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[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. Thank you. Well, first, it starts with the ability of our discipline capital allocation and strategy, and the team's done a really nice job driving free cash flow improvement. As Duffy indicated in our opening comments, really done a great job, strengthening our balance sheet. So, now we believe we have the opportunity to look at inorganic growth. And our principal focus really is in and around our MP businesses. Specialized equipment markets, we have leadership positions in those markets, and it still remains a relatively fragmented in the segments that we compete within MP. And so, our initial focus is we're building. Our M&A pipeline is in and around our MP business and our lifecycle businesses. And we're building that pipeline, and we do believe that inorganic growth can now be part of our overall growth strategy for Terex. So, the team is working on that, and we're excited about the potential and the opportunities that we're seeing for M&A activities. But again, we'll be very disciplined in our approach to M&A, but we absolutely are looking at M&A opportunities for us going forward.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Just, you see the numbers for China, 21 million tonnes in the fourth quarter continues to be the primary engine of LNG market growth. And as Jack said, we have terrific commercial engagement and everything we see today from the administration is supportive of LNG exports. And of course we received our export licenses when President Biden was Vice President Biden so expect good opportunities ahead.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thanks, Tim.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
I think that our internal engine is really strong on the residential side already. We are scaling R&D there at a level that no one else is. So I would expect us to consolidate residential activity organically [Technical Issues] through time. And so, I think when we look at -- we're not going to say no to any single category. The category is only one part of the equation, management is a big part of the equation, the health of the business and other attributes. But I'd say, generally, our bias is probably to look at opportunities that are in areas where we may not be as strong organically.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
It's -- that's something we -- you think about every day. I mean I -- even when I was commenting on how I sort of contextualized the loss ratio and rate adequacy in my prepared remarks is, if you look back at the cycle and you see many quarters, as I said, was about 22 quarters in our case where rate increases were below long run loss cost trends and now we're at 5. And so you think if that plays out, yes at least from my advantage point think about rate adequacy and loss ratios a little bit of a longer context. Of course one could make the observation that this cycle not having hit the same highs, it will be different than the other ones and social inflation clearly is unlike really anything I've seen in the last several decades.
So it's hard to know. We've seen it impact our casualty lines not been really changed during the pandemic, not sure whether the pandemic embolds in the plaintiff bar. So look, I -- we try to do the best that we can adding a little bit of maybe bias for prudence as we suggested and try to be as transparent as we can before you in how we think about it, right. So difficult to know for sure, Gary, whether it's going to play out as it did in the past and we take what's there in front of us and we think we're making the right decision.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Okay, well, thank you. Thank you everyone for joining. Sam is around to take your questions, and we appreciate all of the focus and attention this morning. Thank you.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Sure. Sure. So under the PCD loans, there are some reperforming loans there. And I did mention earlier that we do have '17 RPL one that's outstanding and callable.
And as we call the nonperforming deals as well, inevitably, there are loans that are performing within those deals. So it's a little bit of an art rather than a science to move loans around to where the best execution is. But there's certainly room within that portfolio to do additional securitization or to call and then reissue securitizations. Under business purpose loans, we probably do have enough single-family rental for another small deal.
And on the fix-and-flip side, that's possible. The fix-and-flip side, the securitizations aren't quite as compelling there. The structures are a little bit more complicated because of the really short-term nature of the asset. So while that possibility exists, it's a little more difficult there.
And we've done three non-QM securitizations since September. And as I said before, suffice to say, we have more non-QM loans, and we're working toward that as well. So we think we've got securitizations sort of stacked up for at least the next three or four months in to sort of chop through some of these.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes, Rich, I'll make a couple of high-level comments. I will tell you that the amount of interaction that our local operating teams have had with our tenants, starting well over a year ago in helping them manage COVID protocols and enhancing the environment for the safety of their associates. Second, the work that we've done with our own people in the development of our buildings because the number of people that we have on site when we're building a building. So those increased protocols and safety in general. So I won't say that any of it is in reaction to horrible events like what we saw at the FedEx facility. But I will tell you, the amount of interaction on all of those subjects with our tenants is probably double today from what it was 18 months ago.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
I don't know what you mean by on the come, Ki Bin. But, Dan, you want to tackle that.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
We talked about our revenue growth outlook at the -- in February. We're assuming -- for Asian wealth, we're assuming close to double-digit growth in assets, as we said in February, and mid-single-digit growth in other regions outside of Asia. And that would result in probably Asia wealth revenues to grow at around about 10% CAGR, over the next few years.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thank you, Linda.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Hi, yes, Patrick. Yes, I'm familiar with the study and I would anticipate over time that we may see additional lower age new customers coming into this space. I mean, as Marguerite and Paul both pointed out in different parts of their comments, there is significant demand across the portfolio. One thing we're seeing that contributed to results in Q1 and also what we're seeing in Q2 on the transient side is reservations being booked much earlier in the corresponding months, and we've seen in the past. So there is a real desire for people to get out in a socially distanced COVID safe manner and spend time with family and friends, that is bringing with it people with -- first time users and first-time exposure to the RV space. So we may anticipate to see some younger new customers come into this space in coming quarters. We haven't seen that come through on an average age at this point, but that means it's a reasonable expectation.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thanks.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Well, look, we just dove back in the pool, right? And so that's a number I'm sure that we'll come with because there's just a ton of buying opportunities out there right now and you see our competitors buying, and you'll see us do the same, in particular, between now and the end of the year. And so yes, I think at some point in time, we can define that. But we're really kind of starting to hit our stride from an M&A perspective. And so give us a few quarters, and we'll begin talking a little bit more about that as we kind of define how many of these stores we're going to buy and where we're headed with this.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah, Chris. It's predominantly mortgage and we had such a great year. This past year, it's a little difficult to project how that's all going to work out. So did the best we could and -- but it is mortgage.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Sure. Yes. I mean you're right, Ken, we're not going to get too specific. Our hedging horizons vary. We kind of said in the past three months up to two years, depending on what's available on the market, liquidity, pricing, and I will say our commodities team is very good at interpreting the signals and trying to make smart moves with respect to that hedging program. Beyond that, we're probably not going to comment and I said cocoa's moved around. It's down a little bit. All people -- you might interpret that as some opportunity if you were to be a little bit longer from a hedging standpoint, but we really don't want to say any more than that yet about '22.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
You know, from a dollar per se -- we don't have the dollars per se, I would just say that with the refinance activity, we had some refinancing at there, some decreases at the end of the fourth quarter that we had in the third quarter as well. So, I think generally speaking, there's some portion I think in everyone's loan yields that have the prepayment. It's just the pricing of our loans. So I don't think we separated out for just that. It's part of the loan's pricing structure. So you've given up maybe some portion of the -- the yield or you've added it in, in order to get the prepayment.
So, it doesn't really create any variance from quarter to quarter.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Hey, Jeff.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Hey. Good morning, Steve, Ron.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thanks. Good evening, management. Thanks for taking my question. I will ask my question first in Chinese.
I will translate myself later. [Foreign language] So, I will translate my questions. In recent years, there have been some independent game studios which were able to launch very successful self-developed titles. Just like NetEase, these new game studios also published their games on their own instead of going through third-party publishers.
So my question is, do you think in China's mobile gaming space, the competition is becoming more intense? And if that is the case, how does NetEase plan to cope with the challenges from these small but quite competitive game studios?[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thanks Dana.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
In what? In upscale?[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
That's good, Paul. OK. We'll let -- I'll let Jason take the second part, and you directed the first one to me. Relative to Pembroke -- and Lane, you can chime in on this too, and Rich Walsh.
But when you look at Pembroke, it supplies domestic demands within the U.K., and it also supplies Ireland and other countries. So we do export out of Pembroke. We bring fuels to Canada when we need them out of Pembroke and so on. And so it's one thing for politicians to come out and lay down a hard line and say that they're going to do something.
But there's human beings in that country as there are in our country who have purchased internal combustion engine vehicles, and they have an opportunity to weigh in on these issues and these decisions going forward. So Paul, I think we all get very concerned when we hear these things. But if you just go back historically and look at how things play out, they don't always turn out exactly the way that we fear, OK? It's usually never as bad as we think and never as good as we think. And I think that's certainly the case here.
But we have a clear focus on Pembroke. And Lane and his team are working on different options and different projects that are going to continue to make that a more efficient operation. So Rich, anything you guys would add to that?[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Sure. Yes. So the LTAs -- sorry, there's the lease termination agreements, the LTAs. Yes, a portion of those were related to the tenants that want to vacate early. And so we're able to structure arrangements that were opportunistic to freedom of their liabilities while getting the net benefit of LTA, and we had the opportunity to backfill with other grocers for those spaces. So again, when you look at the net add, it made a whole lot of sense to proceed with those deal structures.
To take advantage of it, they are onetime events, which is why we want to make sure to call them out. And those do happen periodically throughout the course of our business. It just happened to be that we had a few opportunities that hit all at once in Q1. But when you look at those, it's always about what is the opportunity to backfill, how does that complement what you're already trying to do with the strategy of the site, and you want to be opportunistic at those times to take advantage of it. And in terms of regional, it's not really regional in nature. It's situational, just dependent on the center, it could vary region-to-region, quarter-over-quarter if they do exist.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. I'm often happy to speculate. Of course, my feeling doesn't matter, right? It will be the data. But I know -- of course, we all recognize that. We look at the history of treating HPV and it doesn't marry a bit by genotype, but where there's been success, albeit at a low rate and achieving functional cure, that's been in News+ interferon. It hasn't been new to And I view that as the crack in the door, so to speak. And there's a real question there, can you widen it? And I think it stands to reason that if you suppress that antigen, which is the tolerizing agent, the immunosuppressive activity of HPV, then you're likely to increase the activity of the NUC interferon And so I think the most straightforward way to think about it is Duke, RNAi and interferon or some other immuno active agents. So that would say that among Roche's three triple combos. I think it's more likely that the interferon or the TLR seven arm are -- would perform. Now obviously, interferon has well-known downsides. And it would be great to replace it with something better. And maybe Atlr seven agonist is something better, maybe there's something else earlier in the pipeline. I think the optimism around core inhibitors has waned a bit as the core inhibitors in combination with haven't really shown a differentiated activity. So harder to see why adding RNAi to that combination or CPAM is going to, all of a sudden become a whole lot better. So we have a preelection to thinking that we're likely to succeed in immunoactive combinations, but it's a clinical experiment, and we'll see what happens.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. I think the first thing is just go faster. And my team has probably heard me say that 100 times the last six months, like we're not going fast enough. So the things that we've already targeted I think are the correct things. So go faster in menu launch. If you want to drive utilization, offer more tests on analyzers that are already sitting on counters. It's really simple. And so that means you got to launch more menu, whether it's a regulated menu, which takes a little bit of time, or it's just assay development. So I think going faster and building out our menu is definitely an area. Going faster on things like professional services. So we have cytology now with Lacuna. Expanding that, hiring more international resources to serve multiple time zones. So we're going faster in professional services. And then I think we can expand professional services as well. So it's just going faster, and then obviously our international initiatives as well. So I think it's the things that we've already targeted and already highlighted. It's just making those things go faster. That's how I would look at it.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thanks.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. David, honestly, we haven't got a lot of clarity on that from investors in our conversations at this point in time. I'm looking forward to -- you know, we've been really excited to get not only one but two of these kind of under our belt, and hopefully, start to gather some of the attention that we think it deserves. And I think it's likely we'll have some of those conversations going forward, but frankly, just haven't got a lot of line of sight to that at this point.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. That's an important question, Jack, because as you know, that is the strong driver for margin expansion. And historically, our proprietary product category has outgrown our third-party category by anywhere from 2x to 3x and in large part driven by just the dynamics of how our production platform grows out relative to maybe R&D space. That trend didn't exactly hold up exactly like that in 2020 and if you take a look at the fourth quarter, we had phenomenal proprietary growth 20% or so in the quarter. But we also had very, very strong third-party growth as well. It only lagged by a few percent. And that really is a reflection of some of the uptick that we saw in the diagnostic space and particularly on the antigen side where a lot of that has -- comes from our third-party partners that we work with.
Obviously, we feel comfortable showing at least 50 basis points of expansion moving into the new year and this is our expectation that this proprietary product categories will outgrow the third-party category. The question is, by how much? And I think that gets into some of our reluctance to kind of put a specific range on the guidance for the year given how important mix is to us and depending on how testing workflows hold up for the year, will be one of the stronger determinants of mix for the year. Well, there's also a couple of other areas that probably were lagging a bit in 2020, mainly our third-party procurement platform as well as the equipment and instrument category that lagged for most of the year. How far back those come to normal will also be an influencer on mix and margin for the year, Jack.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. We have a limited amount of broker CDs that will mature for the rest of the year. There is a couple of hundred million in the fourth quarter. It's about $150 million per quarter. But one of the things is we held off on buying much in the way of mortgage-backed securities, because certainly in March, it looked like the longer-term interest rates were really going to go up very much. And so in the second quarter, we expect -- we have started buying MBS. And so, that will use up some of our excess liquidity, and we'll continue to buy $150 million or so of MBS each quarter, so that our securities portfolio will begin to decline from [Indecipherable].[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
The state of core banking?[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thanks.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
For the specific machine parts I was speaking of, those are built to print parts. And so the process is really a first article process. It doesn't take a long time to change. For a larger controlled OEM component that would be a longer process of becoming qualified with a customer. It was a particular critical semi application. But we have not experienced that yet.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Hey, guys. I just wanted to ask about the margin outlook given the increased acquisition contribution that you'll be digesting in fiscal '22. I just like to ask about the margin levers that you'll be able to pull in order to still achieve overall operating margin expansion? And also, I guess, besides digesting this added acquisition content, are you also needing to spend more on people costs, given the award for talent that's out there? So question about margin levers and also the investments in people. Thanks.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thanks, Dan. Steve, thanks for your questions. Next caller please.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Once again, thanks for your interest in our company. We are, as A.J. Nahmad has said, always focused on long term, and we hope your interest will continue for the long term. So we'll see you the next quarter. Bye-bye.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Well, the bolt-on -- strategic bolt-ons that we've done in the past have been very accretive to the company, as we're all aware. And those are certainly the best kinds that we look across the board, like everybody at M&A possibilities. And we don't have anything we're targeting currently and at this time. But certainly, we're seeing a lot of those out there in the industry today.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah, I guess the way I might think about it, Manav is, we've got an enormous content engine, right and as you're getting a sense this company and reference data that we talked about that kind of puzzle piece that's a big part of it. Now we've got other content engines, right. The rating agency is producing an enormous amount of content. We've got commercial real estate capabilities and then we have, I think there's kind of several ways to distribute that. One of them is through ERS, right.
ERS is effectively software that is being used and embedded into customer workflows and banks all across the world and it gives us an opportunity, I always think of it as kind of risk as a service, maybe that's the term I'm going to coin on this call, but we're putting a lot of that content. You can imagine the data and analytics, we're putting that content through those software as a service solutions, right. We're also leveraging that content in our research business and then we're looking for other ways to be able to distribute that content whether it's through APIs, whether it's through partnerships with third parties.
So just a big content factory and I think of the software as a service business, the ERS business as one of the platforms for distributing that content and the other thing I'd say about ERS is it's deeply embedded into very important workflows at these financial institutions. So it is very sticky once it's installed.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thank you, gentlemen, for a great job. And I'd like to say that I really love the presentation format that you did. Very clear, very easy to understand. We have gotten to two new ships.
Can you give me some feeling as to all ships right now? Do you see selling any of the older ones or turning them to scrap during this coming year, 2021 or 2022?[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Hey, guys, good morning.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thanks.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. Alex, this is Gary. I don't think it's really, really changed. Now the Huawei dynamic has been around for a long time. So no real change to that. I think where we're getting increased margin, I think, is a reflection on the scale of the business, the technology that we have and the vertical integration that we have and the innovation that we're bringing into the market, and that's helping drive our gross margin. I think the pricing environment generally has not changed. We haven't seen any appreciable change in behavior from any of the main competitors.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. Thank you.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thank you, sir.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Sure, I think just to clarify, I suspect you're referring to sort of the impact that census declines have had on our staffing levels and the fact that we've worked arm and arm with our customers that in as much as their census has declined as a result of the events that have unfolded over the course of the past 18 months. We've correspondingly been able to reduce our staffing levels and purchasing, whether that relates to supplies or to food and food-related items.
So in as much as census begins to increase in any particular facility in a way that requires sort of an add back, if you will, to staffing levels and/or purchasing, that's something that we'll do with any particular client. So there weren't sort of sweeping adjustments to contractual relationships per se, but really more just that flexibility in working with customers as their census declined and have every expectation that as we've begun to see census, albeit modestly, but as we've begun to see census increase that we would make those corresponding adjustments very much in concert with the customers as well.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. In the -- I think what we're suggesting is that in the MedTech business, we would expect the revenues to be higher than what we had in 2019, as the business returns to growth over 2019 level starting in Q2 and then in the back half of the year. So, for the FabTech business, there is the opportunity for that depending on how quickly the developed markets recover. As we mentioned in our comments, the developing markets have shown considerable resiliency and growth throughout 2020. We think that continues in 2021. But in -- for the developed markets there, it's really just about the pace of the recovery that which we expect to see more toward the back half of the year.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
No. It's difficult to say if we can grow. In credit card, I think we still have room to grow. In investment banking, I think we had a very -- a fantastic quarter.
So if we are able to deliver another quarter like this would be good news due to the great performance that we had. In the asset management, we may be able to deliver a little bit better than what we had. But as you see, we are still growing year on year and quarter on quarter. So I think we should be delivering something around the numbers you are seeing here a little bit more, a little bit less, but the performance is very similar to what we saw this quarter.
This is what our expectation is related to market risk. It's difficult to make any estimation, but it's my best guess looking at the figures now and trying to project the future. On the insurance side, as you asked, we hope the losses we had due to the COVID, we believe that it should decrease in the coming quarters a little bit. So the results of insurance should be better than what we saw this quarter.
This is our best expectation as well. But we have to see if there is really this reduction, but it's still working on higher levels of losses due to the COVID. So this is something that we have to keep focusing and following to make sure that we'll be able to deliver a better result. Structurally speaking, we are doing a important change in including in management on the insurance business.
We have higher expectations that we can grow the business in the coming years. I'm not sure that we're going to deliver these coming quarters, but you may see in the coming quarters a positive trend.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thank you. Good afternoon. I wanted to touch on deposit. From my understanding, carrying excess deposits on your balance sheet weighs on your margins. And when I look at it on a quarter-over-quarter basis at the bank level, looks like deposits actually declined. I was wondering if you could provide an update on your outlook for the deposit runoff? Do you expect to retain a lot of the excess deposits you're currently carrying? Or have you seen a runoff or withdrawals of those deposits pickup as the economy reopens?[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
No, there was not a higher variability. I mean, the 15 lots has been based on statistical methods there to be able to show equivalence based on value statistical tests there between two-type of process versions there. And the 15 lots has been done for historical, for pivotal, for intended commercial there. So the 15 is not linked with a particular aspect, but statistical power to be able to show equivalence between these different process versions.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Just in April?[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Lawson, I would say that in the case of Manitoba, it's a more complex environment given the pending closure of 777, but we continue to advance the collective bargaining process with our unions to work toward concluding an agreement that works for everybody. Ultimately, we and they are focused on a fair settlement and we expect to achieve that.
Now, to your question of the proportion of our personnel who are unionized, in Manitoba the entire workforce is unionized. And in Peru, approximately one-third of the workforce is unionized.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Good morning, and congratulations on the quarter. David probably I've asked you every quarter about the possibility to accelerate growth opportunities. It's just amazing, from listening to your comments and thinking about how the business has evolved over the years. The opportunities ahead for your company, is there a way to accelerate I guess the development you talked about a goal of 16,000 lots by end of year? I think you said delivery paid 3,000 to 4,000 homes by '23. Is there a way to accelerate that and if not, what's the limit is it human resources what limits that from growing faster?[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thanks.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. I probably see it net. I mean, I think that underlying everything is where the cost of renewables are going. And that I think like the U.S., Europe has -- and one has to be thoughtful about numbers that are put out there.
I think both Europe and the U.S. strongly feel that hydrogen generated for renewables can be lower cost in hydrogen generated by natural gas. And certainly, it's a journey. But it's a journey that I think both nations, France and Germany, feel that it's the best -- it will be the best source of energy for many, many applications.
I mean, I think commercial vehicles, large-scale stationary, how you support these networks like ports. I think if you look and you hear these numbers, 20% of world energy from hydrogen, they really think hydrogen is really the solution to meet those needs.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Good morning, Joe.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Look we're excited about it. We think that there needs to be a focus on the video product. Obviously they've been losing a lot of customers. I think that they've obviously had their attention and been spending their dollars elsewhere. So to have a company that's fully committed on sustaining their customer accounts and hopefully over time growing their customer accounts, it can only be a positive for us. I think they've already come out and said that they want to stem the losses from a subscriber basis. That's fantastic for us.
So we're encouraged by it. We think over time that will create more opportunities. We were already excited coming into 2021 because we think it's going to be the first year we don't have significant declines in the business on a year-over-year period like we've had the last few years. So that coupled with this change I think is going to be a very positive from our side.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
That's right, Matt. We expect that our first quarter revenue is going to be our lowest quarter of revenue in the year and a lot of inventory that we have on hand, some of it was very strategically brought in to support some of the growth that we're seeing. So, we expect that our inventory turns will be improving sequentially.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes, Ryan, really, there's nothing more we can say. It's ongoing. Our disclosure is everything that we can say about it at this point.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. Thank you, Elsie. I'm going to first pass it to Jacky to take your questions, and then we'll see if Michael has any additional color.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Sure. So the second half expectations for EBITDA does take into account. Hiring, we are doing on both the customer success side as well as the sales side. Based on our performance, we've already seen to date and our expectations going forward. So would be correct to think that in the back half of the year, the spend is higher than the front half, some of that just naturally is just timing, right of one higher occur [Phonetic].[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
So I think across the entire business, there's many, many different things that we can focus on. Obviously, we have a very complicated business from vehicle acquisition, transporting it to the inspection centers, running the inspection centers, merchandising it for customers, pricing for customers, building the finance business, running our warranty product. There's so much that we can work on. So we have -- across the business, we have on the order of 70 different product teams that are working on all these various road maps at different points in time, and we do our best to prioritize all those different projects as intelligently as we can.
Generally speaking, we won't kind of comment on what that underlying prioritization looks like, but there's no doubt that there's opportunity in the future to add additional products and that, that could be potentially exciting.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
I think that it will get back to some point. And I think a lot of it just depends on your investment. I think people that are doing good are going to continue to invest. But again, it may be a slower -- it may be slower than what everybody thinks, too. But again, the economy -- you got to remember, the economy has been shut down for so long.
The GDP numbers that you're seeing right now, an 8% and 10% on that, it's going to be so much more than it was previous year. But at some point, hopefully, we'll get back to normalization. But I guess what we're saying is a lot of the inflation rates that we're seeing and stuff like that may not be transitory, I guess, is what we're saying.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
You got it David.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thanks, Joe.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
I think you nailed it.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thank you.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Angie, good morning. We -- our base plan is really to grow our company organically. We see that being the most accretive way to create value for our shareholders. And we have got a $17 billion plan in front of us, which we are always looking for opportunities to accelerate. And one of the reasons we are primarily focused on the organic growth around our platform, current platforms is that, you get in a book value and your shareholders get a multiple of that book value from a value perspective. So it's the most accretive thing we can do. Having said all that, if there's assets that could become available to us and create value for our investors, we are always open to that. But it's certainly, Angie, not our primary focus at the point in time.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thank you. To conclude, we're excited about what's to come and are proud of our remarkable progress. As always, we will seek to continue to drive the science to uncover important insights into the biology and mechanism of our candidate and we remain uniquely positioned to unlock the promise of these potentially foundational immunotherapy candidates in the clinic across patient population typically considered unresponsive to current treatment. Thank you for joining us today and your continued support. Stay safe and healthy.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
I think we are always looking at opportunities. I think we are mindful of leverage levels when we're doing that. We're also mindful of what the organization has on its plate and whether they can handle an acquisition. I mean the two bolt-on acquisitions that we were able to do last quarter were manageable from a debt standpoint, they were manageable from an organizational standpoint.
And any future deals, we would put the same lens on to make sure that it was strategically important, it was manageable within debt levels and manageable from an organizational standpoint. Those are all -- always lenses we make sure we take these opportunities through.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
No, I actually made that comment exactly, Joshua. I said that we're not seeing that, so the -- any of the news that we've seen in push-outs of completions, as we believe that's transient in the short term. I mean, we are not seeing that in our demand. We're having some of the best -- we have some of the best demand we've seen in recent history and we expect that to continue. The -- I think that's exactly the comment I made.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah, I think I'll answer that one, Lawrence can add in there. I mean, we're seeing and we're not going to give you percentages because it really varies by region based on the split of our packaged versus restaurant. But in the Americas, we've seen very strong CPG performance, mid-to-high single digits offset by similar ranges on the branded foodservice and restaurant side. But it's the mix of the business in regions, which give you that. But overall being positive, we're very thrilled with that. We know a lot of people were surprised by that even though consumer grew very strongly.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Eric, thank you for the question. I would say, it's really both things, I mean I think that PPE demand has remained elevated and strong that's certainly contributing and there is no question that as COVID test kits emerged on the scene. Remember, when we provided our guide at the beginning of this year, it wasn't such a thing as a COVID test. So as the scientific community or the lab community began to develop these tests whether molecular, antigen, antibody, because of our existing business in the lab, we were really well positioned to help get those to market quickly and swiftly and we have certainly benefited from the strong demand for COVID test kits.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Did you want to -- do you want to add something, Phil?[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thanks, Michael. We've been testing and looking into claims in Snapshot, understanding the facts of loss, fraud, other things for quite some time. I think we've had 150,000 customers that are currently -- that we currently have access to claims information should they have a loss. And we'll have more to come on that.
We've been working on that for a while, but we think it is an important next step for the use in our Telematics. And you know, we've talked often on to about do we have continuous monitoring? Would that help not only with understanding the likelihood of changing driving behavior but also can help with other necessary things that customers have grown accustomed to in terms of added services like tows and gas stations and things like that? So that is on our list as well. Currently, you know, obviously, during the pandemic, our big effort was to try to understand vehicle miles driven and how that relates to work from home versus not work from home, etc., as well as some of the other items we've talked about the Apron Relief that I've talked about in terms of actually a shorter monitoring period to give people who believe that they're driving less the ability to improve that through data and give them a lesser rate. But you know, we've been on the UBI bandwagon for a couple of decades, we'll continue to do so, we do so on both the personal auto and commercial a lot of side, we are really happy with our Smart Haul results, very successful. And the program is very profitable on the commercial auto side because that's a big expense for truckers, but I mean, all of those things are on our agenda, and we continue to invest a lot in this area.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
You're welcome.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
No. No change in the strategy. This is a -- this business is more vulnerable. It had a bigger impact from COVID.
But it is -- it has been historically a very profitable business, and it will take a little bit more time but will return to strong profitability.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thanks, John. I mean, Ken, sorry.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Sure. As of yesterday, we're just about flat within a penny of where we ended the quarter.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Oh, I'm sorry. I apologize. Yeah. Sorry, I didn't get to your whole question.
The answer is both. You can license the software, and we will also provide service through tech-enabled services as well. It depends on, as I think we've said in previous calls, it really depends on the client. Larger clients with internal groups, a lot of times they prefer to license the software directly.
And other ones prefer to use our services groups to do the work, to basically use our software and do the work for them. So both of them are valid, I guess you call it delivery mechanisms for the technology to our customers.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
It's across all properties. But as you'd expect, there's a concentration at City of Dreams. So yeah, and it's more proportionate to the sort of employee base and roughly proportionate to the EBITDA. So if we think about where that could go. It's -- yeah, the vast majority of it is going to be at COD.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Good Morning thanks for taking my question First, the health insurance offering sounds really interesting. I guess, can you just give some more detail on when that will be rolling out and the kind of the structure of the operating?[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. So a couple of things I'd highlight about Q1 RPT. In terms of quantifying the co-insurance and deductibles, that's somewhere in the $5 to $6 a treatment range. So you'd add that to what you'd expect to see in Q2. We also had a pickup in Q1 over Q4 as a result of calcimimetics. I'll remind you, calcimimetics OI in 2021 will be similar to 2020, but the seasonal pattern will be very different. So we picked up $2 -- about $2 of RPT in Q1 over Q4 from that.
In terms of looking forward about what RPT will look like, we've moved away from guiding on RPT, as you'll remember. In terms of what's a reasonable number, is 2% reasonable? I wouldn't say it's unreasonable, but it might be a little on the high end of the range that I'd probably think about. But we'll have more to say on 2022 RPT, obviously, later in the year.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Sure.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes, the long-term target is 20% or more.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes, Sterling. I mean as we said, our Q2 in quarter renewal rate is currently at 86%. This is this is consistent with what we did in Q1, maybe slightly lower but not necessarily what we did -- what we, if not out of line with what we expected. When we send out renewal quotes, we send out 90 days ahead of time.
So Q1 was in flight from a renewal standpoint at the time of the cyber incident. So that's one of the reasons why we expected Q1 to be better maybe than the rest of the year is because we knew that a certain part of our base had already renewed. So as we move into the rest of the year is why we continue to say that the renewal rates would be in the mid-80s, low to mid-80s as we move through 2021 even though the first quarter was a little higher. We were very pleased with the fact that we are now at 86% on in-quarter renewals for the second quarter.
We also know that the rest of the year is going to be -- will be -- still be a challenge for us but it is our number one focus and it's our number one priority is maintaining our customer base.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thanks, Chris. Thanks for the questions.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes, GoPro.com did great, record quarter. We doubled the business year-over-year basis in that 92% sequentially, so terrific performance on GoPro.com. Our revenue came in within our guidance. Within the split between retail and consumer, we were within like 5% of our revenue was kind of split between a little bit more heavy to retail than D2C. We definitely saw some slowness in EMEA and APAC channels, largely related to COVID and North America did do well and better than what we expected and made up for some of that in Europe and in Asia. We've also taken that into account as we look at our forecast for Q1 and trending on sell-through, we think is trending right into the 700,000 units that I provided on the commentary.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Well, just, again, maybe to start with the broader space for us is it's pretty wide ranging for us. As we have always been a major player with deep space exploration and NASA being a major client for ours and we're solidly positioned there around Artemis and the research and development work they're doing around hypersonics and space architecture, et cetera. And now with the KeyW acquisition, ramping up very nicely, the whole low earth orbit, ISR, Rapid Solutions. And then you go beyond there with missile defense and some of the other aspects of space, it's become a very major market for us, specifically. Bob, around the commercial sector?[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
I think it was down 4%, trending in line with the company. And it does -- it is worth noting, again here, we got something really good going on in Japan right now. I mentioned in the script, but it just started in Japan, and we're already feeling comfortable enough to be on the call saying, we got $1 million product line in Japan this year. So I think that's going to help. We've lost some sales, as you can feel from XenoSure Europe. It's been painful over there. That's been the -- that's the main attraction in the CE thing. And so we've lost some sales. We hope that will come back at some point. But in short to answer to your question, I think it was minus 4% in Q1. And Dave or Jay, you could correct me if you got anything different?[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
It is achievable. Remember the reason it's $102 is because the mix. The mix was all hyperscale. That is -- so that -- last quarter it was at like $133 because you had the enterprise with in whatever. It's also in the US versus in Europe and rates are lower in the US than Europe. So I would say at the rate the $102 we have very good returns. As I said earlier that $103 we're in the range of the 8% to 10% and it's a very good return on a leverage basis.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Hey, guys, thanks for taking my questions. I have two from me as well on Pemazyre that has been launching ahead of expectations in cholangio. But we noticed that two additional studies here starting out in lung cancer and GBM. Could you just comment on the opportunity in addition to cholangio for Pemazyre and their path to market perhaps in other indications? And the second question on Monjuvi, I guess, based on the experience so far, how should we think about the potential launch trajectory in Europe, especially since you would presumably be launching into an environment that's less impacted by COVID at that time?[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. I'll go first and I'll see if Bill wants to follow on. But yeah, it's the biggest we've ever had it. We've talked a lot about the recent acquisitions, heavy industrial focus. Obviously, data centers right now and technology is a big component of that today. But also included in that we're seeing a lot of good pharma and food processing opportunities as well, Brent. So, I think those would be the three largest areas that we're looking at, at the moment.
Bill, anything you want to share on that?[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Good morning.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thanks and good morning. Just curious, if you go to the new disclosures over the last couple of quarters, on how you segment deployment size, retail colo, small scale, large scale, hyperscale and if you look at that relative to the annual rental churn rate guidance range of 6.5% to 8.5%, how does each of these buckets perform or are expected to perform on churn as you look out over the next 12 months or over time?[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah, sequential.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. So as I look at capital deployment, the first thing we look for is to see if there are hospital laboratories, local or regional laboratories that we can acquire. And those make a lot of sense. They are accretive in the first year, typically, you return your cost of capital in about two years, and we know how to integrate those. We are seeing more opportunities for those. We're spending a lot more time in discussions with various hospitals and local laboratories.
And I can tell you, even as a senior management team, we're spending a lot more time in those discussions ourselves. So I feel good that there will be multiple opportunities as we go through this year. The second thing I look for is strategic acquisitions. So if there's something in one of the pillars of our strategy, for example, oncology, that we need to acquire in order to be successful, we would look to do something like that.
And those would be kind of smaller tuck-in type of acquisitions versus large-scale megadeals. And then the third thing we look at is the share buybacks. If you ask me about large-scale acquisitions, so for example, another large CRO, I don't think we need to do that. I think we have what we need to be successful. So we're mostly interested in laboratories, hospital laboratories, local regional laboratories and strategic oppositions -- acquisitions helping us in the pillars.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Alright. Thank you.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
That interest income is incremental to NOI. There are certain circumstances where we make investment loans, loan against assets that we would otherwise want to own in our portfolio, but for whatever reason, seller motivation, tax concerns are structuring reasons we can't get the ownership. And we will make a loan and that loan tends to be a great investment for us at a loan to value that's less than our traditional sale leaseback but at economics that are generally similar. And so, the loan book has been a modest part of our investment activity. It should continue to be a modest part. But fortunately we've seen some good opportunities to make some loans over the past year and we've done that.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thank you, Tim. What a great question. And it's why we have Karthik on the call. So, Karthik?[/INST]
Direction (UP or DOWN): DOWN | DOWN |