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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. Excellent question. And I'll point out that at various points in time over the last 20 years, well, we either currently or have operated nuclear wind, solar, natural gas, we dispatched coal, some geothermal as well, I believe, run-of-river hydro. And for the most part, those people are still about our organization. One of the reasons for bringing Corey on board 20 years plus of experience in the electric utility sector and developing in generation business for a couple of our competitors over those two decades was to reconsolidate and reform our team and build back our origination capabilities around those types of opportunities. So we can prosecute what we see as the opportunity set going forward. And Corey, I'll invite you to add any comment you want to make there.[/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 think, I mentioned in the prepared remarks that the Board looks at this every quarter, and they'll continue to do so. And they are evaluating right now whether we should be buying back shares or doing something else with the cash, including buying down debt if that made sense. So they consider everything every quarter, and we decided to do nothing this quarter. But that doesn't guarantee that will remain for the next quarter. If you look at our -- I think, I would say that we have too much cash on the balance sheet that's not optimum, and it's -- we think our minimum cash requirements are around $250 million. So, you can see we have excess cash, but we also have a lot of uncertainty in the marketplace. So we think cash is king in this environment to some degree.[/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, sub -- subject to any trend -- any impact from transition services agreement.[/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 I mean -- go ahead.[/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 the pace of inflows from consumer and commercial balances slowed a bit. Those balances were relatively stable linked quarter, which isn't always typical. We would typically see balances declining early in the year as people paid up things that they accumulated late previous year. Municipal inflows remain very consistent, and so we're in the middle of kind of the normal seasonable -- seasonal inflow for municipal deposits. But I'll say that the growth has moderated a little bit, absent the late Q1 stimulus outflow, the stimulus checks that went out as part of the most recent CARES package. And we can see that -- every time there is a stimulus package, we can see multiple hundreds of millions [Technical Issues] immediately. So, it just seems to be persisting as far as balanced growth.
Mark, is there anything you'd add on to that?[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. Basically, we'll be -- we'll fly the mainstream business down off the high-end tools and refill those tools with the high-end logic in Asia. That's one trend. Another trend is, it's undeniable that prices will start to -- are starting. In fact, we started after Chinese new year with select customers where there -- to start to raise mainstream pricing. I've been doing this for 35 years. I've never been able to do that before. So, but -- and I -- we can do it. We can do that because everybody is sold out. Everybody, not just Photronics, everybody.[/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>>
...quarter and back. But what I will say, I mean, year-over-year obviously is a large increase.[/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 Matt, you're probably referring to the emerging customers that we shared in our pipeline back on the third quarter earnings call, where we shared we've got five customers that are in product introduction phase. And we expected at that time, about $20 million of revenue or $20 million of sales in the -- during 2020. We did deliver on that, and we had guided to about $40 million for those same five customers in 2022. We're very much on track to meet that $40 million or even potentially exceed that. A couple of those customers were, in fact, slightly impacted by the ability to roll out their new products.
But it didn't -- it's not -- it does not meaningfully impact the outlook that we have for 2022 because of the products and the innovation that they're delivering for patients is in high demand. And they -- and we have confidence in their ability to finish the product introduction. And so with everybody that was impacted during the pandemic and the inability to be in hospitals with doctors, that did impact them, but it does not change our outlook for 2022 and being able to get to at least $40 million of sales from those five customers. I'll just comment, we've got -- at the time we shared, we had 15 additional emerging customers in development, three in clinical, three and regulatory. And we continue to move very, very well with those customers in that pipeline, and we've added through that development pipeline as well. So we remain very excited about the emerging customers that we have and their ability to help us accelerate our revenue 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>>
Hey, thanks. I appreciate it and congrats on these results. Just with respect to the breakage, what line does that fall in? Is it all passenger revenue or base fare? And could we see more breakage in future quarters?[/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 can tell you, our managed defense had a great quarter. I can't say it's in relation to the SolarWinds incident because that happened so late in the quarter. We went public on that December 8.
I think we went public on the implant late on December 12. And that was kind of late in the quarter to have any real direct impact on the quarter. But managed defense had a great quarter, and cloud endpoint is something where everybody is working from home, they need to have a distributed endpoint protection. I think that our services, Sterling, was acting at capacity prior to the SolarWinds incident and after the SolarWinds incident.
So really, it's hard to measure a difference there when they're at capacity, and we just continue to hire and continue to perform 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>>
Absolutely. The short answer is yes. There's lots of defect detection and monitoring devices throughout that entire process. The way we do this is we originally do it where the machine and the humans actually both will process and look at claims and so that we can actually compare what the machine is doing versus what humans are doing.
And that also allows us to always have a control set, so that we can always be A/B testing and looking at it in a very quantitative manner. We're happy because actually, the faster that we close claims, the cheaper we close claims. Claims do not get better with age. That generally holds because all sorts of bad things can happen over time if you don't close a claim.
So we're actually seeing that severity is benefiting from a lot of the automation.[/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. You know, it's pretty steady. You'll see in those graphs that we provided when you get a chance to look at some of the screen shots. As you see TRx if you look at the ratio, it's the 1.3.
Some weeks, it's 1.32, but it's hovering. We expect some plans in the mail-order business, they're allowed to get more, if you will, cycles at a time. So if anything, it should eke up a little bit, but we're not -- it's pretty steady right now. But I'd leave it at that until we talk the otherwise.
And some of the negotiations we're in, they're going to be let doctors write longer prescriptions. And that'd be great for us, by the way, we'll take it. But for right now, it's really steady at around 1.3, which is -- let me just -- what that means is for those that are kind of new to us is while -- that means every TRx is worth 30% more to us. So rather than -- so the value of the patient on that first script is obviously a lot more.
It really ends up being a big number. You could see on the curve. It doesn't take much to get the curves spending upwards pretty quickly because of that and new refills and -- it's a good business. We're just getting at a point.
We're going to have a base of refills. We've got some new business coming in, and we get that 1.3 multiplier, and it's starting to become a real healthy little business to run. So we're excited. So our job is getting new prescriptions.
The more we get, we get a multiplier on 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>>
Hey, good evening. So two questions. First, Don, there've been a number of stories, articles, etc., on labor shortages caused by basically people who would, I guess, back restaurants are paid more to sit at home with the extended unemployment than actually taking jobs. Across your portfolio, are any of your sort of lifestyle tenants, your experience with tenants who would -- are heavy on the labor front as part of their offering. Are any of those tenants expressing to you an issue with the ability to hire labor or, across your tenants, they're not having -- they're not seeing that impact?[/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 do think DARZALEX, as you mentioned, is off to a strong start. And I think the comment on the 40% actually, I believe was made by us based on data last October that showed that -- this was from Symphony they showed that 40% of use in the US was with -- was with the subcu. We certainly are delighted with the performance. We know that just based on royalty revenues, it's even higher than that now in the US and we're seeing good penetration around the world as well.
I think as you think about all of the other products in the portfolio, it really will be dependent on the value proposition that physicians see. And there's no doubt that DARZALEX has a very strong value proposition, but we've got very strong value propositions in the rest of our portfolio. And what we do is, we take a look at what we think the offering brings versus the competition and for patients, and we do a range around as to what we think the peak penetration will be. So you're absolutely right, this is a great opportunity here for other products that have a strong market uptake as well just based on what we're seeing for DARZALEX not just in Europe, where we've seen strong performance before, but also in the US.[/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. Thanks for squeezing me in. Just a couple of things. One is, I've been -- had some concern about the ability to have smaller films complementing the blockbusters. And I'm wondering if the new studio agreements and the relationship with Netflix addresses that? Or is that not necessarily an issue in terms of breadth of product?[/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>>
All right. Hopefully, that's helpful.[/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 don't think you'll see much of an impact, honestly, with respect to HTGC. I think there could be a little bit of an impact from a negative perspective on sort of not just the venture debt market, but I think the broader kind of growth market It's still very early. These things change a lot and has to go through a process, and I think it's still very much TBD in terms of how it will play out from an overall tax reform perspective.
It's something that we're watching. We don't think it has a material impact on our business or our markets, and we'll just watch it closely over the next couple of quarters.[/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, 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>>
Okay, thanks for the thing for the congratulations. All the way around. Yeah, so you are right. So you've obviously been around this industry because people have talked about simulation upfront for a long time and people have tried to do it for a long time. I think there is a great desire for simulation to be part of the design groups. And I think SimSolid is actually kind of a catalyst because you don't have to do all this complex modeling in order to do this work as it handles assemblies amazingly and it's very accurate and it's just blazing fast, but it's not just fast, but there's other things that do things fast, but you get junky results here, you're getting very, very accurate results.
And so it's sort of transformative and we have a lot of large, large customer organizations who are intending to really roll this across their design teams in a way that I've not seen before. So, and this is part of why we decided to put that in my traffic today. I think we are, we are beginning to see something in our movement, if you will. I mean so that's exciting.[/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>>
It does.[/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, management. Thank you for taking my questions and congratulations on very strong set of results. So would you please comment on the margin trend in the next quarter, and also for the next fiscal year? I think you have a low base in the fourth quarter of last fiscal year. 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>>
Just to repeat them -- OK. 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. In terms of new COVID opportunities coming in, that's sort of flattened off a little bit, but it's still in the vicinity -- in the high teens in terms of our RFPs. So it's still a significant proportion of our work. There's no COVID cliff, I suppose, is the overall message here. It's high teens on RFPs. New business, it's a little bit higher than that. And on our backlog, it's in the high mid-single digits. So it's -- COVID work continues to be an important part of our portfolio. It's not going away. As I say, the big vaccine trial, those days are probably coming toward an end. But we're moving more toward treatment trials, diagnostics, there is long-term follow-up trials. There's different patient population trials in the vaccine space. And so that work, as I said before, is going to continue for another couple of years, I think. And who knows with the variants and all the rest of it coming through, booster -- the requirement or potential requirements for boosters that may also impact us as well. But it's certainly been a very positive environment from COVID work. And even in the non-COVID work, we've seen a significant uptick in our RFPs as well. So if the COVID sort of RFPs have been flattening off a little bit, the non-COVID RFPs have been growing quite substantially to replace that. So it's a positive business environment.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. Well, I think the preferreds, obviously, we've been continuing to do some of these 3a9 transactions, which we think is a real benefit for our shareholders -- for our common shareholders because we're able to take those accruals out and have been buying, by and large, these preferreds at discounts and sometimes substantial discounts to par value. and so, we have, obviously, avoided now taking out about 40% of our preferreds, a pretty significant amount of accruals. But yes, I'd like to, at some point in time, be able to address all these preferreds because it is something that we need to do and get the preferreds current in order to eventually get S3 eligibility back to be able to have all of the tools that we need from an equity standpoint in terms of having an ATM and other things in place.[/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, I would say that these are not large, large deals and they take some time and we pass on many and then we move on others. But I don't know, Tony might talk about how that all adds up. But they are, for the most part, mid-sized acquisitions.[/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, hi, Elizabeth. Yeah, it has been an interesting few months that's for sure. We haven't had any customers who are worried about our scale. I think what we did when we did the INC and inVentiv merger, put us to a point where we have all the scale that we probably need in the Clinical arena. So we haven't seen anything like that from customers. We work with some of the biggest companies out there, biggest pharma companies out there and they're not worried about our scale at all. So that's all good. What we are seeing is obviously a bit of hesitancy that you get when there is a bit of disruption. We're seeing opportunities for to recruit people and to win work. So it's a good environment. There's lots of work out there, and, but no, we don't see any issues with our scale.[/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 shared a $3 million drag as we invest in this and we're excited about this opportunity. So it's really focusing on the broker market. And when you look at everything that we have, for when companies start up and go after it, there's so many components that they want to bring together, because even for the smaller broker market integration matters. You're changing value propositions through the power of integration and so for us, we have many of these capabilities. So we look at NexSpring, really we're excited about we said, well we can integrate this into our loan sector PPE, we can integrate it to regulatory assist to our expedite e-close to our exchange to tap data, AIP, we have a lot of these capabilities. So this is really just adding again some more connectivity tissue between all the capabilities, where we can have a much bigger impact than next [Indecipherable] could have ever had on its own. And so we're excited about what that opportunity looks like. And like I said in my prepared remarks, I mean the opportunity that the volumes have grown significantly in that space, but we look at as again another one of these relatively low risk acquisitions that we make, we can get into it in pretty easily and think the opportunity of it could be pretty, pretty exciting.[/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. And that's a great question. A couple of things. So first of all, infrastructure had been lagging a bit in this whole mobility ecosystem and specifically in 5G.
So as we mentioned in the call, we are starting to see more energy and rollouts with some of the key players in Europe, the Nokias and the Ericssons, specifically. And we have great technology there with MIMO solutions, small cell solutions, a lot of the core recipes that we need in gallium arsenide and other places. So we feel really good about it. It's been slow, but it's starting to pick up.
And it's necessary as you move into 5G. It's necessary as we build out that spectrum. And then as you mentioned, the C-band auction is great now because that money has been spent, and the carriers want to deploy more and more. They basically want to leverage that technology as quickly as possible.
So the infrastructure is going to pop up a little bit there. And it also could add content opportunities to a core mobile device. So you have a two-pronged approach there with the infrastructure side and we have positions there. And then, of course, when we look at C-band and the unique spectrum there, there's going to be devices that we'll need to be navigating and populating that spectrum within the handset.
So that's something that's starting -- it's been happening, but there's definitely lots of room to move on that 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, you're describing classic elasticity, right, Joe?[/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>>
Paul, I think you're right. At the end of the day, we have increased our cost or trade down our quality of product, and we're comfortable with where we are and if that's what we end up doing for the next decade, that's fine.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
So let's try nuances. I mean, the guide is the guide, number one. So the guide is the guide. But as I said earlier, we never raised after first quarter, we raised $0.85. I've learned many things since the tornado and the pandemic is things can change quickly. If we stay on the trend line we are in North America because we're a North America business, that we've looked the pandemic and we're back to normal economy with all the government investments in the economy, have a nice run for a couple of years in all three of our businesses, and we're prepared for that. So we feel good about 2021. Quite frankly, I feel good about 2022 and -- but the guide is the guide is, I guess, the short answer.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
So that's a great question. And it's early very -- you mentioned touch buttons being replaced. One of the big trends that we're seeing is just generally, touchscreen showing up on devices. And interestingly, it's not just large refrigerators, or washing machine, it can be printers, or even smaller devices with a small screen on it. And so we're seeing interest in getting the haptic key back on those touch screens where it may not exist today, just to confirm to the user that they're actually getting a successful touch experience. And so you'll see a lot of growth in specifically in the screens segment, as screens -- these panels and screens get cheaper and cheaper, of course, they're showing up on more and more of these devices.
And if you yourself have ever used these, you can tell sometimes that you're not sure whether you've actually gotten a successful response with the touchscreen. And so it's adding haptics to that. And if you recall the comments that I made about improved performance in cost and actuators that helps drive that market as well, right? It drives haptics in those applications, as well. In terms of ASPs, typically, with those, with larger screens, in particular, you're going to see higher ASPs like we have talked about in mobile and compared to in automotive as compared to mobile and it also depends on the volume. I don't want to quote specific numbers yet. But it generally would follow that trend as you go to those larger screens and those similar applications, the ASPs would be higher than mobile.[/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>>
All right. Have a good day, Rob.[/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>>
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>>
Yeah. I'm -- good morning, Andrew. I think we've consistently talked about significant margin improvement as a result of the ABS implementation and we expect that as we complete that implementation that the margin trajectory will be significantly improved. We've talked in the past about a couple of hundred basis points of margin improvement as a result of that implementation coming from a variety of areas. We don't see anything during this rollout that leads us to change that to lower that expectation. So we believe that we'll have a very strong margin improvement as a result of both the ABS implementation as well as the secondary benefits that come from that by improving retention rates and improving closure -- and closure rates on new account wins.[/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, this is Trevor filling in for Keith, how broad were the supply chain constraints across the portfolio? Were Chromebooks the only products affected or were there others?[/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, in all of my years, I don't know that I've ever seen the sourcing of components and semiconductors is challenged as they are right now. I mean, I think we've done a really good job, John of navigating through 2020. And I think we've got a pretty good line of sight into the first two or three quarters.
But look it is challenging and I think that we are being -- I don't want to say we're being conservative, but I think that we're being cautious as it relates to where we entered the quarter and where we had fulfillment against backlog that was already aligned with Q1 versus what our go-get revenue was profiled for Q1. As it relates to the outlying quarters throughout the year, there's a lot of time and effort that's going into working with our semiconductor chip suppliers like Broadcom and others. So it's a real challenge. I mean, I think, everyone in our space, including other sectors are seeing the long-lead times, especially from the silicon fabricators of wafers.
I think that's part of the bottleneck right now. And I think that stemmed primarily going back to the first half of 2020. And everything that we're hearing from our strategic semiconductor chip partners is that by Q3, they feel like they'll be in a much better place than where they are in the first three quarters. The good news for us is we got ahead of it, and we were forecasting and ordering back in the second half of 2020, and that has given us, I think, a much better position to derisk the first half of 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>>
Sure.[/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, Kash.[/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>>
Pre-COVID we had some insulation issues that were, yes some discrete miscues that have been dealt with. These are transitory, but they could take a while to work through just as we get through that. The unemployment benefits are creating a bit of dislocation in the employment markets. So we're working through some lack of interest right now that we're -- that are resulting in some pretty significant open positions, but as you say, we will work through 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>>
The business that we divested does have national security work, Doug. It's across a broad spectrum of customers, including federal civilian, as well as Department of Defense and intelligence community. And we packaged our IT services business together, as you note, across three different businesses because this is an area that we are going to be less focused on and we wanted to get that business into the hands of an organization that wants to invest and to build scale. And I agree with your assertion that in the IT services business, scale is an advantage.
And Veritas has the vision that you see playing out even most recently with their announcement to acquire Perspecta and put all of these businesses together. So we are confident that they are the right owner for this business, that they have a vision for it, that they have a commitment to invest, and that they will be a good employer for our employees who will transition.[/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. No, I wouldn't say there's any sticking points. There is no specific 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>>
Thanks, Tien.[/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>>
Hey James.[/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 mean, Jeff, this is Scott. I mean, I guess two points. Number one, we're running our model. And so we control supply/demand characteristics of our business. That's point one. But even if you fast forward to 2022, ECU demand growth outstrips ECU supply growth. Same exact thing in epoxy and epichlorohydrin, right? Demand growth far outstrips supply growth. And if you take that to our small caliber ammunition business, Winchester, you see exactly the same phenomena 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>>
Yeah. So I'll take the latter part of your question there. So our thinking is that we've seen maybe a 1% to 2% pull forward Q1 -- from Q2 into Q1. So it's not big, but it does impact obviously the growth rates a bit.
So that would be that part of your question. Yes. I mean, our first quarter is typically a very heavy shipments to consumption quarter because all of the January promotions that are going on a lot of them do load for us in the first quarter. So -- and there's a chart in our supplemental that obviously, shows that dynamic.
And it's fairly consistent with last year. It was up a bit maybe from last year which is part of that pull forward that we're talking about, but it's not meaningfully different from last year's pull-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>>
Hi, Rich.[/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>>
Team sport indeed. So again, I think if you look at Europe, for us it's going to be de minimis. In terms of the ASMs as a percent of the system, it really is limited. So I think that's the first thing that I would lay out there, again in the near future you're looking at six LRs that are coming in, they just do not produce enough ASMs to be to really push up the chart.
In terms of domestic versus international, I think this continues to evolve for us, we were very concerned when we saw the testing come in for international, we've seen particularly in the Caribbean region that has recovered nicely, and so as we go forward, I think you're going to see a balance of growth for domestic versus international that has looked kind of like it has historically for us.
So again, we're in the midst of a leisure oriented recovery, I think that we are built for leisure, we're excited about that. I think that actually plays right into our strengths and as we allocate growth going forward, I think that mix of domestic, international is going to be what's optimal for us in the short to medium term.[/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, good question. Just so we're clear on our current approach, under my leadership, we've made some significant changes immediately. So we've ceased all political contributions, and we're evaluating what our path forward will be when playing in that space, I would say. And that also includes 501(c)(4)s. You can count on us not contributing to any 501(c)(4) that is politically focused, and that's going to form the basis of our activity going forward.
So what we're doing is we're working internally and we're working with our Board of Directors to get clarity around what our internal expectations are, what our philosophy and pathway will be moving ahead. And the way I look at it, we're going to get involved in items of this kind, in which we could look at every employee directly in the eye and explain the why behind the what of what we're doing in this arena. So what we're working on, at least from our standpoint, is that great reduction in 501(c)(4) giving anyway. So it's going to be a nonfactor for us.
And then secondly, we're going to be working with the subcommittee of our Audit Committee from a compliance standpoint to make sure that we have the reporting that we need internally that will satisfy us and then we'll work to form something that we will publish in our fact book and in other areas. That's our current thinking.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
We have agreed with a reduced fee. We will wait another -- as long as it takes, for a few quarters to see whether they restart or not. But if they come and say, we are never going to start this plant, then we have a contract. We will go to -- we will go to court and enforce our contract. Our contract is very clear about what happens if this customer shuts down. It is very clear. It is very defendable, and we are very confident about the outcome of that. But we didn't want to go to court and start enforcing that because we don't know what -- the customer has never told us that they are shutting this thing down permanently. And we didn't want to prematurely destroy our relationship with the customers. So it's a matter of being patient and working with your customer. I mean, it is next year at this time, and they haven't even started yet and they have sent us a letter that they are going to mothball the plant, then we go to court and enforce our contract.[/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, Allison.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
So Elvis, could you just -- I want to make sure I answer your question right. Could you -- which numbers are you -- we disclosed so many 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>>
Good morning, Mark.[/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, Carlo. It's Marco. This is a good question. I think the good news is that, as we said during our remarks, our expectation is to grow in the second half of the year, to grow single-digit gains last year that, by the way, was growing overall in 8 to 9% versus '19 and to be up low double digits compared to the second half of '19.
So what we are experiencing is some stickiness of players toward the higher level of consumption they have experienced during the pandemic. We have seen that this business benefited from the lack of other entertainment options in Italy more specifically benefited from the closure of the gaming goals and the sport betting shops. But what we are seeing that even after the reopening, we have quite a good performance, especially of scratch tickets in Italy. That is somehow reaffirming what the consumer research is -- were telling us that players overall appreciated very much the portfolio of lottery games.
They enjoyed it. And they are stating that they will have an average consumption higher than what they had pre-pandemic. From that level, I guess that we will get back going forward to more secular trends, but from a higher level of personal consumption.[/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 don't really think we've changed our perspective on that. And I think the way it was framed up the last time this was as that was sort of year over year. So when you look at second half of '20 compared to second half of 2021.
But currently, we would not disagree with projections that would suggest double-digit growth, low double digits, it could be higher for the second half of this year compared to second half of last 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>>
Thanks, Yaron.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Sure. Thank you so much for the question. I can take the part about SKAdNetwork. We are really focused on helping our advertisers make the transition to the best possible measurement and optimization tools smoothly. The change happened later than we expected, which gave us a lot of time to prepare and SKAdNetwork is one part of that. So we're really pleased to see that advertisers that represent the majority of our direct response revenue have implemented it so far, but we know that there is a lot of work to be done to transition smoothly.
We're working closely with Apple to understand the rules of the road and we're prepared to follow them. And I think, importantly, we really support Apple's approach because we've always believed that great advertising and customer privacy are not mutually exclusive. And it's a huge core value of Snap privacy. And so we're excited to be implementing this alongside our partners that's been a huge cross-functional effort between products, engineering, the sales teams, the marketing teams to work with our customers to ensure that this transition goes as smoothly as possible.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Good morning, Massocca.[/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. Good morning everybody.[/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. Good question, Terry. Well, it's early. Of course, we're six weeks past release of Manhattan Active TM. But the answer is yes.
We have sold, at least one, comes to mind, brand new customer, so new logo, not done business with us before. And they contracted for both Manhattan Active WM and Manhattan Active TM. So we feel pretty good about that and off to a good start six weeks in.[/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, Joe. Could we have the next question, please, operator?[/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 as I said earlier, as you look at Europe, we already -- we have the CE Mark on our AltiVate Reverse. And so there's not really things for us to navigate on the main product line, the lead product in our reverse platform. Now there are other new reverse components that are -- when I say newer, there are additional reverse components that that are not that main piece that we've launched over the last couple of years. And so we'll have to go -- we're in process on those and have been in process even before acquiring Mathys. So our main AltiVate Reverse CE Mark, so it will make a big opportunity for impact early in Europe. And then as we -- in some of the other countries like Australia and Japan, there are additional steps on top of the CE, but early on, we should be able to really, really go quickly with our main reverse platform.[/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 question will depend on what the FDA will address -- will require in their complete response letter. They clearly want a study. So that is a subject for discussion and we will elaborate on that once we got clarity following the meeting. We certainly will want to go in making a suggestion. So, your proposal is not an unreasonable one. We will take that into consideration. Regarding resubmitting without additional new data, certainly, this is a venue we will discuss at the meeting as well. I would consider perhaps reinforcing the overall survival analysis as we -- as I mentioned earlier on rather than resubmitting without new data that maybe more convincing argument just in my view. Does that answer your 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>>
Again, so it depends. It depends on any quarter you see now our range of cash on hand from $30 million to $200 million. So that's a pretty good wide range, but we manage it according to our leverage and funding capacity that we need.[/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 for joining us today, and for your interest in Blucora. Look forward to speaking with you next quarter.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
We do. We do. We've been consistently adding to our portfolio capabilities that are certainly in higher demand, clients are rewarding us for that and we see the profitability also improving, the execution of the work being stronger and stronger year-over-year. So, we definitely see us remaining in that range 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>>
OK. On the sale leaseback, pretty much after you see it's announced, you could start amortizing the monthly repayments. Pretty sure we estimate it there. So that's where -- once you see that finalized, then you can start --[/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>>
That was -- yeah, that was year-over-year about flat, which -- last year's Q1 wasn't so bad comparatively. It was really the very, very, very end of March where we started to see the impacts, primarily in Europe in the beginning and that have moved over to North America. But all of our major impact was in Q2 for the Motorparts group. And so we would expect to get back up to normal. And Q2 is generally our strongest quarter in the Motorparts from a cyclical standpoint.[/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>>
Just to add to that commentary. Just bear in mind, when we combine the capitalization, the ability to put on more MSR to maximize the opportunity on the liability side is also a huge opportunity. We think it's a few billion dollars of non-interest-bearing demand deposits for just by maximizing MSR. So clearly, that's not in the run rate, but is that topic netting and a lot of more non-interest-bearing deposits into both on a combined basis. So there's no question, a significant change in the liability structure as we move forward as a much larger company with a bigger MSR.[/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>>
First of all, we went from more than $2.5 billion to more than $3 billion, and that more than $3 billion subtracts the approximately $800 million that we closed on in Q4. So we will never double count, if that's an aspect of your question. No, we think, as we said on the, I think, the third slide, climate solutions investing is growing, and our pipeline is growing. So this is just a fundamental good news that there's more business out there.[/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 that as I looked at the market potential we had out there and what I feel we're leaving on the table by not having more salespeople and more brand market awareness, I think that I'm looking to increase that, spread out over the year. I think we've been very smart in terms of we don't just go spend money willy nilly. But I do think given the amount of clients that we have who are saying things like that VP of Fraud that I quoted, who will act as references for us, I think it's really time for us to kind of match some of the sales force sizes of our competitors. Because we do have, in my opinion, a much better way, much more certain way of authenticating a person, becoming much more important in a person-not-present environment as many things do go online.
And we are much simpler to put in place and to use, much easier for somebody to scan the back of a license than take a photo. Because what I'd say, anybody on the call, try and take a photo of your license without glare on it. That glare is going to get in the way of authenticating anybody who's trying to authenticate through templating. We don't have those issues, and that provides certainty.
I think it's going to help us really grow, but I need the people to get that message out 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>>
Yes. So it's a relatively small percentage that are actively pursuing COVID patients and trying to set up units and things like that. It's definitely not higher than 20%. But I would say we have very few operators that just want nothing to do with it. So the majority are comfortable with taking care of COVID patients. It's just that it's only a small percentage of those folks that are actively working with hospital partners.
And a lot of that was also driven by the hospitals in particular markets seeking out -- actively seeking out partners. And -- but hopefully that's along with piece of the business. And I think for operators to do that on a longer-term basis, just under the assumption that you may always have a little bit of it from time to time, it's going to just depend on facility configuration and not prevent them from hitting their overall occupancy goals because of the isolation requirements.[/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 if you remember how we did that breakeven as we made some assumptions about the kind of low end of chemical and downstream margins and then average chemical margin and downstream margins going forward and recognizing that, you know, that wasn't necessarily forecasted, it was just one way to characterize it. And the important point we're trying to make, and I think we've made historically, is as you look at our breakevens, you can't just focus on the crude price that we've got significant businesses in both the downstream and chemicals that obviously impact that. I would say we haven't tried to update that number.
I think what we tried to do with Investor Day is just give you and others the confidence that with our portfolio in the plans that we had, we were robust to a very wide range of prices. The fact that the chemical margins are as good as they are today, that breakeven has come down. But frankly, we're not really sharpening our pencils anymore on that because we've got a plan and the foundations of that plan haven't changed. And I just think we feel better about the position that we're in today given where the market's at.
We'll take advantage of it while it's here. But I would tell you that our plans aren't based on those sustaining themselves. And as I've said, we will pay down the debt and deleverage faster, given the help that we're getting from the market right now. That just put us in a stronger position for the future.[/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>>
Because, we're learning a lot about it. I will say it's -- we're really -- I'd say disrupting the game, because there's never been cold storage at these temperatures with these capacities. And if you think about sort of the old way of looking at a cold pharma logistic center, these would have been larger sort of residential freezers or would gone into a -- even a major hospital in the city might have been a larger looking residential freezer, you know the size of that as opposed to something that could be 10/10, 10/20 or even larger, something that could be portable. It can run in short power. It can run on diesel. It can be moved and manage telematically. So if you think about the cost to store a dose, it's a fraction, literally a tiny fraction of the cost in the industry. So this is disruptive. Dave's comments, moving to industrial refrigeration is disruptive and that we can provide a better industrial process cooling solution using ammonia, it's safer, more energy efficient. So these are some of the more disruptive things that we're thinking about. It's hard to put a number on the big markets.[/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, Jay, good morning, it's Tom. We are working on that as we speak. Without a doubt, we'd like to be able to increase that spec inventory. We ended the year with just 68 completed specs and we have ramped up starts to increase our spec inventory throughout all of our markets.[/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, John. And just to clarify, obviously when we report quarterly results that has the trailing 12 months in it, which we had some closures last year. So when we're talking about our 4% to 5% net new unit growth algorithm now, we're talking on an annual basis starting in 2021. So that's what we're expecting for 2021, 2022, and beyond.
As far as the second question on catch-up units, certainly, there were some units that were put on hold in 2020 that have opened in 2021, no doubt. And that's helping us get to the number for 2021, because we had to restart the development engine. But by issuing the guidance on -- as part of our long-term algorithm, we're obviously clearly trying to signal that we think that will continue into 2022 with organic growth, again, based on the factors I mentioned earlier: strong unit economics, healthy franchisees. We've got strong brands all around the world, in general.[/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. Thanks, Rob. So a couple of things there. And I want to make sure that we're investing in the sales and marketing side, and I'll hit that real quickly. First, but we're also making some significant investments on the R&D side. We're seeing a lot of areas where we can continue to build out the product. We're seeing these use case expansion. And so it's more than just on the sales and marketing side, a lot, and we can dig into those product things, if you like, as well the on the sales and marketing side, a couple of areas. One is the geographic expansion, right?
We're investing in APAC, LATAM, EMEA, and you definitely see and ramping up in those areas. We hired a GM of APAC in the quarter. And so you're going to see some increased investment there. And then you're going to continue to see investment in mid-market enterprise is definitely seeing outsized returns in that area. We're seeing a strong top of funnel, but then we're also seeing on the outbound side, a lot of success with some of the opportunities, large enterprise clients.
And so I think you're going to -- those will be the main area of focus, but at the same token, we're always going to be focused on state agency as well. That's really driven by the marketing side of the house. And Ryan spoke this earlier as we saw really good success in each of those segments in Q1 as well on the inbound side. And so those are probably the main areas of focus for us.[/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, no, no. I'm sorry, not country, but initiatives. There's a common pass. IBM is working on something also, and Accenture, and plus IATA. So those are the -- at least the four, there might be others. But those are the four entities that are -- that I know of that are working on health passes or travel passes with pretty much the same objective.[/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. I was going to say just the take away is the way I think about it is that our existing tenant base, our existing portfolio, the relationships on either the developer or direct side, we have, plus the brokerage network are all important to us, and we're trying to pull from each one of those and it certainly ebbs and flows at different times, but that's the principal set of deal sourcing we're looking at.[/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 the exact number in front of me, Steve, but I think it was $8 million to $8.5 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>>
You were referring to the inventory here, not the doubtful debt, sorry. You're referring to the inventory --[/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>>
[Inaudible] Go ahead.[/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>>
Hi, this is Chris Reimer on for Tavy. Thank you for taking my question. You talked about enterprises accelerating their digital transformation. I was wondering, if you're seeing traction for your solutions covering, public cloud infrastructures?[/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, definitely and I'm reviewing those so that I know what's going on. But we are hiring new people and open hiring new people, but it's got to be approved by me and my HR Director. So it just puts a tighter focus on it. We got some areas where we had some open positions, back-room staff type things that quite frankly, would be going away during the core conversion anyway. And I just wanted to make sure we had a real tight handle on that in some cases in our branch network, those branches that we have, it could be overstaffed, in some cases half a person or a person here or there. And we wanted to do is be able to take advantage of some of those savings and that replace certain people. So that's the whole idea behind is just to have a higher level of focus to it. I've seen some banks that have gone out and announced reductions in force of 5% to 10% and things like that and sometimes even put names on it. But I think from our perspective that we can get there through attrition, but also taking a close eye on where we are growing -- improved the couple of positions yesterday in some of the growth areas from a revenue production standpoint. So we're not going to be bullish about what we're doing on the expense side, because we are going to come out of this pretty quick this year, and we want to be positioned for growth, right. And there's going to be a growth story there, you can only save on expenses for so long. So we'll be judicious about it, but I just -- I want to make sure that I got a good handle on it because we don't want to miss on the expense side, but at the same time, we want to invest in the right areas, so that we hit the revenue side of things later in the year.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. We need to demonstrate compliance with our covenants at the end of a quarter without the benefit of the waiver. So -- and the most restrictive covenant that is the hurdle is the debt to total asset covenant that's in our bank and private placement notes. And the reason that's the most restrictive is the way asset value is measured, which is essentially looking at NOI for the quarter times four.
So as that NOI ramps up, which we expect to -- has been happening, expect to continue in Q2, that number goes down, and we need to be under 60%, the way it's measured in the agreement, debt to total asset value. So that's really the main -- we're really good on the coverage ratios and so forth. It's really that 1 being the tightest. And as Greg said, we expect to hopefully come out of the covenant relief period early, given the ramp we're seeing in our operations sometime during 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>>
I don't think we'll see a big change in that number. But I think we'll have the opportunity to push day rates on rigs toward the end of the year. So I see -- that's why we're projecting that we're going to have margin improvement through the rest of the year and that Q2 is a bottom in this cycle for us in drilling for the margin per day.[/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>>
Go ahead, Paul.[/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 might just jump in there for a second. So, I mean obviously it's impossible for us to know and predict what the government will do. I mean, I think they're given us their intentions and for now we're assuming that's the case. But just to give you an example. We have that in Greece. We had taxes of 24%, increased to 29% and then reduced back to 24%. So it does happen. I mean, I think overall long-term trend and government taxes typically go up not down, but we have seen 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, Josh, I think our core development philosophy is developing our highest-rate-of-return projects first. So I mean there could be a shift in more activity to some of these really compelling returns that we're getting with the Alta asset. But that's a synergy that would be -- that we didn't account for, and that would be upside to the story. And then in addition to that, from an operational perspective, I think you've seen the track record of what this crew has done by continually driving costs down and increase production uptime. I do anticipate that to continue on this asset but again, that would be considered upside to our plan.[/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. Thanks, Matt. Thanks for the question. Yes, we're excited. We've now submitted 510 k. So we're really under the regulatory timeline in the U.S., as far as Europe we're also on track to, to secure CE mark. So just the way that the regulatory approval process works, we expect to have cases in Europe first, that doesn't in any way shape or form preclude us from hitting the timeline we've talked about with cases in the summertime in the U.S., now clearly everything we can do to pull that ahead, we will, but once we kind of get into the regulatory timeline, we sort of follow it from there.
But the fact is we believe will be in clinical setting in both U.S and Europe over the summer and launch later in the year. So that's the clarification. Like I said, I think we're very happy with the progress being made. We've actually expanded the applications in the system as we talked about in some prepared remarks, but very excited about the technology hitting the timelines that we committed to and are on track to deliver what we said we would 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>>
Thank you, Ricardo.[/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.[/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. First, just had a question on claims trends in the Group business. You mentioned dental utilization is favorable. I'm assuming it's not as good as it was or as low as it was early last year. But if you could talk about that, what -- also what you're seeing for disability claims? And how much of an offset do you think these will be to elevated group Life claims in this 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>>
Thanks Tim.[/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, Nick.[/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, Alex. Thanks for the question. You know with the upside in revenue we are seeing some increase in variable compensation and 9% to 10% is a more rational view on OpEx, given the strong upside revenue that we're seeing.[/INST]
Direction (UP or DOWN): DOWN | DOWN |