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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
That's where we are today. That's exactly how we're looking at it 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>>
Thanks. Thanks, Gary.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Hey, good morning guys. Thanks for all the transparency provided in the release, and the prepared remarks. One of the things that struck us is that, you guys did a really good job early on valuing occupancy over rent. And I think that's one of the reasons that you really starting to see some sequential growth. And you've alluded to this a little bit, but I do want to -- maybe drill down a little bit more on the leases that are coming due and what's historically the peak leasing season. And how you think you're going to manage through that? I recognize that, you said 1Q is going to be tough, 2Q is going to be challenging, as well. But how do you think through that. How do you think your occupancy set you up to manage through the leases coming due when demand is still not going to be back to where it is?[/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>>
No, no, no, it's never been Q3, it's Q4.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. I mean, we haven't necessarily disclosed any dollars associated with premium amortization. If you end up thinking about the 10 basis points this quarter, 8 basis points of it is really related to card balances, so the rest of it is really driven by premium amortization or significant amount. So, I think with respect to first quarter, it's -- fourth quarter, it's really peaked. First quarter, it's really -- and into 2021, it's really going to track, I think, along with how refinancings occur within the mortgage industry.[/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>>
Yeah. I don't think you can model that, Sean -- Paul. We don't have any clarity on what's going to happen in the back half of the year at this stage.[/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. Thanks for taking my question and congratulations, Bernard. Just on the foundries, how many different foundries do you use and are they all raising prices or is this what you're talking about when you say your supply chain is increasing prices?[/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>>
After September, hopefully, we will close the deal in June, July time frame in the U.S. The timelines match. We will put the proposal to our supervisor and to the respective authorization bodies. Our expectation is to start the process in the fourth quarter 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>>
Yes. Thanks, Brian. Yes. So services, in general, is not a good leading indicator, I would say.
One thing to keep in mind is just -- there's just a lot of variability in services revenue. And why is that? I mean, different products have different service requirements and customers have different needs based on their in-house capabilities. But what I will say, we're very pleased with the overall service business, the strength that we saw on the development side and broadly.[/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. Congratulations on the quarter. Ted, any additional color you can provide on the M&A front? It sounds like you may be close on a few deals. Are the targets maybe within the federal consulting space or also you're looking at something within the commercial segment? And then maybe the size of the targets, continued tuck-in acquisitions or is there maybe an opportunity to think about doing something bigger?[/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, Andrea, this is J.D., I'll take the question. It is -- in terms of how sustainable it is, I think that that's yet to be determined really, and what we saw was a 5.5% increase in household penetration, roughly 8 million new households participating in our categories, which is fantastic, and we've seen them continue to remain engaged beyond last year into Q1 of this year, and the signs are that they're going to continue to be engaged. So we feel good about that.
I think one of the reasons why we have had some a conservative outlook on the latter half of the year is, we just don't know how sticky that will be. So as the vaccine starts to spread across the country, as people start to get more comfortable with maybe doing other things away from the home, we'll see how many people remain engaged in our categories. But I don't think that's going to go back to zero, that number will still be something most likely above the normal run rates that we saw historically.[/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. And I'm sure, Randy, you'll modify it maybe. I think what we tried to state pretty clearly is the three restructuring actions that we announced last year, the first is complete. We have idled the line that we said we would. The second is the facility in the Netherlands. And that is well under way and will be complete as soon as we have finished producing the kind of last time buys that the customers have needed, and we expect that to be the first half of 2021. And finally, the site in Germany, we fully expect to have complete within the first half of 2021. All of that, as you know, we retain the business from that site and yet made the decision to exit it, just from a pure footprint consolidation and cost optimization opportunity.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
It's a very good question. It's a question that we ask ourselves every time we have to make those decisions. And I think that the key word here is balancing our act. I think we are an operator for the long term.
And so, fleet rejuvenation is very important. At this point, fleet rejuvenation comes with a cherry on the cake because the vessels that we are buying are far more economical than the vessels we sold last year. And so, we're trying to balance what we sold last year with what we're buying and what we bought last year and what we're buying currently. And that could be part of sort of one side of the equation, whereas the other side of the equation is purely looking at the share price and seeing a disconnect.
So, I don't think we can stop rejuvenating our fleet simply because the equity represents better value. That will shrink the business over time to a point where we may have to buy assets to renew the fleet when they are priced at a much higher price. And remember, only last year, Suezmax were exchange for $67 million. So, here, we're buying at $57.5 million, which is a significant discount to what we have seen only recently.
So, we do believe that both are needed. And then let's hope that the share price recovers to a territory where we don't need to act on those and then completely concentrate on buying for rejuvenation or even buying for growing the platform, which is our ultimate ambition, of course.[/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. Thanks for taking my questions. A couple quick ones on GFN, I guess thinking about GFN and fleet productivity with an asset base that's more geared to leasing. How will that impact fleet productivity. I mean, I guess would assume is positive, but just any thoughts you can offer?[/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, Matt.[/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>>
Ajay, do you want to take that?[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Nitin, you know, that's something that we actually -- our senior leadership team, had our first combined strategy session, where we thought about just those opportunities. And a bit more to come on that, but it's something that we're spending quite a bit of time evaluating the true opportunities, the true threats around the energy transition that we hear a lot about. So we want to be thoughtful. We want to be very good stewards of our capital that we have, the cash flows that we have.
And -- but I think that's something you'll hear us -- more dialogue from our team as we go forward. We are going to be very thoughtful in our approach.[/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>>
Absolutely. The full rollout where it ultimately comes together, Nielsen ONE is completely on track. And then once the data gets put out there, it gives everybody, buyers, sellers in the ecosystem, all what they need to start to make all the adjustments because it's going to be very exciting. And what we also want to do is make sure all of the component launches, the building blocks, as David called them, continue to come out so people start to get familiar with each of the components, ultimately leading up to the deduplication across everything for ads and content in 2022.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. Hi. Good morning. Thank you very much.[/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, right now, as we look at our backlog in the transportation and the material element in there, there's really about a blended 10% increase. That's really why we're pushing that number out there. The fortunate thing for us is that our business is longer cycle in nature. So, we have the ability to plan ahead. Our supply chain organization that we stood up in 2019 has done a really great job of securing long-term contracts. Right now, even though transportation rates, container freight rates are up as high as $9,000 to $10,000 a container, we still have contracts where we're paying $3000 to $4,000 a container coming to or from Asia, for example. But those contracts have an end and so that's why we're pushing surcharge through, because we have to cover those additional expenses as they come through.[/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 -- we've renewed -- I think we mentioned, we renewed eight affiliate agreements over the past two years. Now there is actually a ninth that occurred since the last quarter. The rates that we are getting rate increases on those linear affiliate agreements. And of course, we're working against a universe that is in decline by call it 6% to 7% a year in the U.S. So, the position we're in is strong, stable, and our services are attractive. In any given 90-day period, you get some different contractual things moving around. But I guess I'd remind you, I think it's important to note that we really do have a high value collection of a limited number of channels. That's very different than 10, 15 channels, broadcast networks that are carrying sports fees. And I think that MVPDs as we go forward are seeing that the price value relationships of the AMC Networks put us pretty closely to the first place in value for what they're putting on linear. What's occurring now is that we're selling streaming services. They're retailing that. And so, they're getting margin on that.
So, we find ourselves actually in a nicer new position of harmony with our MVPDs. So, I would say from a horizon point of view, Michael, I think the situation for us gets better and better, as MVPDs are price sensitive, number one; value sensitive and we have the harmony opportunity of margin for them on the premium services with an attractive price for linear.[/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, we've always said, and we always like to be consistent is that, it is an absolute priority for us to get to CAD10 billion. We expect without any asset, divestiture proceeds will get there in the second half of this year at present strip and asset sales could obviously accelerate to a meaningful manner. And once we're in that -- once we believe that we're at that point or heading to that point, then I would see share repurchases as one of the options that we would very much consider to returning value to shareholders.[/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>>
Chris, it's Raj. I'll take that. I think the biggest part of that movement is probably tied to Edmentum, where we have an equity position that's accruing. And obviously, we had the recap and the repayment of the debt in prior 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>>
Operator, with that, I want to thank everyone for joining us today. We look forward to seeing all of you in person in 2022, and obviously, John and Michael will be available for any follow-up questions today or over the balance of the week. Thank you for joining us, and stay 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>>
Great. Can you talk to us a little bit about the impacts of inflation, both on how you're looking at current -- jobs you're bidding for currently? And how you've maybe protected yourself from the backlog and so forth? And how you're viewing that over the next 12 or 18 months?[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
No, no, no. So to be clear...[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
You bet.[/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. No, the context is more like -- we had -- I mean, TRQ and Rio Tinto teams were in Mongolia for discussion with the Government of Mongolia from the end of May -- from the end of March to April, the end of April. I mean, definitely, Craig -- I mean, Mongolia was facing a significant surge in the COVID and we were in the election and we believe that the best -- the best for everyone was to resume the discussion after the election, OK, where we would be -- that would be -- that will be completed. And so I don't know exactly in term of detail, but definitely a couple of points here. All the parties are committed to -- I mean, we all have a common interest, OK, being the -- the proceed or proceeding with the undercut decision, OK. We know that we need to resolve and have discussion around resolution 92 or a question that has been raised by the government, and we're definitely committed to have -- sit down and have the proper discussion in order to have. But it is also likely that we -- I mean, we will -- I mean there is some discussion to have related to the undercut -- to the undercut criteria and the non-technical that we talked before. And like I said, these are license to operate -- or elements of license to operate that we need to -- we need to have. But I would expect that the discussion with the Government of Mongolia definitely will-- I mean like I say, will resume after and we'll have also, after Naadam, we'll have other period to have some discussion. But the point I want to make, Craig, is that you should not necessarily link together the undercut decision with the discussion with the government. Some elements of that would be common, but not everything.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
The only comment I believe that was made and if you take a look at the press release is that we had significant claim closing success in segregated portfolio cells that resulted in an unusually large amount of favorable development in the quarter compared to the fourth quarter of 2019. So, I would characterize it by saying the Workers' Comp business was status quo very, very successful and the Segregated Portfolio Cell had an even better quarter during the pandemic than they did in the fourth quarter of 2019.[/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. You're right on the money in terms of the question about the variability there, Tom. Just as a quick reminder, we've got 66 owned/leased hotels, of which 20 are owned. And I think it varies so much depending on what is going on in the occupancies of these various markets. So just to give you a sense, CALA and EMEA are where we've got really the toughest time for occupancy right now for our owned/leased hotels and for that if you think about the Elegant acquisition where we had those hotels compared to a year ago in the first quarter, they obviously had a dramatic change in their profitability year-over-year in the first quarter and similarly in Europe. But at the same time, I think in the U.S., what we're seeing is, with the improved demand situation, that those owned/leased profits are in better shape.
So broadly speaking, the other thing to remember is that, in the first quarter, we also had $17 million of termination fees, which actually helps your owned/leased line and that tends to be, in a given year, something like $45 million in that ballpark. So I think it's for better or for worse is going to depend very much on what happens in CALA, as well as in EMEA to see these owned/leased numbers rebound.[/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, Peter, I think the correlation between availability of young used aircraft and what that means in terms of new aircraft sales, for sure, are correlated. And I think if you look at what's happened here over the last period of time, we've been seeing that number come down. And at this point, we're down below 1% of the fleet that's out there that's under 10 years old available for sale. So without a doubt, I think that's helping.
I think the overall demand environment is also more positive, right, so you've got more people that are looking to acquire aircraft than we've seen in quite some time. So the level of activity, the number of customer interactions is certainly quite strong. And so when that's happening, and again, the small number of young used is off to a factor in that. But I think part of it is just there's just strong demand in the market right now.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Great. Thanks so much. I guess just to follow up on the pricing question dealt with you do have this good visibility, maybe you are even already starting to sell in some. But just with respect to, you know, I guess any color around, you know, magnitude and timing.
We've heard a lot of companies kind of speak more to the Q3 time period. So why I just kind of want to get an idea of how you or how you think about the phasing of this pricing as we go through the year? And then, obviously, I understand for competitive reasons you're likely not going to tell us exactly what that pricing is. But just trying to gauge, when you talk about pricing, is this, you know, similar to what you have seen in the past, maybe a little bit more or a little bit less, anything you can provide would be really helpful. Thanks.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Hi, good afternoon. Hey Mark, how would you characterize customer buying behavior in terms of sales cycles, decision processes, deal sizes. Is it starting to look a lot more similar to pre-pandemic or are we still in kind of a weird environment in that regard?[/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, when we released in February, that was right in the middle of the event, so we didn't really do it that way. So obviously, we did have some impact on the first quarter and it was really 14 days of production that were impacted to some degree. That's what it came down to and then there was a knock-on effect on the logistics side for really our frack spreads.
We didn't have much downtime on rigs, but we did have downtime on frack spreads. Bringing things back and including even getting people to work the facilities, you know, there were a lot of people impacted in Texas, the individuals. And they have to go tend to things at home, too, and that made it a little bit more difficult to get people called out to facilities. But, no, it's -- we're just looking at it, but we maintain guidance for the year and 2022 looks the same.
ESG, performance-wise, we're doing great, so those -- I don't really see that -- anything there really.[/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. Yes, our expectation was that our Industrial business would be more exposed to the slowdown of the economy. I am very pleased to see how Q4 came together across the globe, pretty much, and also across the different product lines in Industrial and I expect this will continue on to be relatively healthy. But of course, that in the second part of the year, then comparisons might and also play a game and certainly also China where of course we have this very significant Industrial business.
I would attribute it to little bit the same things that we see for the whole group that we early on did go for the pockets of growth that still exist in this market, redirecting our resources and our attention to the most attractive accounts, and that played well. There are Industry segments that are very healthy at this stage. The whole pharma production, there is Transport and Logistics that is healthy for us, and many other sub segments and in combination with the sales force guidance topic that i raised before offered really good opportunities in spite that the overall economy is challenging. So there are segments that are down for us and other segments that went nicely up and it is really up to us to focus on the right ones.[/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>>
And -- on your Wisely question, Mark. The one thing we did see was stimulus drove some uptick in card spend per card. Other than that during the pandemic, there hasn't been any real notable changes in the Wisely growth trends. So really it's the per card economics that have seen a slight tick up recently.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Correct. I think your assumption is spot on. Remember, we're the largest memory manufacturer down in Brazil. And so as we supply many of the largest handset makers in the country, whether the share shift is from A to B to C to D, we anticipate very little impact and it's also any of that would be contemplated in the guidance that Ken provided.[/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. David, it's Lee. I'll take that question. So I think it's fair to say you'd see mid-year price increases going on to the distribution channels, not only in North America but globally, given where we are with input costs, etc. And I would say, by and large, you're probably pretty correct, lead-times that a lot of pre-buying, while there's some, it's not what you would expect if the level of activity wasn't so strong as it is right now.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah, Andrew, this is Jill. That's still what we are targeting that we'll be able to be flat, that's going to be a good year for us given the rapid repayments that we're having in the residential refinancing and the offset there. But for 2021, we're still indicating that we anticipate flat and would expect that we'll return to our normal mid single-digit growth rate in 2022.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. So Margaret, we would love to be able to answer the question on hospital demand specific to the first quarter. It's very challenging for us to answer that question because the demand is tied to the same customers. So we weren't selling to hospitals directly in the first quarter, we were selling to all of our same customer base and they were telling us that they were using a portion of that demand for COVID patients that were being discharged on POCs. So, unfortunately, we can't break that out specifically outside of just looking at the trends and trying to do our own estimates. But we don't have a hard number of how much was specifically tied to that.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. So the packaging is really where we're seeing the greatest impact across both of our businesses outside of way with steel which is very clear. So -- but I think that's where -- that and freight are the two highest levels of inflation we're seeing across the business. Brian you want to add 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. I mean, look, I don't know specific share shifts. What I do know is we're outperforming the market. And so just I guess, by definition, we're taking some share. And part of the reason for that is EVs and part of the reason is other applications. Are there different competitors in an EV versus an internal combustion engine? There may be. I mean, there's different competitors for all different systems in the car.
You have to remember in our industry, there is not a monolithic competitive landscape. There are obviously some companies that are publicly traded and well-known, which are excellent companies, but there is a whole diaspora of competition in the interconnect industry. And each application may have a different landscape of competitors than the application before it. So I guess, by definition, yes, you're going to have some different competitors.
I think our strength in EV in part stretches back to the fact that we've been making high-power, high-voltage connectors for really the entire history of Amphenol. That is a legacy, you would call it even a birthright of Amphenol with our military, our industrial business and our ability to collaboratively share some of those underlying core technologies across our team, a little bit like we discussed just a few moments ago, has really positioned the Company well to be an enabler of those next-generation systems, which are really mission critical. So I think we're very happy to have a whole diaspora of competition across all our markets and that includes within automotive.[/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. Thanks so much for taking the question. I had two as well. Mark, I guess somewhat related to C.J.'s question. Just curious in terms of the auto SOC test market, I think in your prepared remarks, you mentioned that you expect the market to exceed $500 million this year and how that's the highest mark since 2017. How are you thinking about sustainability there into '22? Near-term demand is clearly very strong. And when we speak with your customers, they're all kind of complaining about extending lead times. So I guess the bias is to the upside, but curious how you're thinking about that market. And then as a follow-up, a question on Storage Test. It seems like both HDD and SLT are trending very nicely. I think the business was up more than two times last year in 2020. Curious what you're thinking about the business full year 2021. If you can differentiate between SLT and HDD, that would be super helpful. Thank you.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. The only green shoots I have are the bookings activity -- sequential bookings activity that we've commented on. That's the only green shoots I can comment on that I've seen.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
The seasonality of performance. I think, I mean the seasonality in our earnings in the year is what is always has been. So we don't see any changes there and of course, certain events like we have to live through here may affect the specific quarter, but seasonality is the same.[/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.[/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 bet.[/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 we're -- for the year, and obviously, we recognized $900,000 of this revenue already. But the remainder of the contract was $3.8 million in total. So there's a little bit less than $3 million to be recognized over the remaining three quarters.
So that remains the same. No commentary beyond that. So for the -- at least for this year, you can kind of keep that in the model.[/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, great question. So when we think about the mortgage business, we continue to think that on the origination side, that we have been capturing market share. We think that there is still opportunity to do that. And here is the reason why. Over the course of last several years we've been making significant investment. We've talked about the fact that we've been focused on the retail side of the equation, purchase mortgage and home -- mortgages that originate from the home sale side of the equation. So even as refinancings come down, we do have the capability and the capacity to be able to continue to ramp up on the home sales side of the equation or the purchase mortgage side of the equation. So I think that, that is an opportunity. I think that our technology continues to outpace the competition and digital capabilities enable us to be able to capture that market share. So that's all good.
You're right, that there will be impacts with respect to refinancing starting to slow as rates move up, and that's something that we would expect the gain on sale will start to decline the capacity in the system has gotten stronger. But I think that the implications of the investments that we have made have been positive and will continue to be positive. So while mortgage revenue is likely to come down during the year, it is still going to be a good part of our business.
Does that help, Ken?[/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>>
As far as we know, they should. And given our call with the examiner, that should be within the next 30 days.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes, it's good if we step and look at the macro, step back and look at the macro, we've seen overall our backlogs increasing through the quarter and that also continued as we turn to page in the fourth quarter. We see -- if you just take an important data point, which is our Indian Aftermarket business and you look at the Aftermarket OE versus the Aftermarket independent channel, the growth within those two pieces of our company was roughly equal. And so therefore we see everything as a pull-through based demand taking place within the corporation. We have not really begun to see the stocking event happen, that still lies ahead of us, that as evidenced by the growing backlog that we have.[/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 not a competitive offering. It is, in fact -- we do see our customers -- our customers are doing incredible things with our platform, Doug. And it's really exciting for me to see.
And so the more people who have access to our technology, the more innovation, not only from Berkeley Lights but from our customers, into some of these new markets that will gain traction. And I think as we continue to deploy and ramp our technology, that customer base innovation is really important, and it makes them a part of the story as well. So for me, it's important to see our technologies continue to roll out and ramp in the market.[/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, as it relates to the second half, I don't think there's a noticeable difference between the growth rates that we would project for the second half and what we're saying for the first half. While the first half is high-teen to low 20% -- the vast majority of our business is more significantly weighted toward the second half. So I would expect that growth rate to remain at that level, and it would be consistent with Tim's comments with regard to how encouraged we are in the order book that's come through from our -- from our wholesale business. And then as it relates to gross margin, I don't want to get into parsing that by quarter at this stage.
We're pleased with the progress that the company has made with regard to how we're managing the margin. I think if you look at it relative to 2020, we're up 110 basis points projected, and we're up over 2019 as well. And so I think that's on the back of a lot of hard work that our product creation teams and whatnot have done. There's some favorable product costing in there and some benefits from more full price and some shifts in channel mix.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Well, again, we're maintaining lower operating expenses. And so that will be certainly a benefit to the model. I think if we have to assume that we have this type of product mix or something close to it, then we'll have pressure on gross margins. But I think that would mostly be offset by a reduction in operating expenses.[/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. I -- since we don't break that out, the best I can tell you is based upon how we do reporting to the lenders that have lent us money against those assets and I guess even after depreciation assumption [Indecipherable].[/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, Jamie. Look, as we've talked about before, the current way that Medicare reimbursed, it is especially in the home, it's just inadequate for the care that's provided. We are working on multiple approaches to that, both with the industry and independently through the process of getting a better reimbursement scheme that reflects not only the care plan and oversight as well as the nursing interventions that we provide, not just the drug and the drug reimbursement for their process. Look, I think on the near term, our focus is getting the calendar date fix around getting up per DM for when a patient is truly under our care, and we are managing them through that process. And that's been the focus. I think more broadly, we will continue to look for expansion, opportunities to expand access to the Medicare population, but this is going to take time, and it's pretty complex, given all of the different priorities in Washington these days.[/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>>
But it's also creating the opportunity. So I would say it's a small -- it's a very small dilution on the operating side. We're hiring more people now to kind of build the integration, but it's not something that would change materially the numbers for us.[/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>>
Like I said, we saw an acceleration of the three segments that I mentioned 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>>
Yeah. Getting integrated into the practice management software system is huge for us. That is a really important aspect of the growth strategy here. And for health systems, our integration with Epic inside of the dentists and the vats their practice management software, regardless of what they use we want to be completely integrated there so that it becomes part of the process for the office manager that's working there. And you can imagine we -- with 250,000 providers, we have a wide range of big providers, small providers, and keeping CareCredit top of mind as a payment option is really critical to the future growth of that 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 think that it is going to prove over time that the margin in the business that we're writing is very attractive.[/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 recognize that we do have extended change. So for example, part of our -- if you could just take the North American business, and so I'll just confine my comments to that. Yes, we'll supply directly to Boeing. So that's part of the demand. But we also supply into -- in Spirit. And therefore, it's another step in the supply chain. And what we're clear at is that we've been supplying at the low rate for some time. We're not trying to be optimistic in saying we're going to see that recover in the Q3 or Q4. We've been saying it's a couple of quarters behind and do think that it will begin to recover or will maybe even -- maybe it's the bullwhip comment that Gautam used or is it snapback. I think we're going to see significant demand increases for our fastener business in 2022. That's the best I can guide you at this point in time Okay. ...without the perfect visibility that, I guess, we'd all like, but we don't have.[/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. Your segment EBITDA for facilities next year is guided to $0.42 per barrel, which is lower than it's been in a few years. Is that -- I see on Slide 9 that you talk about this lower utilization at NGL and crude storage facilities. Could you talk a little bit more about what's driving that? And if it's structurally going to be lower?[/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, it's truly more on the member side, what we find -- first telehealth, whether you use the audio and video today can support documentation. So that is possible and regulatorily came into place the latter part of last year. So it is a way to bring documentation back.
The problem is, is that what we see is once there is -- when someone uses telehealth, they then use it more frequently and so we see a significant use of Telehealth, but the members that are using it are more contained, I should say or more refine them and it's not across all our membership.
So we could see a significant increase in telehealth but that increase in telehealth will be over us -- a confined membership base as opposed to across our membership base and that really comes to one of the barriers we're working with in the communities we serve is, is that not everyone want to access -- either is less comfortable with telehealth as a result of some of the technology limitations there or just needs to be educated more, they might have the technology, but it might not be integrated. And that's why we see a lot of work needs to be had, is in the ability for telehealth to be used in a more broad membership base as opposed to the narrower membership base that it has today.[/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 the question Amit.[/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 Ken.[/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. And again, Rusty may have some more detail. I could tell you, particularly in our consumer group, our ability to see this online ordering has improved dramatically and we have seen significant improvement and hu -- huge percentage gains, but they're on a small base, but improvement in our ability to fulfill and meaningful, meaningful growth in some of our big box customers and in -- in a more untraditional online customers like Amazon.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. I would say that the main headwind by far is material. So, the team has done a really good job of offsetting as much of the material cost as possible through pricing increases and some of our inherent processes such as hedging will delay some of the material cost increases that we're going to see in the second half of the year. That's a big part of what you see in terms of the margin compression from first half to second half. I think you overlay that with an opportunity that may have been to offset some of that material cost increase with additional volume, it's just not going to be possible in businesses like FMP as you mentioned from chassis. There's a final [Phonetic] supply of chassis we're going to get. So, what we would have thought we might have been able to get some additional volume, we're just not going to be able to do that now with the chassis constraints. The demand exceeds our supply of certain commodities and it's not just chassis, as well as fall on refrigerated trailers.[/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, Ricky, this is Alan. We don't actually have to break out the guidance, our level of detail there. What I would say is that we previewed the federal once it got to around $1 billion would grow at a mid-teens standard [Phonetic] for the next several years and at the end of the year, just under $1 billion. So that puts you in the mid 100s, as far as contribution to the 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>>
Well, John, I think, first of all, I always tend to have a healthy respect for my competition. I never take anything for granted. I would say historically, you're right, it has been fragmented and low tech, a lot of relationship selling within that segment of the marketplace. But obviously, the competition -- you know who some of the competitors are the likely competitors in the future. There is a substantial opportunity for growth. I would argue, frankly, in Canada where our business has been a little bit more established in this digital footing for longer, we've seen us continue to grow and frankly, the growth accelerate into that segment and grow our total volume of dealer consignment.
And now I see the same trend starting to become evident in the U.S. So there's a lot of opportunities for growth, but I would not characterize it as taking candy from a baby. It's a competitive environment. But within that, we have a very compelling offering. And at some level, what does KAR have here, as these marketplaces mature, and I think we're on the cusp of that right now, we've got an engine [Indecipherable] any vehicle in any location into cash in the shortest amount of time possible with a full set of services wrapped around that transaction for any customer. And that's a really powerful engine that can be brought to any wholesale vehicle, it can be brought to enabling a retail trading transaction on behalf of our customer. There's a lot of potential advantages that, that brings to bear. So that's part of the opportunity that I see for the future of KAR.[/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. Yes. Thank you for the opportunity. I have two questions.
On the -- number one on your 3P business on the how should we think about our average on the 3P take rate on the comparing with other marketplaces in Korea? And then also how fast, can this grow along with the expansion of the jet delivery on the services? My second question on your customer base, can you give us more color in terms of the age group for a certain area. So I would like to think about where we can see the upside on the population in Korea? And then also I would like to know the percentage of the Rocket WOW on the membership, on the subscribers and also if you can provide any target ratio of the Rocket WOW on the subscriber? That would be great. 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>>
Hey David.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. I mean, certainly, we look at EIC. It has two levels of manufacturing equipment. One is more kraft focus and another large-scale production capacity.
And again, part of our rationale for this acquisition is that we see that -- versus what we've seen in the market to date with soft chews in particular, but other categories in confection that the amount of throughput and the automation that's there is very high so that definitely the ability to produce product at a low cost. So I think, certainly, you're going to see some unique and interesting products come out of EIC, hopefully, in our Q4 this year. Again, that is dependent upon licensing and commissioning of equipment and everything. But certainly, we do expect them to be strong in terms of what their cost of goods is going to be relative to the competition.
The thing you can't control is the market dynamic in terms of where pricing is. So we're excited about EIC. It's why we made the investment. We certainly think that they're going to be able to do things that the majority of other companies cannot do from a costing basis and a consistency basis.
So that should definitely be a big contributor to how that product contribution looks like.[/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. Look, that's a great question, Bryan. And this is Chris. And look, I would tell you that, I have to put it in context, because there are so many inflationary and then the pricing actions that are needed to be able to recover those in the marketplace, you've obviously got some choppiness associated with potential order patterns. But I will tell you the acceleration in the order pattern and the breadth of the order pattern moving through the quarter was significant. We saw a great momentum as we were exiting Q1 and March was very, very strong.
And probably, most importantly was the breadth of the strength. You saw that, we said that 80% of those exposed revenues now are in positive momentum industry segments. And it's really not in any one particular region. We're seeing that breadth across and very happy to see our automation business actually stabilize and actually seeing it perform at that prior year level on a revenue basis. So the momentum was strong exiting the quarter and that's what gives us such confidence about really improving upon what we think the full year performance will be for the Company at the top line.[/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, no. I mean, you know, Europe probably was a bit slower than we anticipate in terms of flight hours. I mean, that -- that's clear in Q1. And Europe, I mean, I think there's a -- there's a direct correlation toward vaccinations, right? And then we kind of -- as we look at Europe, they're probably, you know, let's call it three to six months behind the U.S.
in terms of the vaccination rates. So we're going to kind of continue to see the slow rate of recovery here as we move through the year and we actually do expect a fairly robust domestic flight market in the U.S. It probably won't be the case in Europe but we think that that's probably going to push back into the fall. But you know, Europe, you know, sort of that the leaders are U.K., U.S., Israel, UAE.
Those are -- those markets are recovering fairly quickly. You know, I think Europe will be next. You know, China is in a pretty good place. You know, India is a bit of a trouble spot and Latin America is a bit of a trouble spot.
So those will probably be recovered late this year. Then we see a very strong pick up next -- even stronger pickup next year, particularly on the international routes. But some of those will recover in the second half of this year. I anticipate especially U.S., Middle East, Europe, U.K.
routes to be fairly active even in the second 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>>
Yeah. So I think it's a combination of things. I don't think it's solely attributable to pent-up demand. If you kind of go through the categories, customer pay, a portion of it has rebounded most quickly as well as obviously the internal reconditioning is obviously tracking with the impact of the new volume and used volume. We're finally seeing collision kind of get back to its '19 level, which has been a little laggard and then warranty probably of the four categories is the slowest to recover.
But as we track it on a monthly basis, we continue to see continued recovery and anticipate that will continue through the rest 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>>
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>>
Well, let me take a step back and remind or clarify that our initial strategy and where we're focused is not -- we're not going after Verizon, AT&T, or frankly, any exclusively historical Telco player. I think value add is a converged DOCSIS and fiber solution and we believe that just the subset of operators who will be deploying both DOCSIS and fiber in either the same or different parts of the network, it's -- that creates a compelling, let's say initial or Phase I opportunity for us. And it's those customers who are making progress with, it's those customers with whom we have our initial deployments and it's some of the larger of those customers where we're starting to make some real good progress in their labs and in their testing.
And I would say that the value of what we're proposing is coming into greater focus and at the same time, we're better understanding the different used cases and how these things will be deployed. I mean, the market is evolving. Just late last week, for example, Virgin Media in the UK, kind of made a splash by talking about some aggressive new fiber to the home plans there in the UK market and that they further clarified on their earnings call where they talked about fiber and cable kind of moving forward in coexistence with maybe the fiber serving the higher end customers or being the premium tier of service. I think that's a picture that for us is becoming a sharper focus and it's helped us steer the way we position the technology, both technologically and commercially.
So we're making good progress on both fronts, George. We're quite encouraged by the work we're doing with our customers as well as I'd say the strategic thinking of customers large and small in this area. So obviously we continue to invest in it, and we will continue to keep you posted on our 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>>
Yeah. Patrick, just a follow-up to that question. respecting that you're not going to do a transformational deal. Like how are you thinking about the size of the deal? Like are you thinking of being kind of an incubator for start-ups? Or are you thinking like hundreds of millions, low billions? How are you thinking about the sizes?[/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>>
Second half of 2022.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Sure.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
I'd say they're similar.[/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, Don, it's Chris here. Yeah. No, I mean we're obviously infill drilling.
So we were hoping to get high-grade, so this is all going to plan in inverted commerce. Sure. As was previously mentioned, those 30 drill holes and the one you're specifically relating to is in that core, which is very close to the intrusive. It's where we've got this exoskarn, and it's where the fluids have come up and then sort of dissipated out.
So really around this higher grade core, which is going to be the emphasis on the PEA and where all the infill drilling is happening is we are expecting to see these high-grade areas. As we move out off to the West, we go into the more of the breccia. So this is in between the breccia and the intrusive, and this is where we're expecting to see those high grades. Specifically, as we set out beyond the breccia on U-40, we then started to see additional skarn, which is really pleasing for the team and certainly for the expansion of this project going forward.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thank you, Laura. Thank you. 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>>
Yeah, I would say, today, it's the right number. Some of those are groupings of other markets, but I think it's a good manageable number of end markets and we have expertise there so sometimes, these businesses evolve, there's a whole sub-segment of electric vehicles that is becoming a business unit within automotive. Right? So -- but yeah, we're at the right number.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. I mean it's something that obviously there are big drivers around the demand there, and things are moving in a way that is increasing our activities. And so our typical rail or transit project as there's a shift to more public transportation driven by electric vehicles or hydrogen-powered vehicles is on the order of $1 million to $3 million, let's say, in terms of range. And those are for roof working platforms for high-speed train maintenance or bus station maintenance work.
And then, as we think about orders that might be more in line with the typical automotive vehicle-related activities, we're seeing orders that are in the $1 million, $1.5 million a year range on a year-to-date basis. So I think there's an acceleration of that, but it's not enormous, if you will.[/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 the question, Jeff. So on the first one, we have not seen much service cost inflation. And our view is a lot of that work-over work we can do in-house. And when you think about it, we really feel like the smaller the job, the more we can protect ourselves against service cost inflation.
We certainly do expect to see it. But I think that's why a big focus of ours is on proved, developed reserves just because I think those are gonna see the biggest benefit from the increase in oil prices without seeing the increases in service costs. So I think owning a bunch of leasehold that you need to go drill horizontal wells on, we're just not sure you're gonna get a lot better margins on $20 or $30 high crude prices once the fracking companies and drilling companies need to recoup some of their costs. So that's not a definitive answer, I guess, but that's how we think about it anyway.
And then, I'm sorry, Jeff, what was your second question 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>>
Yeah. Thanks, Laura. So first on Leqvio, the agreement, we're still working through the final stages with the NHS. So we have not yet dosed patients in the U.K.
The agreement, though has the aspiration that this would be rolled out in primary care from day 1 at scale, trying to address the ASCVD population and get the U.K. toward its long-term goal in cardiovascular health. So we -- hopefully, we'll have updates in the coming months on that pioneering initiative, which we hope will catalyze Leqvio's global impact over the coming years. On Entresto, half of that -- and I'll just start taking the questions given the time Entresto half of that.
We do see, I think, the uptake already, and you can see that in the NBRx, but it's still early days. And I think as we continue the rollout in the education as well as the awareness on the guidelines, we would expect to see continued growth for Entresto. We see a strong outlook for the brand. We're confident we'll be in that $4 billion to $5 billion range.
And as we continue to see the trajectory, we'll provide further updates on the long-term outlook for Entresto in the coming months. Thanks, Laura. Next question, operator.[/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, thanks, Olivia. So your second question first, we won't really get into the magnitude of change, right? We'll be very clear next quarter after its end market and we'll disclose similar to what we did for laundry. You know, laundry was high-single digits, and so we'll do the same thing for litter and some of the other items in three months, we'll go through hat detail. On your first 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>>
No, no, no. We normally split them between the division, the corporate center, but we've not yet finalized the op risk add-on in terms of RMBS. So, it's difficult to be precise at this point. But I'm really talking about an underlying business reduction in the IB in addition to the op risk issue and separate to the run-off of the US hedge fund number. So, a sort of like for like reduction back to the level at the end 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>>
Sure.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
We'll have a kickoff with lots of excitement and communications, so that all our customers and everyone knows what we stand for and who we are. And then we've got to get out and deliver on that brand promise every day. And certainly that's -- there's awareness around what we need to do and -- but great excitement around it also.[/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>>
2.33%.[/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>>
Oh, gosh, that's -- that would be -- that's just a tough question to answer. I think, as we've said, Casey, our business is so lumpy and unpredictable in terms of -- it is -- it's predictable in the long run, right. You can sort of look and we feel very confident that we can continue to grow the portfolio, but the exact timing of exits and payoffs versus originations, it's just really hard to gauge. I haven't really -- it's an interesting observation you make. I haven't really thought about our business in terms of the origination pace happening closer to the end of the quarter. And especially given that our quarters don't sync up with calendar quarters like they do for most people. I would say that at the end of a typical calendar year, we certainly see a lot of motivation for people to try to get something done within a calendar year and we have that experience. To answer your question directly in terms of how we see the rest of the quarter shaping up, we feel good about our pipeline. It's reflective of a lot of the investments that we're making in business development as well as the strength of the relationships that we have and we've invested in a lot of businesses that have an appetite for more capital too. So we do feel good about our pace of investment. Where that's going to exactly shake out through the rest of the quarter is still undetermined.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes, maybe I'll kick it off and Jim or Craig jump in if you've got some other points. As we look out to the long-term as the mix continues to shift from integrating mills to EAFs and getting about 70% of the steel making capacity today in the United States. The EAF sector demand on prime scrap is going to stay very tight, that's going to only increase. As we've pointed out on previous calls, because we need more prime, the automakers are going to make more units, because the steel mills need that scrap. So the high metallic, the quality metallics side of things and controlling our own downstream input to that for us is really very strategic and so I don't think we're at a point where we're going to increase the efforts there. There are things that we're doing every day to continue to maximize that investments in Louisiana and continuing some of those investments in the ore yard to increase the efficiency and increase the yield and throughputs there will be areas of that.
But again as we move forward, I do see is more EAF based mill come online and the demand as we move up the value chain even for ourselves in automotive, this year had put continued pressure on the prime market. Craig anything you'd like to add to that.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. That's a good question, Steph. I think that when you think about our merchants and where we do really well is where we have great fashionable product in categories that customers want, be it trend products or trend categories or otherwise. And so -- and we found our vendors very receptive to that. We're aligned with our vendors about building AUR, by putting more value into those products. And that's our sweet spot, is really -- is pushing the edges of that. So even in our brands that are more widely distributed, in many cases, they've got great premium pieces of their lines that we really like to dive into with them. Our customers expect that, and they love it when we get it right. So we found good receptivity from vendors on that subject.[/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, we love gross margin at Cognex. And one of the reasons we do is we think it's a measure of how innovative we are in the value of our technology. So that's certainly something that we take pride in and Cognoids take pride in. In terms of areas where we're growing, and where we expect future growth, certainly, deep learning is very high-margin and a high-growth business for us. So I think the more mix we see and the more growth we see in that area, the higher gross margins we can expect to realize. And then some of the other product I mentioned, Edge Intelligence.
Certainly, that's primarily a software and data-driven business for us and also with recurring revenue. So again, I would expect to see a lift in gross margin from that. And then I think it's important to add that we take a long-term view about these things. So Paul mentioned a very exciting new and potentially large customer we have in the logistics space. And we've seen this in other industries where we're willing to invest and work alongside our engineers to help them and us develop that business for higher gross margins in future. So I do expect logistics to be improving and that also in the long run to be accretive to our gross margins.[/INST]
Direction (UP or DOWN): DOWN | DOWN |