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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, Fred.[/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, good morning everybody. Ryan follow-up on that question you had a pretty active 2021 on the balance sheet side already that debt, where you are a bit more comfortable. It sounds like you're going to pretty much hold back until 2023 on that maturity. So where -- with the business where it's at and the volumes where they are at, a lot of cash generation probably again in '21, where are you going to invest in the business? Is it going to be agents? Is there some sort of technology piece. I know you talked about mortgage and improving maybe the ratio of lenders to agents, where should we expect that investment really to fall into in the coming 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>>
Yeah. Scott, I think -- I think we'd say if it were completely COVID related, we probably would have had a different outcome in terms of provision, but because it was something outside of that, it led to probably more provision.[/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, Reuben, sorry, to keep you disconnected. So what I answered just previously had to do with the returning costs related to the temporary actions we took last year. So that's one headwind we face. Price cost is significant, right. So maybe I'll kind of cover that. So I think I mentioned that we had about a $11 million price cost gap in the second quarter and we expect that to be $10 million to $15 million in the third, but coming to the fourth quarter, we expect our pricing actions to catch up with inflation, even though it's continue to go up and will basically be price cost neutral by the fourth quarter, so that we do expect our incremental margins to be higher in the fourth quarter than they have been here in the second and third, because of that price cost gap.[/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 mean, I think we've said in the past I'll say it again that we're committed to keeping the vast majority of our loan production on our balance sheet. You heard about our very much successful quarter in the funding markets with unsecured social bond and also ABS at very attractive rates. We do remain open to additional loan sale agreements at the right terms, and I'll leave it at 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, Steven.[/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. Great, John. Thanks for the question. Yes, we're very happy with the results in networking.
I mean, as you pointed out, that was a sequential number. So clearly, business has been very, very good for us in networking. And certainly, year over year, to do 20% plus is great. The demand, John, continues in Q2 and beyond.
We're continuing to work on improving the supply on our networking products. As it turns out, and as you've probably seen, the complexity on our networking business in terms of the manufacturing, cycle time supply chain is much more complex and challenging than on the storage side. So we've been able to meet some more of the upsides on storage than we have networking. But no, John, business continues to be strong.
We do have line of sight to the supply improving in the second half, which is encouraging. And that's why we're continuing to be very bullish about the outlook for our overall networking business because the demand is clearly there, and we've now got supply coming online in the back half, as well as into next year. So things are improving for sure.[/INST]
Direction (UP or DOWN): UP
| UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Perfect. Thanks, everyone, for joining the call. And to the entire Carvana team, thank you. Great quarter. Great job. To all the operations teams, this has been a long slog. You've done an incredible job coming in every day and delivering great customer experiences, and we really appreciate it. I hope that you hear the sincerity of that appreciation, doesn't just sound like something that we say every call. To the inspection center team, in particular, this has been an absolute battle.
Great job to all of you. I know that you've taken the last couple of calls and pinned those up on your locker for inspiration. Clearly, it did inspire. You guys have done a great job. We really appreciate it. Please keep going. We've still got a lot of ground to cover, but thanks to all. Have a good one.[/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, thank you, Misty. Well, to wrap up, in the first quarter, we achieved record earnings and saw profitability improvements across each of our segments. We exited a non-core asset in our print segment and successfully executed against our shareholder repurchase program. We are pleased with our strong performance start the year, as well as the significant progress we've made toward our longterm financial and strategic goals.
We also continued to drive improvements in our sustainability and corporate responsibility initiatives. In 2020, Veritiv established a working group to more effectively guide the company's efforts regarding sustainability. This group is working with internal and external stakeholders and our senior management team to further develop our sustainability goals. I look forward to collaborating with our team, customers, suppliers, and local communities throughout this journey so we can be careful stewards of the world together. Thank you again for joining us on the call today. Please stay healthy and safe, and we look forward to talking with you again in August when we review our second quarter 2021 results. 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>>
Yup. Thanks, Charlie.[/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>>
It has historically, with Chinese customers, been lumpy. And so yes, it's difficult for us to predict. I mean, obviously, we spend a lot of time talking to our customers, and we've built in what we believe to be where we think we'll be for the year into our guidance. But it really -- there is a number of issues that will affect the rest of the year, which -- there's COVID-19 issues and some of the semiconductor weakness issues. So we're comfortable where we are.[/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 mean, we haven't said specifically, but I would say it's probably sometime in the summer of 2022.[/INST]
Direction (UP or DOWN): DOWN
| DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. With the Koreans, the KAI, its cooperation in the market of UAVs in the country and around and we are discussing promoting our current portfolio as well as adaptations for the local needs. And with the Canadian program of the StarLiner, it's a kind of lease of -- it's a kind of lease of the new StarLiner platform that we have.[/INST]
Direction (UP or DOWN): UP
| UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes. Good question. So we really -- we like the position that we sit in right now because, as you know, our nearest maturity is 2024, and so we've got the luxury of kind of taking our time and finding the right opportunity to do a financing. As you saw in our February financing, we were extremely pleased to achieve a 3.75% dollar coupon. So we're looking at the capital structure. We're looking at kind of all of the different components of the debt stack. And as we see opportunities to jump into the market and kind of get attractive financing, we'll certainly evaluate those. But we haven't made any decisions on that at this point.[/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, Brad. Yes, it's Kevin, and Sean may want to jump in here a little bit so -- to talk about the relief programs. But just to give you a sense of what has happened so far and what is in our numbers, the current relief programs have been somewhat helpful so far, but only marginally so. Overall, we received $5 million in rent relief payments, of which approximately $4 million in rent relief payments was in the first half of the year, including $2.5 million in the second quarter. For the back half of the year, we've assumed we received -- we'll receive $4 million, and that includes what we've received in July, which is kind of around $1.5 million. And of that $4 million in the back half, most of that will be in the third quarter. So that's how we're looking at it. Obviously, we've been involved in working with our residents and applying where we can on our own for much more, but it obviously takes time. And it's a process that is inherently uncertain and for which there's not an awful lot of visibility about what we're going to receive and when. So we've been relatively modest in what we assume we will receive going forward from that opportunity.[/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>>
The -- the answer is yes. Sorry, that is a mouthful [phonetic]. Erik, why don't you take this?[/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, John.[/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, Dan.[/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. No, absolutely. So obviously, I should start by saying we're really pleased to have that relationship with Boston Children's Hospital. The proactive work we did with COVID has led to this opportunity.
That payment is $8.5 million, and it reflects work that happens from Q4 through the middle part of 2021. And that work happens essentially as the work happens, and so you'd expect that revenue to kind of flow from, call it, mid-Q4, all the way through that mid-'21 mark in the professional services line of revenue.[/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'll make some general comments about industrial and medical. The reason I like those two markets so much is they tend to be smaller and medium sized companies, smaller and medium sized opportunities. But each opportunity typically wants something a little bit different. So, we take -- we start with our standard products, our configurable products, and then we tune them to the customers' needs. And that creates a very good relationship between AE and the customer. It creates a very sticky product situation. So typically, these applications are very long lifecycle applications. And so, once we get designed in, we continue to ship for many, many years. So, we're going to continue to scour the market and look for more of those types of opportunities.[/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 mean, that's not really a stated goal. I think as we brought down our unit costs, more of summer should be good for us. I mean, we'll do a really nice business between Memorial Day and Labor Day.
And that's just because of the cost structure of the business relative to '18 and '17 and earlier is just substantially different today. So we'll be able to stimulate a lot of demand during that period. And then we've also found a lot of success in non-Minneapolis network opportunities, which tend to concentrate around the summer period. So our Hawaii network is doing quite well.
Our Mexican and Caribbean source market -- destination markets out of source markets in the south in the summertime are doing really well. So, yes, I think the business will de-seasonalize, but there's nothing we can do to get people to travel in September or just be flying boxes.[/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. Again, maybe for Charlie. Just any milestones and metrics that investors should look at this year to -- as evident that the strategy is on plan? And maybe along with that, how many cities are you targeting at this point for year-end? And then lastly, just one follow-up, you guys executed a transaction in the fourth quarter for about $300 million and it looks like to buy in the designated entities. Just a thought process or the driver behind that transaction would be great. 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>>
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. Nothing has changed in our perspective on that, Manav. One of the things that -- and I sort of referenced this in my comments upfront, but we are watching very carefully the results we're producing. In 2021, both the -- what we deemed the COVID-sensitive revenues also the non-COVID-sensitive revenues, and those would relate more to the subscription products that we have. And actually, we see good progress in the performance of those. And actually, they really have been the most steady part of our performance over the last several quarters. And we also referenced our pipelines, both renewals as well as new product -- new sales opportunities. And as I mentioned in my comments upfront, we have some of the strongest pipelines we've ever had. And our focus is so very definitely on subscription-based solution. So the context for my answer to your question is, that's where we're focused. Those are in good shape. They have been in good shape through the pandemic, and we think that they will remain on that track 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>>
Thank you so much for taking my questions. And I wanted to ask about the general allocation of sales and marketing commercialization resources across the different indications for AXS-05. As you look toward the possibility of this drug potentially being triple or even a potential quadruple threat in the CNS neuropsych space. And in particular, if you could talk through how you anticipate the different sales and marketing strategy to be taken with AXS-05 effectively being deployed, and if you can especially describe any particular initiatives that are likely to be aimed at specific types of institution with the aim of optimizing the commercial value of this product?[/INST]
Direction (UP or DOWN): UP
| UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. So, I don't know if we can add anymore unsecured debt, quite frankly, I think it's -- Ian, at year-end, it was -- I think most of our capital structure, 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>>
Yes. Let me just jump in and go back just one more comment on INTECH. Make sure I get these numbers right, Roger, but just so you all can size it, INTECH is something like 10% of our AUM but it's something a little less than 5% of our revenues. So that's just to give you a sense of the scale that we're talking about, when we talk about that part of our business.[/INST]
Direction (UP or DOWN): UP
| UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. 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. We haven't given specifics on profitability other than to say our e-commerce channel is our most profitable segment, and hence, our significant emphasis on growing that part of the business and is the big driver of the total DTC growth to get to 50%. So again, we haven't given specifics on that per se in terms of profitability, but it is our most profitable channel and why we are intently focused on driving that proportion DTC as a total of sales to 50%.[/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>>
Very strong growth and my personal expectation is if we ever get an infrastructure bill, we'll see even more commercial door growth.[/INST]
Direction (UP or DOWN): DOWN
| DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
I mean, the history of our commission rates, we try to look at an aggregate right around 10, 10.5. And then it's different depending on the type of customer that comes in if things are bundled. We obviously have several thousand platinum agents to get a higher commission because they are bundling the auto and home, those Robinsons customers. And yes, if you bring in some -- a group of customers that we believe are going to be in their short term, the commission might be less.
Again, the aggregate is -- are -- we try to keep around 10%, 10.5%, and we also do have some preferred programs and bonuses for agents, depending on their last performance. It's not across the board. It's with specific agents. Do you want to add anything, John?[/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, the bill was brought by a freshman legislator, so he was brand new to the process. And I -- I'm not going to guess whether he was educated or not, but I will tell you, like a lot of times what happens is bills are put in the hopper, and then things are figured out after they put it in the hopper. And once that happened, there was a tremendous amount of pushback on the bill. Everything from building trades, electricians, gas unions, business and industry associations, grocery stores, homebuilding, restaurants, utilities that kind of pointed out that the bill as it was currently written was really probably not a good outcome for the region.
And I think once more people started looking at it, then they decided not to move the bill forward at this time. So I'm cautiously optimistic, Chris, that that will stay that way. You mentioned the word dead. I don't think bills are ever dead. But I think at this juncture, it does look like it's not going to move 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>>
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>>
You know, we've been pretty vocal over the -- in the past about our credit-impaired portfolio. We still think that the amount of -- we have a $515 billion portfolio of MSRs. We think that the eligible population of that is about 30% for refinancing right now. We're in the money.
The government came out with some new programs where they're going to try to increase the origination to folks that haven't been able to refinance in the past. We'll see how that is and really the impact on our portfolios. We don't think it's material. So I think part of it, Henry, is the factor.
The other part is I would just say 30% right now and as we go forward, monitoring REITs and mortgage rates. And we'll try to get a little bit more refined on that. The other part about that is with the NewRez team increasing their recapture percentages probably more into -- I guess into the mid-20s now from when we were in the teens, you look at the job that Sanjiv and his team have done at Caliber on a recapture -- from a recapture percentage in north of 50 on a number of their channels, we do think amortization will slow down, and we look forward to a much higher marks on our MSR portfolios, higher book values, and higher earnings as we go forward toward the latter part of '21.[/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>>
Afternoon.[/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're doing our best, Mark, hopefully through loan growth and find suitable investments. I would estimate our excess liquidity about $284 million at the end of the year. So it's an ongoing process, but we will continue to try and manage that down.[/INST]
Direction (UP or DOWN): DOWN
| DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Hi, Erin. This is John. I can address the start of that. Look, APAC is an important region for us, a huge market opportunity. We've invested, as we've talked about, with manufacturing and treatment planning and other places. We recently have added some additional advertising in APAC, and we see great results where there's a lot of interest, a lot of awareness that it drives, people come to our website and look for doctors and so on. And we think that translates very well. We're very happy with the quarter for Q2. You do have pockets of areas where there's COVID, more of a COVID impact; Southeast Asia, parts of China, other areas that we're always mindful of. But when we look at the investments we're making, the return that we're getting from those investments, we feel really good about APAC.[/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. We really don't give a, call it, an indication obviously what value we think we're at with. And like any bank CEO or any public company CEO, my stocks are always undervalued, no matter what level we're at, right. We do have parameters that we institute that program on that for all the right reasons are confidential. I will say when you look at our capital, we are holding lot more, I would call it at this point the dry powder phase as we're trying to see things play out economically from all the factors that we all know about. I will say when you look out over time, we have a pretty good track record of maintaining our capital levels. So this institution stay strong, but also redeploying that back to shareholders either through dividends, through repurchases or other things that we've done over the spectrum of years at least I've been here. So it's something that we constantly looked at. I will say from, call it an inside perspective, we do have a committee of the Board, that is a capital committee. So that's something that the Board is playing an active role and is how we manage those capital levels.[/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, Dan, we're very pleased to be giving not only double-digit top line growth guidance for Q4. But also being able to extend that into fiscal 2022. In our August call, we're going to give more details as to guidance going forward, and that would include guidance on both gross margin and operating leverage. But over the longer term, we believe we can drive improved margins.[/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>>
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>>
Thanks, Jason.[/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>>
A couple of questions. Forward-thinking, income taxes with the new administration, any possibility? Any thought? Are you working on that? The other thing that concerns me, insuring automobiles here in California, I pay $0.50 a gallon tax to the state for the road repairs, and I think the Feds were $0.17. My neighbor bought electric car and is bragging that he doesn't have to pay any of that. Any thought on how that's going to be done? And is it going to affect the auto policies at all?[/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 number is about $15 million is what expect for quarter and we do think that, that spring back probably is until the back half of the year and we do also expect to see some mortgage numbers continue to stay pretty healthy for most of the year 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>>
In the inverse order, yes, that number is moving up with respect at a good pace. With respect to the balance in this quarter order activity, it really was a broad section across all buyers. We're beginning to see some of the big Fortune 500 reenter the market space as clarity around the U.S. economy increases.
And to that end, the U.S. had a strong order quarter and accounted for more than half of this quarter's orders. So look, if you think about demand, as we see the lifting of the international travel restrictions and removal of quarantine restrictions and the increased confidence of, obviously, the U.S. economy, but also global economies, we expect to see demand continue to increase.
And should it, we see Gulfstream as being in very good stead.[/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. I wanted to ask about your attempts to retain advertisers. And I ask it this way, I think we've had record numbers of new business formations in the country and around the world on the unfortunate impact of COVID, but I think that's my guess is, it's been a huge tailwind for your business at the same time we've had this real tip over I think of linear TV ad budgets in the back half of the year onto online channels like YouTube. So, talk about these new advertisers that you've brought on to the Google platform? What you've been able to do? How confident you are in your ability to retain them, you're advertiser retention strategy? Thanks a lot.[/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, thank you. Victor, maybe a bit of a higher-level management question. It looks like -- I mean you obviously have an investment schedule, you've got some plans to make investments this year or probably next year. It looks like it's hard -- obviously hard to make the call. But it feels like it's going to be an abnormally low -- for the industry, abnormally low provisioning here, if you will. Is there an opportunity, is there any discretion at -- that you can, around the timing of future period expenses could actually be loaded into this year to allow for a better growth trajectory into 2022?[/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>>
With respect to lumber, I think anyone felt that the high level that it was at was sustainable, and this with the perfect storm. We've seen, I think at the beginning stages of the pullback in lumber costs, a pullback in demand from the big box retailers as the do-it-yourself market postponed projects for two reasons. One is for post-pandemic, they're spending money and their time elsewhere and they didn't want to pay that high cost. So, there's been a pullback on demand on the lumber supply chain, which is, you know, started to bring costs down from those unsustainable levels.
So, you know, as we think about it, you know, every 10% reduction in random LENx equates to about, you know, plus or minus $1,700 of our average-sized home. And say -- and for OSB, about the same, about another $1,700 per home. So, as you see a drop from the level of that, you know, high of $1,500, we'd expect probably, you know, or August starts to see a benefit of $200 to $300 per thousand board feet. And in a run of LENx, OSB less that that does not start coming down yet, but it should follow soon.[/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. Let me start, and then I'm going to turn it over to Uri for some more detail. But remember, why do we do phase 2 trials? First and foremost, we do them to establish the safety of tumor-treating fields plus whatever combination therapy in the target region. In that regard, of course, HEPANOVA was an A plus.
The second reason that we do the trials is to look for -- and these remember, are small open-label trials, are to look for signals of efficacy. Because they're open label, we look -- and because they're small numbers, we can look in great detail at each patient, the exposure to the therapy. We can look at their response, the durability of disease control. And remember, we're paid based on disease control.
And then we can discuss those results with our investigators to determine whether or not there's excitement about moving forward. You said disappointment and unavoidable error for us, and I understand in the financial community, there is that sentiment. There is not that sentiment inside NovoCure or with our investigators. We view this as absolutely greenlight to move forward to a phase 3 with the current standard of care.
Maybe with that as an underlying, Uri, maybe you can give a little more color on HEPANOVA and the path forward.[/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'm not going to put a time line on that for obvious reasons, but they're important for us to do, and they are also important for us to do in the right configuration with the right partner. This will be hopefully a long-term relationship that's going to have substantial strategic value to the company. So we're going to make sure we do it correctly. But the only thing -- the color I'll give you, Marc, is that in just that -- what is the tailwind for partnering our data. And that's what's -- that was so important about the ASCO presentation that we made just a month or so ago, is that the data are really coming together nicely. And that's been a necessary prerequisite for serious partnering discussions. So we're encouraged by the way that, that data set is building, and I think that's going to continue to help us.[/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. David, it's certainly on the schedule. The other activity is getting Bakken sold and getting the refinancing done took priority, but the team is doing their work. I think as you think about the drop-down, we're going to have a very large block across half of Martin County, and so we want to get the engineering right and also build out recycling infrastructure across that block to be able to store, produce water and reuse it in the Midland Basin. So I think it's a couple of quarters away, but certainly, it's on the docket.[/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, exiting Europe is certainly not an option. And as I mentioned, we are appealing now, and we should be knowing in a few weeks time if that appeal is granted. If it's not granted, obviously the increased tariffs will come into effect right away. And hence why we've said -- if we take the worst-case scenario, that's why the adjusted -- the guidance as Gina mentioned would essentially go back to the levels that we communicated early on in the year.
So, I mean, we are looking at all options right now. We are vigorously defending our position, and we believe that the original ruling of the BOIs is correct. We are hoping for resolution and we are looking at all our [Indecipherable] roots in Belgium and the EU, and that's the primary focus right now.[/INST]
Direction (UP or DOWN): UP
| UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
You got 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>>
Hi. Good evening. Vince and David, thanks for taking the questions. I want to ask one here on AcQBlate and the full-market release that you're headed into in Europe.
I know you mentioned you're adding some resources there. And given some of the COVID constraints, would love to hear how you're thinking of the cadence of that rollout. Is that mostly kind of a second-half event as we think about our models? And what's the latest on feedback from AcQBlate users? What's it doing to their utilization and sort of any qualitative anecdotes you can give there?[/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 Andy is going to answer that for you. But just quickly, the primary endpoint, as you just mentioned is of course daily pain as it is reported by patients. And then the secondary endpoint, in particular, in fibromyalgia have to do with what is the hallmark of fibromyalgia captured in the fibromyalgia questionnaire in the PROMISE score, it's very much aligned with our earlier studies.
And I'm glad you asked the question because it gives me the opportunity to reiterate that we don't rely on either the fibromyalgia or the DPN study on just one endpoint giving us a positive result. Every measure we have taken in this patient population that has to do with the symptomatology and pain issues that patients have, has given us very clearly, positive results in both of these studies. And of course, that is a really good starting point in these confirmatory studies that are now running. And now, I'm going to ask Andy to address the broader question of indication and labels as we move into chronic pain.[/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>>
Hey, Lori. Congrats on the strong EM results in Q1. I was hoping you could just simply rank your top three end markets right now in EM in terms of just overall demand strength?[/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's a great question. We try to be price sensitive when we raise equity. And so, it really depends on our stock price, which I can't predict. But we had some interest in our stock price in December and prices that we thought made some sense. And so, we were active again, very price dependent, and we modulate given our pipeline again, always trying to be conservative with our balance sheet.[/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>>
One other point, I think 2021 is reflective of a "more normalized" transaction -- level of transaction activity.[/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. Thank you, Ryan.[/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>>
OK. Yes. Yes, I can. So, for e-commerce sales marketing expense, as you can see, we continue to improve on our efficiency, and our allocation sales marketing is a -- again, a dynamic -- dynamic process based on the time of the year and what we think is the development pace and pace of growth for the market and efficiency of investments in the markets, as well as any opportunistic media events, for example.
So, these are a combination of factor we look at in allocating sales and marketing. And thought -- the gist of it is we continue to focus on efficient growth to make sure that every dollar we spend there is -- is driving effective user growth and with strong use -- with strong user retention, and also increasing use of frequency. For example, we -- during Q4, during the peak sales period, this is a very strong shopping period and we have a lot of shopping activities, as well as media activity across different markets. And these have shown very strong results as you can see.
And more importantly, we're driving up not just user timestamps but also user frequency of our apps. We now see more than 5.7 times purchase frequency -- order frequency per month. And that's another step up from the last quarter's Q3's number. So, that is a very good testament to the strength of our platform and efficiency of our -- our investment into sales and marketing.[/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>>
Hey guys. This is Dan Fleck on for Gautam. Thanks for getting me on.[/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>>
Nate, yeah, it's about $45 million as of the end 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>>
Hey, good afternoon guys. Quickly just wanted to hit on the win per day. Obviously, I think, it was down slightly sequentially, but I had expected with casino closures. But I didn't know if you guys had an idea of what that would look like on machines that were turned on. If you had a guess, was that flat sequentially, up sequentially? Just any color there on the win per day would be helpful?[/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>>
Great. Thank you, guys, for taking the question. So I have two. One, more clarification from Glenn. So Glenn, tell me if I'm thinking about this correctly, but on the Angi Services side, on the fixed price, as you recognize revenues, they're obviously recognized on a gross basis, right, not on a net basis. So as you look about the growth trajectory, shouldn't it be -- shouldn't it accelerate even more than what you have historically talked about, again, just because of that pure accounting practice? And then as -- and I think by simple math, fixed price is already like 15% of your revenues.
And then on the long-term margin, you've talked historically about how Angi could support maybe 35%-plus margin profile. As the accounting changes a little bit, can you help us maybe think about the potential for the long-term margin there? And then just one question for Oisin. Been tracking your progress with Handy years ago, and you did a great job there. But as you try to kind of take the Handy playbook and move into a much larger platform, can you maybe just speak to like the one or two toughest friction points that we have to worry about as investors looking from the outside in?[/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, Sung Ji. So in the United States, we will offer the LDT-based version of myChoice. Outside the U.S., in select countries, we will offer the kit-based version, in certain countries like Japan where we have a lot of growth occurring, we'll continue to offer the LDT version 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>>
No, So I think Rob and I missed a little bit there, I kind of cut out. But dealers in the alternative side has been a driver for us as well as the industry for a number of years. However, what I'd say and I think we saw this toward the end of last year, our traditional business is resurging again and I think it's resurging for a number of reasons. The managers at space are under pressure as active management comes under pressure and they're rethinking their business model and how to drive scale. Outsourcing and the capabilities we have in the platform resonate very well when they're looking at that. If you look at this quarter sales, a good bit of it was our traditional business. So we're very happy with the progress. We see a huge need for our middle office services platform. We also see a need across our CITs and our EPS platforms. So that's an area that I expect good growth from this year. And I think as managers kind of rethink their business model. We stand in a good position to service them and give them an offering that will help them with 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>>
Did that help, Sam?[/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 just wanted to talk a little bit more about K3, and I know you guys talked about kind of potentially boosting your production from 1.2 million to three million tonnes this year. Can you sort of break out in terms of the cost savings, how much is going to be brine inflow reductions versus actual savings on K3 and what the cadence might look like as we move into 2022 as well? Thanks.[/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 are planning -- we are not refinancing. Our plan is to pay that off when it comes due in the third quarter of 2022. If you remember back, we, during the pandemic, took the opportunity to issue $600 million of extra debt due to uncertainty in the marketplace at very, very attractive rates. Fast forward today, we found that we do not need that for that volatility or any credit pressure from the pandemic. And so we felt it was prudent to again take down the debt and retire that $300 million that comes due in third quarter of 2022.[/INST]
Direction (UP or DOWN): UP
| UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Hey, good morning. everyone. Just two here, the first one to Glen. Glen, have you come up with an estimate of what you think the net revenue hit that you incurred because of the middle seat block? And I would be most focused on the month of March where you actually had pretty good demand, and we're probably spilling traffic.[/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, yes, I mean absolutely, we have tailwinds as it relates to margin, given both our category mix growth as well as our channel mix growth. We do have obviously a fairly large footprint of brick-and-mortar that right now, given where the traffic is, is a bit of a drag on our margin performance. And obviously we're addressing that, and we will see once the pandemic is just behind us and the traffic returns, how fast it returns. And in the meantime, obviously we're taking some actions.
But we are really comfortable that we have margin progression ahead of us once the pandemic is behind us in a more sustainable way, especially that given the tailwinds that we have, to your point, Chris.[/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, sure. Look, we are the pioneer and the leader in a very hot space that's growing in importance. I think recent breaches really highlight the importance. So we've expected more competition and entry. We've always been like, I'd like to call it productively paranoid about our leadership position and hence invested in continued breakaway innovation to further accelerate our leadership. I think specifically the journey we took, so Identity Security gives us a major advantage. We think that coming from PAM where we put security first and following the proliferation of Privilege across both human and non-human infrastructure is giving us a major advance as we expand into Identity Security and looking at it as a security problem.
I talk to enterprise customers all the time and they won't compromise on security when it comes to the keys to the IT Kingdom and the keys to the cloud Kingdom. And so, we're going to continue to break away and lead with the broad expansion into Identity Security but with PAM as a major advantage and at the center of 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>>
Hey, good afternoon, and thanks for taking my question, and good morning. And just kind of curious on the Industrial segment. I think last quarter you talked about two to six segments being at peak, you talked about all being up in April quarter. So, just any color by segment there? And if any more of them are at record revenue? That would be helpful. Thanks.[/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 think a lot of that's going to depend on how much we have work out of the forbearance into either deferrals or reinstatements. For the next few months, I think the moratoriums ending sometime toward the end of Q2. So in the next couple months, I would suspect that for the most part things will be similar to Q4. Not a whole lot of uptick in forbearance. But then again, we're not seeing a lot of, exiting from forbearance either, since they've pushed back the forbearance timeframes. Going into, later in the year, I think the expectation would be that forbearances will start to clear up; you'll start to see the exits and the turnovers from loss in mitigation, and that's where we might see some pickup in servicing costs dropping.[/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 Gary. I think that we're very excited to participate in the first event that you described. And I think it is the beginning of trying to tie a very large membership consisting of close to 50,000 members in the marina right now to the ability to go from Safe Harbor to Safe Harbor Marinas and understand the expectation that one would have in visiting the consistency of how these marinas run and what the services they offer. So I think that this will be the first opportunity to really showcase that. And the Sun staff sitting in this room is as excited as anyone to really participate and really see what the Safe Harbor management has planned for the future. So with regard to that, we'll be able to share more, with regard to what the future holds in those types of events going forward. So kind of one of the first inaugural step-outs for Sun to participate in this type of Safe Harbor event.
With regard to marina details and disclosures, what we wanted to share with everyone today is that we will be providing enhanced disclosure by business segmentation and specifically for marinas, with our first quarter earnings release. So in doing so, we'll begin providing separate disclosure on our manufactured housing business line as well as separate disclosure on our RV business line in an effort to really provide insight into each of the three business lines. So I think it will be a -- first quarter, we'll have the opportunity to look a little bit more clearly into marinas and the business segmentation as well as helping everyone understand for their review and modeling purposes breaking apart MH and RV as well. So that will be coming first quarter, and we'll be better able to look into the segmentation of each.[/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. Good morning. How should we be thinking about your distribution relationship with Mass Mutual in light of their upcoming acquisition of AFGs Life Insurance business' product suite; kind of looks like yours? And if you could also remind us the level of dependents you have on them more broadly for marketing purposes.[/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>>
Yes. It's historically been in the mid-80s, maybe that's moved up a little. Maybe it's got to be 87, 88. I think there's a key psychological piece too and we've seen this. The customers got to believe it's going to stay there.
And so I think as the economy improves and this utilization hits the mid-80s and it's in the mid-80s now that customer view that it's going to stay that way for a while or perhaps even get tighter, really helps the pricing dynamic.
So we're right there at that dynamic. And we're very encouraged. Spot pricing is now above contract, and we had a nice move. It was helped by the Colonial. And I think what that did is it let the customers know just how tight we can get in a short period of time.[/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>>
Sure. Well, the hypothesis we have around food, this is something we've held for well over 10 years, is that if a pet eats high-quality food in the right quantity, it is going to have a better health outcome. Well, at this point, that's a hypothesis. And we've been investing in this area for a while to figure out how we could prove or test this hypothesis. And we do know, and there is significant data saying that if a pet equals -- eat a right amount of calories that they're going to have a better health outcome. So we'll be able to come out of the gate early on by saying, if you're eating the right amount of calories recommended by your veterinarian, we should expect some reduced veterinary invoice expense, and we would pass it on to a consumer.
But it is going to take us years of actuarial data to be able to determine if there is big health improvements. But the goal is, if there was a 27% increase in health improvements based on pet eating a certain diet that we would offer that discount on the insurance, the two would reinforce each other. They both be monthly subscription, but it would not have to be limited to just a brand of food. This could be anywhere we're able to measure it. Our goal with land Pass is really just to kind of test the hypothesis and get this moving.[/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 and thanks for joining us.[/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, everybody. I guess I want to touch on the comments in the letter and some things you said here about how there'll be some fluctuations in the KPIs for this year, given the way you're changing kind of new marketing plans in state expansion. Maybe can you expand upon what -- things that we should look for in terms of those near-term fluctuations?[/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 can. 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>>
That's a good question, Glenn. So I think the way I think about it is, I think Steve and I have both mentioned that these are initial quantities. So we're looking at a couple of hundred and think about them in terms of more like direct sales, if somebody wants to buy and do moving platform testing and they need sensors for their fleet or whatever, a range of options that come through us, right, and there's lots of companies out there. I'm not only available publicly because at that point, it's been validated by us and external parties, and it would be something we would offer to buy.
But I think sending out its initial quantity part is an important point to remember.[/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. Robert, with payout ratios what we've said is that we are comfortable in the 65% to 75% payout ratio, which is pretty consistent with the Canadian utilities. The Canadian utilities are higher and U.S. ones are a bit lower. We've said around 65% to 75% we are comfortable with. And as we look, like David talked about with respect to the capital plan that we have and the opportunities that we have in front of us, we are comfortable with that range.[/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 mean, I think it's an issue of revenue that we need. I mean if we look at urban at our open urban hotels in June, our GOP margin was over 33% versus 47% in June of '19. You then tack on the fixed expenses, which were 11% in '19 because of the higher revenue, but 22% in June of this year because revenues were half, less than half. They were down by 61%. And so you only get to a 14.8% EBITDA. So you have incredible operating leverage there. And so as revenues continue to come back, both increasing leisure as the cities have reopened, increasing business travel as business gets back on the road and group and citywides, we'll cover these fixed expenses pretty rapidly with a high flow-through on the additional revenue. So, the operating models have been accomplished in those markets. They're -- we're going to be able to run these properties at lower revenue levels as indicated and get to higher margins ultimately as the revenues 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>>
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>>
Hey, a couple of follow-ups for me, you've said it I think year-to-date, and I think every dealer that we talk to has echoed the notion that retail is very much being held back by a lack of inventory. So two questions, and I apologize if somebody else has asked it, I had to drop off for a minute there. But two questions here. I know January as shipments into the channel picked up with some of the model year 2021, did you see any improvement in retail in January versus the decline that we saw in the fourth quarter?
And then secondly, I guess from what I've heard, it doesn't look like you're looking to significantly build inventory over the course of the full year and so to the extent that retail would have been better in '20 with more inventory, are we still in that position in 2021 where a disproportionate number of the benefits will may be seen in the used channel, but we're not going to see the full brunt of the demand benefits in 2021 due to -- I guess that's assuming that inventories don't pick up meaningfully for the full year? How do I think about 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>>
Well, this is something again that we look at very carefully on a continuous basis. And fortunately, we are in a very good position with the properties that we own, with them being in secondary markets, which -- if you look at people moving out of the cities, in some cases, that bodes very well for us and we do get inbound calls asking if we have office space available or buildings available. Secondly, we feel strongly that not everybody is going to stay home people are going to go back to offices and particularly the type of office, the office buildings that we own, where they are in secondary markets, the people mostly drive to work, they don't -- the COVID risk is really going away. And we haven't really heard a lot or hardly anything from any of our tenants looking to reduce space. So, to wrap it all up, we are very comfortable with what we own and we don't have a lot of concerns going forward for our particular office portfolio.[/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, I'd just like to thank everyone again for your interest and attention for Triton, and we look forward to talking to you soon. Thank you very much.[/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>>
David, thank you very much.[/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. Obviously unlimited. What I can say at this point and we put a lot of information out publicly. We, in particular have pointed to opportunities on the origination side obviously dial has wonderful relationships with many leading private equity firms and that's Owl Rock has been butter in terms of the client base that we serve. So, in particular, we think that's a very attractive opportunity, we are limited at how much do you feel I can go into, but we're excited about the merger, everything is on track and when the deal closes, we will be sure to come back to this group and talk in more detail about the power of the combination.[/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>>
Moving on, Joel.[/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, Blayne, we tried to articulate that in the deal call last week of identifying 20% CAGR opportunity over time here. So hopefully that can can give you a sense of the doubling time that could be achievable if we're able to sustain that, which we believe is possible. So, we did try to go ahead and call that out. This is a strong year for sure, and we have a lot of momentum in the business right now.[/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. And again, our OE business has grown tremendously. We have the Ford truck business that has really pressed the brake controller content up on the OE side. But we -- with the additional capacity that we've generated, some new products that we've launched, our aftermarket business in brake controls is also significantly up and we are conquesting business business and our North American hitches.
I'll leave it at that. But we are growing our position in a growing market.[/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 on the guidance, I mean we were intentional about not being specific, given the caveats that I laid out in my prepared remarks, but again, I think we're pleased that, we're on a good recovery track, Q4 will almost certainly be a drop off from what we see in Q2, and Q3 because of the noise from the government programs and the partner concessions going away. But we're comfortable with the color that we expect to be both EPS positive and cash flow positive in the fourth quarter, sort of on a stand-alone basis without some of this other noise we've got. Sorry, what was your other 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>>
Yeah. So, we used a GAAP basis on that. And so, the one-timers that were included in an underlying number that actually we didn't publish but we called out the underlying numbers. It was about $200 million. So, the operating efficiency is going to be dependent upon what we see in terms of loan growth, payment rate and new account generation, which, as Roger said, and I'll echo the comments, we're very positive about how we're positioned to drive growth in -- especially in the second half of the year as the payment rate abates a bit. So, what you can expect here and I'm trying to provide as much details as I can, is that, outside of the marketing investments we talked about, some select investments in data and analytics we're looking to keep all other costs flat. And we're going to manage that envelope as we see opportunities, but we'll be able to use that as a jumping off point to drive further improvements and efficiencies in '22 and beyond.[/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.[/INST]
Direction (UP or DOWN): DOWN
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