probably more than on the Friction side. Surely, we are looking at material science, but rail really has been the focus in Motion Technologies.
When it comes to IP pumps and valves, we are looking at valves company and some pumps. But here, really, the focus is niche companies that really have a product to differentiate, not big companies. We are not looking at playing the consolidation games over there. And when we look at CCT, we are looking in the aerospace environment. So these are really the 3 segments, I would say, the 3 industry where we are really looking after.[/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, at the moment, we feel good. I mean, if you look at the fourth quarter and we look at what our underwritten IRRs are there, we've got a number -- now, this is again sort of blended with some of those non-senior loans that we talked about. But you're talking about an IRR that's in kind of the 14% context. So, we're getting pretty good return on that profile of deals. Obviously, as we continue to see some asset compression in the market, we'll see further pressure on that level. But at the moment, it's been a pretty good environment to make new loans. So, obviously, we're happy to have gone back on to the offense. And, obviously, as we said, the pipeline looks really good for us. And so, at the moment, we feel like we're in a good spot.[/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>>
Karl, if I don't fully address your question, please ask it again because your voice was a little bit faint, but I'll give it a shot. The question you had was how are we working with our customers in terms of sharing the impact of increased cost of raw materials. We have been able to price pass some of it to our customers already. There are several customers we are still in discussions with. We are evaluating all options ranging from permanent price increase to temporary price increase to changes in contracts, how we work with them going forward.
All of those options are being evaluated and our teams are working very closely with our customers. We want to make sure that we respect the long-term nature of those relationships. And my expectation is that we will not get 100% recovery, but we should be able to work out good solutions going forward. Kieran?[/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. You know, look, we tend to be more sensitive to the short end of the -- of -- of the curve but, you know, we disclosed some IRE information in -- in our Qs. And, you know, in fairness, that's kind of tough to compare relative to -- relative to peers. So, we, you know, we show what, you know, 100-basis-point increase would be on -- on the long end.
And -- but the reality is that we would see with -- with curve steepening, we would see some upside as we would think about, you know, investing, you know, out on the curve and as it would also impact the pressure, we've been seeing from MBS repayments and the like. And so, we're more sensitive to the short, but with the steepening, we think we would see some benefit.[/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 Brooke. Thanks for your question to kick us off. So, first off, I actually really want to take a moment to acknowledge the tremendous execution and agility of our teams in the first quarter as we got back on offense as a company.
I'd say the key drivers of this quarter's outperformance were, first, the stronger-than-expected recovery in North America and Europe, especially in wholesale, which, as you know, is accretive to overall margins. Just a couple of data points to illustrate that, our North America wholesale AUR was up more than 20%. Our sell-out -- full price sellout was up in the high teens and our wholesale.com business was up more than 75% to LLY. All 3 of these numbers are versus LLY, which we think is the more relevant benchmark period.
The reset work that we did to create a healthier foundation in wholesale over the past few quarters is really starting to play out nicely and in a brand-enhancing way. The second point, I would call out is the fact that we drove the right elevated product and brand messaging with consumers. Ralph and our design team have done a great job of creating assortments that are resonating with consumers.
We've been really pleased with our ability to win in casual, while at the same time, winning in more sophisticated casual as the consumer pivots back into that direction. And the third point I'd call out is our pivot to digital and connected retail, which is really driving accelerated growth and margin accretion across our digital channels. So therefore, I'd say we are feeling confident in the sustainability of our growth going forward, driven by a structurally healthier base, an important pivot in North America wholesale and digital and investments back into our business.[/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 don't think it will impact the onboarding time lines at current customers just given kind of the momentum those deployments have. And it's hard for me to tell. What I would say is we're not seeing any correlation, and we would see that pretty real time if customers, whether we have site visits set up with prospective customers or we have meetings on the books, we would start to see those get pushed out or whatnot. And we're not seeing any of that. And based on the tone and the dialogue we're having with prospective customers in pipeline,
I don't get the sense that we're going to see a bunch of movement that's correlated to delta. Now we're learning every day kind of -- on how this evolves. And so that could change. But based on right now, no changes to our deployment, I would expect, again, just based on the inertia that's in place behind those activities on our side and on the customer side. And we haven't seen any indications that there could be delays in commercial discussions we're having.[/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 a couple things to remember and that's one of the reasons our Q1 compared to last year is little on the weak side, because don't forget, we started out EFT last year in January, February. We are off to a screaming good start, and then it just got shut down by March. So we're not going to have that all three months of this first quarter. So that put some pressure on it, but our typical cadence is that we have about 65% of the EBITDA that generated and EFT that generated in the second and the third quarters combined, and that other 35% is split between four and one. That's about right, Rick?[/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, that's an approximation of where we have it versus the liquidation value. So it's a hopefully a conservative assumption.[/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, this is actually Colin on for Phil. I just wanted to touch on the costs in the Wallboard business. It looks like maybe more than offset some of the margin benefit from the higher operating leverage and higher prices. I was just wondering if you could talk about the different drivers there? And how you're thinking about these headwinds going forward? And I guess, to see its feasibility to offset these cost with those price increases?[/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 can. Hi Jim, how are 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, I think we are -- what we can focus on is, of course, driving the business in the best way we can and being clear about our strategy for sort of how we are moving toward this scale and how we see sort of the potential and initiatives that can drive us to become multiple sizes what we are today, which is what we are very focused on.
We also try to shed light and relevant information on the investments that we hold as we think they represent significant value upside to our shareholders and of course in being able to document that value over time and being able to actually see a transaction or sort of that market validation of those, I think, can be very helpful.[/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 correct. So you can see pretty clearly, I mean, while we are doing sequential growth, all right. In the non-carrier channel, almost like 60% quarter over quarter, we see below the market growth.[/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'm not sure that we've got a firm conclusion on this matter. I mean, as Tony indicated, Secretary Walsh's comments actually suggest an openness to engage with the private sector to figure this stuff out. So it's a little early to signal whether rideshare drivers will be grouped together with the broader gig economy or kept separate.
We'll come back if there's any update on this topic as our conversations progress.[/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 certainly longer-term, selling real estate is not going to be a core driver of our $500 million of free cash flow. And that's a milestone that is intended to be eclipse that I would just remind folks. So yeah, again it was about $11 million of core real estate sales in Q1. That's a little higher than normal. If you went back to probably what 2019, in early 2020, you would have seen some elevated levels in that magnitude on the legacy WillScot business, stemming from our integration with ModSpace. You may recall that ModSpace had over $100 million of net book value held in real estate assets into the extent those locations were redundant, we were execute-- exiting those through the course of 2019 and 2020. Mobile Mini and WillScot legacy as a general rule of thumb are not in the business of owning real estate. So to the extent we evaluate a market or an MSA and we've got to know the property and we can consolidate operations. We of course try to free up that capital and redeploy it in fleet or more productive uses. So $11 million is a little higher. It will fluctuate but in this case you're also offsetting $14 million of integration costs. So net-net, I think $90 million is a very good number and again confident in our ability to drive that going into next 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>>
Thanks, good morning. I wanted to circle back to the discussion on the core margin, and Paul, you mentioned the liquidity aspect is going to be challenging as some of these PPP loans are paid down, and that's definitely something we're hearing from other banks. But if we try to put liquidity aside and the PPP impact aside, I'm curious if you think that the improvements of lower and-or sparing deposit cost will be comparable to the pressure on the core loan yields. 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>>
I am sorry. could you say your name again?[/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>>
Net used sale price. It's a little early to tell, but from where we sit today, yes.[/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>>
Awesome. Thanks, Gregg. So I'll steal a little bit of Jason's thunder on -- we are really focusing with our solutions, observability, security IT on a simple, single metric around entities. So that if all you're focused on is that suite, you know how to license it and its value tied and it's clear for the end-user.
And then we are continuing to focus on a single metric to the platform, which is that workload-based pricing metric. So they listened very, very intently to our customers. Customer success is No. 1 priority.
We don't like your data volume metric. So we've focused on that. We've delivered, and we're excited to see the momentum we're getting with entity-based pricing on our solutions, workload with the underlying platform. And then I'm just totally blank to the beginning of your question, Gregg, which 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>>
Yeah. Probably the midpoint between them. We've got -- we've always got a lot of timing of things, project expenses and things like that that pop in and out of the quarters. And so we have some variability. So, I would not say that the decline in both is sustainable. I think you'll see somewhere in the middle between the two as we go forward through the year. We're running at about a 4.8% rate, that's pretty low for us usually. So, I think it was mostly timing this 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>>
Yeah, it's a little bit of both. It's the -- we organized around it, as I shared. We've got a team dedicated to this. They're driving great value and exciting products and it is a few more expanded categories. And we're bringing it all together. We're just bringing all the things that we've learned through the iterations, as we roll it out. So the sales are strong. The basket is still twice the size and we've done a lot of customer intercepts and it is all very, very favorable and positive. So we like what we're seeing in the Family Dollar plus or Dollar Tree Plus!.[/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, Andrew.[/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, Susan. Martin?[/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. The setup that's played out for ourselves and then also just say for the grain industry as a whole, driven by big Chinese demand and increased exports is a rising tide lifts all boats, no fun intended there. So elevation margins have dramatically increased across the sector. Not just at export ports, but backing up into the interior more than offsetting any decline in storage income. So we think that will continue. And the big question is, how many acres are going to be planted? As you know, the USDA said 91.1 million acre in their last report for corn and a lot of people think that number is too low. We felt that way all along. We probably use a 93 million acre planting and with the progress we've seen so far, some good rains that have come in and good planting conditions.
I mean we should see a very solid planting season, which is really going to be beneficial, just to add more bushels to handle as we get into new crop. We are the largest new crop book on of farmers purchases -- our purchases from farmers than we've seen for many years. And they pretty sold pretty aggressively for old crop. So the farmer has been selling into this rally which is a good thing. And the other challenges for the grain industry have to pay those margin calls on the higher prices that have happened to the Board of Trade, thus driving up our RMI like everyone else, but it's great position to have. We like owning the grain positions we have through the balance of this season and into new crop and are buying those at good levels that we could merchandise and make good margins on. Brian do you want to add 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>>
Well, that could come and there could be a point in time where inventory levels are replenished to maybe what they look like back in 2018 and 2019, difficult to predict when that might happen. I know we try to keep current on some of our customers where we can and where they see that happening. That probably is sometime if it happens next year, I think it would be toward the second half of next year. But again, that's really predicated on where demand and inventory levels are.[/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>>
If you do the math the way -- we believe that online grew roughly $6 billion, $6.2 billion year over year. And this year, buy online, pickup in store, which was a popular kind of mechanism, is rolled up under online. And if you back that out, pure e-commerce, pure-play e-commerce grew roughly $4 billion. And Chewy grew 2.3% off that $4 billion, so capturing 57% of pure-play e-commerce growth.[/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>>
Do we think we'll have to pay more, like, from a valuation perspective?[/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, Bill. Appreciate your support.[/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>>
Don, maybe you want to take the reserve piece and then maybe Tony comment on the credit quality view.[/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, quarter-to-date, if we're looking at that would be right around 19% down. And like we said, a lot of that is from those two weeks, we had some, as you can see, a better trend line in January and then it went backwards in February because of that. But it's come back strong since then.[/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, Scott.[/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. Look, I think we are wired to analyze difficult situations. If you think about the heritage of our business, it really comes out of special situations investing and understanding difficult times. And I think in tougher times, we tend to shine. Ultimately, the performance of TCPC during 2020 was a function of first and foremost, a robust portfolio and not having significant causes, in fact, taking down our nonaccrual. It was also effective deployment of capital on an incremental basis, although there wasn't a huge amount of that, that's which we did was effective.
And it was also balance sheet management. We went into it well prepared. We had a small proportion of our assets in delayed draws and revolvers. We had ample liquidity. We had good financing partners who gave us more flexibility and more room. And that also put us in position when the industry sold off to buy in stock, which we thought was an appropriate use of capital at the time. And so I think it's really a combination of factors. In 2019, we did take a hit on one particular position, which we talked about, which we thought was an anomalous result.
The larger position that we've dealt with, that it's delis. But I think if you look at the over two-decade track record that we have, and even the nine-year track record as a public company, where our return on assets has been about 10.5%. 2020 is, I think, more emblematic of our history and the way we've been able to perform over a long period of time.[/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, John, why don't you take that, the recorded versus underlying difference?[/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>>
We will grow sequentially going into the tissue didn't mean to suggest that we would not be growing sequentially. We're going into q2 We still have some supply constraints as it relates to more devices, as opposed to the infrastructure stuff. But we will continue to grow our q2 is normally a heavy software quarter for us, because there's a Microsoft year ends. And that's in June. Some of that gets kneaded the kind of meets the top line growth, but we would anticipate that we're going to perform well, from an overall software perspective, hardware will be a little bit more muted just because of supply constraints. But we still expect to expand to see sequential growth from on the first 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>>
Thanks, Kerry. It's Dan for the question on the Prevail acquisition and then Josh on the stocking 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>>
Hi. Thank you. Good morning. So you called out a $20 million investment to manage medical claims expense.
Can you give us a little bit more specifics on what this entails exactly? And also, just describe how managing medical claims expense in the direct contracting program is different than that in the MA program?[/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, Scott.[/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>>
We have seen much more come to market, Linda. And a lot of that is talking with, like I said, whether it's private buyers or institutions directly. I think pricing hasn't -- from a cap rate hasn't changed much. NOI has in some of these centers, not all. But we really are really focused on assets with the under-market rent, assets that maybe have been mismanaged, assets where we could have a redevelopment, assets potentially where we might have a grocer or a home improvement or a wholesale club in our back pocket and can go buy a power center with doing that deal and due diligence, right? So we're very tenant-focused, demand-focused, IRR-focused and really focused in, on those types of markets which you saw. I could tell you we spent a ton of time in Austin, and Lakehills has been a home-run acquisition for the company. We love Miami. We love Orlando. We love Tampa. We are seeing some tremendous opportunities and have spent some time in Boston and love what's going on there with especially life science. And we see that as the macro trend that will just greatly -- will never leave. And this will be just a great investment opportunity in that city.[/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, guys. Maybe just one on the mortgage banking strength in the first quarter. You talked about those numbers likely coming down going forward. If you could talk about what the gain on sale margin was in the first quarter and what you're thinking going forward. And then kind of just thoughts on the refi versus purchase market for the rest of the year? Thanks.[/INST]
Direction (UP or DOWN): DOWN | DOWN |