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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 morning. I just had a quick question on the idea of delayed cancer screens. I know you've kind of touched on incidents or frequency, but I was wondering if you had any updated expectations on the trend in cancer severity once the economy reopens? Just on the idea that delayed screenings are delaying the detection or worsening cancer conditions. And I thought maybe if you had some historical experience managing premium grace periods from natural disasters, maybe you've kind of seen this happen before.[/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>>
Alex now. Just on your point about the size of the development pipeline, if you take what's in lease-up currently, plus what's under construction, we're close to $1.2 billion in new development. So we think we're -- we've been very opportunistic about taking advantage of these -- delivering these yields into a declining cap rate environment that's going to create a ton of value. So I think $1.2 billion is about equivalent to our all-time high in terms of a development pipeline. So we're -- we definitely see opportunities, everything that we're working on right now based on kind of cap rates that are in play for acquisition assets, look like they're going to be really accretive. Okay, thank you.[/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.[/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>>
You're welcome.[/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. We've been looking at that pretty hard as we started to build our plans for '22 and beyond. And we've got long-term contracts for some of our key commodities on the material side. So we're not seeing pressure there. And with our contractors, I don't do a good portion of our work. Those are obviously negotiated prices. And again, not seeing anything that would give us great concern at this point in 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. So we aimed ourselves to have a greater than 130% net dollar retention. And obviously, we exceeded that and we are very proud of the team. But one thing that we did in the management level and the highest management level in JFrog, once COVID started, we actually put together a three scenarios' playbook.
And one of the elements that we were very clear with our sales and support team was no matter what happened, we keep our customers and we make sure that we retain our customers at whatever cost it means, whatever engagement it requires, whatever level of support it requires. We worked very hard, and this goal was achieved during the pandemic. Obviously, new logos in the first quarter of the pandemic, Q2, and the second quarter of the pandemic, Q3, had a lot of them, had some budget reviews and budget concerns. Some of them also expressed some difficulties to reach out to procurement and legal.
So the sales life cycle got a bit longer. So the new logo slowdown that we see was a combination of both our focus on retaining our installed base, making sure that our net dollar retention is high as committed. And the second thing is what happened due to the pandemic. The third thing, and you mentioned it and you are very right, we launched in the end of Q3 and throughout Q4 the free tier.
The free tier is very promising, providing us the insights from the customers' journey. But also, what we see is thousands of new logos starting to use JFrog full platform, exposed to all of our abilities, all of the capabilities of the platform, but now they are not limited by time. This is not a downloadable trial. This is actually a cloud-based, consumption-based free tier for them to use when we expect to see them convert as they adopt our tool and use more of our cloud services.[/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, we would expect the margins to improve into the end of the 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>>
Yes sir.[/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>>
Okay. So first of all, we'll start by thanking you for participating in Cogent. I have not had a chance to do that, Mitch. So I want to thank you for that. But I think these are really continuations of long-term trends. The NetCentric business tends to be a bit lumpy. These trends tend to take several quarters to fully manifest themselves. And you are right that the sequential traffic growth did tick down slightly as it normally would this time of year. But effectively, we have been able to get a higher revenue per byte. You see that two ways. One, the average price of new benefits sold actually slightly went up. That's a reflection of a broader buyer universe.
We also were helped by the fact that more of the access network growth is coming outside of the United States where we are stronger. In the U.S., the three largest access networks are not Cogent transit customers in the U.S. but are rather peers. Now all of those three companies do buy transit from us in international markets, but that is not true of the converse for some of our European and Asian peers. They buy from us -- or customers, they buy from us globally. They are not peers anywhere. So this internationalization phenomena, I think has a long way to go. And it also is back to the question about impacting COVID. It really has been worse in Continental Europe than it has been in most of the U.S., probably with the exception of the Northeast, most of the U.S. appears to be reopening.[/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. I can start. We expect significant variability as you said in PPP and in accretion of purchase discounts that will affect NII. We do expect the margin to continue to decline if we remain in this rate curve. But as a reminder, we also have very low deposit costs and if we do see the curve expand later in the year that would be beneficial to the margin. The economic recovery is supporting loan growth in the second half of the year will also be beneficial to NII.[/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>>
Helo. James Gordon, JPMorgan. Thanks for taking the question. I had a question on the new mechanism. So I saw that Alexion are taking the oral Factor D inhibitor into Phase 2 for MG. question is, how promising do you see that sort of approach for treatment of a disease like MG? And could an oral Factor D work even more broadly than MG? Any of the other limitations that you're planning on targeting with an FcRn inhibitor or the reason not to be too optimistic there?
And also just a clarification just on the Elektrofi formulation. What is the earliest that that might potentially be able to come to market, please?[/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>>
Thank you, Rick.[/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>>
Full year 2020 or full year 2021?[/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. Thank you for slipping me in here at the end. Two quick ones, I think. The first one is, obviously, first quarter is very interesting from an interest rate perspective move, and it affected the mark-to-market results at the PGIM strategies in a negative sort of way.
I guess, look, there might be an argument that interest rates are going to continue to rise, probably not at the pace they did in the first quarter. But does PGIM have the right set of strategy to entertain inflows in a rising interest rate economy that PGIM customers will embrace?[/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. I think for now, what we probably need to do is, kind of, point you back to what we had shown before in terms of the usage percentages, and we showed those, we showed those again at the Analyst Day, what's potentially used in each quarter and then the net income for the quarters, you go to the Analyst Day presentation, page 41, you'll see what we showed is really an approximate breakdown by quarters, and of course, these are ranges because there is that seasonality in gas usage and also to some degree on water usage. But at least it gives you a guide to help quarterize. So I think as I said at the Analyst Day too, we have the ability to -- over time, as we start to see the way this manifests itself in the financials, we'll all be able to refine what that quarterly mix of net income should look like. That slide that I mentioned, it's actually in the appendix for today's presentation as well.[/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 morning, Bill.[/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>>
I'll take that question. The issue with multivalency is it's the more valence that you have in any vaccines, it becomes a more complicated issue. The other issue is the dose that you need and what we would call the reactogenicity every time that you add something. So I don't -- it would be remissed for me to say that anything is impossible.
Science and technology changes. But the framework that I was trying to lay out is that there are places where I think the field would raise in relationship to mRNA, to have an impact clinically, and then there are other parts of the field where I think more discovery and development of the technology, there will be an intense interest to overcome some of those initial barriers.[/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>>
I don't have this handy right now, but I would say if you look at Rainy River, you're looking at our plan for the year, and you're looking at, for instance, the 43-101, where we have shown on a year-by-year basis. I would say it remains a very good reference when it comes to Rainy. New Afton is a bit of a different situation considering the new plan. So again, if you use the 43-101 reference on a year-by-year, yes, we would be unit cost higher as the current situation, but we should be back on our feet in 2022.
So I don't have the answer, but please refer to the 43-101.[/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>>
Chris, it's hard for us to really comment in detail. We're subject to a confidentiality agreement. And as we've talked about on prior calls kind of a unique set of circumstances just around the ASX disclosure requirements versus our disclosure requirements, Australian media practices versus US. So I only highlight that because we've been pretty consistent in our disclosures.
We did confirm and I'll confirm it here again that we were absolutely working in good faith to a potential transaction around all or parts of their private markets business and the AMP Board ultimately decided to go in a different direction. We may -- we all may get the benefit over time of increased disclosures from their side as to how they landed in that decision but beyond that I can't really comment.[/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>>
Well, look, I think when I say I don't know. I don't have that number at my fingertips, but there's a lot of wrinkles you can put in tool storage. Like we wouldn't necessarily call a new color a new product. On the other hand, you roll out a new color, remember when we rolled out purple, there was an explosion.
So some of that happens. It just has to do with a wrinkle that makes it, oh, this is the best box in the shop or it's the newest thing. That's really what happens. So we're constantly doing that stuff.[/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 first of all, the--the numbers Darren gave, like that you just cited last quarter haven't changed much at all. We're -- we're pretty much the same position. But it's sort of the same topic, right? I mean, so you know, by -- by putting on swaps, you're turning a floating rate asset into a fixed rate asset. That's another way you're adding to your fixed-rate exposure and you could do the same things with securities, right? But we're really cautious about doing that.
And as Don said, locking in at, you know, negative economic returns. So it's a good thing, I mean, another way to say it is that if you're worried about the negative economic returns, one offsetting factor is that you're actually neutralizing yourselves, right? Because we all think that rates can't go below zero but that's not true. And -- and so there is some added benefit to that. But the swap issue is the same as the securities issued to me.[/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. Good morning. Just some questions, the performance fees that you booked in Q1, it looks like that came from Lending Fund I. Just wanted to see if you can confirm that.
And if there's -- that's all the performance fees you expect to collect? Or would we see some come up in future quarters?[/INST]
Direction (UP or DOWN): UP
| UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
What -- what -- what we'd like -- well, what -- what we want to do is really as Joanne was saying, you know, that there -- there are so many consideration you have to integrate before you make a decision to pursue a -- a combination -- a combination like this in a solid tumor. And it's not only the -- the objective response rate, obviously, but you have to look at the duration, you have to look at the PDL-1 expression, you have to look at whether the patients previously receive checkpoint inhibitors or not. And -- and, you know, we -- we don't want to -- to necessarily rush into another, you know, potentially rush -- rush in trial even when, you know, we are advancing DLBCL and -- and ovarian. And we really want to take the time to make the right decisions with our partner, Merck, on that case to where we should focus the development in solid tumors.
So, you know, it's difficult for us to provide guidance exactly on when we'll be positioned to make a publication. We'd like to publish the -- the results rather than, you know, providing interim results piece -- piece by piece. But when we reach enough, you know, compelling evidence that there is a very strong rationale, for example, to -- to select, you know, one of two indications and move them into the next trial, that's where, you know, we will, you know, update the market and -- and publish the results.[/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 Brian.[/INST]
Direction (UP or DOWN): UP
| UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
It is. We'll make our liver test available in the first half of this year. We're very excited about that. So we have a lot of things to talk with customers about, and we built one of the leading health systems, sales forces, our field forces in diagnostics, I don't think there's a close second.
And so, we just have a number of things to talk with them about from Cologuard to Oncotype DX, to MRD, to CancerSEEK, and now the liver tests. So, we're excited about the impact that we can have at the health system level, which is critical.[/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
| 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, 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>>
Thank you Ralph.[/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, I think that's, that's a reasonable understanding. But again, I want to make sure that the line is not very distinct, it could be blurred, because some of the retail customers when they continue to grow up, it becomes more, first of all, demanding. They have a lot of the customization needs. They can easily grow from the 5,000 racks to 10,000 racks, so it could basically grow from retail to wholesale, so that's possible. So it's not black and white. These two -- first of all, the way we define the wholesale versus retail, there are fundamental differences. The cost structure differences, the skillsets differences, the niches are different. So that's the reason, we have two sets of sales force to look after the two segments. So it's not purely either/or, it could be grow up from a retail to become the wholesale customers. And we're starting to see more, I would say, support or synergy between the two segments, just in case.[/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>>
Well, as you can imagine, we -- the market -- we believe the market is there. In fact, we benefit -- we know the market's there. We benefit from operating in markets that have largely opened up at this point. The reality is we were holding both feet on the brakes as we entered the first quarter of this year.
We actually, as we started to see and get comfortable with the balance sheets of companies coming out of calendar year in 2020, we made the decision to lift those -- our feet off the brakes. And our teams are back in the markets. And in fact, if you dissected the first quarter, we saw a very nice ramp-up. Aldis can speak to it in detail, but we saw a very nice ramp-up in March. And what I'm excited about is the pipeline, the A pipeline, as we refer to it, of new business here in the second quarter.
And I actually believe we're going to build through not only the second quarter, but we're going to see that continue to grow as we move through the year. So furthermore, as we talk about the second quarter, what's been amazing to see is that bank card fee income, another category has really taken off here in the month of April.
I mean, we're excited about the activity we're seeing on that front. We're excited about the activity we're seeing in what we call the business banking or the small business front. So this small and mid-sized business market, particularly given the great markets we operate in has demand. And again, very strong balance sheets, and that's reflected in some of the best credit metrics that we've ever seen. So we're actually increasingly optimistic about what can be done here 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>>
Hey guys. Good morning. Thanks for taking the question.[/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, Nicole.[/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.[/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. I don't think that business ever went away. That's something that came back very quickly. It's a very core business for us. It's done well and has continued to grow. So we continue with it and we do expect it will continue.[/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>>
Great, thanks, everybody. I appreciate the time you made us today. The company -- we're appalled for all of our employees that do a lot of things in the last couple of weeks. And for everybody on the phone and company, we hope you have a great 2021. And we look forward to speaking to you later in the year. Thank you.[/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. Thanks, Meyer. No, I would say that is a decent run rate. I think as we projected before, we did expect, call it, Q1 from a percentage standpoint to be up to flat compared to where it was last year. So I think that's a pretty good run rate. I do expect, let's call it, with the growth in earned premium, the scale to be more in the latter half of 2021 and from thereon. But no, I don't -- I wouldn't shy away from that run rate from a materiality standpoint. I think it's a good, call it, point to pick off of.[/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, so I think it's fair to think about it being in sort of the mid 37 to 38 range for the full year 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Good morning guys. Can you hear me?[/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>>
Sure. Thanks Craig. Adam, you want to talk about the uptake of UKONIQ and maybe progression and potential inflection points?[/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>>
I'll let Catherine take that. I think broadly we'll swamp that, but go ahead, Catherine.[/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, listen, I think at this point in time, we have to go through the AdCom. We have a product with a significant amount of clinical data. Keep in mind, there are pivotal data for the U.S., including over 8,000 patients. We discussed the clinical data at length. We continue to stand behind our data and the strength of the data. Some of the data now has been published. There are five primary manuscripts that have been published, and a number of more that are upcoming. But at this point in time, I don't want to speculate on the nature of the AdCom. We very much look forward to have the opportunity to share the roxadustat data in a public forum.[/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>>
Sure. Look, there is nothing really to call out in terms of the difference by channel. Obviously some retailers are performing better than others, etc. But generally speaking we're seeing strong consumer demand in all the channels in which we play. And we're really pleased with the performance and the sell-through in all the channels in which we distribute our products.
And then in terms of anniversary, can't get into too many of the details other than to say, we're very, very pleased with our performance so far, particularly in the Steve Madden brand.[/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, Jeanine, right now, our appetite is generating free cash flow that we can set aside for debt repayment. And we're just pointing out that to -- to -- to really stabilize Permian, we probably need -- we do need to add another rig. There may be an opportunity in Egypt. But right now, I mean, we're -- like I said, we're going to be very disciplined on the capital, and we would just be very measured.
And right now, the appetite is to generate free cash flow for debt repayment.[/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. It's not that the deliveries are out. It's just that with the -- a few COVID issues and a few supply chain issues, we think it's -- like that's going to dampen results sort of like a little bit like it did in the fourth quarter. And like I said, it's not -- the backlog is longer term. We would like to actually reduce some of this backlog a little quicker. But I think just some of these operational challenges, supply chain, what we're working with our vendors, when we're going to be getting stuff, like I said, chassis and tractor deliveries have sort of doubled. And so, it's really just getting geared that we can -- gear up production that we can meet this demand. So, like I say, backlog in some cases, almost a little bit too strong -- a little bit stronger than I would like. But I'm not too worried, like I say, that any of it's at risk because everybody's lead times are pretty well getting stretched a little bit right now, and it's just taking a little bit longer to gear up to be able to meet this demand.[/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 was about $3.4 million in the quarter. Over the last five quarters, we've probably averaged to close to $2.5 million, $2.4 million somewhere in that range. So Q1 was probably below average and this was a little bit over average.[/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. So for the triple combination, we also have that ongoing. It's a three plus three study design also. The projection, when we started that dose escalation study, is to go as high as 20 milligrams per kilogram body weight dose with COM701 in combination with the other two agents. So the other two agents are the BMS-986207, the BMS TIGIT antibody and nivolumab. We, so far, as we keep on, we're on track at a later teleconference, we'll be able to tell you how many patients we expect. But certainly, the reason we are projecting that we'll get up to 20 milligrams per kilogram body weight dose of COM701 in combination with the other two agents is because as you remember the dose that we've recommended for expansion for COM701 is the 20 milligram per kilogram body weight dose IV Q4 weeks. So as we go along, we'll be able to further refine how many patients that will present at that 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>>
Good morning.[/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 at the Investor Day, MSCI estimated that TAM of ESG is about $3.9 billion. So given the recent trend in ESG and client mix, do you think the TAM has expanded, especially when we start talking about climate being somehow separate from ESG? And also please remind us how MSCI estimate the TAM? 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>>
More, longer.[/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 we expect to be placing 100% of the material through the stocking during the second quarter, no.[/INST]
Direction (UP or DOWN): UP
| UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Hey, good afternoon everyone, thanks for taking the questions. So I'd love to push you a little bit on guidance for '21. I know you're not keeping it, but I'll do my best to see what we can get out of you. So given the demand we've seen in Q1 if we apply kind of the traditional seasonality metrics we've seen in the past that brings our full-year number for '21 to $360 million or more. Now I understand there's a lot of moving pieces. We don't really know what's going to happen in a variety of areas, but maybe more specifically, why wouldn't D2C do as well seasonally as it has done in past years, especially given some latent demand, extra travel and so on? And then shouldn't we also see travel POCs increase in the DME channel hoping support kind of in that B2B domestic growth?[/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, I'm sure you can appreciate that I can't go into a lot of details until the transaction closes. But suffice it to say, it gives us access to a larger addressable market and affinity programs and we were impressed with the culture and the people of Protective.[/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>>
We certainly have it, Gary. We can get it to you. Yeah.[/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 think it's more a general funding trend, and it's kind of a staple in labs. So we view it as labs are getting up and running and just kind of doing the routine kind of characterization work that they typically do. And it did dry up during COVID, and now the labs are coming back. And it's broad-based, broad-based return.[/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, Adam. And in terms of the guidance that we gave with regards to Q1 and this year for 2021 at the Analyst Day, I think we did not quite realize how well we would do in Q4. Right? So that was expected lower revenue in Q4, and we were doubling off that number. But obviously, with the outperformance in Q4, largely driven by the success that we saw in the SMB business, I think we had originally thought that we would be flat in terms of CHP ex-service provider.
I think we did a little bit better than that, maybe 2% growth there. I think we outperformed under the core side. So naturally, I think Q1 is going to be a little bit off as we've been saying for the last several quarters, we are supply constrained. Right? So we're doing everything we can to accelerate that.
But based on the visibility we have today, we are supply constrained continuing going forward on the CHP side. And to some extent on some of the SMB products. So that would be with regards to keeping Q1 here. And as I said earlier, we do think that the trends in the market are still pointing us toward that mid to high single-digit growth for the full year of 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 don't think so, Jess. I think we continue to look particularly in the CDMO area for opportunities. Again the demand clearly is there for the full portfolio of service offering that we have in our network. So we continue to look for opportunities there. Other than that, I think it's the normal kind of course of roughly maintenance capex given our nine network facilities and normal investments and things like IT, infrastructure and preparing the organization for continued growth.[/INST]
Direction (UP or DOWN): UP
| UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thanks, Rob.[/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. So us being efficient, I mean as from working from home, I mean, we're obviously not traveling and obviously, that was a strategy around sales, but things have changed. So you see some sales cycles have come down because you don't need to see somebody face-to-face and all that. I mean -- so I think we're obviously seeing a lot of efficiencies on marketing and travel and all of that. And we're also just rethinking how we're selling and there's some things we're doing with video, like all of our reps are using video, and there's a lot of stuff that we're rethinking because we've got to continue having a certain level of engagement with prospects and customers.
But obviously, we -- the old model one -- of the big conferences and direct sales folks flying on planes. And obviously, I think this year, it's going to be like that. And it just may be the way it is for the future. And obviously, we're doing more on our platform to make it self-serviceable that our customers can use the platform, but they don't need people go in and sell them -- and we can do everything remote as we've shown and scale the business quite nicely. So right now, we're in a good place with -- and we're going to stay like this, where we're not going to go back to offices. We've given up our offices. We're in the middle of it. So we're building a new way to work, but it's definitely not back in offices.[/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 mean, I think you're exactly right. There's some pluses and minuses, and it's really not clear at this point yet what that effect will be. So as you mentioned, one of the potential negatives is people delaying diagnosis of -- by not going to the doctor and being diagnosed with conditions at a later stage, which could be more severe.
On the other hand, you also mentioned the acceleration effect, which we do think will have some beneficial impact, potentially modest, but it will be positive. Then you also think about things like vaccine technology, developments, people's just behavior, social distancing, we saw that in the flu season this year. So those could also be positives, but I think it will take some time for the data to play out.[/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, Nate. Let me -- I'll just offer a little bit there. Obviously, the pricing in full you're looking at is on a per-foot basis. And the -- on the renewal pricing, when you look at what we did this year it -- the dollars per square foot were compressed, largely due to the density inside those deployments. So the density really plays into the fact and we're obviously competing and having those conversations with customers. It's -- pricing's going to be on a kilowatt basis. And so I wouldn't read too much into that. On a per square foot basis, there's just a lot of variables, density being the largest in terms of what's going to ultimately result in that pricing. But obviously, as we head into 2021, you saw where we ended 2020, right about the middle of our guidance for a mark-to-market at 0.8%, and we expect to be somewhere in between that 0% and 2% as we work our way through this year. And then obviously, we'll continue to watch it beyond that and give you additional color as needed.[/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>>
I'd say you definitely see us making good progress with $95 million of the $200 million, we feel like achieved at this point. The $200 million remains our net target. We are very focused in reinvesting savings and continuing to reallocate those savings into areas of growth. So at this point, I don't think we're -- we would be suggesting that the $200 million is conservative. We are going to be consistently looking at how do we continue to transform our business and make sure that we are spending in the areas where we can generate the most growth and really looking at allocating our expenses and reallocating our expenses with that mindset.[/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, guys. Thanks for letting me ask a question. Just a clarification then a question. The clarification, just, Jean, usually, you give a little color on what the other segment is going to do.
But the main question for Matt is on the 5G side of things. I think everybody knows the digestion period that's going on in China now, some of the transitions going on geographically and the optimism people have in the second half, but you're really outperforming that -- during that transition period that we have right now and it sounds like you'll continue to in the back half. So I guess what I'm getting at is when you think about your company-specific drivers, separated from the market as a whole, improving in the back half, do you think that outperformance you're delivering now accelerates or decelerates? And what are the drivers of that performance above and beyond what the end market itself is going to do?[/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. Good morning.[/INST]
Direction (UP or DOWN): UP
| UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Sure, Brett. Happy to answer that. So, I think that we took -- with Rob joining us less than 100 days ago, we took a little bit of a pause on redeploying any of the excess cash. And at the same time, we had some additional growth in deposits. So, at the end of the first quarter, I will tell you that I think our cash balances were too high. I think you will see us, we're still working on the final plan for how the allocation of different asset classes are going to be on the balance sheet. But one thing that you will see us start to do a little more aggressively will pick up, we will again start to redeploy some into securities. As you said, I don't think we're not going to go crazy on that, but I think you'll see a little bit of additional redeployment into securities. And then -- but you're also on the liability side. We're going to be more aggressively managing some of those higher cost, higher beta deposits. So you'll see -- I think you'll see a little bit more aggressive action on that in the second quarter.
And then, again, when we roll out the more holistic plan in the third quarter, I think that will help inform kind of what we think liquidity levels are going to look like for the longer-term.[/INST]
Direction (UP or DOWN): DOWN
| DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes, that's right.[/INST]
Direction (UP or DOWN): UP
| UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. See it was pretty broad based. I would say China -- I'm sorry with Asia and then China within Asia was a part of that and then of course, North America, I thought they were probably the stronger performing regions. But it was pretty broad based strength across all lines of business that -- I think we're, the kind of recurring revenue profile we have right now and what we projected in the guide for the second half of the year is our typical average profile. I think it sets us really -- sets us up really well for growth for next year.[/INST]
Direction (UP or DOWN): DOWN
| DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
We do. We do. It will tail off over time. And I think 2021, 2022 will be similar in terms of production of our claims and then starting 2023, it will start to tail off and carry on every year at a lower rate.[/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>>
Absolutely. So, as I stated, we're anticipating to have the benefits, and you restated now of the CDs repricing, which will come to us. We're anticipating to seeing the benefit of having paid off the medium-term banknotes, which we fully paid off last week. We're anticipating to see a sort of stabilization of LIBOR at hopefully what we expect to be slightly above today's levels as we move toward the back half of the year. And we're expecting to see loan growth. And those four factors together will always drive our margins meaningfully higher from even where they were in June.[/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>>
We're looking at a lot of options. I mean I think the thing that we love with them is there's just great flexibility. So it's -- listen, obviously, there's -- you look at it from a lens of single assets or a small portfolio to large portfolios, which would maybe be a less of an ownership interest. So there's just -- what I love about them is their global reach, their strategic minds but also their flexibility toward the partnership.[/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>>
Thanks, Kartik. Has the change in selling into the markets to ISBs or generally in the market, you're meaning, to merge?[/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>>
Go ahead, Kate.[/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>>
Oh, we're going to take one step at a time. Yeah.[/INST]
Direction (UP or DOWN): UP
| UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
And then keep in mind The Canmaker is a UK publication and recycling rates are generally higher outside the United States and certainly they are across Europe as well, so you know they're trying to point out you know a society as wealthy as the United States, sometimes we take for granted. All you get is a value and aluminum has value, so it's a relevant point The Canmaker made.
So you know we live in a disposable society right. If your DVD player breaks, you don't buy it and get it fixed, you buy a new one, because they only cost $29.99. So how do you fix it? You can get real [inaudible] and you could do it like Switzerland does and you can have people go around and you know look through people's trash and see if they are properly separating every item and fine them. I don't think that'll be very popular in the United States and pretty tough to find any politician that are going to want to take that on, but it has to come down to the consumer and pretty hard to force it back on the producers or the customers of the producers. I mean you are the guy buying the can market and not properly disposing of it; you generally, not you specifically.
So like, you know it's an education process. So I am not sure if there's a way to prepare an incentive program that would force consumers or incentivize consumers to want to recycle more of it, but we all know aluminum has great value to it and it's really a shame for it to end up in the common waste stream as opposed to the recycling stream. I don't have the answer for 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. So I can say we have a reasonable visibility on the Q2 for Oilseeds as we have a book build. And we stay a little bit more open for the Q3 and Q4. That's probably to the extent that I will disclose. In terms of food versus oil customers, listen, we're staying close to both. Of course, we provide -- we have long-term relationships with our food customers that -- we've been working with them through all these and educating them on this new demand that is coming. And we are forging new relationships with customers from renewable green diesel that, of course, the big issue for that industry is feedstock availability. So we're having a lot of discussions that range from the tactical to the strategic discussions with some of them as they decide on their future investments. So that's what I will describe the relationship.[/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>>
Good morning, Frank. How's everything?[/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. And hey Brian, it's Nipul. How are you? So, this is what we had talked about in our Q4 call. We did take an investment in a company and that's what that represents.[/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. On the billings duration, we said it in the seven -- around seven months and the contract duration spread out toward -- more toward a year in the 9-plus months. and it's maintained that. So what we saw was over the last couple of quarters, given the multiyear contracts and the increase of annual billing, the contract duration increased.[/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. Look, I think we're at a point here where we're in the catbird seat, if you will, where you've got both happening, right? We've got growth in our business organically. And our leverage is back to a point where we can really take advantage of those opportunities as they come to fruition. We will be selective, of course, and we'll be disciplined about what we do. But we feel really good about where our balance sheet is right now relative to the opportunities that might come in front of us. Obviously, we've had good success around the Dispensing and Specialty Closures side of the business.
We'd be happy to continue to build out that segment. We would also look at other portions of the business if the opportunities were right, meaning do they have the right kind of returns and the right kind of customer profile with them. All you have to do is look at the press releases and recognize that valuations are at a high level. For us, that's not the way we look at it. Obviously, you got to take into account what -- not only what price you're paying but what's the growth rate, what kind of capex goes into it. So it's really -- again, I sound like a broken record, but it's really about the cash-on-cash returns. So we feel good about where we are. And hopefully, we can find opportunities to take advantage of 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thanks, 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>>
Thanks. Just a question on I kind of the outlook for spend in normalization of activity and travel and other discretionary items as you think about this year and how maybe you're budgeting today, C.J., for the remainder of the year and what we should think about at a line item level?[/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, Colin. Good morning. Thank you. I'll ask Mike Bishop to comment on that with respect to the increased capital that we're putting toward to support commercialization of these technologies.
And from a -- I'll just maybe speak to the skill set, and maybe Tony could add, too, as well. We feel really good about the technical resources we have on our team across engineering to support our R&D efforts. And that's inclusive of the work that we're doing with respect to carbon capture with EMRE from Exxon, the Exxon research effort that we have going on. But Mike, you want to talk a little bit about how we're allocating additional capital?[/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 mean I don't know if I'd consider it draconian. I mean I think we're just kind of like looking at the limited visibility that we had and not to repeat all the things that I mentioned before about how much have we been benefiting from pent-up and stimulus and things like that. But yes, I recognize that there's an upside to it if conditions continue to be favorable.[/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. Good morning, everyone.[/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.[/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 think as a net, I would say net indication, I would say it's gradually improving. But then of course it looks a little bit different between the different customers here, how they have been hit so far, but also how the near-term looks like. And it can depend also on who their supplier are in their end, but also the uniqueness of the specific semiconductor. I mean if you have a standard semiconductor or a higher degree of semiconductor -- standard semiconductors, you have -- had more flexibility to find alternative solutions, then if you have a very special designed semiconductors. So that's the material impact on a specific customer. So we haven't seen this, let's call it linear stabilization yet, when we look at the aggregated picture. But...[/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, it is. And I think certainly with the pandemic last year, our Water segment was hit hard. There was a pullback in terms of spending for municipalities as well as on our well drilling business. So we saw the Water business take a little bit of an pandemic-related hit in 2020. It's since recovered. I think certainly with the drought conditions that we've seen out in the West that's really shored up our well drilling business, and we're seeing nice improvement there. And then we are seeing increased spend again in the rest of our Water business. And that includes whether it's the Leon Hurse Dam, our cured-in-place pipe business as well as well drilling. So we see really nice improvement getting back to where things were at pre-pandemic.[/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 mean, I think where our leverage is at 1.2 times on a recourse basis, coupled with the large cash position that we have and a large unencumbered asset position we have, we're pretty comfortable financing the back-end pieces. But unlike prior to the pandemic, I mean, we're working on strategies to have either nonmark-to-market or limited mark-to-market on those financings on a go-forward basis. We were always focused on having the balance sheet on a mark-to-market basis. But in addition to having committed balance sheet, we also want to focus on making sure that we could finance these with limited mark-to-market or, I guess, at a nonmark-to-market basis.[/INST]
Direction (UP or DOWN): UP
| UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
No. This is -- I think we're back to current orders now. I mean maybe there was a little bit of catch-up from people delaying purchases due to COVID and some of the hearing centers, the audiologist office being shut down or having less traffic. But that -- we were back to selling about 30 a quarter. And so this is a nice step-up. And we think that as this continues to get momentum and the installed base gets bigger and the standard in the industry is to do it digitally, we can see acceleration in sales 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
I think as we look at the customer demographics, we haven't seen any significant or meaningful changes in trends, from the older demographic. They were continuing to kind of build -- that group was continuing to come out in larger numbers. We were continuing to see more and more customers we haven't seen for a while. I think it's still a little early, but we'll obviously pay attention to it, but nothing meaningful in terms of trends.
In terms of the masks, we implemented last week, without any reaction, I mean team members accepted it. Customers have -- it's only a team member mask mandate. And so, team members accepted it, its fine, hasn't created any issues, pretty much business as usual.[/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 so much. Appreciate it.[/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 morning Dave.[/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. It's probably more the latter than the former. I think that we've -- as the market has shifted from Korean glass to Chinese glass, an opportunity window has opened up for us. And so we've been carefully selecting LCD manufacturers, OLED panel manufacturers that we partner with. And we think that we bring some performance advantages to bare. As we've characterized, we see this sort of a step in our journey. I think we want to enter with the stand-alone DDIC and partner up with the Chinese glass guys. But as we think about this on a longer road, we would want to really go after the TDDI opportunity that we talked about several quarters back. So I think that our first engagement point is relatively opportunistic, but gets us in there and gets some meaningful revenue going. We lead with performance. We do follow that with supply and some other things that we think that are obviously very important. And then we -- as we look further out, it would be more of a TDDI type of play.[/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. I mean, I think generally, the entire basin is going lighter on spacing. So I wouldn't say I've seen a lot of really tight spacing tests from the privates, but we have seen the private increase activity levels, just like you've observed. Like we were saying earlier, it is a tailwind for Viper, but hopefully, it doesn't screw up the macro because I think this industry is coming out of a pretty tough down cycle. And I think OPEC is watching, and we need to be very mindful of our position in global oil supply and demand, which we probably weren't, as an industry, going into this down cycle.[/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>>
Well, there will be continued challenges on asset yields in 2021. And I'd say that in the sense that our loan portfolio for the fourth quarter, we yielded about 4.17. New volume for loans that were put on the books in the fourth quarter was at 3.80. So there's some rollover of loan portfolio and that will put pressure on asset yield. To counter that, however, as I mentioned, we do have $1.6 billion sitting in cash equivalents [Technical Issues] and we have an opportunity to make up that decrease by just through sort of a volume play and just investing some of that overnight cash [Technical Issues].
So, obviously, if this environment, the current environment persists for a very long period of time, is going to continue to pose a challenge on not only us but all banks. If we do get some slope in the yield curve later in the year, maybe we can sort of level out our margin expectations on a going-forward basis. But, I think, we're going to continue to see some asset, particularly loan yield compression, and we're going to try to make it up with some of the investment securities activities.[/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. I am quite confident in the freighter market. I think some secular things have happened there that are going to continue to make that a very important market. As you know, we are significant in that market and have long-standing customer relationships.
And especially in the next couple of years, prior to the ICAO standards being implemented, I'm confident it will drive some additional 76 and additional 777 demands, etc. We need to develop a new ICAO-compliant freighter version opportunity. I circled the 777X as the logical place for that and a smart place to do that. So as I said, without suggesting that we've already launched and/or that we have one planned by the day, we're confident, and I'm confident that that might be the next of our programs.
And it will be an incredible freighter with incredible long-term advantages for our major customers. So anyway, that's where we stand. And in the meantime, there are exemptions that exist within the ICAO language that have to be accommodated by our U.S. government in some way, shape or form, that allow for a transition strategy to that new kind of opportunity that is ICAO compliant.
Because you'll recall -- or maybe no or don't know the 76, when it moves into like a FedEx or a UPS opportunity, it displaces airplanes that are 40%-plus less efficient and most importantly, 40% less environmentally friendly. So there is, I think, some transition strategies that can and should be implemented that will help us in that. But we need to step forward on an airplane itself. And yes, so I don't mind tipping my hand.
That's what's got my greatest interest.[/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>>
Right. I think that in the next few years, the biggest transition for the security camera market is going to be the transition from a video solution to the CV solution. And we believe that we are in a very good position from a technology point of view to provide the best solution to the market, both China and non-China customers. Outside China, I'm confident that we'll be No.
1 provider by far. And in China, because of the few supply chain, we continue to see a competitor coming on the low-end side to compete on the CV solution. But on the middle- and high-end side, we are probably the best solution even inside of China at this point. So I'm hopeful that we will continue to gain market share in security camera market when the transition continues.
And it's hard for me to predict how fast the CV revenue is going to ramp up. But just look at -- we talk about 2 million units of CV chip shipments at the end of Q1 and the majority of that in professional security camera. And I expect that the growth rate will continue to increase in a big percentage. So I'm hopeful that we're going to see a similar transition.
Just like 10 years ago when the security camera transitioned from analog to digital, we are going to see a very similar transition from video to AI in the next couple of years.[/INST]
Direction (UP or DOWN): DOWN
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