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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes. We're not -- obviously, with the incoming order rates, we're seeing very strong demand, John. So we're not seeing delays there. But what we are seeing is we are seeing delays in job sites being ready to receive equipment. So we have seen that. It started to pick up in the second quarter. I think the construction industry is certainly struggling getting skilled labor. And we have seen several job sites push out, which is causing our backlog again to be very strong in our commercial space. Obviously, we're not going to ship a product to a job site if the customer is not ready to receive it, not on the incoming side, but certainly on the outgoing side, we've seen some delays.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Is that a legal name change, Simon? Or you know, is it Simon 2.0?[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Well, it's always easy to look back, Bill. I mean as you think about when we close in September of '19, then, of course, getting hit by the asteroid or all of us got hit by the asteroid called COVID, look, I would put Chicago in the same bucket of New York and San Francisco. Clearly challenged right now for all the reasons you understand as well as anybody because you've written about it. But I would also say, I would not write-off Chicago, another one of the great cities, it will come back. The issue related to that asset is really unique, and that is we'd like to have a discussion with the special servicer. You can't have a discussion and -- while you're paying. So we have significant liquidity and more than 2.5 years, we have tremendous optionality. As you know, you know the moves that we've made, and I wouldn't read anything more than that. And that's just to have a dialogue to look we're also working with Marriott to combine operations at the two Ws. And we think in both cases, excellent realistic, and there's a lot of optionality there.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Martijn, good to hear your voice. I'll let Murray take both questions, they're not at the margin I think, but, Murray, over to you.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> It's a -- Stephen, that's a really good question. But remember, we have to be competitive. So, I mean, in the markets that we play in today, we're not the cheapest in the market, but we have to be competitive. So, our service is better. We get a premium for that. We believe already as evidenced by we -- everything we do an acquisition, we need to look at what everybody else is doing. So, I think there is a premium, but at the end of the day, we have to be competitive.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> We've narrowed it down pretty quickly. They've not been engaged yet. So you're right, there is a start-up time still to come.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes. On mix. Again, remember you're getting what has been traditionally more home improvement skewed businesses. They do better in after Q1, the seasonal trough. They're in the low-double digits margin, and then you're layering on some increased Restoration activity levels, which are more in the 10%-ish range. So it averages down the margins.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah, I don't know that we necessarily have good insight to what our competitors' inventory positions are. Certainly, our non-public ones we don't. So I would say, we're well positioned. We do have some shortages in some areas that I mentioned, such as panel goods, where it's a little bit more challenged, but I do know even though we haven't been perfect in terms of filling every order completely, we are -- our customer satisfaction levels are very high right now relative to others. So I think, that's a big plus for us.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Thank you.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes. Thanks for this great question. Everyone is eagerly waiting for the final dates which is November 30. Yes, so FDA has been communicating with us very, very -- infrequent manner and they are supportive of our submission, because we did have KOL [Phonetic] meeting before the document has been successfully received by FDA. We also had mid-cycle review and we haven't got to the label discussion yet, because it is usually is one to two months before the PDUFA date and there will be a label discussion.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes. Thanks for the question, Brian. Relating to our operating margins, I think, at our Investor update last year we talked about for '21 and '22, we thought operating margins would be pretty much in the mid to low-40s. I think that's still our thinking right now. There will be some near-term moderation potentially in restaurant margins as some of the labor costs and commodity cost kick in, but we also expect to get leverage as sales are improving. We're currently in the midst of working through our 2022 plan, so I don't have exactly specifics, but I think generally that mid to low-40s is the way we've been thinking about it, both for this year and for next year.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Let me start, we'll have Alejandro come in. I can tell you that our folks are working hard with customers to turn those into PPAs. They are in a lot of different stages. But I think that one of the things that we're seeing because of the very public publicity that we're getting on our offshore wind, people are paying a lot more attention to us. I mean, we are the third largest operator and developer of Renewables, but I think with what we're doing in Vineyard Wind and the publicity we're getting in Park City, we've got some new players, customers are paying attention to us. So we're urging our origination people to be out there as much as they can to start turning these opportunities into PPAs. But Alejandro?[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> I would just say we gave guidance for next year and you're going to continue to see growth next year, and we feel very good about what we're seeing right now. And we're not really seeing any impact on the macro in our business at all.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> I mean if you look in the rearview mirror, I mean, we've always said our -- to keep eight mines well maintained around the world, we've been sort of plus or minus the 400-ish sustaining the capital number. I think, again, generally, as we look forward, that's a good base. Anything over that, we've generally characterized as discretion or growth capital. Again, the further we look out, the more things are moving around here and there's less certainty but I do think that sort of rule of thumb is a good guideline. Paul?[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> So, I think the filings will remain probably 6 to 12 months after we have the approvals here in the US.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Sure. I think the answer to the first part of the question about how big we wanted to get -- that always depends on the quality of the people that we can find. So to the extent, we can continue to find proven producers who have been in that market for a long time. It's similar to the people we just brought on board who have spent their entire careers down there 20-plus years, that will really drive that number. So we're actively continuing to look to add to that group as we are -- our other lending groups. And I would say today, if we just look at it from a pipeline standpoint, pipeline is about 25% skewed down to the DC market.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Hi. Good morning. I appreciate that there's a wide range of potential COVID volumes built into your guidance. But could you maybe comment on whether this is sort of your perspective on how the COVID testing market is going to evolve over time? So in other words, is it going to evolve into more of a point-of-care market like flu where reference labs aren't really playing much of a role unless it's a reflex? Or maybe do you think it's going to go away entirely? Just an update on how you think the broader market is going to evolve.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Sorry, Melissa, we've lost you.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Sure. So in SAS in particular, we expect, in their case, R&D to tick up in the back half of the year. And so that's one. And then as well as just programs growth on some of these new wins, it's going to drive margins down just on the lower initial margins, I mentioned in my prepared remarks. So for us, Dan, is just two factors, a tick up in R&D, and then a tick up in the lower margin new programs.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes, Matt, thanks so much for the question. So as far as new versus existing sales, we've definitely seen a trend toward more of our sales coming from existing customers. And that's exactly what we expect to see as the set of customers we're working continues to expand. A few years ago, I know that about 60% of our sales came from new logos and 40% came from existing clients. We saw that basically invert in the first half of this year with 60% of our sales coming from existing clients and 40% of our sales coming from new logos. And obviously, we've seen that trend continue into Q3 with over two-thirds of our sales coming from existing clients. As far as the second question goes, we definitely are seeing a trend toward a broad-based embrace of outsourcing. I think this is being driven by the rapid rise of digital disruptors and also the COVID pandemic, which has forced us all to embrace new ways of working that are increasingly remote. So at TaskUs, we're focused on identifying the next generation of digital disruptors and delivering the specialized services that they're going to need in order to scale. The one challenge of getting larger, I will say, is that it does become more difficult to deal with companies in the very, very early stages. We have a product called Launch by TaskUs, which enables us to work with companies who need as few as five full-time resources. It's sort of perfectly built for companies in the Series A stage, and we've had a lot of success with that product.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah. I mean, we have confidence in our guidance for the year. By the time we get our productivity plans start to come to fruition, pricing taking hold. And then as I said, we are very excited that we're off to a good start with our innovation. We're picking up new customers that we haven't had before in the Midwest as well as some other channels. And we have a big focus on foodservice this year and we expect those things to start to really pay off for us to see better profits and better top line growth in the second half of the year.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Hey, good morning. I just wanted to get a little bit more color if you could on signing up new independent software vendors. How does the increase in i3's proprietary software play? Does that increase the attractiveness of integrating for some vendors? And conversely for some vendors, is it a negative point in that they view as partially competition?[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah. I'll start and Raghu, you can add. First of all, we see tremendous interest in customers for our virtual desktop solution, and that's really the only category that we compete with Citrix. Our end user computing portfolio, first of all, is much broader than what Citrix offers. But oftentimes, customers who have had Citrix implementations and VMware's implementations for broader end user computing portfolio, not including virtual desktops. We are certainly seeing customers who, when they are looking at cloud-based desktop deployments, interest in standardizing on their broader workspace and end user computing portfolio with VMware. So we do see larger enterprises now looking at innovation from VMware and end user computing to be much stronger and more powerful. And we continue to see customers who have in the past used Citrix now looking at VMware Horizon solutions.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah. The BAW designs are doing great. You could see in the current lineup of phones today across multiple customers, our Sky5 solution is bringing in more and more bulk acoustic wave. There's also some bulk acoustic wave technologies in some of the Wi-Fi engines that we have. And as we start to look out into the second half of the year, you should expect more content underpinned by our own organic BAW systems as we move forward. So we're feeling really good about it. We've also made the investments in our fab technology to deliver that -- deliver those solutions. So there's a lot of good work that's been done, and we're going to be able to reap the rewards of that as we go forward into the second half and beyond.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> I see. There's really no change in our business or our web traffic as a company. We continue to monitor it, and we haven't seen any change on our end.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Sure, thanks, Jim.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes. Thanks for that, Whit. There's a lot of opportunity still on revenue cycle. I will say we do have a distributed system. But we actually do -- as we've evaluated it, we do quite a good job out at our facilities. When we have a decentralized operation, it tends to be reasonably efficient. That said, you hit on one of the places where we're focused on trying to drive data improvement, and that's contract management. And so we have various tools that we use across our ASCs, most of which are on one platform, HST. I mean we do use some of the tools that they provide to help us to understand under and over payments, which is really what contract management system is looking to do. And we are rolling out a new contract management platform. We've had great early success with that. We've used it at a small handful of some of our surgical hospitals, and we'll be rolling it out to another wave in the coming months. And as we've gone through that, we've had a lot of lessons learned, but we've also seen a lot of additional opportunity at some of our higher performing facilities. And so rev cycle continues to be a place where I think, based on our history, we haven't standardized a lot of our operations, and there still remains a tremendous amount of opportunity there. And our teams are going after it on a weekly and monthly and yearly basis.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah. Look, I think what we've said about that in particular is long term, we regard that as being highly relevant across the tiers and across SKUs. So that -- I think that latter device is likely to trend toward an attach rate of one. How that looks on the first run out when we ramp in the back half of this year, that remains to be seen. And then on the closed-loop controller content, yes, I think we previously talked about taking an ASP of being roughly equivalent to an amplifier there as your general guideline based on -- that's a blended ASP based on a certain attach rates. Again, just given the nature of the devices that that shipped in, we'd expect to see that blended ASP trend up over time, as well.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> I think it's -- this is Jay again. I think it's two different answers really. Because I think if we can solve that -- when you're comparing versus 2019, which is what we're all doing right now to see if you're back at pre-pandemic levels, I think we can get there just with capacity and just with hours of operation. Everything else is going to be incremental. It makes us go up. We do a great job with new menu items. We do a great job with innovation, great job with marketing. We are going to steal share. We're going to keep growing. That's all upside I think afterwards. I think we can get back to where we were and beyond just with the capacity in the hours.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Again, we'll continue to assess with input from investors and our Board how we allocate cash going forward. And probably we'll say a little bit more about that as we go into next year with the Mining Solutions divestiture behind us.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> And I guess, the last point -- Matt, the last point Id make there, sorry, just having been around this stuff for a long time. Infusion moves pretty slowly. Right? It takes a long time to have market share changes or new entrants come into new products. Its great that theres innovation. I think its great for patients, great for our providers, but things dont move that fast.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Sure. So that is -- it's kind of an ancillary product that we bought several years ago. We're funding to a third-party, and we getting out of that line of business. And so we have gotten bids on that. And so it's held for sale. We anticipate that potentially sell it in the first quarter. And that was an intentional decision for us to sell that.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Hi, Terry. Terry?[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Sure. Two parts. First, in terms of the transitory benefit from metal, that was largely in the SPR -- SRP rather, segment and the benefit there's a couple of ways to look at it. Bob highlighted in his script, the benefit relative to our guidance, amounted to about $0.08 for the overall business. And then as you translate that to EBITDA for SRP, it was actually about $8 million. So the majority of the metal benefit was in the SRP business. And the majority of that related to nickel price movements. In terms of STAL contribution, we mentioned that it hit an all-time high in terms of its revenue. Also, from an EBITDA standpoint, extremely good performance. EBITDA margins, I will share with you, even though we don't specifically share the EBITDA generated by the SBUs. I would say that the margins have -- are very, very strong in STAL. They've been in the double-digit range. And we expect that we're going to continue to see strong performance, largely because the end markets that it serves continue to be very, very strong in China in regard to electronic demand and consumer electronics as well as automotive.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Venkat may be muted, sorry. We've got --[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Thanks.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Savi, we -- the vaccine deployment still is very early and we haven't really seen -- seen much in the -- in the form of changed behaviors. We hear a lot anecdotally, but, you know, it's also one of the weakest travel periods of the year in the -- in the current month that we're in. We've not seen the booking curve start to expand. We -- we certainly hope to see that as we -- we get through the quarter and vaccines continue to become more prevalent.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Many thanks for taking the question. I wanted to follow-up on your last point there, which I think you both had mentioned around the backlog doubling. So maybe just help us double-click there. If you were to look at maybe the verticals where you're seeing the momentum or the geographies, any other really standouts underneath that backlog strength?[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> How are you?[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Good. I hope you're well.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Are you asking specifically just the Robotics [Speech Overlap][/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Paul, we'd think about this is that-we expected a certain reduction in intensity between hot functional test and fuel load and we'll just have to maintain intensity for a little bit longer to make sure we meet fuel load on a timely basis.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Okay. Thank you, Ebrahim. Let me just add to the last comment -- the first comment you made that we are very cognizant of underinvesting. So we're not looking to drive that efficiency ratio below 40%. We could if we wanted to, but investing for the long term and having long-term growth aspirations as we do, it's important that we keep investing, which leads us right into your question about my confidence level. So I feel very strong about growing between $1.5 billion to $2 billion. If you kind of look backwards, you can see that our old guidance of $1 billion to $1.5 billion, we easily passed that or exceeded that. But right now, as I look forward, we have strong demand for subscription and capital call lines. There is demand in lot banking, hotel and residential construction. We believe there will be some new AmeriHome products that we will bring online jumbo loans, non-QM loans that will be able to feed our balance sheet as well. We see a great deal of activity in the CRE income-producing space, especially with distribution centers. We've done a few spec centers. And before the shell is even lifted, those spec centers have been already preleased. So we see strong demand there. And there are several new businesses that we hope to bring online probably toward the back end of 2022, which will give us confidence as we go through the year in 2022, looking forward to 2023 in terms of our growth momentum. So yes, I guess the short answer is, I'm feeling good.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Smart video, the smart video market, I'm sorry, I misinterpreted. Smart video right in the HDD market. We see -- that market has been pretty stable. I think we see some improvement in it. But I mean, I don't think there's anything that's particularly noteworthy, except that it's a good market for us and continue to move forward.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Thank you Sia. Thank you all for your interest in Willscot Mobile Mini. If you have additional questions after today's call please contact me. Thank you.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Hey, guys. This is Alex Bolton calling in for Greg Peters. Sorry, I'm going to ask one more question on LTVs. Maybe just between the factors, could you talk about your expected persistence of each one of these factors? It sounds like new agents is more short term, but I guess how much time does it take for them to improve new carriers. It sounds like you can get better commissions over time. Can you kind of talk through how long that might last?[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Well, I mean, you do see a little bit of mix shift associated with individual transactions. We've said that many times when you reopen the restaurants. However, the impact of reopening has been minimal, if anything, may be slightly accretive to the comp. But overall, it's been pretty much a wash as we've seen these restaurants reopen. And as of today, there's still only a couple of hundred restaurants that have actually reopened out of the 1,400 in the U.S.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah, I mean, Bowen, you can speak to the asset side, and I can go through liabilities.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Thanks. Good morning, Leo. What I would say is, as you would expect, it's all the -- it's not complicated, it's not complex, but it takes a great deal of time and energy and we are interviewing all the employees of the three companies that are coming together. And as we continue to have conversations and evaluate what will become the Civitas organizational structure there are necessary changes that need to be made. This will be a new company entirely. There is just a lot of work that has to be done in terms of getting to know folks in terms of evaluating the strengths and talents of each individual and a lot of decisions that have to be made in terms of how we are going to arrange the structure itself. And I would say that's the biggest part of what is ongoing today is the effort around organizational structure. I think much of the decision-making around rationalizing our downtown office space has been done. And I am happy to talk a little bit more about that with much of the decision-making around rationalizing office space and yards in the field has been done. Obviously, we haven't realized the savings, but I think we have got pretty good plans in place. And again, it's just a great deal of work, but having accomplished the HighPoint synergy savings ahead of schedule and the cultural integration ahead of schedule as well, I have got a great deal of confidence in our team's ability to both put this together quickly and execute the close and transition swiftly and without any excess friction. Let me stop there, Leo and see if you have got a follow-up question specifically around what I mentioned.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> That is correct. That's looking at pipeline data, right. It's looking at kind of the mix of products that's coming through within that revenue mix as well to be clear, I think I said in one of my earliest conference calls, I forget which one it was that I don't expect it to get back to the full $95 million for example that we had in Q4 of '20, but we are seeing a quicker recovery, I guess I would say than I had originally anticipated, which is obviously a good thing. And it's driven primarily by the SMB market, which again is a bit of a different dynamic than we expected, whereas the larger enterprises are very focused on the video capability and to build out of that over a longer period of time.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes. So CareScheduler which you have to think of as a modulor -- is a module on the EnlivenHealth platform, the platform as a whole are sold to retail pharmacies and does several things right, med synchronization, communication. CareScheduler is a module that they can subscribe to. It is an enhancement to the core platform. And so I think to your point, we have 2,000 and that's grown rapidly, but you've got to remember that the way that the vaccine rollout has progressed is that retail pharmacies are really sort of a late channel for the vaccine deployment. And so I think that, what I would infer from that is that, we will continue to see a significant increase in those number of facilities as retailers, as the channel is leaned on more and more to help vaccinate the population, right as certainly we get out of the frontline healthcare workers and beyond the folks in nursing hump and LTACs to you and I, we're going to rely more heavily on those retail pharmacies, and we would expect continued growth there.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Thank you.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Well, right now we can bring in very meaningful items that we discontinued at $1.25 and they are on the food and consumable side where you get a repeat customer and more frequency. So it's important to us. And when we announced we just wanted to have -- we had flexibility out there that we gave examples of $1.25 and $1.50 and our $3 and $5, we didn't say specifically that we would use those. So right now we feel confident in $1.25, the $3 and $5 and as we've said that on our Dollar Tree Plus we're accelerating to 1,500. But by 2024 we will have 5,000 stores that will be at $1.25, $3 and $5 that we will be able to deliver a meaningful assortment and it gives us the flexibility that we need to manage and mitigate these costs and deliver great products and drive our business.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Good afternoon, Keith and Michael. First of all, congratulations on the stellar results. I'd like to talk about Protiviti. Specifically, wondering if you can give us a little bit more color on the stellar results that they ended up having. As you mentioned, 14 straight quarters, 35% growth. If we take a look at the -- what you're forecasting here going into the second quarter, can you just dimensionalize how much of the uplift is because you're getting more opportunities broadly speaking, more adept versus an improvement in terms of the win rate and really gaining share. And then can you also talk a little bit about what are some of the drivers -- you did say it was broad based, but I'm wondering if you could give us some commentary with regards to the public sector work, the IT work, SPACs, and obviously, we can see the results in terms of staffing in terms of what's being eliminated for the intersegment revenue, so obviously, that continues to go well, but just wondering if you can give some more color there?[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> That's a good question, Tim. Thanks. Prices are a little bit higher. We've been managing our balance sheet really tightly. Our trade cycle blew out a bit in the midst of the pandemic. But it's back to more normalized single-digit levels. So $60 or so will not make much of a dent in terms of working capital and cash flows. The only way that it would have a more meaningful impact, I think we'd all be very happy if the recovery accelerates very quickly and we had a combination of higher prices and significantly more volumes. But even so, in relation to the amount of liquidity that we have available today, the impact from the combination of those two, I would still expecting that to be overly material. So we did reduce the cash flow opportunity that we would otherwise have, but not that high significant amount.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes. I mean -- Doug, it's T.J. We obviously sort of have our internal risk models to maintain liquidity for margin calls and the like. So I think we're well through that given the amount of cash we generated during the quarter. So we think we can further spend that down by a decent amount as we look into kind of year end. Roughly speaking, like $40 million to $50 million based on the pipeline and sort of where we're seeing the size of our gestation financing or warehouse risk.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah, now, that's -- it's a great question and one of the highest order questions of this industry. And look, this issue of it identifying consumers on the web, initially it was solved by companies that focused their identity graphs around cookies. And as you have pointed out, whether it's Apple or Google or other players with the push for consumer privacy, the use of cookies by third parties on website is diminishing, right, making which is the deteriorated performance of identity graphs that are anchored around the cookie. Companies like Neustar and TransUnion design their solutions from the beginning to operate in the post cookie world. So the way we resolve identity is based on multiple factors. Certainly, we have a large data set of cookies that is part of the solution. But we also have terrestrial information, cellphone information, URLs, device IDs, mobile ad IDs, behavioral -- a whole panoply of information and a lot of real deep and thoughtful intelligence around the algorithms that resolves that information frankly in milliseconds right to support personalized transactions in real time. So one of the reasons that we've doubled down in this space is we felt like the market was moving toward our broader identity resolution capabilities and that could be advantage.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> That's right, yes. And then, if we were to drive significant cross-selling, that could be some upside, but currently in line with our bookings expectations for the year.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Right. The $40 million is a budget right now, if there are lots of opportunities we're happy to spend more than $40 million. From our perspective, it's all about the IRR on the deal. So we'll deploy that domestically, potentially even internationally to the right deals in the right markets. Conversions, new constructions, there will be-from an IRR perspective, it'll hit our hurdle rates, which is higher than our WAC, and also includes some risk adjusted premium for the specific deal and the specific market, particularly if we were talking about international deals. Some of those would have higher hurdle rates. And so if there is potential to spend more than $40 million, we would. From a free cash flow conversion rate, it'll put a little bit of pressure on the conversion. We don't expect to have an elevated spent into perpetuity, right? We think this is in direct response to what we're seeing in the marketplace today and responding, reacting to today's opportunities. I still -- $40 million level, we would be able to get close to 55% to 60% on free cash flow conversion when demand begins to normalize.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Hi good morning. This is Dennis Camporeale. I'm calling in for Keith Hughes. Thanks for taking my questions. So just two brief ones. In terms of supply side headwinds, you mentioned that you're likely to pose less of a challenge going forward. Just generally, I wanted to touch briefly on labor and whether you anticipate or have been seeing challenges in labor and to what extent that plays into the bigger supply chain challenge picture. And then just briefly, just to touch on Paperboard, whether cost in this business, whether you anticipate that these costs are maybe peaking and what stands that when the peak by come or when these costs might level off? Thank you.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> I don't think we've broken that detail out. But our -- I would just comment. Our fall '21 wholesale order book was quite robust coming off of retailers being exceptionally clean coming out of the fall '20 season. So we'll see outsized growth in the wholesale business. Keep in mind, e-commerce is going to be going up against some fairly significant comps that we delivered last year. We did provide commentary that we anticipate the e-commerce business from an overall penetration perspective. And we were 19% of sales in 2020, that we would see that come down ever so slightly. And then you'll have the recovery pick up of the brick-and-mortar business.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Michael?[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah. We've got a good strong fourth quarter for a couple of reasons. One is, we've got some nice material volume and profit and some of our higher-margin contracts, and we've also got a bit of growth in the medical business in the fourth quarter. So we're expecting a good strong fourth quarter in NPG. And also in NOG, obviously, implied in our guidance and NSG typically delivers a strong fourth quarter itself. So I'm really kind of expecting good numbers across the board in 4Q.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> One of the things we're excited about is going to the Analyst Conference to review, number one, 2021 and to publish for the first time 2022. And if you harken back to the Oncor transaction, what we tend to do is make sure, number one, that any accretion associated with this transaction is included in the guidance that we expect to present. That has not been the case to date, right, in terms of the guidance we put out for 2021. And we tend to look at the overall impact of the accretion over multiple years. I think in Oncor case, we provided three- to four-year average accretion, that would be our expectation would be to hear to that convention in June when we're all together.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> I do. I think there could be a little bit more migration, but I do. A lot of our criticized, as you know with the hotel book and we pour over that every quarter and I described that criticized level as very stable. We think it will take some time to migrate back into a past grade just given the depths of what happened in the hospitality industry. But my own intuition or gut based on these in-depth quarterly reviews, I feel like that's above feat.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Sure. Thank you.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Not exactly. But as you can imagine, the percent of floating on New York Community's balance sheet is not that high, right? But what we have done in the past is we put a swap on to take $2 billion of our fixed rate loans and push it to floating. Flagstar has the same types of programs. They do the same types of balance sheet management on their end. And the benefits on the interest -- on the NII sensitivity is not only from the variable rate lending, the true benefits on the liability side. Those non-interest-bearing cost of funds, those low beta other deposit accounts is really what's helping to drive the NII sensitivity as well. So, yes, there's definitely a higher variable percentage in the Flagstar franchise, which is beneficial. It's really the entire balance sheet where we're seeing the NII benefits, especially on the deposit side.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> George, does that answer your question?[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> It's still early days. So, we opened Pittsburgh and Nashville and they are a month -- they are about a three months into being new branches and opening. It takes a little time to try to do a judge on this. So, we have good professionals in those branches. One of them is -- was from another BBSI branch. The other was a new hire who has been trained and operating in the new model. So, it will be a -- we're confident they will do well, but we got to give them a little time.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Thank you. Operator?[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah -- no, that -- obviously the biggest uplift -- and thanks, Bob. About the big biggest uplift was from China, which has grown substantially. But as we have commercialized into 58 different countries, we have a much better line of sight into procedure volumes whether that's India, China, Eastern Europe, etc. And those -- made those markets are less well-studied, so when we first calculated our addressable market back end of 2018 leading into our IPO '19, we did our best to estimate how many SFA procedures and coronary procedures etc. there are. So some of those markets are have grown substantially. Some we just have better visibility and realize there are more procedures going on. And just for those who are less close to how we calculate TAM than perhaps you are Bob, we don't look at sort of how many people have coronary arteries, disease, or how many people have peripheral artery disease. We would have, obviously, a substantially larger TAM if you calculated the true potential addressable market. We chose a more sort of realizable market by taking the existing procedure volumes than what percent of those patients are classified. And so we don't calculate based on market development of interventional procedures per se, but rather our ability to penetrate or the population that we could -- that would benefit that is already being treated perhaps optimally, in our view, because they're using ShockWave all the time. But we're encouraged, obviously, by the -- our ability to penetrate markets around the globe, but we are barely scratching the surface and particularly relative to our TAM estimate.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Well, we're calling it -- that internally. We're putting the pressure on the team. We got to keep that. You know, I think that there is some level of stimulus that's been in our commercial performance as well. But not nearly to the extent that it has helped accelerate the DIY business. So we have big expectations to continue to grow commercial at fairly robust rates going forward. Clearly, the DIY piece will be more challenged as we head into Q4 and really frankly the next 12 months. But commercial we think is a much stickier business. Yes, we picked up new customers, more importantly, we've penetrated our existing customers with new categories or deeper levels of their business. As Jamere said as far as the trade-off between the up and down the street customer or the national account customer, before this quarter, our up and down the street business was performing much better than our national account business. This quarter the national account business was generally in line with our up and down the street business, and as we talk to those leaders, their businesses have improved along the same lines.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah, it is a very positive story. That 38% though represents the orders that we've written for the back half of the year so that's a pretty good number to hang on to. It could be as high as 40%. And we're growing that in a way that we are taking advantages of, you know, any design opportunities or better pricing. A couple of aspects that I mentioned in the last call was the unforeseen benefit they were getting is that are some of our domestic vendors have really sharpened their price points. So you know, we've said all along that we would let this direct sourcing get up to about 50% of our purchases and then evaluate whether we want to go even higher. Right now, I would say that the agents in our countries that we're buying directly from are really hitting their stride. And for example, in this particular quarter, we're going to be landing our first upholstery from China, which is really exciting, we will make our stores look more like a real home furnishings retailer. And the scale while a little bit smarter, the price points are super sharp, and the products look great. So the direct sourcing is really a smart way for us to balance out our risk. You know, as of last year, we were very dependent on China and this year we're balancing toward Vietnam, India, and other countries. And so you'll see our penetration in China going down and penetration in some of the other countries going up, which should give us better opportunities to not be so dependent on one port or one supply chain.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Pete, their capex levels are lower than ours, we haven't provided specific guidance. But in terms of our maintenance capex of 3% to 4%, as you know we've been investing higher than that theirs were lower than those levels.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Well, I'm not sure I can delineate how much is improved macro versus our enablement and focus on that. I think it's a combination, honestly, of the two. We do see some verticals and some aspects of SMB globally still volatile, to be honest with you. So I don't want to take one data point in North America and apply that everywhere. However, I can tell you that there's a multitude of focused areas for us on that transactional business. One is really with respect to our product-led growth, or PLG motion. That's a separate business unit for us, and that's a separate product focus and separate go-to-market. Second is around how we enable different types of partners to supplement and support us. That's an area where we're now leveraging some MSPs and MSSPs and MDRs in that segment that we're historically typically focused on the enterprise side, right, that help us with security and then also we can land and expand with observability. And then the third is just focused sales plays and training and enablement on everywhere from the SDR to the AEs and CS folks in that segment of our business.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Thank you.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Thanks, Oliver.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Thank you. Congrats on the strong margins this quarter. Just wanted to ask a question on the EBITDA guide. You raised it by about $10 million, but the 1Q EBITDA was so strong that it seems like that more than accounts for the raise. So I guess my question is, why not raise by more? I know you're under -- you're expecting expenses to ramp. But I guess are there some positive trends in the quarter that won't persist? Or are there extra investments that you're expecting to make now that you weren't expecting to be making last quarter? Thanks.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Sure.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes. Thanks, Jess. Richard here. I'll start. Adam, if you want to clean up here. I think, first of all, I would say that our average participant per member has been stable, if not slightly higher through pandemic for those that are actually going to the gun, which stand some rationale to that right, that people that really want to go to gym are finding a way to do that to the pandemic. The virtual channel is showing even a higher propensity for frequency, which is a good thing. So I think it's the ease of the vehicle, easy to use our tools to be able to do the workout plus they're at home, right. So they don't have some of the barriers that may prevent them from hitting that frequency when they're going to a regular gym. So what I would say in terms of the behavior is that the average visit per participant is stable, it's not a little higher through the pandemic. We would expect that to come back to some other levels back to previous levels, but maybe a little bit better with our engagement platform coming online. And then the digital seems to be a higher-frequency channel, which I think is a positive thing for plans and for members. But Adam, anything you want to add there.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> The CAS expense, I think we forecasted in our next -- or in our presentation that next year, 2022, the recoverable CAS cost about $12 million. We do have some active plans, mainly hourly plans. So, there will always be some active costs inside of CAS that will carry out into the future, so...[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes, it's Krishnan. And Mark, you can augment this. Yes. Look, I think that our aspiration is to get back to about that $1.8 million level. I think that our expansion into some geographies and places where that's going to be a bit more challenging, we'll dampen that a bit. I think at least the ramp up of it. And it's put as people come on board to our platform and they begin to perform, we expect we can get back to those numbers.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Sure. For off-premise in total. So for Q2, our off-premise WSA was 24,000.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> So the trends, when you try to dissect them, we're seeing similar trends to what we have seen historically on the on-board spend side but it is, as you say, it's very, very difficult because -- and I'm talking about people who are not booking the bundled packages. When you talk to the various brands around the globe, they are still pushing as they always have on-board other on-board packages and things associated with the cruise and no significant changes in that front.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah. It's hard to look at it that far. At this point right this is a new experience coming off a pandemic like this. This is still honestly over. But I'm a little hesitant on the normal seasonality at this point, especially Q4 will be a tougher compare for sure after the strength we saw coming out of the end of 2020. I'm just encouraged by the starting point to 2021.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Since we're on the topic of Los Filos, I'm going to ask an online question. When do you think Las Filos costs are going to come back in line with previous cost levels?[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah, so let me start with the latter half. And I'll ask, Simeon, if you want to talk about specific rate increases. I'm not sure we want to get into that. You know, generally speaking, Justin, we priced you what we believe a competitive position is. We're focused on affordability. We're obviously pricing, as we've said before, to our underlying cost and capability. And so, a relative measure of price increase. You know, there's a nuance by market, by product that I'm not sure is easy to simplify. But if you just look at Texas as an example, as I said, we're building 22 clinics at least, expect to open in Houston and Dallas. And the greater proportion of our membership today is expected to be in those clinics. Plus, we are partnering with fully aligned, you know, groups that -- you know, where we can integrate, as I said, from a clinical, financial, and technological perspective. And so of the bulk of our membership will be either in our centers or with a fully aligned, you know, partner. And we think that's going to advantage us. And that's really how we, you know, priced our business. Simeon, do you want to talk about our, you know, at least high-level strategy?[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Okay.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> I'm sorry, Ashwin, do you mind just maybe getting closer to microphone you're a little bit jumbled. I can't hear you clearly.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah. Okay. This is Joe. What I will say about the first quarter is as November and December was just as challenging as they appear to be after the second wave. What we have seen is that our business still is really centering in on leisure customers, traveling like on weekends or leisure periods, and mostly in the off-airport versus the airport. That doesn't mean that we haven't seen improvements in those. I will say this, what we saw around the peak holidays, now MLK is traditionally a very big travel holiday especially this year. But we did see increased activity, and what I could tell you the velocity of reservations that we see closer in are --have improved compared to what we saw in the third quarter, especially around this President's Day holiday. As far as commercial goes, I will say this, our commercial business has been transacting better than what you see us in the TSA stats that are generally published. So we do see that, we see growth in some of the account types that you would imagine, defense contracting, logistics and distribution, aerospace, even some healthcare in that regard and what we've seen is that our commercial clients are keeping the cars a whole lot longer. If you look at our fourth quarter, our commercial customers kept the car at full almost 80% longer than they did in the previous year.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Thanks, Juan.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> I would, believe -- and I believe Jerry and John would believe the same that we will have an opportunity to expand in 2021. We have invested, as we talked in Q2 and Q3, on our inventory of protective equipment for our employees, our customer-facing employees. Our hopes would be as we move through 2021 that that would subside and that that would be somewhat of a support for us. We continue to have good, positive momentum as we talked about a couple of times, having to do with our routing and scheduling and we'll continue to see and reap the benefits of that. And I think to your point of the density, as commercial were to continue to incrementally get better as we're all hoping as we move through 2021, that density will improve and make those improvements potentially even better. So we believe, we have a few different areas that would be supportive of it in addition to what we would normally do as far as our incremental improvement on a year-over-year basis.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> I had one follow-up on the imaging question there. So assuming you do have a Q3 launch, I think in your earlier comments, you mentioned there were a number of surgeons who were interested in acquiring the technology. Do you have orders kind of penciled in already? Could that be a quick ramp? Or should we expect it to proceed more slowly after you do get to the launch phase?[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Thank you.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Hi. Good morning.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah, Aaron, there's about a dozen states that we think are close and actually we were in the process before the pandemic started. So we would expect as the legislators across the country get back to work, this will be one of the first things they deal with. I'll just remind you, as Curt said, the legislation is really following the demand and not necessarily leading it, but, so we're happy to see it, we welcome it. We think eventually all states will have some rules around keeping workers safe that seems logical, but it's not something that we're holding our breath for or are counting on here at CONMED. We know that the market's going to grow, and this is going to become the standard of care and we're just trying to make sure we can service to customers and get as much of that market share as we can.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> I think Bryan that your two hypotheses are valid. I think there is a lapping effect. So, especially, AMESA last year suffered a lot given its geographies. So India, Pakistan, Middle East and Africa, clearly they were challenged last year, they're coming back -- is a very beverage focused business, clearly it was more impacted by the COVID mobility restrictions. So we're seeing -- we're seeing those business coming back. And we have high scale and we have high share in many of those markets and our advertising and marketing is doing very well. So part of that is lapping. Your second question on scale. Yes, scale is getting -- obviously, every year you see the growth level on the topline. We're getting to scale levels that are pretty good in many of the critical markets in that region and that's giving us obviously the opportunity to do better in the marketplace and the flow-through is also stronger. So I think the two are relevant. If you think about the business going forward, those are very strategic markets for us going forward. And we continue to invest in everything from technologies so we can expand the portfolio, talent. Obviously, there is a war for talent in that part of the world. I think we're a scale company that does a good job with developing talent in that part of the world and then obviously our go-to-market being very strong. We have very good markets [Phonetic] and wherever we have our own operations, especially in the food business, we are also investing in digitalization and everything that goes with being more precise and more agile. So hopefully I'm answering both the short-term, but also more especially for me the long-term of how we see that part of the world.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes. So we definitely -- taxes are a bit of a roll of the dice this year. I mean, on balance, it could be actually bigger than last year just because some of the folks who are eligible for stimulus can now file this through tax refunds. So a lot is in motion for this year, but we did assume that we would have a tax refund season, not dissimilar from last year. And in terms of do we have enough of the right inventory too, I think that, as I just described, the slowdown in the supply chain. And over the last several weeks, we've gotten some replenishment of the Journeys' inventory. So I really think it's going to be that what we expected three or four weeks ago, and that we get now and so on and so on until we get further on along in the year.[/INST] Prediction (one of UP, DOWN, SAME): SAME