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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>> Hey, David, it's Wyman. I don't know if I can give you the percent of sales number right now. And again, with higher sales that we anticipate, those numbers are going to move around. But I will tell you, just as we think about marketing, we are just thinking about it differently and not in the traditional sense as much. And so when you think about the significant reduction we've had in traditional media spending, but we've offset that with significant increases in digital direct and the support of our takeout and virtual brands through third-party partnerships and promotions, as well as fees. So we kind of look at that whole bucket. And in some cases, if we're going to leverage our database more, a lot of that shows up as comp expense, which doesn't really -- it nets out of sales. So you wouldn't even see it in the P&L as you're looking at net sales. But we are committed to much more what we think is a forward-looking approach to marketing, much more direct, and much more digital.[/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>> Jeff, light commercial is very encouraging. Clearly, easy comps. But when you're up 60% year-over-year, there's underlying strength there. we see it not only in the warehouse vertical, but it is an indication that things are reopening. You see it in retail, you see in restaurants. And it's clearly been one of the beneficiaries of the spend on K-12. About half of our spend on K-12 is light commercial, the other half applied. So I think we benefited from that spend. We're also gaining share there as well. We've seen nice share gains probably in a similar range to what we've seen on the residential side over the last 12 months. So the thing that's particularly encouraging about light commercial is that the field inventory levels are in check. They're low despite the strong sales, down only a few percent year-over-year, which means that there's not inventory in the channel. And as demand continues to increase and we continue to go to great lengths to support our customers, we feel quite encouraged by what we're seeing in light commercial right now.[/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>> Adam, do you want to -- you have to take them.[/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. Just want to dig into the guide a little bit some of the buildup there. When you talk about kind of the potential for increased activity if current commodity prices hold, are these producers more on the public side or the private side? Just trying to get a feeling for who might be increasing activity here. And just curious if the GOR ratio, is that continues to improve over time, kind of do you have any thoughts that quantify as far as how you think that ratio kind of improves over time, that's at least in your forecast?[/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>> Biggest country of ethanol export you mean?[/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, sir.[/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. Thank you. Thank you, Anthony. We are very much focused on DSD, just with the velocity levels that we see at retail and the demand for the brand, you have to build this Company on a DSD national network. We just -- as we were seeing in 2019, you just can't keep it in stock. We're in too high of a velocity category. So we've been building out our national DSD network, we're in about 85% major metropolitan markets. We have closed additional distributors to close those gaps, to be able to transition our key accounts over to DSD. And as we speak, we are expanding on the West Coast as an example, 7-Eleven, almost 1,500 -- actually almost 2,000 7-Elevens are being migrated over to DSD as we speak, and we'll be diving further in division by division also working with CVS, further Target, all of our major retailers. So we would like to see a big significant portion of our distribution serviced through DSD, and we're committed on that. We haven't provided percentages of where that is. But over time, I would like to see a considerable percentage of our retailer serviced by DSDs, better placement, better in-stocks, better execution, and most importantly better velocity and better revenues.[/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, Pito, we do believe that could be an opportunity. We have already seen an expansion and just a better continuum of care in our existing markets that does expand our reach, and we believe that trend could continue.[/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, it's a great question. It's not so much about the size, it's really about the intent. I mean, what you're seeing is clients really saying in a world where I've got to digitize the entire enterprise, right? What can -- where do I want to focus my own resources and leadership and where can I leverage Accenture and their investments? And this is where we really got ahead of the market, right? Where we developed SynOps, and what we're providing them is both cost efficiencies, but really outcomes of actual insights to come from being able to digitize. And then you add on top of that, where we have more clients thinking about having us takeover, we have a strong pipeline and taking over more people, because we are such a great employee value proposition and so they're starting when we think about the future of work, think about it, we're seeing more of our clients really see it as a combination of their own employees automation or bots and then partners like Accenture, that really integrate with their own employees. And we're just a leader here, and so it's more about the trends of the need to digitize. That is what you're seeing reflected which is digitize at speed.[/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 that is certainly implicit in our updated guidance. We came into the year, and it was part of our initial guidance, with much less visibility to the aftermarket programs in Asia, which, as you know, are quite attractive from a margin standpoint. So relative to the original guidance, we have seen a mix shift in the updated outlook more toward aftermarket and technology, and that's certainly helping margins and providing a nice lift to EBITDA.[/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. On the influencer side things continue to evolve, but it's important to note that our influencer strategy isn't one strategy. It isn't a singular strategy. It's really a multifaceted strategy. So we work with the biggest influencers in the world like literally like a Kendall Jenner, of course. We work with the entire spectrum all the way in to micro influencers with 10,000 followers. So I think it keeps us on our toes. Of course, things that we did years ago aren't as effective as they are now. But we have some new things coming out that we're excited to talk about that are just continued elevation of what we do, more tech-driven ways to work with influencers. And we're as bullish ever as this is an important part of our strategy. And we're super clear that it works and we're super, super confident that we can continue to invest in a very strong way. Mike do you want to talk about.[/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 both for spring '21, which is now and fall '21, which will start for us typically end of July beginning of August. We are seeing strong bookings going into the year from our retail partners. Now in addition to that, what they are all seeing is currently the positive side of vaccinations around the United States, a warmer spring, the outdoorism continue to explode and grow and I think they're all optimistic that all those trends will carry into a very strong summer and fall business and by the strength in the economy, a very strong and robust Black Friday, Cyber Monday holiday window and so that -- their view is right now is the market is strong both for outdoorism and the economy has got some upside.[/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>> Oh, no. It's fine. Those are all good questions. 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, Greg.[/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 bulk of those are fully current, 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>> I just want to be clear on what's happening right now and this is why this was gross profit dollars favorable for Sysco in our Q4. The increased inflation is not dampening demand at this point in time. Our restaurant partners are succeeding in making their own menu price adjustments. The consumer pent-up demand on eating away-from-home is -- and the robust consumer spending power that exists out there. That's why the elevated inflation, which would normally be problematic. I think we've kind of trained the industry and trained ourselves that 2% to 3% inflation is a healthy zone and above that becomes challenging. This is a unique time and the elevated inflation that we're experiencing is not decreasing demand. And because of that, while it's having a slightly negative impact on our gross margin rate percentage, we are definitely putting more gross profit dollars in the bank, and therefore, it helped us with a strong quarter. To your point, if it continued forever, that would be problematic. And we are working to answer the second part of your question very aggressively with our supplier partners. Are there alternative products, different cuts of meat? As I mentioned, this is a fats poultry, and pork problem most aggressively at this point in time, and you know that from the coverage of the universe. And we're working really hard to find incremental sources of supply. We believe that is our responsibility, for our customers to help decrease COGS over time. And Judy Sansone and our merchant team are working extraordinarily hard to help us reduce COGS so that we can provide great value to our customers and therefore, continue successful profitable growth for both them and for us. Aaron, anything you want to add to that?[/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. So first on Europe, I think the recovery in Europe, by and large, is underestimated in the US by most observers, both from an economic standpoint as well as in terms of activity levels. We're seeing a record level of activity, at least for our business across Europe right now, which is very encouraging. As far as inflation is concerned, look, there are two camps here, one which is essentially where -- this is a transitory -- inflation [Phonetic] transitory, weaker economic growth is going to alleviate some of the pressures. The supply chain issues will diminish and the Fed will be able to control it. Largely speaking, the bond market until recently, was more or less in that camp. I think the other camp is the supply chain is here to -- supply chain disruptions are going to last longer, consumer demand is driving up prices, the Fed is behind the eight-ball on this, and that we're in for a longer period of inflation. Frankly, I think the debate is wide open at the moment, and we're going to have a better feel for that as we enter into early next year. And the second quarter weakness, perhaps some weakness in China, you could argue on one hand, is going to keep it in check. On the other hand, clearly, the supply chain disruptions, as we heard last night from Amazon and Apple, are concerning.[/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, certainly, we look at EIC. It has two levels of manufacturing equipment. One is more kraft focus and another large-scale production capacity. And again, part of our rationale for this acquisition is that we see that -- versus what we've seen in the market to date with soft chews in particular, but other categories in confection that the amount of throughput and the automation that's there is very high so that definitely the ability to produce product at a low cost. So I think, certainly, you're going to see some unique and interesting products come out of EIC, hopefully, in our Q4 this year. Again, that is dependent upon licensing and commissioning of equipment and everything. But certainly, we do expect them to be strong in terms of what their cost of goods is going to be relative to the competition. The thing you can't control is the market dynamic in terms of where pricing is. So we're excited about EIC. It's why we made the investment. We certainly think that they're going to be able to do things that the majority of other companies cannot do from a costing basis and a consistency basis. So that should definitely be a big contributor to how that product contribution looks like.[/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. This is Barry. Thank you for the question. And look, I think you did a good job summarizing the things that we highlighted that are positive momentum that we've experienced here in the first half and we expect to continue through the second half. I mean all of those are very good drivers to what we expect in 2022. That being said, we're not going to give guidance today on 2022. I think we've said what really needs to be said. We're seeing increased producer activity in the key basins of Oklahoma and North Texas, great opportunities that were taking advantage of the Louisiana market, and then the strength of the Permian growth has just continued and we're very optimistic about what will happen in 2022. So the level of growth in 2022, we haven't actually quantified at this point either anecdotally or by percentages but I would just say we're continuing to increase our optimism about the growth that we'll see in 2022. Ben, would you add any specific comments around the basins?[/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, thank you all. Operator, that will complete the call. 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 think in short-term the rebalance would be mostly down to the release of the spare capacity that exist. Now if you look at the current pollution of the U.S., which is 1.5 million [Indecipherable] in U.S. land below what it was in early 2020, this gap has not yet been bridged, and I think do not expect this to be bridged as we exit 2022. So there will be an income out of oil supply that we will pull on international market that the market can deliver today, but for sustainability in '23 and '24, the market will have to commit capacity. Hence, this is a reason why in Middle East and other countries you see this future commitment of capacity. And this is a reason why you see the return of offshore and the commitment of FID. We had 50 FID about already today. We expect to be 100 FID, most of them in offshore. At the end of the year, this is 50% more than it was last year. And the trajectory is toward 150% increment after that. So now going forward and expanding beyond, I would expect within the next two to three years, obviously with this dynamic and the pool international supply would create the flow of activity to reach and/or exceed the level of 2019 activity within that timeframe.[/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. Mig, it's that lag around procurement, in particular, that's powerful, a, qualifying products, getting them starting to buy them and getting them into inventory, buy them in scale as opposed to, what I'll say, buying them at full volume and then getting them through the inventory capitalization cycle and out through the P&L. It's just -- even though the transformation spending has been done, that exercise, that procurement follow-through will run. I mean it's been going on several quarters, has several more quarters to go. And so the lag of getting that into the P&L and drive the incremental margins is just not to be underestimated.[/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>> The minor change in reporting was, we had -- those two tenants are two large regional office tenants in Baltimore. And our previous math had the one tenant with a partial renewal and staying in the building for about 30,000 square feet. And our expectation is that they will totally vacate now. The second was that we had a contraction for the second tenant that ended up not being as large as what we had forecasted, which resulted in the net change.[/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>> Okay. I think it sounds -- perhaps I take the first point, Thomas. But I think in terms of the dollar interest rate exposure, we do run a swaps book. And therefore, we will benefit from the steeping of the dollar curve in due course. But we'd normally seek to price out over the sort of two to three years in terms of this. So we -- it tends to be a sort of medium-term type swap book to reduce interest rate volatility. So we don't have the up or the down volatility that you see for some of the U.S. banks relative to the curve. As I said before, I think -- I did give a general guidance a few minutes ago, which is if I look at the interest rate effect for this year, net of the FX move, I expect to be down about CHF50 million for full year 2021 compared to full year2020. Clearly, that would obviously change if we see another shift in FX, and that's across the entire bank.[/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>> Alright. 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>> That is correct. We do not have any CEWS proceeds in the guidance we just gave, and we do expect EBITDA to be down year over year in the first quarter.[/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. Hi, Theresa. It's Rick again. So to your point, a lot of the answer truly depends on what grades are put on the line. Capline can move heavy or light in those -- and truly, the volumes are going to very significantly. From our perspective, we're excited about Capline. We obviously have Garyville sitting on the coast of the Eastern Gulf, and it can be a recipient, but truly volumes will be based on demand from us and others, Econ, and then lastly, grade, as I've already stated.[/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. We're not at a position of announcing any incremental sheds at this point. But if you look at some of the ones that we've announced, those sheds will give us the ability to go into new markets as well. If you look at the one in D.C., part of that will cover existing areas, geographies. Some of that will cover geographies that are new to us 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>> Yeah. Sure. I can take that, Louie. So right now, we're over halfway through the program. So you can think of that as over $1 billion is behind us, and so we're pretty far along that. And I think one of the other things to kind of put around that is if you look at our liquidity position today, strong operating capital, is like $700 million the last TTM, that we're in a really good position. We're basically fully funded to finish the buildout.[/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>> Great, thanks for taking my question and I'll echo my congrats on the quarter. Welcome, Matt. And Howard, we will miss you. I'm sure, we're run into each other again, but best of luck. I guess, I want to touch on a couple of quick things. One, maybe this one is for Jim. Jim, the services business naturally, obviously, this year or in 2020 had challenges with COVID et cetera. But as you think about it, one of the great things about the business was you've got really intimate with customers, like you got to understand what they were doing, what they wanted, it drove some product development or at least ideas around innovation. And as you think about '21 and '22, do you think you reinvest in that business a little bit to sort of keep that customer intimacy, to keep those guys at the customers to help them with their solutions, but also to help guide and drive product innovation? How should we think about that playing out?[/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 very much. What was the change in price in Refinish, exclusive of mix in the quarter? And is it -- how would you compare it to normal historical patterns?[/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 for taking my questions. So maybe to just follow the IP arbitration. Just want to make sure, Clay. So would the timing still be focus you? And how would you share that information with investors? And then also another question regarding RemeGen's the TV compound. Just wondering how is the data comparison efficacy safety, especially, say, in HER2-low compared to, say, ANCHOR2, the ADC profile?[/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, for the residential mortgage originations, third quarter, we're probably around 3.82% compared to the weighted average portfolio of about 4.03%. On the commercial real estate Q3 origination, we're at about 3.57% compared to the weighted average portfolio at about 4.23%. And on the new C&I loans, our current originations are close to 5% versus the weighted Q3 portfolio you had about 3.61%.[/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, John.[/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>> Absolutely, so as Kevin highlighted and Lisah highlighted in their scripts, absolutely seeing the inflationary pressure, as I think the entire ecosystem is now across our industry and from a retailer perspective as well. And what we have our sights set on is how, do we get to that long-term EBIT margin goal we have of 25 basis points to 50 basis points, from an accretion perspective. And the way we approach it, is very holistic. We're looking across a robust toolbox to address this, things like margin accretive innovation. And we have a terrific innovation program, that started at the beginning of this year and is continuing as we launch incremental innovations in Q4, net revenue management, pricing and that will include both, list price increases and trade reductions. And then, of course, our relentless focus on cost savings. So we're employing that entire toolbox right now, across all of our businesses. And we're coming from a place of strength in this. Our brands are strong right now. We have never had a higher consumer value measure. Household penetration is strong. We're seeing strong repeats. So we're feeling confident in that. And we're evaluating our ability to take price across all businesses. But I'll tell you, we will be very surgical and targeted in this. We're going category-by-category because we're -- of course we're weighing the broader environment. And we want to be measured in that. But I -- the message I want you to hear is we're looking at it very broadly across our portfolio. And what we're really focused on is executing by category with excellence.[/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 going to be steady for the remaining of the year, approximately 60% coming from Canadian Malartic. But, that's going to increase more in 2022 and further.[/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): 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.[/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 my comment was actually more toward the absolute dollar amount of the opex. I think, for our second quarter, the Q2 guidance, I think non-GAAP operating expenses would get it to about $65 million or something like that, if I remember correctly. So that's what I'm referring to that, I should expect that the operating expenses for the rest of the year to stay somewhat around that area, those levels. With regards to the FX impact, it is actually, if you think about the operating expenses being slightly above half the rate of revenue growth that we've talked about before, which is our model. Most of that is being driven -- most of that excess, if you will, has been driven by the impact of the weak U.S. dollar.[/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, Josh. 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>> Yeah, sure. It's very similar to what we've talked about before, which is that, clearly, the OTAs have gained share as a result of special corporate being down on a relative basis, but we're still seeing that our digital channels are gaining share faster than the OTAs. So while, I'd say, the OTAs are probably now at about 14% of total bookings here, still remember that our direct channels are over 76% and about half of that is coming through the digital channels. So, we're very pleased to see that digital continues to gain share very nicely. Our mobile app downloads have grown really well. So, the OTAs have been an important driver of business for us during this pandemic. But I think from a share perspective, we're continuing to see the same trends we've been seeing.[/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, happy to do that. Thanks for the question. And so this is really relating to our -- the final stage, I would say, of our move into the first tower in our headquarters in Toronto. And so you remember, we did take one that was a few million dollars higher last Q4. And that was related to the number of buildings we exited and the leases we exited last year. And this is the bulk of the remaining exits as we start moving in. And today, we're talking to you from CIBC Square. So as we start moving into our new headquarters, those leases that were exit. Now I will remind you, as we said last year, Visa has positive payback over a number of years. And so while we are taking the charges, we are saving ongoing real estate costs. And so this year, the occupancy line item did actually benefit from last year's exit. And what you'll see with this new charge as well is that we will get both those charges benefiting on the occupancy line next year. And so with respect to our Toronto headquarter cost, if you will, or corporate real estate costs, what that allows us to do is moving into our new headquarters actually keep the net cost flat from 2020 onwards. And overall, occupancy includes a number of other items, obviously, and it's including our retail network. So there will be some noise in that. But with respect to our headquarters costs, we've moved into the new building while retaining those expenses relatively flat with those exits.[/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 James and Andy. Thanks for taking my question. You kind of touched on this already, but I'm going to try to ask it another way. So on MGM's earnings call, it was really the first time in a long time that management didn't explicitly commit to continuing to reduce its stake in MGP beyond what they've done already. I guess is that also the sense that you guys are getting based on your conversations with them? And to the extent that is the case, do you still see a path to diluting MGM's ownership to below 30% from 42% today?[/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, Michael.[/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 questions. I think actually, I haven't thought about that way, but now you've given me a new model to talk about. I think it's -- I do think it's 2023 between what we're doing with SK, what we're doing with data centers, the work Keith and his team were doing to get products out the door now. I think 2020 -- I think next year is a big testing year. I think 2023 is where this starts taking off.[/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>> It's a great question, Linda. We want to operate where we are in -- we want to operating the band of 5% to 5.5%. We're in the low 5 times area now. Let me just make a point that on -- we use trailing 12 months. The $46 million of prior period collections is in that number. It's worth about of a quarter return, not material. So we're still in the -- very healthy in the band. But this is a big point for us moving forward in our growth trajectory. We have -- with our free cash flow and our balance sheet position, we're going to -- and growing into EBITDA, recall, we're at the low point of this. We're coming out, we're going to start growing EBITDA we believe at a more accelerated rate. We're going to have the opportunity to use a little bit of leverage to that free cash flow to acquire shopping centers or built shopping centers or redeveloped shopping centers to amplify and accelerate our growth rate in the near term going forward, all while not putting our balance sheet at any more risk than it is today and operating within that the low end we think of that band where we want to be. So, it's a -- we are in -- we're perfectly positioned we believe to remain as we said on our front foot from a growth perspective and look at opportunities across all three bands: acquisitions, redevelopments and developments.[/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. The good news there is we're actually ahead of plan on capacity hiring as we entered the quarter, we were up 20%, correct me if I'm wrong, Sydney, in terms of capacity entering fiscal '22.[/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 very much. So I was hoping you could talk a little bit about the transition to hardware in the context of the launch of the integration of the Beacon technology in a platform last year in the spring, which doest tie in the Kubernetes-NGINX oriented products back to the BIG-IP and to what extent you may be seeing some refresh there in those systems because the admin -- IT administrator, the CIO is able to bring some control back into the DevOps process and use that integration between the BIG-IP to the NGINX product to put guardrails in front of the DevOps people. Is that part of what's going on here as well or is it just simply that last year, you couldn't do installs because things were so locked down, but the installed base you've gauged in your report needed upgrade, is it -- could you give us a little bit more clarity around that? And then the other piece to that is with Kubernetes' adoption according to recent plug thorough and numbers -- the 2x what it was a year ago and 96% of that -- of companies saying they're going to go with multi-cloud, can you talk a bit about what kind of integration you're doing with Hashi and partnering -- how your partnership with HashiCorp is starting up? 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>> I think we've disclosed that, John? I'll just give -- I'll go to the sub-standard. We had -- I think I went through that in detail. We had a total of $449 million sub-standard in multi-family and we had a total of [indecipherable] of 14, which I believe identifies 80% being the Manhattan market. I think I went through the LTVs but I'll go through them again. The LTV is in that book is about 56% for a multi and 58% for CRE. And as I discussed, looking at that portfolio, a lot of these -- most of these customers still, when we put some of these customers in IO structure for six months, they are north of a one-for-one capacity to continue making these payments. We will reevaluate them as we get into the April-May period when that six-month roll comes due and see where they're at. And we're working with them. And clearly, like I said, Manhattan is the area of focus because we see more of these loans coming out of the Manhattan market not so much the other borrowers.[/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 I think we've said we most likely would not be catching the backlog here in 2021. So we'll be coming into '22 with that backlog. So conceivably while we're running full steam in terms of production, those types of EBITDA margins would be sustainable. I haven't necessarily rolled out my 2022 guidance yet. But thinking out loud, that's how I'm thinking about it. Ultimately, once we catch the backlog, that's -- I guess that's yet to be determined. We don't know what type of hurricane season we're going to get this year. So I guess more to come on how that will play out in 2022. But yes, I guess I haven't necessarily laid out 2022 margin profile yet.[/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, Sharon. So to summarize, we've had a good start to the year with good business growth and an improved lending pipeline moving into the rest of 2021. We're making good progress on our growth and transformation plans and remain on track to deliver what we promised in February. We remain absolutely committed to our cost transformation plans. We're feeling more optimistic about the rest of the year than we did in February, but we remain cautious around the uncertainties that remain. If you have any further questions, please do pick them up with Richard and the team. Thank you once again for joining us 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>> You bet.[/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, Geoff. Our plan that we outlined in fact is a plan that today we are planning to be sustainably cash flow positive after the -- in the second half of next year and beyond. So, that's the financial plan that we have put together for 2022 and beyond and that's the plan that we are executing against. YUPELRI as a brand as sales impact cash flow positive today, the financial dynamics of YUPELRI are quite attractive. That's one of the reasons that future sales growth is critical to continuing to grow those cash flow streams to both Theravance and Mylan. So, the YUPELRI is cash flow positive today and we look forward to YUPELRI with sales growth becoming more cash flow positive in the future. Now, relative to the third question, which is asset sales and I commented in my remarks that our approach is to partner both core and non-core assets as a way to manage the financial dynamics of the company. Obviously, we have got what we think are a terrific set of core assets in respiratory and then also exciting non-core assets that we take into a certain point in development and hold more promise and really working to optimize each of those financially as we move forward. So, they take the place of sale, they take the place in some instances of partnership, to generate cash flow coming back into the company. Andrew, do you want to -- yes, OK, Geoff, sorry, 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>> I mean it's a great question, Marco, and one we've talked about a lot, and we spoke about it. And Boyd sitting here beside me, shaking his head. We asked every customer we saw during our Showtime market about that exact question, and we just aren't hearing that concern yet. Fair Boyd?[/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, Dan.[/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, Ramsey. This is Dan, I'll take that. You know it's really been great to see the response we've gotten so far from the customers. So, I mean, all I can really say is, as what we said on the call is, we're seeing demand for our secured credit cards is 20% higher than we thought and for signing overdraft is stronger than we thought and registrations even stronger than we thought. So the long-term plan of this is, as we envision, just heads down, continue to execute, continue to invest marketing dollars, acquire customers, predominantly acquire customers on direct deposit and give us great recurring revenue and what -- very good lifetime value. So far so good.[/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 Israeli market is going through a change in consumer flavor in a way, and the porcelain penetration to the Israeli market is happening quite fast. On that, I'm very happy to say that we are part of this penetration as well. As we move to the multi-material strategy two years ago, and last year with the acquisition of Lioli, we are now growing our porcelain business in Israel, in line with the market. Yes, it's still -- it's happening -- some happened years ago. So all in all, I believe that we do see a change in the Israeli market. We are now piloting in Israel, the first six colors coming from the Lioli plant of ours under the Caesarstone brand in Israel. And so far, with a very good feedbacks from customers and consumers.[/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>> Let's take the first question first. OK?[/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 would say that our leadership in PAM has never been stronger. We recently shared in our internal kickoff the continued strong win rates, the -- of course, the leadership in -- with the industry analysts. I would say, no big change in that competitive environment. Really, CyberArk continuing through, doing all the right things, innovating, expanding organically and inorganically to that full portfolio. What you alluded to from the private equity holdings, I think that's one of the things that our customers and prospects look at. They view this as mission-critical, and they want to partner with a company that's going to be there for the long run and that consistently invests in innovation. We use the term today as hacker innovation. I really think it's something to pause and think about. There is hacker innovation. So our industry has to invest in innovation. Hence, our investment in -- which I was asked about earlier, continued investment in 2021. And it's a differentiator in this market. This is a nice -- it's not a nice to have layer, this is a mission-critical layer. And that's with regards to the PAM market. Obviously, with our expansion into identity security, we're now playing in the adjacent opportunity. And of course, we're early there. But focused on the customers that put a preference on security. And lastly, DevSecOps is just a huge opportunity where -- it's probably about one additional player out there as we go after the DevSecOps opportunity.[/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, Erik. So, I mean, really, Europe or EMEA just really came off of a blowout the quarter prior. I still think I was pretty pressed with the results and thought a really healthy quarter. On the larger footprint side, we had four different CSPs sign across three different markets: Frankfurt, two in Zurich, one in Amsterdam, so definitely pleased with the diversity of demand and from a customer energy offer standpoint, on the enterprise customer standpoint, within the flap, Frankfurt, London, Amsterdam, certainly stood out this quarter in terms of new signings. And within the nonflap, Marseille, Stockholm, and Madrid were some of our top EMEA markets. And as you can see on our development table, we've been continuing to increase our footprint of development and building out larger parcels in EMEA on our highly connected campuses there. So I don't -- I'm still pretty really positive about the growth in Europe.[/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. I think you guys mentioned some of the technical factors that are underpinning the market and the potential for volatility. I'm just curious how you think the dollar roll specifically evolves in light of the potential Fed policy and how strong you think bank demand will be if the Fed is pulling back?[/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 everyone. Two questions. First, on the concession impact to your portfolio currently, I don't think you break that out unless I missed it. Can you just give us a feel for concessions, where -- how much they're impacting your effective rents right now? And kind of your assumption about how -- if you get a benefit from removing those concessions, how that helps rental pricing later this year? How are you thinking about 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>> Okay. Thank you, Chad. I want to thank everybody for joining us this morning. As a reminder, a recording of this call is available for replay on our website. And as always, we appreciate your interest and investment in New Jersey Resources. See you next quarter. Good-bye.[/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, Jon. We'll take the next question from Chris Kuplent at Bank of America. Chris?[/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, Jeff. This is Chuck. Yeah. I don't think our view on leverage has changed. I think that what we have been talking about is that we deploy our free cash flow, as you go through time. But like you saw us do in 2019, we'll stretch, take it up even up over 3.5%, but then we'll work toward bring it back down. We feel very comfortable anything under 2 times net leverage. But I think that what you'll see is what you've seen over the last few years there'll be periods, where we will elevate, but then you'll see us take steps to de-lever.[/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>> It's an ongoing effort. The plan and the implementation started about three years ago. It was a very detailed plan, and we are on plan, give or take some changes. Right now, by the end of this year, we will probably be completed around 70% of the implementation. And by the end of 2022, we expect to be close to 90% of implementation, maybe a little bit higher than that. So as I said, our financial report statements include all the capital investments that we did in that ERP system. They include all the expenses related with the implementation. But unfortunately, so far, we did not see the benefits coming through because not the whole organization is on the same system. We start right now to see some of that very small amount of savings. But I think it looks like that somewhere in 2023, we will be -- we will face some more material improvement in cost, in reduction of inventory, because of commonality of items in shorter turnaround times and other benefits that will improve the operational performance of the Company, hopefully, including the cash flow.[/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 should let the iterator and inventor answer that.[/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 would tell you our expectation is to certainly keep up with the industry and to close that gap by year-end. Again the orders are there. It's just a matter -- and our customers are. Just a matter of -- working like I said go back to working those nine hours, working that occasional Saturdays to close that gap. And that's going to be all predicated on our supply chain, which again -- and I've talked to many of our key suppliers. They're all getting better at it. They're all coming online a bit more. And we're anticipating that's going to carry over to the back half of the year and we'll be able to ramp up production at a much higher rate than we had in the first half.[/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 guess I'll start with that one. Coal has been very good to us here recently. Demand has been higher and natural gas prices have supported use of coal. But as you know, that is something that tends to be very volatile even though it's a small portion of our book and we're optimistic on that certainly going into the first half of next year I'd say that some of the coal tailwinds that we've had are at risk moving into the future.[/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. Good afternoon. Thanks for taking the questions, and congrats on the enrollment progress. Was wondering -- so I know that you're speaking to, I guess, this subgroup of potentially frontline patients that are ESA ineligible. And I know that they were, I think, a fractional component of the phase 2 patient population. I'm not sure if we're ever seeing activity or clinical data broken out on the -- as a function of ESA eligibility or ineligibility. But just wondering if you've had any regulatory conversations around your ability to procure a label that would be in the subgroup based upon the phase 3 IMerge data, specifically in the context of the distribution of ESA ineligible patients looking similar to the phase 2 experience.[/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>> Absolutely. Good morning, Jeanine and thanks for sending the picture. Congratulations on the young one.[/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 don't -- we didn't see any of it, anyways.[/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 not include within our cost targets. Any actions on those two areas will be incremental.[/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. Thanks for the question, Devin. There's not a lot beyond that. I mean, you kind of summarized it. Look, things have come back in to be more competitive and a bit tighter here, which is, obviously, why you see a backlog in pipeline that's more in line with what we've seen historically. Obviously, Mike called that out in his prepared remarks, comparing where we were kind of, at this point, 2021 versus 12 months ago as we kicked off 2020. I'd say that the quality of the underwriting and, frankly, the quality of the businesses that we've seen are higher, right? And we made the comment too that most of them, now that we are out of the depths of March and April, are less COVID-sensitive companies, right? It's more regular way. And of course, with that comes folks willing to be more aggressive on leverage or terms. I think that the quality of the underwriting, though, has reset a lot. Folks have used this in terms of leverage and negotiation with counterparties, companies, borrowers, etc., to try to structure really smart deals for lenders and that's continuing. But look, things have rallied back. And it is more competitive for sure now than it was. We were coming through the spring and summer, obviously, when we're taking on a lot of this backlog and pipeline that we closed into this fourth quarter. But nothing earth-shattering beyond that, Devin.[/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 for the question. The package we sent in July was very comprehensive indeed. I won't comment beyond what information exchange might have occurred beyond that, since our conversations with the FDA are obviously very important. And as to label discussions again, I need to very much respect the FDA's need to very thoroughly and confidentially engage in all manner of discussions and meeting around the label. So, I'm going to respectfully put aside any questions on label discussions and label negotiations at this time.[/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, once again, Apple by their old words has no interest of going after customers who are actually have a system in place. Remember, the problem that I just described Apple's trying to solve, is for a new small business that isn't running anything that has some pretty simple capabilities that they want to take with the device. That has been a space that we've never really attempted to compete in, and Apple is trying to solve an issue for those customers. Yes, their literature says up to 500 customers, but there's another element of that. We're up to 500 employees, but there's another element to that. It's up to 500 employees where the IT team only has a need for a few simple MDM commands. No security need, no -- or no identity cloud connection need, no threat defense need, no private access need, none of those types of needs with fewer than 500 employees, the need is for some simple commands. That's really where it's targeted. And again, that's where the market needed a solution. And by Apple offering this, it is actually going to open up for more small businesses to start using Apple. And by that, I mean Apple devices, which is what we want.[/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 all border -- at the border, at the borders.[/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. So, I think there's two drivers. I think as you note, the acquisition, the Signal Sciences product, does have a higher gross margin. Some of that is mitigated a little bit by purchase price adjustments that tend to get pretty de minimis as you go into 2022. What's largely offset that has been our investment in the edge cloud network, both in bandwidth and in infrastructure to support the growth that we've seen in new customers and to be prepared for additional growth going forward. And as I indicated, particularly as we're looking at a global expansion, a lot of those costs in the international markets are costs that you incur before the traffic hits. And so that's been the bigger driver. I think from a price perspective, while there are price declines, we've actually seen a deceleration in the rate of price declines in 2021. So, I think from that perspective, we feel that it's not really pricing as much as investment. There is this big year-over-year comparison where because of the COVID pandemic and the very quick spike in traffic, we saw exceptionally good increases in our gross margin in 2020. And what we're seeing this year is kind of returning to where we were before. And investment offsets some of the benefits from the Signal Sciences' higher gross margins. I think if you look at the medium to long term, as we grow the security business, as we spoke about earlier, grow other products and Compute@Edge applications and continue to add and accelerate enterprise customers, those are things that will be accretive to gross margins over the long term. But to bring those customers on, we need to have a global robust network.[/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>> Those were NDAs, Roger. Fully executed NDAs.[/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, it's -- look, it's a little bit judgment and instinct. And if there was another unexpected big step back, we don't want to be scrambling. So we've been talking a lot about this. If cash flow generation continues to improve into Q3 and Q4, advance bookings look good, some business travel comes back, we could see ourselves going on the lower end of that. I think what we've committed to internally right now is no lower than $2 billion coming out of this year. We have a big capital commitment next year. And so we want to be mindful of that as well, Savi, but we're well above our normal sort of need for cash right now. I don't know if we'll ultimately go back to one two to one five, that's something that I think we'll be sort of thinking about and making decisions about the next six months 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>> Yes. That's a good question. I would tell you that we're in the foundation lane phase and not ready to give specific timing with regard to our participation in the 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>> Thanks, Shannon.[/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 thanks guys. A quick follow-up on the insurance business. Did that affect all of Q3 or just like the second half? And then secondly, can you kind of bridge at a high level, 3Q adjusted EBITDA to 4Q adjusted EBITDA? It's dropping from a little over $40 million to maybe $20 million or so at the midpoint, and it sounds like it's insurance and mortgage. But could you kind of rank the segments the, which ones are kind of being -- which ones are the weakest?[/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, Steve, yes. When we looked at the Ground Force would be kind of in line with our free cash flow profile. Deist is just maybe a tick below, but we expect with some of the improvements and as we push this product through the channel and expand it, we think they'll be somewhat in line. But I don't think there's a huge disparity between the profiles of the two businesses and our free cash flow profile.[/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 you have muted 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>> 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>> Look -- I think probably the underlying -- premise of your question also points out that we obviously will have a really good working relationship with our pilots throughout the pandemic, worked hand in hand with them. And at the end of the day, we are confident that when we do get to an agreement that will be one that works for our pilots and for the overall Company. But as you can, I'm sure, appreciate we don't get into discussing the specifics of our discussions or negotiations or the time frame for reaching agreements in public or on earnings calls. But I appreciate 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>> Yes, John, thanks for the question. The pipeline is healthy. The number of properties that have either come to market or that we've scouted out, is probably as healthy as we've seen since we've become more acquisitive and it's become a bigger part of our strategy. The properties that we're looking for are, what we refer to as a platform, like a Softworld and by platform we mean a company that has exceptional growth prospects, high-quality management, excellent technology and processes that we can build on, not only expecting them to contribute revenue and earnings, as they were before we acquired them, but at an accelerated pace. So using Softworld as an example, we saw Softworld as one of those platforms and supported their growth through investment in additional recruiting and sales resources, as early as the first month that they were part of our company. So, those are the kinds of properties. I think there will be a bias toward properties in our fastest growing specialties. So, that would be science, engineering, technology, telecom, our OCG practice and education. And just, and maybe I'll ask Olivier to comment, in this market, while there is a lot of activity, we're very mindful of valuations and ensuring that we don't overpay for these companies that we're looking at. And I'll ask Olivier to comment on what standard we hold ourselves to -- in order to ensure 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>> Yeah, 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>> There are significant number of coal gasification projects and their consideration, not only in China but also in India and Indonesia. Those are the places where we see the most activity. And we expect, I think, with COVID, everybody pulled back, as you know, very well in terms of capital expenditure and so on. But as time goes by, we do -- we are optimistic about gasification. We have a very, very strong position there. Quite frankly, we are by far the market leader. And if there is another gasification project in the world, I would bet you 90%, that Air Products will get that. So I think that we continue to be optimistic about 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>> Certainly. Yes, Adam. I think Brink was historically a very tiny business. And given -- as you get scale, you see immense impacts. And remember the last two years, none of the focus of management has been on margin. It's been 100% on getting the product right, which was I don't want to overengineered, but it was a ton of focus on building out a product group, building on engineering teams putting a ton of investment spend behind that. And so we haven't got the benefit of that -- of those investments, but those are to come, particularly as we launch new products off of that same team. You see the margin expansion from scaling our existing products, but also each additional product should be incrementally much higher gross margin, which I absolutely expect for us to be the case.[/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 David, thanks for the question. The company has been following with interest Chicago for some time, and that obviously predates me. But our interest became very serious when the city moved to rationalize the tax structure. I think we've got a very comprehensive plan that we're proud of the George has been dealing with much of that plan over a much longer period. So maybe, George, can you comment to Chicago and the future capex investments?[/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>> Jefferson, can I answer that one?[/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. Myles, this is Mike. Right now, we're, I'd say, roughly around 75%. We've seen a tremendous uptick in the last 30 days in folks getting the vaccine. I think the breaking news right now, it looks like the executive orders being moved out into January and the -- and they're talking about having your shot by January, not completely through the quarantine. So we're going to have to interpret how all of that plays out. We're working very closely with our customers on how do you implement the executive order. I mean the executive order is -- we've been -- we have been -- from a policy standpoint, we have been directly aligned with what the White House put out. But as you -- as you kind of hinted out there, the executive order is not contractual. And so working with our customers on all of our contracts to figure out how best to implement that executive orders, what we're doing, and we're doing that across the board. So we're continuing to move ahead. Our ambition is to get as many of our employees vaccinated as we possibly can because we are committed to a safe workplace, and we think that's the best way to do it.[/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, Christine. That's absolutely fair. It is a -- the market continues to contract for term. We've always been in the camp that long-term contracts are a key building block to this market as it continues to grow and develop. And as we talked with Shneur, it is a period -- we've gone through a period where oil indexation was more attractive to buyers than NYMEX. Now we're entering a period where we firmly believe the opposite will be true. We are quite optimistic on the Chinese market for gas and for LNG. We think this is a critical component of its economic and environmental objectives. 14th five year plan continues to to commit to that, President Xi has committed to limit and actually decrease the amount of coal generation in subsequent five year plans, which all bodes quite well for us. We're very proud of what we have done to date. We have a great commercial engagement with our Chinese counterparties, the SOEs and the Tier two and Tier three players, and we fully expect to have more commercial success there. It is a very large and important market. As Jack has said in previous calls, it can double the size of Cheniere in and of itself. And and we continue to be quite engaged there. But I will tell you one of the reasons we highlighted on this call, non-China Asian markets is because there's there is a broad range of opportunities beyond China as well. So just like on capital allocation, it will be all of the above. And again, we're entering now what we see as a multiyear period where NYMEX based contracting, long-term contracting will be very attractive.[/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, Samik. So let me start on software. Yes we are, we are, as Frank just said. Our conviction in our growth in software continues to increase and continue to get stronger for a couple of the reasons. The first is, we are indeed seeing very strong utilization of our multi-year subscription agreements, getting better visibility into expansion and true forward and so far what we're seeing on expansion in true forward and even our renewals, but the performance of these aspects of our software business is well ahead of our own internal targets. So that is an important part of our confidence. But the second part on our confidence is that we also have some catalysts in our software business that are starting to play out as we thought they would and perhaps even better. If you look at NGINX, the momentum of adoption of NGINX is accelerating in part because we have a larger set of products and modules on NGINX from the investments we made a year and a half ago. So the controller App Protect, the security beep [Phonetic] on NGINX moving into API Gateways. Those are growing the addressable market for NGINX and some of these catalyst haven't even played out and will play into 2022. We see growing demand for security, including Shape and a lot of that is consumed in software. And BIG-IP is also growing in software, as I said in public cloud and private cloud environment. So if you combine all these, you answer that, that we see a 5G opportunity that's in software in 2022 for the 5G core. Those are all catalysts that will continue to drive the growth that we expect to see software.[/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. We were up in March over February, I believe, 20% on transaction volume and 20% on dollar volume. So a dramatic step-up in March.[/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. Not just for recurring capex. But I would say some of the opex as well, you're seeing some of the COVID fluctuations. If you look at the -- I think it's schedule 28, recurring capex stepped down to as low as $34 million in the first quarter of '20, $38 million in the second quarter of '20, then $53 million and $83 million. So we did have a little bit of a catch-up period in terms of, call it, timing. As you can see, Jon, our guidance for recurring capex for all of 2020 is roughly the same number as prior year. So $220 million, I believe, or $230-ish million. So we had a little bit of fourth quarter catch-up in there. Just the only major items, we had a -- we had some refreshed capital on some second-generation space that I think we're converting to colocation when a PBB or a TKF customer had exited. So that kind of hits -- that's not first generation. So it hits through the recurring capex. I think that's a product of the, call it, maturation of our portfolio and recustomering to new types of customers in different shapes and forms. But I wouldn't -- you can't just annualize that as next year. You got to look to our guidance table for a more appropriate view for the full-year 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>> I'm going to add a little bit more color on to Illinois and then let Kathleen talk about the federal side. The governor in his administration, the leaders in the legislature have a really tough job to do. They are bringing together coalitions that have, in cases, different priorities. And as a member of inputting into these coalitions, we're at a point that we need to figure out how to best support our leaders, so they're able to execute on legislation that supports all within the right timing, within the right economics. But we're here to support and we recognize the tough job ahead of our leaders, especially in the legislature and committee leaders being able to bring something to fruition. So I just want to make sure that we're clear on that point. And with that, I'll turn it over to Kathleen to talk about the federal.[/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. Question on the -- maybe first, same-store sales. What do -- and the -- I mean, obviously, up 18% for the OTR, very strong. And I know you've won a lot of customers, but maybe could you give a little color on same-store sales between OTR and non-OTR?[/INST] Prediction (one of UP, DOWN, SAME): DOWN