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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>> Yeah. Thank you. I'm going to go back to you again Red. Just on the pace of completion, obviously, there's a critical point to get the project done by second half of next year. Just easy numbers, you have to achieve about 3% to 3.5% completion rate per month from August on, is that sound about right? And I guess what was the number for Q2?[/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 very much.[/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>> No.[/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. Thank you for this question. I think it's is very important to mention that even though the travel retail is not what it was, the Chinese consumer is buying more and more fragrances. Our rate of the penetration for instance on Tmall is increasing month after month. So we definitely see a trend. We have a young customer eager to buy novelties, American brands, European brands, it could be a Montblanc, it could be Anna Sui, it could Abercrombie. We are definitely Target that is buying and engaging actively with our brands in China.[/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 Steve, you mentioned a couple of times that you're looking at sort of selected growth opportunities. Maybe expand on that a little bit. Just trying to see where sort of the potential upside that can come to your portfolio as we think about the long-term here.[/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>> Do you want to take that, David?[/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, Sam. Yeah, thanks for the question. So obviously, yes, of course. We are involved in almost all RFI RFQ that we see around not just trucking, but also passenger cars in this space for those timeframes. We are seeing strong, strong traction in the market, in general, as I mentioned, and encouraged by kind of the increasing number of engagements in both automotive across passenger trucking mobility, but also non-automotive applications. I think some of the examples we talked about, here we talked about Plus today quite a bit. But also our foundational agreements to deploy our 4D LiDAR for the undisclosed customer that we talked about earlier this year. And others that we have -- we're of course not discussing about today yet, really give us a lot of visibility in the timeline and the selection and ramp up to our -- with our customers that's coming up. So as I also mentioned before, we'll continue to align the partners who are highly capable, and have the desire and also importantly the capability to bring advanced perception technologies to mass scale. And that's what we want to focus our efforts with. And so that's what I can say so far.[/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. Good morning. So I wanted to follow up on how we can track on the Nielsen data and pretty much on the tracked data. How are you seeing consumption now for the Cooking & Baking segments? And If you're able to actually grow partially as you said is pricing and we only going to see those details later today. But if you're seeing any green shoots conversely on the other businesses, especially the ones that you sell to, like B2B, like to the mom and pop services that I believe at Sam's Club [Phonetic] As mobility improves you'll have the weddings, graduations and other social gatherings that happened in the spring last year, do we see something more positive now? Or we should -- or this is something that's going to be washed out through the tough comparisons you're getting in the second quarter? And in terms -- and to the second volume question. And in terms of a follow-up for the cost pressures, I mean if I do my math correctly, you have a double-digit cost pressure. You said by the end of the year you're going to -- on an annualized basis you're going to lap those $300 million that you called out. But can you also pull some other levers, as you said we will revolution before kind of like innovation that is cost-effective. Can you walk us through the bridge for the COGS and see how we can actually see the puts and takes for margins? 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, as production volumes pick up on the 737 and the A320 programs, that will obviously help improve the margins. It will reduce excess cost because production volumes will be absorbing more overhead. It will help us on the top line and on the bottom line. So as we progress through the fourth quarter with the higher narrow-body rates, fourth quarter is always a little challenging because of the holidays that you have there. But clearly, as we move into 2022, as long as the narrow-body production rates continue to track to what Boeing and Airbus has communicated on their calls, we feel very comfortable that we'll see the continued expanding of margins as we move into 2022. But obviously, it's going to take us a little bit of time to get back to our pre-pandemic margins and really what we're targeting based on the current projections is that recovery will occur in 2023.[/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, Larry. We'll take the next question, please, Wynne.[/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 think the balance sheet will go up a little bit, but remember there is PPP in there that we'll be paying off and then some will come back on. So it's really -- I would say, slightly growing. Going to grab my budget here real quick, but I think we're up you know, net of -- I would say we're going to probably be up $200,000, $300,000 just $100 million just on overall assets, but again, there's going to be lots of churning, right, because we've got flow coming off of the investment portfolio that we'd like to turn into loans rather than just grow the balance sheet. So I don't know that you're going to have a hugely larger balance sheet than we have today, but hopefully a better mix of earning assets kind of help deploy the --[/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. If you remember last year, the second quarter was clearly the worst part where we experienced significant drops in traffic, and over the summer months, it got better and we reached a little bit of a plateau in terms of negative comps during the year. For the fourth quarter, we did see significant pickups in -- mostly in traffic as the holiday season approached, especially in November and December, and that's what caused the good surprise that's obviously that we saw in our numbers in the fourth quarter for OXXO. Having said that, as you know, the contagion numbers during the holiday season for the COVID pandemic increased significantly and that caused the authorities to impose restrictions with regards to alcohol sales, operating store numbers, etc., and those hit the first few weeks of January. Having said that, most of those restrictions with the case counts now under control and the better progression of the pandemic are -- have been lifted for the most part. So at this point, we are back to where we were. And then in March, we would expect to see the beginning of the easier comps because of the COVID restrictions. So that would be with regards to the dynamic of the same-store sale and the comps. With regards to the opening pace, we do expect a little bit of a front-loading this year. We will obviously wait and see how the comp stores are doing at the beginning of the year. But as opposed to years in the past because of the pipeline of real estate that we have and the locations that we now have fine-tuned toward the new COVID reality, we would expect a more front-loading of the opening -- of opening this in the first half of this year as compared to the years prior.[/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>> You're welcome.[/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>> As of today, yes. But again, we're still working on active discussions with them. So stay tuned there, Dan.[/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>> Morning. Daryl, I just wanted to clarify, the outlook for net interest income next quarter, I think you said on a reported basis, down 1% on a core net interest income flattish. Just clarify if that was the guide. And how does that set you up more broadly for growing NII into 2022 when you think about all the puts and takes 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>> Hey, Kyle. It's Lee. Thanks for the question. Let me just start off by saying that, of course, and we've said this before, we really like the diversity of what we've built into our business right now when we look across clients and different protocols that we have on the platform. When we look at the year-to-date volumes, in particular in the treasury market, we've seen strong growth really across the board, right? So in the institutional space, we've got our asset managers, hedge funds, pension funds, sovereign clients, they all continue to do more with us. And in the wholesale space, the streaming business, we've seen strong growth from principal trading firms, dealers and futures brokers. So -- and we highlighted this in our prepared remarks. We are a client-centric firm. We continue to collaborate with our clients to improve their trading experience. And that's really been kind of the north star for the company for many years to be able to hit all these different aspects of the market. Thanks, Kyle.[/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>> Good morning, management. Thank you for taking my questions. Just sort of looking like big picture, the global OTAs and online travel, there's a lot of investor enthusiasm. These companies are going to emerge from the pandemic with structurally higher margins. Do you see that's the case for you? Do you think you can come out of this with higher margins? 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>> We're just -- we're eagerly awaiting the results from Judge Wechsler in the adjudication trial. We can only assume he's taking his time to write a thoughtful opinion. I wish we had an update for you. We're eagerly awaiting that as well. We've got several significant water permits that are in the process of being adjudicated. And we would love to be able to announce any days that they're complete. The good news is that all the large expenses around procuring those permits, fighting the protests, adjudicating the water rights, all those large legal expenses are behind us. And we're now just awaiting outcomes.[/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.[/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 for taking my questions. I have two. I want to ask the first one on sort of users and engagement as the world reopens and sort of post shelter in. I think there are some use cases on the platform around home design that could benefit from the housing market or party planning that benefit from reopening, or maybe even travel, or there could be a case that maybe you could retain some of this engagement. I guess talk to us about why you are or are not seeing that as a way to sort of retain some of these users in that engagement as the world reopens. And what do you have to invest in to sort of capitalize on that? And then the second one, just on IDFA and some of the platform changes. Talk to us about how you think about further emphasizing on platform transactions for shopping to sort of make the advertisers better manage through the IDFA uncertainty?[/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>> Right.[/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>> Very good. 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>> Oh, no, no, no. The Dynetics system is incredible, it's incredible. Remember, we've had two impacts here. Number one was the massive earthquake a year and a half ago at China Like, where the demonstrations likely were supposed to be. If you pull up China Lake earthquake, it was like $7 billion to the range. That was the first delay. That delayed us six months until I think we went to Dugway, OK. Then COVID hit, and the COVID and think about the range operations, you got to go into the command centers. There's no way you can social distance in a command center out there. There was a DoD travel restrictions etc., etc., and this is why like in the past couple months the DARPA program manager, and I'm going to paraphrase here, I don't remember exactly what he said, but he said we've been pushed out approximately a year or more because of these types of things.[/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>> Well, a reason that we're doing, it is, as we've said all along and that Dover's reason to exist is to bring services that scale, that are kind of our smaller companies would not be able to do on the road. Having said that, as we build, as we build those services, we're not even beginning to scratch the surface of the leverage that we get. Because the fact of the matter is despite the robust trend in growth that we have, we're continuing to reinvest at a certain point you've built enough scale that bringing on another 100,000 transactions doesn't require you to build out anything more, so you flip over in terms of the benefit of that leverage. Having said that, we have a variety of conversations around here about being a compounder and doing something on the inorganic side. This is clearly an asset for us to extract synergy value of anything that we were to buy.[/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>> Good morning, guys. Thanks for taking the question.[/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>> You're right automotive customers have had some -- had supply chain shortages. And it's embedded as part of the numbers that Jeff quoted here, the sort of the $4 million pushing out to next year, as they're having their disruptions right. They're the predominant driver of that, actually. Yeah, I mean, I think to the point of your question, that's about it. I think that's an element.[/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. 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, hey, good morning everyone. On the Listings business, can you just describe a little bit more what happened in the first quarter. I know you dimensionalized the Private Market impact I think $7 million, but even without that, it was still a very, very strong quarter on a sequential basis and I know you highlighted SPACs in particular and I know it was a very strong SPAC quarter, but usually the initial listing fees get amortized over many years. So just wondering, is the accounting different on SPAC listings or anything that you could point out to kind of bridge the gap and how sustainable that should be going forward given that some of the SPAC enthusiasm seems to be waning a little bit. Thanks.[/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, Jeff. Thanks for the question and for your kind words. So far, we don't see any signs of it. And we are actually over 97% occupied in July. So we're still waiting for that moderation to begin, but we do believe that slowly over time, customer behavior will revert to normal.[/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>> Stuart that we have $60 million of self-debt that reprices this year. Started with -- in December repricing the YCB-inherited debt from a few years ago, so it reached its five-year time frame and we'll be looking at both of those issues. using our proceeds from preferred to be able to pay those down either this year or early next year. So would mention that 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>> Thanks Chi.[/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. Thank you, Angie. Thanks for joining our call today. I appreciate your question. I'll provide my perspective and then of course, Jim has anything to add jump right in. We're in the midst of actually settlement discussions with the office of public advocate. We think those discussions have been very productive and we're progressing through those, I think really well. I think we are optimistic that we'll have the majority of issues settled. And as you know in California, the items that you don't settle in are open and subject to litigation and the actual hearing process. And so, we should know fairly shortly just how many issues would proceed on to litigation if any and I'm actually optimistic that we're going to achieve a real fair resolution for our customers and for the company. So, stay tuned, hopefully, we'll add some news in the next quarter or so.[/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>> OK. Thank you very much Kelechi.[/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>> 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>> Thanks, Fahad.[/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>> OK. So the first one is from BTIG. Can we talk about the trends, particularly usage and spending trends, between the over 13 and under 13 audience?[/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, no, I think the way to think about the COVID tailwind is we sort of took up the number for the full year, Mike and I think what I would kind of talk -- or think about that is that most of that is the $200 million better cartridge performance that we saw here in Q2 sort of rolling through for the full year. So, if you think about the COVID contributions I mean I think we're up $200 million versus where we thought we would be -- all of that is just going to be sort of rolling that Q2 beat through to the full year for the COVID side. As far as the 4 in 1 goes, as we think about the contribution kind of going forward, we still think Q3 is probably going to be pretty close to what we saw here in Q2, which was 80% of that was COVID-only, 20% was the 4-in-1. Given what Rainer said and what we saw last year as well, but what Rainer said around the RSV sort of outbreak here that we're seeing in South we think we might have a little bit of a different or more of a respiratory season than we did last year. So, sort of as we move forward we're sort of thinking Q4 that split moves more to kind of a 50-50, 60-40 we'll see where it comes out, but something more like that in the fourth quarter.[/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>> Hey, Eric, it's Mark. So that's another good question. We had very strong performance on our CLO portfolio in the past quarter, and I would characterize a lot of that strong performance is the reversal of the big drawdown in prices, many parts of the CLO sector experienced in 2020. So when we saw lower CLO prices in 2020, and we got more comfortable with the efficacy of the vaccines and when we thought a lot about what are the likely consequences of the really massive QE, the Fed started March 2020, our expectation was that you were going to see a strong rebound in bank loan prices and with a little bit of a lag, a strong rebound in CLO prices, right? Now, when we looked at the market through the second quarter of 2020, we started to see some very high prices on some of the high-yield indices. So, the most liquid high-yield indices sort of on the run is something called Series 36. It got to a price of 110. That's about as high as that thing has gone. So, it made sense in our minds to lock in some of the gains on the CLO portfolio in two ways. One way was through sales of securities, and I mentioned that in my prepared remarks, you saw the percentage of our portfolio in CLO investments drop, and that was through opportunistic security sales, but the other thing we did to sort of lock in some of these gains was to add some credit hedges on the portfolio.[/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's a good question. I mean, it's something that we obviously look at and are open to, but as we've gone through numerous cycles and looked through analyses on would you have been better swapping from floating to fixed, the amount of time that that actually made sense and paid off over the next five years or over the next term of your debt, it's very, very rare. And so we try to address that by putting caps in place, which we have on all of our floating rate debt, to protect against any sort of hyperinflationary sort of scenario. But by and large, as you know, Bryan, inflation would be outstanding for us. I mean, that would be one of the best things that ever happened to us. Because when you look back, even back to the '70s when you had hyperinflation scenarios, hotel rates kept pace and actually exceeded the increases in interest rates. And so -- and obviously, us, as a company that has higher leverage than we'd like to have over time, that is a way to very quickly delever, is to have your EBITDA and revenues grow at rapid rates. So I think inflation is welcome if you -- from our perspective.[/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. Next question please.[/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>> Yeah, specifically in the high-income space, and we call it high income for a very specific reason so that it has the flexibility to use other instruments and to be flexible to take advantage of stress in the marketplace. And I think both the flexibility of security type and the asset -- the allocation process in the portfolio has given Brya and team the degrees of freedom to produce the results versus the peers. He is also taking that skill set of looking across Credit Opportunities as well as being able to enhance security selection with Credit Opportunities and that has got us into more of the private vehicle and credit alternative space. And we want to be able to save room for enhancing those skill sets and we expect to continue into the private funds and we would expect to see more performance-based or carry interest in strategies of the future. And as we look at our Credit franchise, we see more breadth and the number of strategies in the space the Credit team would go versus just a pure high-yield strategy that tend to be very narrow and can take more dollars, but it also happens at a lower fee rate. We prefer the ability to manage capacity to deliver alpha, manage our fee rate, and be able to expand in the new strategies and aggregate. We believe the present value of that opportunity is much greater than playing into a bulge strategy in a very narrow space that have fee pressure and it ends up being a competition for scale and the lowest fee rate.[/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. On a reported revenue basis year over year, we should start seeing in Q3 and Q4 just a natural accounting bump, right?[/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>> Correct.[/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, good afternoon. Can you hear me OK?[/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>> Hello, everyone. Thank you for the call. Just a quick question on your commentary around credit lines or bank loans to fund the potential acquisition ISA. Should we read that as a conventional long-term three- to five-year syndicated loan? Or is this more likely to be something of the bridge loan category so banks have a bit more time to anticipate how to place this in the public market in the advance? How should we understand the plans around this?[/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>> Good morning, Jon.[/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 guess a couple of things I would say about that is obviously the conditions related that drive that there is long-term firm transmission, there is the short-term market. And that short-term market is more of what's driven and day-to-day that can be different. So certainly, we had-we have moved into a formula rate environment. So, we have captured that in our expectation for the remainder of the year. But the thing I would just highlight at a high level perspective is we have continued to highlight where we have margin headwinds, there maybe puts and takes in there. But from a guidance perspective and being narrowing in that range, we expect that I get the performance through the first half of the year and we are expecting to be the back half of the year, obviously, transmission is good news, if that continues.[/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, Steve, I would say it's fairly normal and we've looked at it through compared to 2019 and '20 and looked at even the five year average. It's peaking a little bit later, maybe by a week, but not much. And we are seeing a little more of the peak this season this year, I should say than we saw last year. Last year was a little bit more of a flat line. This year, we saw a peak in week 28 something like that. So, yes, I would say it's returned to somewhat more normal and a little bit later.[/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, Jamie. I'll take the first part of the question and then pass it to Thiago. So, yes, let me clarify your question regarding migration versus the synergy in terms of penetrating Linx's base. So, the number that we give here relates to Linx Pay. So, Linx had a sub-acquirer within its Linx base set of assets. And that's where we put the first focus of the team because we saw some risk there related to regulatory compliance, things like that. So, we really prioritized very quickly to migrate that volume. But that volume wasn't that large, about 2 billion in the quarter, so that's pretty much a process that we're completing by the end of the year. Where we really see the opportunity is when we talk about the 200 billion TPV that Rafa mentioned. And that's where we're really looking into. Sort of vertical by vertical, we're coming in, the teams are coming in, and really understanding from clients where the opportunities are and where we can create value through payments, open banking, PIX. So, several different types of integrations between our financial services platforms and Linx's software. So, that's really where our focus is. And then that's where we look ahead to penetrate that opportunity in terms of TPV. Was that clear, Jamie?[/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. Listen, John, I think our underwriting for that individual tenant is going to be consistent with underwriting for any tenant, which is taking a look at the corporate credit, taking a look at the operations, taking a look at the units, how they perform and valuing the real estate at a point that we think is fair. Spare Time was -- is a great tenant. It's a great company, a great family owned company that we've been doing business with for a while and have great comfort in their ability as an operator. And there the sites that we own and the sites that we invested in during the quarter have rebounded and are doing really well and really benefiting from some pent-up demand for people wanting to get out and be entertained and do things. And we like the family entertainment business. And we think Spare Time is a great operator in that space.[/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 certainly think it could. The new deliveries are slowing, and we've been talking about that over the past few calls. Deliveries are declining since 2019. And with the 2020 pressures of the pandemic, it slowed the 2020s into 2021 and so those are delivering now. There's a lot of -- certainly a lot of interest in our product and a lot of people liking our product, but it's hard to buy metal right now, it's hard to buy wood right now, it's hard to get planning done right now. So I think you might see that number decline a little bit in the next 12 months.[/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, hi. Good morning. There is all this resource nationalism going on about nitrogen that you talked about, but U.S. is still a net importer of urea. So how does this play out? Would growers switch from corn to soybeans at the margin or maybe the industrial demand has to back down to make room for agricultural demand? In your mind, how does this play out in the medium term?[/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>> Certainly not the near term. We talked about being in advanced negotiations, we wouldn't have identified them if we weren't working on lease documents. And with regard to the government,, the outlook looks to be status quo with 1% to 2% growth on a very high defense budget basis. And I think that will be very stable and promising for our portfolio.[/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. But these are contract list price. So as you know that -- depending on the customers, there could be discounts over these listed contract prices. But I think this -- for ratio comparison, for 2020, the same contract U.S. price was $0.74. So you can see there's large variations. So there's no normal price. I think it's partly feedstock cost, as Steve mentioned. Power costs in the U.S. are impacted a lot by natural gas prices, as natural gas price goes up, power price goes up and caustic and chlorine cost goes up and ethylene as well. So PVC, there's no absolute price as a matter of what ethylene, power, caustic, all that will lead to the cost basis. And then supply demand will judge how PVC price would behave. And round globally, I think right now, U.S. and Europe have high prices. And -- but in the past, Europe has the highest PVC price. So it's not only cost basis supply demand, but also global supply demand. So all that has to play into what the price would be. So it's very dynamic.[/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. I mean, as I said, we talked about the recoveries previously, Brad was talking about that. Let me just see that the output from Bellekeno has averaged, I think, at the mine head, around 770 grams. At the first -- the initial ore at Bermingham and Flame & Moth has a slightly lower hit grade than that. But as you get into these deeper levels, the head grades will escalate quite rapidly. So, we haven't actually, and just sort of thinking through your question here, the 770 year-to-date silver grades are likely to decline slightly in the initial feed from the combined Bermingham and Flame & Moth operations, and then they'll climb very rapidly into the -- when these other production levels come on stream.[/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. Thank you all for joining us this morning. We appreciate your continued interest and support in Horizon. We hope you and your families continue to remain safe and healthy, and we look forward to speaking with you again very soon. Thank 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>> Yeah. I do think the cash, unfortunately, probably continues to build. Just recognize, as we continue through the PPP forgiveness process that we end up receiving cash from that as we kind of go through that exercise. So we do have cash. Will likely continue to be very strong for us. What I'll tell you is we probably have, I don't know, Bryan, maybe $10 billion to $12 billion of excess cash relative to what we would typically hold in a kind of more normalized type environment.[/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'm going to share this answer with Ryan Cantor who's in the room here. But I'll start, and then I'll bring Ryan in to comment on some of what he's seeing. Ryan leads the Thryv Product & Marketing areas. So he is appropriate to talk about it. I can tell you statistically that almost exactly half of our total new acquisitions, new customers that are joining the company overall are coming in as Thryv customers. And as we build up the inbound machine, that percentage is going to get higher and higher because they're not hunting in the zoo, they're out hunting in the wild. They're bringing in customers, finding hand raisers that are interested in our product and interested in some of the content we have out there on the web that are coming through, and they're asking for a demo, they're asking to learn more, looking to speak to somebody about signing up. So that has become really an important customer acquisition tool. Now penetrating the base is still going on. That's the other half. And the sales force is out there doing it. And their customers, we offer this to two years ago or last year that said, I don't know, I don't really know if I want to do that that are now saying they want it. And some of that's COVID, just grabbing everybody and giving them a good shake and saying, you better be ready to work remotely and all that stuff. So let me see if I can get Ryan to just make a few comments about what he's seeing in terms of inbound marketing.[/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 have it coming on about six years now, but that's -- we actually think Hudbay is making good progress on their discussions with -- in terms of the appeal of that decision. And in fact, Hudbay is on guidance is that they expect to announce or hopefully get to a decision point sometime here within just the next -- and I think it's a few months, actually -- within this year, definitely. And so given that, there's about a two and a half to three-year build time on Hudbay, and there's a reasonable chance that they could move forward. Even if they're not successful in appealing the recent decision, they do have the opportunity to try and shift the operations on to privately owned land and move forward. It would be a smaller scale operation of -- it really doesn't make sense. But sometimes, yes, we are forced to do things that don't make sense in order to get around these challenges. But they are definitely making good progress on that front, and we're confident that they'll be successful. And in that event, there's, we think that's a pretty good chance it will come within our five-year guidance, but we just felt, again, to be on the conservative side. We're confident they'll get there. But even if it was in the five years, we probably wouldn't see it until the fifth year of that five-year guidance. And so we -- it really is just something that's going to be out. And I think a good chance it will be six years out, seven years out. And so we've got sort of supplying production through this six-year -- six to 10 of the 10-year guidance.[/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?[/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. We can hear, Tanya.[/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, part of the capital that we deferred in 2020 was related to the smelter. So, that's something as we've been talking about on this call is still uncertain, but there was significant capital that we did cut in 2020 and we cut mining rates, we deferred some projects and we're still operating under those conditions. We did bring forward, as I mentioned, we brought back in $100 million of mine equipment really allowing us to do some rebuilds more quickly than what was in the April plan and those would have been in the original plan. So, some of it is timing related and some of it really is just trying to be as efficient as possible with our equipment fleets and that's one of the benefits that we have by operating all these mines is planning the equipment fleets where they bring the highest value moving -- we can move equipment from different sites to benefit from just being able to operate them together. And we also -- we are also just really trying to work the assets, use this technology that we have and the organizational improvement initiatives to work the assets harder. And we started that program, what we call the Americas concentrator, but it is -- it applies not just to milling operations but mining operations and really looking to improve the lives of our equipment, improved tire lives, all those things really add up. And so, yes, there is always tension and pressure of people wanting to invest more in our mining equipment, in our mining business, but we're really taking a very disciplined approach and using the learnings that we gained in 2020 and even prior to that to try to drive better capital efficiency in the 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>> Well. From a debt pay down perspective, we really have mortgage debt that we have that's variable that we can pay some of that down, which we would. And I think we've got dividends, which we continue to grow the dividend base and from a share repurchase perspective, that's going to be something that we have 70 million. Right now we've authorization from the Board and we just really moved that to 250 back in July. So we'll sit with our Board in December and we'll look at that allocation going forward. So we've got a share buyback, we certainly got M&A, which we've talked about strategically maybe from a commercial truck perspective opportunistically, when we look at into retail automotive side, and then we're going to absolutely develop and invest in the CarShop part of our business. So I think there's plenty of areas to use our capital, but again, we're going to keep our leverage where it is. And then if there is a big deal, we can step up. We don't need to go to the market for extra capital. We have a 1.2 billion to 1.3 billion right now available from the standpoint in our credit lines and that's without any other -- leverage of any other assets. We only got about 24% of the book value of our real estate being green mortgages at the moment.[/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>> All right, Justin. Thank you so much. Nora?[/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, guys. I was wondering if you were looking at any different neuroinflammation biomarkers for TRD versus what you're doing now for AD?[/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 have a silver technological partnership with Microsoft; strong relationship. They have very good security products, but they are very different from what we are doing. At this point, Microsoft is just an enabler for us. So we are very complementary -- they are an enabler. So far what they are doing is mainly pushing the 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>> 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.[/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. I think there's still some idle -- a few idle facilities out there that we believe will probably come online. We can't -- some of them we can't disclose what's going on, but we do believe that there's some idle capacity will come online. And we also believe there's the potential for actually some -- for some new mills to come online. On the lumber side -- dimensional lumber side, there's a fair amount of capacity that's been ordered over the last few years, and that is coming online and will continue to come online. On the OSB side, there hasn't been as many new sites planned or brought online in the last couple of years, but OSB is at record levels right now. And so I think whatever idle capacity is left out there, we would -- we think is a good chance you'll see that start to come back online. And even possibly some new facilities if demand kind of continues at the current level. So we do expect to see that some additional capacity coming online.[/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>> Yep.[/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, thanks, Duffy. Yeah. So we do still expect that to hit. It's not start started up yet, it hasn't hit the market yet. It's about 500,000 tons in China from [Indecipherable]. So we do expect it to hit. I would say, it may contribute to moderation as we go forward in third quarter and into fourth quarter. But if you think about it, 500,00 tons, it's just really a little bit over a year's growth. So it probably won't have a significant impact in the market we're in today.[/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, Paul.[/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>> Well, we have to, Andrew, because we just, we don't know. And we do know that when Americans want to travel abroad, it takes a lot more thought preparation and kind of umph to do that, then if you're just flying within Europe. And it's a lot easier for us to go to New York than it is for us to go to Rome. So, we baked that in there. We don't know. It could be better. All of us are going to watch the tracker on how many cross ocean reservations are being made, but that will change things markedly. And if you look at the average revenue per transaction of anything that isn't a cross-currency, we probably make -- we make about a little over a dollar on an international interchange transaction. We might make $2 or $3 on a surcharge transaction. But when we get to make a spread on foreign currency, I mean those transactions could be $5 to $10. So, you can see, it doesn't take too many of those transactions to really pop the top off.[/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. Bryan, we've already been doing that across a number of our businesses, and top line remains strong. We'll continue to do that. Because if you look over time at the IRRs we get on numerous broad-based capital investments, the best IRRs are typically those associated with increasing capacity on our growing businesses, like Slim Jim and others. So that's a great return all the time, and we'll continue to look for opportunities to do that. And we spread it out based on how we need it. But we've already been making those investments and added capacity, both internally and with co-packers. Interestingly, the way, as you all know, works with some of these co-packer investments is those can be a headwind to margins in the short term. But if you believe that the demand on the other end of the consumer there is sustainable, typically, when you repatriate that capacity back in house, that's expansive to margin at that point in time. So that concept remains intact as well, and we'll look for opportunities to do that going forward.[/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>> Good evening, Austin. In general, as I said, based on what we could see in the market, the tight labor markets and supply chain constraints that are affecting both delivery of our systems and services as well as the ability to manufacture and make products and delay the orders, I think that those two are going to be a little more sustained. But there is really this hype, the situation is so dynamic that on a weekly basis things do change quite significantly and we've been -- from the beginning of this pandemic, we were very fortunate because our team proactively worked on a lot of these issues in advance. We diligently worked all these things proactively by buying parts in advance, by getting our suppliers even carry inventory for us in advance and plan and build in advance. And so most if not all of those what I call contingency plans were exhausted in terms of the duration of this pandemic and the duration of this global disruption. And so essentially what's happening now, there is lots of different factors that are impacting it. What we're doing though, we are absolutely doing everything to control things that we can. Things that is out of our controls, we really can't control, that's external, but there's a lot of things that we can control and we've impacted that. So, I would say, in some ways the beginning of next -- at the middle of next calendar year, summer sounds reasonable, but I don't have a very clear picture there to provide you that.[/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>> Right. So we get the question, Cai. I think as I walked through in the math, we're always seeking to offer a balanced sort of transparent view in the way we talked about the risks of the business. And we know what we have to go through in the next six months, and I wouldn't quarrel with the math around what the implied run rate might be. But with COVID still being a dynamic out there in the second half of the year, there's still a fair amount left in the year. And again, as I said, we hope to come back and have another conversation in December here after Q3, but we've got some ways to go here, but the trend lines are positive, and I want to acknowledge that because we're really pleased with the performance of the team, but we've got some work to do in the remainder of six months.[/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, OK. So we're excited. I think, first of all, we've got 12 connected solutions out there in the market today, and we're starting to see the ramping up of the downloads of our applications and use of those products. They cross all of our residential streams from also including R&I Flow, our small pump lines and as well as our water treatment and our pool applications. So I think one of the bright spots I've seen this year is that we continue to see the automation penetration pool in addition to the upgrades that we saw across the pad, both for new pool builds and in the aftermarket side. Sometimes in the busy seasons, you don't see people also upgrading to those solutions. And so that was very positive. And we're starting to make progress on our IoT-related valves for water treatment and also our pressure treatment in our small pumps, so really good progress. And I think we're getting good feedback on that capability and the usage from our channel. And we're excited about the momentum we're really building. And not to mention that we've also got the brew assist, and on the large F&B side within IFT, we're making great momentum as well as building out a services model for our partners regarding the filtration 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>> I'll let Brandon talk a little bit about sort of the specific numbers relative to the pool in the forecast. But some of the macro factors, if you will, have to do with the continued mix shift with regard to commercial customers and government programs that's occurring in our pipeline and the outreach pool that ultimately find their way to the individuals that are in a gold status. I think in terms of some of the utilization, as you probably have heard throughout the industry, and we definitely see this through the claims files that we take in regularly from the customers, the commercial populations look different than the government program. So, commercial utilization seems to have restored a little bit more quickly and maybe even sort of over-indexed on what the carriers would have thought trend was going to look like coming into the second quarter. And the government programs, Medicare and Medicaid specifically, are still looking below what they would have expected from a utilization standpoint. And we see that as we increasingly get more exposed to the government lines of business in our outreach pools. So, Brad, I don't know if you want to comment specifically on the increase in the pool size? [/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, Jon.[/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 all for joining our conference call today. If you have further questions, feel free to contact [email protected] and we look forward to speaking with you in the next quarter. 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 there. Maybe one for Vince first. If we just sold the one million sub business in the US which helped cover the overhead cost of the network, why isn't that running 50 different countries for 400,000 subs is a good business idea versus doing what you did in Canada, which is just selling the rights to Rogers or syndicating out the rights. How do you think about those two P&L offshoring for the Network?[/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>> Thanks, Noel.[/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 on track. I don't want to say too much because it's -- obviously deal is not closed and that's for them to comment on but I would just signal that we're very happy with where things are in the process and continue to be very pleased obviously with the strategic value that they're going to bring to us, but just as we get to know the team better and their operating philosophy and culture, we're very excited about them joining the team.[/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, Julien. I think there is always a preference for PPAs versus hedge. Don't get me wrong, but sometimes the market has certain constraints on it in terms of what's available. I think from our view, what we want to do is really look from a risk management and plant design perspective to, a, make sure that we have increased winterization and the like for ice shearing [Phonetic] technology at some of those ERCOT assets, where you actually have a fixed physical delivery versus a PPA take or pay type of our obligation, and then also establish weather outage predictors and train equipment procedures to mitigate those type events. So, I think, that's from an operational side. From a risk management, I think we want to incorporate liability tracking around these obligations to make sure we understand them. But I think, for all that's said and done, it was, as everyone's aware, a pretty unprecedented effect in ERCOT, but I don't think people would see happening on a regular basis. But those are some of the mitigating factors we look to do going 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>> Yeah. Absolutely, Bret. So, less than 10% of the cars that we acquired in Q2 were acquired at the auction. The rest of it -- like I said, the vast majority of it comes from trades, lease turn-ins, loaner cars and also acquisitions at the store level through consumers.[/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. Brad, this is Barb. So you can see we report our delinquencies. For the quarter, we were at 1.4% on a cash basis. And keep in mind, we did report July last quarter, and that was at 2.2%. So that implies August, September had come down. That was around 1% on a cash basis. And then October, it's about 1%. And that's really being driven by the reimbursement. As I mentioned during the call, we got $9.5 million in the third quarter. Most of that hit in August and September. And we've seen -- in October, we've seen a commensurate amount. So that's kind of where we've been at. We've been stable, I would think, the last three months. It's been pretty stable in terms of our net delinquencies.[/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 think from a brand standpoint, it's -- all of them will benefit by the investments we're making on replatforming technology, data collection, data mining. Certainly, Saucony right now is top of mind for us with their growth and some of the catch up there. They're doing a fantastic job on their e-commerce growth and really prioritizing saucony.com and both performance and originals. So -- so there, for sure, Sperry, a lot of their rebound is coming by being able to tell their story directly through sperry.com and then have that cascade through through their other partners. So I would -- and then in the workout group, we're seeing huge growth there as well. So that's becoming a very viable channel. So I would really say, Erinn, it's pretty wide based, which is exciting. And we'll continue to make investments to fuel that, both customer-facing and kind of behind the scenes with some of the technology.[/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 very much for everybody for staying on a little bit beyond the schedule. But it's a really exciting time to be empowering our customers to improve health and sustainability. And with healthcare under the microscope and alleviated through the COVID-19 pandemic. We are proud to continue to innovate and execute and applying our DNA center in platform to drive the future of healthcare, diagnostics, sustainable chemical, sustainable materials, Agbio and data storage. With that, we look forward to sharing with you our progress in the months ahead, and thank you so much for your attention.[/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 last one there... Go ahead.[/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>> [Foreign language]Thanks management for taking my question. My first question is about investment plans. So now that the merger deal has been called off, would the company now look to acquire the other companies within -- like other verticals or overseas, considering we have a big cash balance? My second question is will we see increase in content costs related to purchase of tournaments' broadcasting rights after this merger has been called off? 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>> Greg, can I get Sean Quinn to answer that. Sean's obviously been on this well for about 13 years. So, Sean, why don't you answer Greg's question.[/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 don't think there's anything wrong using that as an estimate.[/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. Just on reserves, absent, you know, a -- a deterioration in an environment which we don't expect, we believe the reserves will continue to come down in the coming quarters as we remain -- as the remaining, you know, uncertainties continue to diminish. In terms of the reserve versus sort of Day 1 CECL, you know, every quarter, we're -- we are reserving based upon the size and mix of our portfolio at that moment, and our view of the future is based upon, you know, independent sources. So, as you think about that, you've got to recognize that our portfolio has changed. You know, for example, card, which has -- which as you know has some of the highest reserve rate is down 25% from Day 1. You know, so, you really need to think about how the mix has changed. If you -- you can't just go back to our reserve level on Day 1 which I think was 127 basis points if I'm not mistaken. And just, you know, apply that to today's numbers, I think you're going to do a little bit of a product mix there to get, you know, to get back. We've done that work and it shows we have, you know, still a significant, I'll call it, cushion to Day 1.[/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.[/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. I think we've talked about this before. So retention rates tend to be quite good for the business generally, but year two filers are at the lowest level of all kind of returning filers. And so this is a really important place for us to move the needle and there's a variety of things that we'll do to do that. One is optimizing the communication with them, both during the off-season and then in the season, right, where there's a lot of testing that we do on the messages, offers, right, and the things that different groups of your two filers respond to. The second thing is ultimately optimizing the experience when they arrive at the site, right? So we want to make it as frictionless as possible for them to enter the site, right, achieve what they're ultimately trying to achieve, which is get their max refund with the lowest level of effort. And so the second step is around optimizing the homepage experience which could be tailored in some ways to meet their needs. And then the third thing is actually something that we're doing for all customers, but we'll have a benefit to these year two customers, which is ultimately addressing in the off season, some of the remaining friction points within the product. That, as we address those friction points, a higher share of those people will convert, right? So our complete rates have been trending up for the last couple of years, and this benefit accrues broadly across all users, but we'll see a lift in year two filers with that flow.[/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>> Thanks, Nick. We're pleased with how 2020 ended up in Virginia. We had some strong leasing there and if you look at the leasing, none of it is hyperscale, it's all retail and scale leasing, which is really the core of our business and where we've been focused over time. So really to execute well against that core piece of the business is great to see, given that that market is very much measured and oftentimes by hyperscale leasing. So we still have the ability to take down some of those larger leases if stayed fit the profile that we've discussed earlier, as far as those that add to the ecosystem and value the ecosystem. But overall, it seems like that market is stabilizing and we feel like we're in a good position to continue to execute on that retail scale but also well-positioned for the right types of larger leases that may come along.[/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>> Mark or Kevin? Mark, you have anything to add? Anything else? Lara?[/INST] Prediction (one of UP, DOWN, SAME): SAME