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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Okay. So, Mehdi wants to know for the first quarter, revenue by technology and revenue by platform.[/INST]
Direction (UP or DOWN): UP
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes. The dynamics are a little bit different by region. In Europe, what we see is really some of the existing lockdowns or partial lockdowns lingering a bit. So there, it is existing projects really getting back to full deployment pace is the primary dynamic to play out. We expect that starts to play through the balance of this year and expect that things would be in a better position to catch up in second half of the year. In the North American space, which is primarily our networks business, a lot of the regulatory delays and some of those customer decisions that you referenced, those were dynamics that were playing out back during 2020 as you can tell by our backlog and some of the bookings pace that we've done in the last quarter or two. A lot of that is behind us now and we're really in that transition period. So, a lot of our existing projects have gotten back to a more reasonable pace, but some of the newer projects where we had that lull in decisions back in 2020 are poised to ramp. And again, that's where we would expect that to play out in the second half of the year.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Good question. This is Dave. And Ki Bin, yes, we have -- we do have another umbrella website that has launched. It's in its first phases and we'll be working through over the next couple quarters, really building out to be a more robust product than what we had on the first version of go storage units. I don't feel we've lost any business, with the evolution of our CMS and the tools that the PROs have deployed, we really felt that the strength in those particular brands and their local brands was well beyond what we were getting out of the go storage units platform. And so, we rolled out nsabrands.com. And we've got the front-facing pages that launched and what we're building on that as we go in the next quarters with more to come and I think we're done, you'll be very pleased with what you see.[/INST]
Direction (UP or DOWN): UP
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
No. Well, yeah, I'd say a combination of. I know the settlement came out. Three other companies were involved in the settlement.
We decided not to settle. Look, at some point, we will. But the precedent of even that low number you saw from the others was not something we were willing to do because we didn't do anything there. And we're not going to set a precedent that's inappropriate for the company.
So even though it was single millions of dollars, we still thought that was not appropriate. But I'll just leave it at that. We're well on top of it. We have a strategy and we'll let it play out.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes, 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes. I think -- well, I mean, people -- they're looking for a more potent version of SYNAGIS, which is a monoclonal antibody that historically has been used prophylactically in high-risk premature births and which when used therapeutically did not work. Now they've got a longer-acting version of that. And so you just have to wait and see how -- a, how it might work, and then, b, to the extent it has efficacy in the target patient population. One of the things I think you're going to see then is it's a -- children get RSV. They need to get RSV repeatedly when they're children to sort of build up a sort of a partial natural immunity to it. And if they're not getting exposed to the virus, in some ways, you're kicking the can down the road. So I suspect if these antibodies go in and start treating younger children, especially in the first year of life, the first season that they're exposed -- would otherwise be exposed to and they're being treated prophylactically with a monoclonal antibody, you're just setting them up to be -- to get their first RSV infection in the next season that they're not on a prophylactic antibody, right? So I think it's just a -- it's a question what age group of people our drug is going to ultimately treat. But there will be a lot of pediatric RSV out there.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
It's skewed toward the engines, Gautam. So, I'd say that's where traditionally the engines -- business supporting the engines has higher aftermarket than on the airframe. And that's just truly that the engines are always running, so you generate more time and more aftermarket revenue from engines. So, it is skewed that way.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
That's the plan.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Sure, this is Peter. The coverage on the C&I portfolio is reducing. We are seeing a lot of our customers actually showing a lot of improvement. So as we are able to substantiate that improvement through this economic recovery, I do anticipate that there could be further releases in that sense from the commercial C&I side. In terms of where we end up, I think that's still a little bit too early to tell, but so far, I think, everything is pointing in the right direction in that sense.[/INST]
Direction (UP or DOWN): UP
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Hi Dana.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes. And I'll just follow up on Eduardo's answer is that this is not a hiccup or it's just a sheer luck. This is a very, very concentrated work by our team to achieve these results through better efficiencies, through better optimization of our assets, through better planning, and execution. So this is an exercise that is ongoing and improving as we go 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. Be as critical and skeptical as possible. 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
The plants are pretty much back to full levels, but they continue to keep customers, us and our competitors on resin allocations. So we're getting the resin we need, but we aren't getting all the resin we could certainly use. And so our inventory levels are significantly lower today than they have been in previous years. And so what we're getting in terms of allocation, we're pretty much producing and selling through.[/INST]
Direction (UP or DOWN): UP
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Fine. OK, fine. Look, Dave, I think in both areas, we intend to have our important role as a B2B provider, B2B provider of platforms of games, of services. I think I have already elaborated on iGaming.
We have a very comprehensive portfolio. We have the ability to distribute it. We have the possibility to cut bills with studios around the world to integrate going forward our offering. We are enjoying already a very good market share in the jurisdiction that are regulated.
And we do expect we will take benefit from the progressive regulation of iGaming in additional jurisdictions. In reality, Sports Betting is not very much different because we have our very comprehensive offering, an offer that is based on our platform that is reliable, scalable. We have our trading service team, and we have our market-leading hardware for the land-based distribution. And all in all, this enables us to offer a turnkey as possible solution to customers of any size.
And as a matter of fact, we are live in 16 states with a nearly 20 customers. We have a strong partnership with market leaders, such as FanDuel, PointsBet, NBA -- Boyd. And the market, as you perfectly know, is expected to grow very fast over the next the five years. And we are proactively securing partnership in all the new jurisdictions that are thinking about this regulation.
And the way we interpret our role here is to be the partner of any of our customers that intend to have a Sports Betting offering, from digital to land-based, with all the possible services that the customer can ask to a B2B supplier.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. This is Mark. Let me take your question. Yeah. We recently acquired a big piece of land in Phoenix, 1,100 acres. Definitely that was the long-term plan to have a mega-scale production sites. But currently our plan is only work on the Phase I production -- I'm talking 2024 with 20,000 wafer per month. And we'll -- going forward we will see, according to the market condition and the cost economics provided by the government support to mend the cost differences to decide the next steps.
On China, yes, we do have plan to continue expand in China. But, of course, the business in China after leading-edge will -- does have a reset, but we do expect the demand in China will continue and we will gradually, accordingly, increase our capacity in Nanjing.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
There are variable costs, of course, that are going to be back as the market expands and the size of the market and our volumes increase. There are variable-related costs, as Joe referred to, COA or COR type of costs. Those are variable in nature. But I think it's important to highlight that the quantum of them have come down, particularly as we move to more efficient channels like digital.
And so again within the broader margin expansion comment that I made, we've captured those within that. If I had to sort of go through each of the specific items, I've talked about channel mix. I think it's important to highlight the margin improvement we've seen from moving to instalment plans. And as volumes go up, we don't think that's going to road, obviously, that's going to depend on the economy. And then, there are improvements that we're seeing throughout our businesses and back office, again, as we move to more and more AI and automation in those areas.
On our cable business, some of the areas that we're seeing cost improvements, Joe mentioned self installation. Number of service truck rolls has come way down, and that really gets at the operating efficiency of having completed some of the service calls the first time. We've had good progress on our content costs, and you see that in our P&L in terms of managing what was previously continuing, escalating cost for us, and we've been much more creative and better executing in terms of those costs. Of course, in Cable, we have the digital capabilities well improving and the back office pieces that I mentioned earlier.
Hopefully, Simon, that gives you more comprehensive...[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes. And it's a question that we ask ourselves or I ask myself often. I do feel much better about where we are. And while I would love to see faster improvement in our nonaccrual and classified levels, the fact is if we did see that faster improvement, it would likely mean that we were accelerating our losses.
And so the fact that we are being prudent, the fact that I know based on Steve's team and all the hard work they are doing, that I would expect to see continued and even a more sizable improvement this quarter. And I see how and what the organization is responding to some of our key initiatives like the small business center, the overall end-to-end lending process revamp we're going through, the fact that pipelines are improving, the fact that overall sentiment in our markets is getting better, economic activity is higher, employee engagement is better. All of those elements for me lead me to that increased optimism. And I also know that we have an engine of performance that, like I mentioned before, it was maybe a bit neutral last year as we were trying to solve some issues.
It's now clearly in drive, and we're getting revved up. So I am far more optimistic about the second half and going into 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
I've given that -- we've kind of said in the initial guidance, right. We said that U.S. was, I think it was 40% to 50% or 45% to 50%. The bulk of that is the FirstNet. And it's -- in what -- by first -- and that's like call it $25 million, $30 million of it is FirstNet. And that is associated with infrastructure like towers, backhaul that we will own at the end of the day. So because sometimes you get confusing with the sites we're actually building and turning over to AT&T, not our capex. That's their capex, but we're building it. That capex is towers and backhaul that we keep. And so, it's a biga...[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thanks.[/INST]
Direction (UP or DOWN): UP
| UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. So I think last year, we said that it is going to be the first half of this year. We haven't changed the guidance. We are keeping that to the -- you can expect to see that data in the first half of 2021, and you can probably estimate respect congresses that would be the most suitable for that. And so we are sticking to that Yaron.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
And that's probably -- I looked at that before we came -- before I came in here and that'll probably stay on [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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
So I think there is no specific industries in the C&I space. We are generalist and we look at all industries across the board. In the CRE side, we continue to see nice opportunities in multi-family space and residential -- land and residential vertical development. So those segments continue to be active. And I apologize, I forgot the second half of 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Well, let me -- let me take it as an opportune. I'll answer the question directly, but I'm going to take it as an opportunity to highlight how we believe we create value. Number one, these are co-number ones, number one of number one, organic growth and that is top of the list and as we look into the remainder of the second half of the fiscal year in the calendar year, we're clearly emphasizing organic growth today and also the step up in our outlook. Secondly, number two of number one, is market and we've just been on a stellar track to continue to become more efficient, more productive as a company. And the third number one is capital, capital deployment and capital efficiency. We're very focused on the capital we've deployed. I'm getting full value for carbonite, getting full value for Liaison, Documentum wasn't that long ago. And Documentum puts us right in the middle of modern work for a lot of companies and then there is new capital deployment. On the new capital deployment, which was I think part of the basis of your question, is we're going to remain a value buyer, we have the management and leadership bandwidth, we have a net debt ratio of 1.6 approaching sort of recent lows if you will. And I'm very happy with the markets we're in today, so I'm not looking to create a new market, Richard, but rather kind of gaining share in what we have.[/INST]
Direction (UP or DOWN): UP
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Rob, I think it's a little hard to characterize that. I think the teams are moving things around. And we're talking with suppliers. So, as there's parts that come available, and they've done a good job of finding parts, and we're able to increase the cadence of delivery and other times we -- having to moderate that. And so, it's hard to get to in a monthly basis.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
No. David, no news in a quarter. We just do study that we look at -- we're looking at years past and trending forward. When you think about these things, they don't -- you don't react, the loss cost trends aren't based upon news of this or that in any given quarter. They're based on a more stable period of time and a much bigger data set obviously.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes. So, yes we allowed those trading balances to be on average a little bit higher during the quarter. We did that intentionally to take advantage of the market and allow Scott and the traders in that group to generate some revenue. I don't think you see those average balances go up really any higher than that. I think they are around $7.5 billion and we're comfortable with that level. But we always look at the market, we look at the opportunities, we look at the balance sheet and we decide how much capital we want to allocate toward businesses. This particular quarter, we allowed a little bit more in terms of the balance sheet that that group could use and reap the benefit of that.
And so we'll evaluate that every quarter, but I don't see it going into much higher on average than that $7.5 billion.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah, we always continuously watch that and monitor that. Our core values are to do more with less. So we are continuously watching on it [Indecipherable] to all our plants, as you know, permit levels and limits that we call stringently and try to drive value out of those with doing more with less with regards to fuel, that is and everything else. So we continuously watch what the new administration may change in those metrics with it, and we'll keep our eye on that. But we are well prepared for 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
I was just going to mention that...[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. One that you're seeing is the utilization is increasing in the marine market, in particular, if you want to say in the freight carriers. So we're seeing that. We are encouraged by the order book, it's picking up. And we're also seeing LNG carriers order book picking up and utilization picking up on those. And those are very strong programs for Woodward, a lot of content on those.
The cruise market, it's kind of been dead, and we've got a lot of content on the cruise ships, particularly through L'Orange and through our traditional business. We're encouraged to see that they may be allowing cruises in the U.S. here, I think latest was maybe starting in July. As that gets firmed up, we think there'll be some maintenance activities kicking in, and that will be a positive. So, those are things like Bob highlighted. We see them coming. It's just exact timing is a little hard to predict.
But overall the marine market is recovering. The order books are picking up. They're long lead time orders, just so you know, I mean they're out, the order book goes out a couple of years lead time, so -- but it's in a positive trend and most important thing for us right now is the utilization, which drives the aftermarket, and that's encouraging.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thank, Hamzah.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah, Matt, it's Dave. So those hires were all in Eastern Pennsylvania. So if you think about where we were when we consummated the DNB merger was right at the time of the beginning of the pandemic. So we weren't able to execute fully on our strategic vision for that market. Now we've gotten through some of the noise of 2020. We've gone back on the offensive from a hiring perspective and those are focused on that market. We did see a decline in core loan balances in Q1 and that was anticipated. So we do expect to -- the growth to happen in the back half of the year. We're still in the low -- projecting low-single-digits for the full year.[/INST]
Direction (UP or DOWN): UP
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thanks for the questions.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thank you, good morning recount welcome in your new position. My question is regarding the reporting for Renewables business. Due to the equity accounting principle, I would argue that we get limited insight into the increasingly important part of your business, the Renewables business. I just wonder, do you have any plans to provide us with some more details? It would be great to see some, call it, proportional figures on the like proportional revenue, EBITDA, not the least cash flow numbers, and also to get more insight into the financing situation, the debt structure of the Renewables business.[/INST]
Direction (UP or DOWN): UP
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. Jon, it's totally fair and it's, yeah, definitely a question that we've spent time on, our board risk committee spent time on, we've looked at every line of business, we've looked at underwriting guidelines. I mean, the biggest thing we looked at is leverage, what's the leverage profile. And starting in the fourth quarter of '18, we felt like that was something that we should adjust and we began pulling our underwriting metrics down. We did have some disappointments in '19, as you're well aware and investors are well aware. And so we were showing some really positive trends. And then COVID came along and there are couple of business lines that are hard hit by COVID, restaurant especially, family casual dining and hospitality being two, and I know we've reviewed those numbers with you.
So you wouldn't say there is just a huge sea change, you would say that at the margin, there's just more and more focus, more and more caution, more and more scrutiny and diligence of each and every credit each and every relationship. I mean, take CRE, for example. There is zero change there. It's outstanding portfolio, performed beautifully through COVID. So it really would be the C&I portfolio, anything levered without moderators and then the family casual dining and of course hospitality, the stress that industry is dealing with is certainly well documented.
So I don't know. Billy, we would like to hear your comments.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
So it's a great question, Sharon. In terms of Texas, we are really excited about it, as I mentioned. And we are primarily projecting growth and in particular, in the current quarter is driven by our current and existing footprint. That is our kind of view for the whole year.
And part of the guidance that Cindy shared for the year is the bulk of that unit and revenue growth is going to be coming out of the existing West Coast footprint. So we're actually not how should we say banking on, so to speak, the steep growth per se in any one new market. Instead, what we're doing is driving growth from existing footprint, deepening market penetration, and we've demonstrated that already. Because with that deeper market penetration, it shows that we're able to sequentially roll out across the U.S., drive that deeper penetration and sustainably grow.
In terms of Texas and other new markets, we do see a lot of goodness happening there, and we actually think they're going to be advantaged relative to previous market launches due to our new marketing strategy, but we haven't released specifics about the exact growth market-by-market because we're not sure on that at this time.[/INST]
Direction (UP or DOWN): UP
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes, let me -- so let me just correct that. What we indicated was that we felt that for any biosimilar launch, we would do at least 10%. And that would include, for example, the 1420 Humira biosimilar launch. Certainly, the Lucentis launch. And we're very proud of the UDENYCA launch. We did 20% of the first year, which was actually 50% of the syringe segment.
So we did quite well there. I'd be very, very happy to replicate that success with Humira or Lucentis. But we are optimistic that our proficiency in biosimilar commercialization will be demonstrated with the Lucentis launch, the Avastin launch, the Humira biosimilar launch and so on. We feel this is our playing field and we are the folks who have demonstrated specific competencies in these areas without resorting to extraordinary price cutting.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thank you.[/INST]
Direction (UP or DOWN): UP
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
It's part of the reason, what you're seeing coming through in our numbers. Scott, I mean, packaging, we do not have huge inflationary pressures and our packaging business is principally a service. We have some wage pressures not material pressures, but the volumes that we're seeing are very high at this time. We also picked up some new business during the pandemic, given what our how our performance has been. Generally we're very pleased with where that is and the business was going to go through this cycle, as you're right. A lot of these CPGs look to repackage into smaller sizes and new and improved or whatever it may be.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Hi. I'm not sure what you can provide here, but you mentioned your -- most of the price increases are going to go kind of when retailers reset toward the end of the year, except for those that were taken on some of the bird seed, milo, millet products. I guess, is there any way for us to get a sense for what type of cost of goods inflation you're estimating this year? I know you said there's some that's yet to come, but if you were just to put an estimate on it?[/INST]
Direction (UP or DOWN): UP
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
It's a great question. We actually see potential above where we were pre-pandemic, in part because of what we're doing with the portfolio, the better operations, the reinvestment. So we expect to be a few hundred basis points above where we were at the peak prior to the pandemic, high 80% range, maybe 90%. And we'll get there not this year, but we'll get there over the next few years as we deliver these reinvestments and we lease-up around the strength of the new anchors.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thanks. So again, I appreciate -- we all appreciate the continued support and interest. Thanks for joining the call today. I want to wish you all a happy and healthy New Year.
I know we're already -- it's hard to believe we're already more than a month into it. But again, hopefully, all your families and friends are safe and sound. Look forward to catching up with you and -- in our next earnings call. And as we said earlier, we'll be scheduling and planning an Investor and analyst day sometime later this year, and we'll get back to you all on that.
So thank you all very much, and have a great weekend.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
No, I wouldn't say so long term.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thank you, Kelly.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thank you, John.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Brian, I think we don't usually include any of the transmission investments in that IRP. Those are generally will come out of the MISO plan. And right now, we're just going to wait until we file it in September, such that our regulators get the first review of the plan and what's in it. And we are still finalizing that. So it's a little early to bring those out.[/INST]
Direction (UP or DOWN): UP
| UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes. Thanks. Good question. As you pointed out the royalty and contract payments are obviously 100% margin and so our material sales and our capsule sales specifically are really where all the cost of goods comes and as that's a more significant portion of our overall business it drives corporate gross margins down. One of the things that we've talked about in the past is that some of our sales to India which were significant in Q2 related to the consortium those are a bit lower margin than our typical sales just given the logistics and nature of where they're selling and some of the contracts with those parties. So, Captisol margins themselves will be a bit lower this quarter and should rebound over the course of the second half of the year a bit and then overall corporate margins will continue to be just driven by the make shift between royalty and contract as it compares to Captisol.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thanks.[/INST]
Direction (UP or DOWN): UP
| UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
You're welcome.[/INST]
Direction (UP or DOWN): DOWN
| DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Sure, Anthony, it's Leah. Kristyn was just outlining, there were some unique items in Q1 from last year as well as this year. The key drivers are really an impairment that we had last year for GAAP EPS. And then in the first quarter, we did have an accounting change in global investors related to our fair value accounting around our co-investment balances. We also had venture capital gains that was one time in nature in the first quarter of this year. And so those items have basically offset each other.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
All right.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thank you, 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah, the carried interest for this quarter was lower than it's been in other quarters without the 7 million catch up. So the 7 million catch up and the 7 million comp offset, but that doesn't mean that going forward, you're going to see a one-to-one offset.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Great. Thanks for taking the question. I have one. The first one on new products.
So you mentioned in your slides that 33 million units sold in the past 12 months as well as 84 product launches. So how important are these new launches each year in terms of revenue compared to existing? And what would you say are the main gaps you're still hoping to fill in your product portfolio?[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. So look, we're taking another look at that compound. Originally, we were concerned about the pre-clinical tox profile for the agent, but we have some new folks on board and we're in the process of looking at that right now and letting them evaluate. We're doing some new -- I understand we're going to do some new pre-clinical tests on the compound, otherwise it's -- it is near IND ready. So the new team, including Dr. O'Connor is taking a look at this right now with our other scientific folks on board. So, they will take a look with fresh eyes and some fresh data and they make a determination what they're thinking about the compound. But it is reasonably close to IND ready, and if they feel comfortable moving forward, we can move it forward pretty quickly.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. The -- what I would say is that we have more market-based contracts across the board. And in particular, in polystyrene or in styrene monomer for benzene and ethylene, we had new contracts that we're operating under. But again, we believe that those reflect the current market conditions. And there are some benefits that we're seeing from that that are passing through into our 2021 outlook, but it's not significant. Really, the big driver for 2021 improvements are the market conditions and the commercial actions that we're taking.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thanks. Good morning. Really nice to see a return to growth for the industrial business. Are you expecting another mid single-digit increase in 4Q?[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
No. So Mihir, we're starting to sell it right now. And as we integrate it obviously you get some momentum behind it. Yes, it will kick in more into 2022 than '21, but it will be a separate product. So it will be branded differently from Empower for the broker model, but it will be integrated into Empower. So for wholesale lenders who are using Empower, there'll be again real nice integration between the two and again with the integration creating efficiencies, streamlining etc. so that's what our plan is NexSpring.[/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. Be as critical and skeptical as possible. 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes, Alex. Thanks a lot for the question, but unfortunately I will not break at this time.[/INST]
Direction (UP or DOWN): UP
| UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Right now our current earnings are driven largely by our legacy business. We're new in the FlexGuard space. We're gaining great traction, and it's going well, but the majority of our current earnings are from our legacy business.[/INST]
Direction (UP or DOWN): DOWN
| DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. I think, Tobey, there's -- we've been -- excuse me, Sam, we've been pleasantly surprised about the strength of the management teams, the desire to be focused primarily on the cash business, which we clearly are, and the excitement around that in helping develop strategies that will be helping to roll out our new strategies and provide a better solution for customers going forward. So I think we've got a great platform. The addition of 14 new locations -- new markets, 17 in total, but we had some overlap in those on top of those that we already had, means that there's 50-plus new markets that we can roll this out as we start gaining steam in terms of that rollout process.
So I think it's very good. And I think what you saw during this year, even during the pandemic, that the G4S management team similar to the, if you will, legacy Brink's teams, were very focused on our key priorities. The primary one of those was obviously making sure that our employees are safe and healthy. But our third priority was to assure that we were stronger on the other side through the restructurings, the sustainable fixed cost reductions, which gave us a very strong third and fourth quarter. Fourth quarter results are a good example of that. And it was very encouraging to see the G4S teams really jump on board that as well, willing to do restructurings, willing to assure that we're focused for that in the future, and that bodes well for a combined business. It's not going to be a G4S or Brink's in the future. It's going to be combined very strong.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. Once we -- once the costs normalize that's what we'd expect to see, yes.[/INST]
Direction (UP or DOWN): DOWN
| DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Good morning, Nathan.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
I think the best way to answer that is just that obviously COVID restrictions have allowed different levels of activity and team sports coming back and we are looking at the business that way and where they are coming back, we're seeing strengths in those businesses.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
I would say they're both pretty similar as you get to the higher end of the scale. Those can be a bit more complex and private cages that take a little bit more time to deploy. But they're all relatively in the same time period.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes. Actually, I think you did a pretty good job of summarizing it. Wright will definitely come in and be accretive to our gross margin as those products generally have a higher gross margin than sort of the average of our other business. I also think to as you look at business mix, that will normalize as the year goes forward and so we'll also see kind of those higher-margin orthopaedics products becoming a bigger share of the total. And I think, we'll largely come back to sort of what our view as sort of normalized margins as you look at 2019. Conversely though, just as a reminder, moving down to op-margin, you are going to see that discretionary spending look up as we support growth and so that will likely go the other way and we'll be on a ramp largely as sales ramp throughout 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes, Tom. I think as a Floridian myself, we are all faced with rate increases that are necessary. I certainly understand the causes of the increases and can reconcile them in my own mind. I think your average Floridian is really faced with increases that they don't understand, especially if they haven't filed a litigious claim or really benefited from the bad behaviors in the state. So it's a challenge. I think the legislature, as you know, in the department, they took steps, they took the steps they felt they could at this point. And I think as they continue to see increases in rate, like our own, they're going to have to reconcile, did they do enough and what else can they do. And clearly, the cause of much of the pain is the attorney fees that have been processed to date. We look forward to them reducing, but I don't expect the legislation to eliminate them in the future.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Sure. So I mean, there's a surge -- as you mentioned, there's a surge of demand in Q2 last year. But overall, our business has been pretty stable. I mean, our customers needed Dropbox before lockdown, during lockdown, and they'll need it afterwards is kind of the way I see it.
And that said, I mean, it's been a big tailwind for HelloSign as lots of customers started adopting using it for the first time. So in total, we think the world moving to distributed work will be a big tailwind for our business. And as we move toward reopening, as most companies have some kind of hybrid model, there's a lot of room for improvement in the tools we use to manage that. So HelloSign and DocSend are a couple of examples that we're thinking much more broadly to.
Excellent. Thank you very much.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Well, this sounds like you're ready for a conversation with some of the folks on the research team, but I'll give you our perspective on this. Things like PK profile, PK trough, partition coefficient, half-life -- those -- thee technical aspects are all part of the design, but they translate actually into something -- the way we view it is from the patient perspective, which is what we're looking for is a once daily, well-tolerated, low side effect profile agent to address the clinical condition.
And we see white space compared to what other companies are doing and it also leverages our -- something that we've spent a lot of time focused on over many years, which is the relationship between pharmacokinetics, pharmacodynamics, blood-brain penetration, CNS exposure versus peripheral exposure and mitigating or accentuating pharmacodynamic effects of various molecules based on the wave form of presentation to the periphery or the brain. So I won't bore everybody with all the specifics of the questions that you asked, and I will recommend that we have a follow-up conversation with you because there's a lot of science here. There's a lot of data, and we're happy to talk about it.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
So, Tommy, I think you answered your own question. But I think they are a little disconnected things. There is no question that oil and gas has kind of bottomed out and then there is the budgets, the capital budgets that the oil gas companies put forward this year are cut back. So we are not seeing a big V shape recovery, I guess is what I would say. That said, we were encouraged by the fact that things are progressing and moving forward, just not out-of-control forward. And you are getting better. And so that market will start improving and hopefully for sure will gain more momentum as the COVID vaccines take effect and we get into the second half of the year. But I think you said it best actually is that the price of oil has shot up pretty nicely. It's a very attractive price. And yet activity has been slower to recover.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
That -- that's what we're going into thinking is going to happen.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Hi, Ben.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Hey, guys. Thanks so much for taking my questions here. Anna, you mentioned the Phase 1 experience with mirvetuximab in platinum-sensitive patients. Just wondering the extent of prior PARP exposure in that population and whether there is any reason to think that extended PARP maintenance could potentially impact subsequent sensitivity to mirvetuximab.
And then, just with regards to the cash guidance and it being sufficient into the second half of 2022, what is that inclusive of? And, I guess, specifically around the potential commercial launches of both mirvetuximab and 632? Thanks.[/INST]
Direction (UP or DOWN): UP
| UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes. Good morning Ed, its Bill. Thank you very much for that great question. Yes.
I think as we've outlined in the past, we've been operating these cohorts very diligently during the COVID situation and really trying to make sure that we can work in areas where we can select patients and move them forward with full follow-up. So we're pleased with the progress that we've made. And I think we've also been cognizant that when we're looking at dose intervals of either four or eight or 12 weeks, we really do need to have a reasonable timeframe in terms of weeks and months to actually make sense of all the data. So we're closing in on that right now with some of the cohorts where we expect data later on this quarter.
But just with those comments, Gaston, if there's anything else that you would like to add?[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
OK. Let me begin with the modules that are being prepared for the BLA submission. The non-clinical module is complete and ready. And the clinical module will be completed in the near-term.
And lastly, the CMC module will be completed by the fourth quarter, all of which will be necessary for BLA submission. Let me turn it over to Michele to talk about our commercial preparations.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Good morning, everybody. I'll probably take a little bit of a break from the capital questions. I was just curious, looking at the Annuity sales this quarter, deferred annuities -- fixed deferred annuities are up quite a bit again, year-over-year, second quarter in a row. Can you just talk about what drove that and in light of that, why do you expect those sales to be down or lower in 2021?[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes, I would think in the range of our expectations, some modest degree of the slowdown in asking rate -- either in asking rate growth or an absolute asking rate, is embedded because we do expect that we will see some form of more typical fall and winter seasonality from a consumer perspective as we get into the back 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes, thanks for humoring me here. I wanted to take a couple more of the 2.0 comments, specifically on the activated carbon and antimicrobial and pharmaceutical applications. Would this really just serve as a carrier for an active compound? And is this unique to your hardwood carbon or can we already kind of go out and find some specialty grades of carbon using these applications today?[/INST]
Direction (UP or DOWN): DOWN
| DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Hi, everyone. Thanks for taking the question. This is Brandon on for Margaret. First, I just wanted to ask a question on -- around guidance and reimbursement. Just to be specific, is the lack of guidance or the inability to provide guidance at this point due to uncertainty in rates with Medicare or is it also uncertainty in some rates with the private commercial side 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Exactly.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
I don't think between Commercial Aerospace and Space and Defense, there is going to be a big change in the complexion of Hexcel and the mix impacting yet. What I would say is the Wind, as you know, is a lot lower margin business, and the North American transition and our closure of our site there, that's going to go on the positive direction. So, overall, David, I don't see a big change being driven by heavier Space and Defense as a percent of sales 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Okay. Hey, Mitch, this is Trac. Let me take the first question with regards to the guidance for the full year. We definitely feel very good about the outlook for the year, especially in light of the strong quarter that we just posted in Q1. Now that said, it's still early in the year and there's still a lot of business to book and our focus is making sure that we execute in the guidance for Q2 and ensuring that we are on track to deliver very good growth and earnings growth for full year. We got a strong Q2 ahead of us and we'll focus on that and we'll provide more color on the year when we report in May.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes. It was based on a 12-day VWAP leading up to signing.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thank you. Good morning, everyone.[/INST]
Direction (UP or DOWN): DOWN
| DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thanks Elyse.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thanks, Rich.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thank you very much for all the detail. Just one question. You mentioned a couple of times the landscape is quite different now than when you first laid out that timeline for 8% EBIT margins. And now you're significantly stepping up investment, which is objectively a good thing.
So I know you're still targeting that level. But is the timeline shifting?[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thanks, Kyle. Now cloud I -- Cloud U.S. is an example of a very strategic software platform, but it's very, very tiny in ports, and it has more to do with our multi-cloud hybrid network strategy where almost every one of these enterprise customers also had some premise strategies. So, I would say the strong influence of millions of ports is still on the mainstream platforms, and Cloud U.S.
is on top of that to connect into multi-cloud.[/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. Be as critical and skeptical as possible. 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Positively. And we are -- again, we're strong believers in the rebound of Macao. It's coming back and there are people who somehow don't believe it, that's -- we'll have to wait and see. But it's going to come back in a strong way.
We'll be the leading site in that space, our Londoner and Four Seasons investments are going to be having very well received. If the government wants us to invest in the region, and it makes -- we'll do it. We have capital, we've appetite, and we remain committed to Macao in a big way. We believe it's going to grow and grow for us.
And despite all the distractions and all the pandemic, all the issues, Macao still remains from a land-based perspective, the most opportunistic and advantageous market in the world. And we plan to be there for a long time and invest more capital. And again, the government's directions will be pound out to our thinking.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
OK. Great. Yeah. I, guess a couple of questions.
David, clear community benefits from the vaccine registration capabilities, contact tracing, etc. I know some new wins announced. I wonder if you could just talk about the revenue benefits from some of those initiatives versus perhaps just the broader exposure of the Everbridge suite of products?[/INST]
Direction (UP or DOWN): UP
| UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes. Well, why don't I actually take you through each site. It's probably easier to do that anyway. We are ramping up to higher production in the second quarter.
Fort Knox, you saw it had higher costs in this quarter. It is ramping up. We were at around the mid-50s, and we expect to ramp up to high 60s and 70s in the subsequent quarter. So basically, Fort Knox has an increasing profile from the 55 we just put out in the first quarter, up into the high 70s in the fourth quarter.
Paracatu, as I indicated, the 126 in the quarter, moving more up to the 150 range for the next couple and then dropping off in the fourth quarter. I think that's an important one. And Round Mountain, our initial view is we're seeing a 50,000- to 70,000-ounce impact this year as a result of this geotech issue but we still expect to ramp to be in the 50 to 60 range per quarter. Probably the biggest mover is actually Tasiast.
As you know, we're mining in stockpiles right now or we're processing stockpiles right now. And the stripping campaign for the next West branch principal phase is proceeding well, and we expect to get into high grades there in the fourth quarter. So Tasiast will have the biggest upswing in the last quarter. And then at Kupol, Chirano are steady for the balance of the year.
So Fort Knox, Tasiast, Paracatu going to see increases, and roughly the rest of the portfolio is about flat. I hope that gives some context. So Russia is flat as well.[/INST]
Direction (UP or DOWN): DOWN
| DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. The retention is very good, and so obviously that's indicative of what's going on in the industry. And just as a reminder, it was 2011 from an industry standpoint was the last time that commercial auto was profitable other than industry level. So yes, the environment is right for those rate increases and our retention is good and so we're going to continue to push those rate increases and do what we need to do to get this line back in check and we are well on our way to doing 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thanks, Chris.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. It's always a mix, right. You're always delivering on upgrades for products, but we are also planning on doing some things that are differentiated and should put us in a different position than we've historically been. And when I say historic, I'm talking about over the last three or four years. So, it's a mix, Greg. And I'm very pleased with what we were able to achieve despite working from home, primarily through the bulk of 2020. But I think we've got our rhythm and I believe we'll actually eclipse the number of products that we introduced in 2020 in 2021.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Sure. So if you look at the existing businesses we have and it remains true, typically, we've said the sustaining capex and/or growth projects are roughly 75% of depreciation for the business. And then when you really -- when you roll in the Warrick, we're looking at an additional roughly $20 million, $25 million of sustaining capex and some growth projects that they have already identified and we're funding.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
For AeroTech or for JBT in total?[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Well, no. At September 30, their coupon will turn back on. And I think we'll see what pricing vendors, how they view this sort of modifications that are all starting to expire, if you will, right? We're kind of getting to that point in the calendar from a year ago. So I don't have any certainty into how they'll look at that, but we would expect that based on our conversations that the loan will start cash paying come Q4.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
And it continues to sell 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. So it shows up in two places, Greg. In states or carriers that require that we need to put customer funds in specific accounts, then that money sits inside of the restricted cash and investments. In those states that do not require it or carriers that just sits within Brown & Brown cash and cash equivalents.[/INST]
Direction (UP or DOWN): DOWN
| DOWN |