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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. It's a fair question. It's just our existing portfolio does not have anything to do with TRG.[/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, the latter, Chris. It's really just the pace of improvement and the clarity with which -- how long it might go on that caused us to downgrade a few credits there.[/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. It's small, Mark. There's probably just a little bit from the first price increase, but virtually all of it's in. And so we're looking forward now to the March increase implementation.[/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. Well, Spaces is pretty early in its evolution. Last year, we decided to evolve it into a stand-alone experience. And we'd started experimenting in this area with the new desktop app, so adding more collaborative features and shared folders and things like that.
And what we realize is that there's enough room for a dedicated experience and one that where cloud content is a little bit more in the foreground instead of just files and it's a workspace for a project more than a folder full of content or files. So what we're looking for with Spaces is to give teams one place for all their Google docs and Dropbox files and Airtable and everything else. And to be able to organize their work around projects. And so those kinds of -- some of that engagement is -- these are new problems that we're solving for our customers.
But that's the kind of engagement we want to see. So all that said, Spaces is pretty early. We will have more to share on it in the coming quarters. We're also excited about -- with Spaces, some of the new surface area we'll be working on is deepening partnerships with Zoom and Webex so that with Spaces, you'll be able to bring your content into the video meeting experience in new ways.
So stay tuned for more on 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>>
That is true. It is.[/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>>
Hi, good morning. Wanted to follow up on the 2021 outlook. So in the past, you've alluded to, I think, $500 million to $600 million of sort of outsized spread market-based opportunities was Permian crude spreads in -- in '19, contango spreads in '20. I'm wondering how you think about kind of what we're seeing in NGL and petchem markets so far in Q1? And if this is potentially the next thing to -- to backfill the -- what you saw in 2020 on contango.
And tying that into, I think, earlier, I just want to confirm, you made a comment about 2021 maybe being flattish overall to 2020, just how all that ties together. 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>>
Look, our focus on the monoclonal antibodies has been identifying target antibodies and what I'll call discovery companies to partner with. Because having a great platform for antibodies without having a treatment or a therapy that is really impactful and has a clear road to market isn't super exciting, right? So, that's where we're putting our energy. We are engaged in several discussions, and more to come this year. But our focus and what we want to share with you is once we've locked in a couple of therapies that we think will be meaningful, and we actually have them in development in our platform, that's when we'll be making material announcements around the antibody platform.[/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>>
So based on the integration effort at 12-inch, which saw Japanese Fab, the cost reduction activity and productivity improvement has led to a very efficient operation enhancement. Therefore, we do expect the 12-inch Japanese Fab gross margin will be in line with UMC's 12-inch corporate average.[/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>>
Jeff, 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>>
Yeah. Carter, it's -- it's something that we have spent a lot of time on over these past 12 months and we're fortunate, I guess, Jen Reed sitting here with me, who has been leading that integration effort. I would tell you, we've realized over $400 million of cost synergies, but there is a lot of work yet to do. We've done many of the hard things in terms of reducing staff, making sure the policies are consistent, but again not done with that. I think that the biggest opportunities we still have are on the digital front, where we have a lot of work to do to reduce the number of data centers. We have just made a big investment to try and reduce the data centers from more than 30 to less than a dozen. We're also working on what we call the digital thread that is how do you connect everything from product development through operations, supply chain, and sustainment.
And lastly, I would tell you it is really not our common operating system, you'll hear more about this in May, but we do need a common operating system. We have 178 manufacturing facilities around the world and we have to work to do to consolidate those yet, we're making good progress, but it is going to take us some time. It will take us a full 4 years to realize the billion 3 of synergy savings. We have made good progress on identifying savings related to procurement both product and non-product, cost reduction, all of those things are on track. But I would just remind you, it's too early to declare victory. And just like Collins has got now over 500 million of synergies on their way to 600 million, there is still -- there's still work to do there and that it's -- we're not going to declare victory.[/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. They tend to be in particularly chips and confections tend to be more at-home consumption. So less affected by the pandemic, there is a white space on both of those forms. So we have the ability to fill out whitespace. Consumption continues to be good. The job in Quest is to build a brand awareness consideration and trial. Again, from a two business standpoint, if we just step back and look at the marketing challenges, on Atkins everybody is aware of the brand, the job is to change their perspective on what the brand stands for.
The job on Quest is to create brand awareness. It's still relatively low. We have a big loyal consumer group on Quest, but still relatively low brand awareness outside that group. So your marketing pressure -- we continue to build awareness, consideration and trial on that business, right. I'm trying to remember the unaided brand awareness, I don't think it's over 20% on Quest. So lots of opportunity on Quest to build awareness. All the forms matter, right? Bars matter as do the other forms.
So we tend to -- we tend to define the issue much more from a consumer standpoint than a product and form standpoint. Got to build brand awareness on Quest, got to continue to change people's points of view of what they believe on Atkins in order to grow household penetration. But products clearly help us to do that because they attack different need, states and use occasions. And that helps us.[/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, Scott. Yeah, it's a great question and it's unclear. I mean, we know that some are very interested in the histology endpoints and confirmation that the mechanism is effective in this disease, but we also know that there is a lot of interest in our 12-week data from the ongoing study ahead of the second biopsy read. So I don't know, it's always hard to predict partnering activities, but we do think there's a fair amount of interest in both of those time points.[/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 Matt.[/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, thanks for your question, Jonathan. We've laid out those objectives and all of those objectives -- I would -- just from all is equally important. And so decarbonization is one, so is reliability and affordability and the rest of them that are listed there within the -- within the deck. You'll recall from the settlement we had on our current Integrated Resource Plan in 2019 that we were going to take a look at the potential for accelerating Campbell 1, 2, which is currently scheduled to retire in 2031. And so we're doing that as part of this evaluation. And I would just put it this way, we're in the final throws of completing exhibits and testimony. We'll be sharing our -- the outcome with our Board of Directors like we do and -- and some of our large filings in early May here. And I don't want to get too far ahead of our Board of Directors here. So our objectives are true. That's what we're -- that's what we're targeting and we look forward to sharing more in the Q2 -- Q2 reports.[/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 obviously, Bryan, we continue to work to mitigate that impairment. But obviously, we felt it was time to take that impairment. We have repurposed a number of the equipment things that we have there into other facilities as part of our expansion of the other facilities. And we're continuing discussions with the government as well relative to mitigating the impairment for the future as well.
But I do think it's important to know one thing, though. We're not going to let this setback -- and admittedly, we're not happy about it. We're not going to let this get in the way of focusing on our growth and meeting the growth in high demand that we have for our brands over the long term. The reason we're doing the capacity expansion that Garth talked about previously is because our demand continues to be aggressive, a, on our core business, and b, we're going to get after the ABA/seltzer space in an even more aggressive way than we have up to this point.
So we're not going to let this get in the way of us meeting consumer demand for our brands in the future. Garth, do you want to comment on the one?[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
The NUVIA asset give us a lot of flexibility. You should think about it as having a scalable leading CPU asset to get together with the other Qualcomm assets. Our focus right now is outlined in what we've been saying, and what we said in the earnings call is we have an incredible opportunity now with compute and of course, premium-tier phones and automotive and some of the segments we are right now. We are very happy how computing has been redefined.
No. 1 use case on a PC right now is a communicator device. I'm sure you relate to this. And some of the transition across the board to ARM architecture really create a big expansion opportunity for Qualcomm, and we're very focused to make that happen with a leading position leveraging the NUVIA CPU.
Having said that, I think this asset gives us a lot of flexibility to continue to be expanding into all the different business vectors we're building in the company.[/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, Ananda. This is Giovanni here. Thanks for your question. Obviously, the investment we started years ago with our vertically integrated six-inch platform on gallium arsenide for VCSEL, meant to be just the beginning of a journey to enable next-generation augmented reality, virtual reality in, generally speaking, new applications for consumer electronics products, and we were -- as I said during prepared remarks, we doubled the revenue this quarter over last year.
And as you know, the market did not now. So, clearly, we have been gaining share, we are gaining share, we will continue, I expect to continue share -- to grow share, gain share over the next few quarters and in the next years. And that will deny essentially from many innovations. We have announced multi-junction VCSEL family of products.
We started with two, we go to three, will eventually go to a larger number of junctions to increase the power of VCSEL. We have announced the illumination modules platforms where we can integrate the VCSEL with some diffractive optics that we make in-house. So we have a very attractive roadmap. So it should come clearly as no surprise when you see Apple announcing collaboration and making it public with regard to future components.[/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 and so Duane, I'll give you some context. I mean if you look back at 2019, the June 14% this time is about 10 points lower than say it was in 2019. So June, July, August tend to be our highest margin months, and they're typically in the 20s.[/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 mean, obviously, we're evaluating weekly what's going on with commodities and logistics costs. We have a review once a week. And we'll continue to look at that as the year develops.
And as we head into next year, we're going to look at, as we said, surcharges. We're relooking at model year pricing. We already took one price increase that was an unscheduled midyear price increase on the ORV motor cycle side. Boats actually has done a couple of price increases.
So we're trying to be balanced between price increases to offset the costs versus how long we think those costs are going to stay in the system. And that's a bit of a moving target, but we will continue to be as aggressive as we can be.[/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 would continue to -- I think on the basis of the key parameters of pharmaceutical commercialization. So, those are efficacy, safety, patient convenience. And think that based on the data we generated today we're going to compare quite favorably, particularly as it relates to safety and convenience looking at their label versus the data that we've generated to date, all the relevant parameters there you think tilt in our favor based on the data we've generated to date.
If you look at Elzonris, a patient is required to be admitted into hospital for at least five days to initiate therapy, treatment with 632, the [Indecipherable] outpatient infusion. So, on all those parameters, the emerging profile we see and we think will compare quite favorably. And that would be the basis for competition.[/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, Rick.[/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, for the guidance piece, correct.[/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, good morning. Thanks for taking the question. I just wanted to look back at sort of the commentary you've provided last quarter for your retail expectations. I think you talked about high single digit retail and if we look at what you posted, you came in quite a bit above that for the full quarter. So, what does that mean for these retail parameters that you sort of outlined here for 2Q and 3Q? What drove the outperformance, was it better than expected consumer demand, better availability in terms of supply, and how did that shake-out for sort of the guidance that you've given us?[/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, Fred.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Two that come to mind immediately. One of the legislature prohibited subsidies in that metering. It didn't prohibit the metering. It's simply prohibited cross subsidies from one group of customers to another. And unfortunately, the previous governor vetoed that bill. I'm certainly hoping that there will be progress to make net metering a fair and sustainable program, something that we can support and, in fact, make available to our customers without harming other customers.
The second bill that was approved in the previous session and vetoed was the community renewable energy portfolio standard. And that we had found to be really unworkable. The challenge is projects to qualify as preps has to be both below a certain size and not -- and meet the cost threshold to serve our customers. It's very, very difficult to meet both thresholds. So it's been a big distraction for us. We have managed to get most of the way to our -- requirement, but we certainly believe that modifying or eliminating that requirement would be a substantial step forward.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
None.[/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>>
I'm not sure I understood the question. So we've tried to be clear on this call and others that supply is the biggest factor that's impeding our performance in that, in markets like the Boroughs in Northern New Jersey and Texas markets, Florida markets etc. our ability to raise rents. We can fill the stores up.
We can keep them in -- at very high occupancy rates. It's -- our ability to raise rent is impacted by the new supply. Ki Bin, I don't know if that answered your question and if not let me know and I'll try better.[/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, Doug, at the end of the day, we, you know, I do think ASPs will fluctuate a little from quarter to quarter. And we're probably somewhere between where we were in Q1 and where we were in the back half of last year. You know, the strategy here right, is to drive the install base. And -- either that's through multi-unit orders or Singleton's and the reason why that's so critical, of course, is to get everyone running consumables, but also really pushing HiFi chemistry so that we develop new applications.
And so, it's part of a broader strategy on how to not only to grow the top line but to grow the application capability and create that snowball effect over the next several years. So, that's how to think about it, I think.[/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, I mean we could -- we certainly anticipate doing both. But the comments that I made are more related to the equipment side of things. But we do look for opportunities to make sure that our facilities are appropriate and the number of doors are appropriate. And -- but I would say, on balance, the comments that I made are related to equipment or other spending related to optimization opportunities.[/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>>
Certainly, both on the -- we've got two transport companies today. And they've done a phenomenal job. And they're performing extremely, extremely well. We continue to grab share. I'd also say that they're very, very efficient at managing their driver pool.
As it relates to inventories that we're carrying at each of those particular operations, they are at lows right now. And so, units are moving just as fast as they come on the lots and going right through the dealers.
And then the channel checks that the dealers are indicating that units are flowing just as fast to the retail consumer. So it's moving very, very quickly and very efficiently through those operations, and we're seeing, again, no real signs today of any headwinds out there.[/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, Frank. Thank you, Frank.[/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. We did up our guidance on that. Without the recent winter weather have been -- it would have been flat to $0.10 premium was our initial guidance. Over the last week, we've been able to direct some of our gas where it's needed most. And that enabled us to capture about an incremental $75 million of revenue. $50 million of that will be in realizations, $25 million will be in lower marketing expense. So, we did adjust our realized guidance for that $50 million. So, that's why we increased it from flat to $0.10 to now it's $0.10 to $0.20, and you'll see the majority of that increase occur in the first 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>>
Yes, I'll kick that off, maybe then Scott if you have anything. The biggest thing to watch with hotel room nights and what we've -- what's kind of tracked historically is the distribution of seats that touch Vegas. Our attach rate here has been by far the best in the system, and we have kind of slowly been drifting away from Vegas as a percentage of the whole really over the last 10 years and so you've kind of seen that through the hotel results. And of course, that's offset by the higher East Coast presence in rental cars. So there's a pretty clean correlation between 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.[/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, Kartik.[/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, Terry.[/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'm glad to jump in. Look, our teams are doing an unbelievable job at all levels. And it's been a very dynamic landscape. If you think about where we were a year ago to what the teams have been able to do and adjust in, we are controlling what we can control. The market is in our favor nice tailwinds. But in terms of our ability to control costs, move people in quickly, pre-lease homes by utilizing marketing and other tools as well as turning homes, rehabbing homes quickly, all those are just driving our numbers down. We were already moving down on days to reresident prior to COVID and we continue to execute well. So look we're at heady numbers. But as I said before, we're going into the summer in really strong shape. And with the demand still there, we'll see where it ends and where -- how long it goes for. But the teams are ready and they're doing everything they can to make sure that we capture what's out there. Proud of them.[/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, hey, Mig. We -- as we go throughout the year here, that could happen. There's a lot of growers that presold crop last year and are just going to start recognizing these higher prices as we go throughout the year, some of them maybe not until harvest time and so on. But if we got into that opportunity here, again, we do have a pretty good supply of late-model used.
We've got presales that are coming in throughout the year. We've got some larger customers that we roll with that generate quite a bit of this late-model used for us. So that also is another good opportunity for us. The lease returns that I mentioned earlier, we've got quite a few of those coming back, really nice supply of those.
The new itself could get tight. And so if you got into that situation, you could see a bit of a change in mix of revenue for us from -- to be more used but -- and then we do have the opportunity to presell into next year as well, which is very common with the lead times that would -- and a big uptick like that could end up that's potentially being captured for us next fiscal year when that equipment would ship in then.[/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, Tayo.[/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.[/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.[/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. And really when we're talking about big-ticket items, Alex, it's not so much construction related. It's more the spas and some of the equipment sales and above-ground pools. So, we don't see the same kind of big-ticket impact on gross margins after we get through this year. It's more of the COVID-driven kind of accelerated demand and return to more of a normal-type of demand environment going forward. It shouldn't be as much of an impact. So I would anticipate more flattish gross margins on a year-over-year basis after this year.[/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. you guys talked about the competition for assets and all the new entrants into the market, are you seeing a similar level of competition for developments in presale or is it a little different than stabilized properties?[/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>>
Do you want me to take -- do you want to do the financials -- allow me to answer the first and then if Julie has anything to clean up, she can. I think, Brady, we spoke to you on an investor call early on. You may have heard me say that loan growth will be an output of our clients' needs, we will not target loan growth. I actually think that that may have been part of the calculus that got us where we were last year. So, that's not to say that we don't aspire to have loan growth that we will -- the KPI, if you will, for loan growth would be, do more with the clients that we have and also add clients to our platform. We have a very low market share of clients in Texas. And as you said and I've said many times, we couldn't find ourselves in a more constructive market. So we'll have loan growth, but it will be an outcome of banking these clients through the corporate lifecycle.[/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, Stephen. Stay well.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. I would say, during the quarter, it built quite a bit as we put in the comment there, ending the quarter around $2.5 billion. I think as we look ahead and as we commented on, we do expect loan activity to pick up in the second half of the year. We do have $0.5 billion of Federal Home Loan Bank advances that are maturing this year, that will use some of the cash. We have started to reinvest the cash flows from the securities portfolio, actually grew it a little bit, exclusive of T-bills that we had in there, $600 million at the end of the year. So we're reinvesting the cash flows there now that the rates are at least north of 1, up about 50 basis points from where they were earlier in the quarter.
So as far as the securities portfolio, kind of around that same dollar level as we ended the quarter is kind of the current expectation. So really a combination of the maturing advances and then the loan activity picking up and using up some of that cash.
We don't want to go along and really blow up the investment portfolio. We don't think that that makes sense. The cash flow from that portfolio is pretty significant over the next 12 months. There's $1.4 billion that's going to kind of cash flow over the next 12 months. So depending on where rates go, we will be opportunistic, if rates, the 10-year rate has moved significantly during the quarter, if there's an opportunity and we see things we like, we would invest more than the cash flows. But there's a good opportunity to continue to remix that portfolio as we go forward here.[/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, that's OK. I think we did a good job.[/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>>
Let me -- Lauren, I'll take the second piece, and then I hand it over to Rustom on the first piece. So, listen, the revenue target, and we were discussing that internally a lot. The issue right now for us is in this COVID period, we have certainly, for '21, let's say, planned for a slower start because, as Rustom said, for the first half of the year, it's still the COVID time, there's a lockdown in Europe. So we take it a bit more carefully here before we go full force. We believe that the market growth will be impacted this year, in particular, the first six months. So that makes, certainly, let's say, for a slower start. But looking further, we are actually pretty bullish because if you take the average 4% to 5% for the following years, we are at 5%. And that actually is, for the two combined companies, quite a nice and good target to go. And it's certainly above the average, both organizations have done in the last two or three years. So I feel good about it. And certainly, it is the focus of the execution.
Our very, let's say, very good exposure to some of the growth markets. And then certainly, the cross-selling opportunities we are having and the integrated solution, as you were mentioning, we are changing a bit the business model here. So that's how we see it. But more to come. Look, at the end of the day, in these volatile times, we have to move forward and to adapt as fast as we can. Rustom, if you can take the first piece of the question, long-term target?[/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>>
Good. How are you doing?[/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>>
As far as the rate case progress goes, we're really just under way in both cases in Idaho. The most recently filed case we have not established or have not seen the procedural schedule yet. That should happen in the next few weeks. The procedural schedule has been established in Washington and we've been going through the discovery process thus far. We have our first settlement conversation coming up on March 10. As far as your latter question goes what we typically see is constructive outcomes from a regulatory get versus ask perspective, is in that 55% to 65% range and again we think we've spent prudent capital and would expect fair recovery from the regulators as we move 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>>
Sure. So I mean, I think like always, it will likely be a mix of both. I think the way we've historically expanded our network after launching in Atlanta in 2013 is sort of a continuous expansion out from Atlanta and now crossing most of the U.S., there's still some room for us to expand. There's still some fill in markets available to us within the existing footprint of our network. And so we're just going to keep marching forward here toward our goal of near nationwide coverage.[/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 Sharon.[/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, Tien-tsin.[/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>>
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>>
Great.[/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. Sure, Sanjit. Great to hear you again and greeting from Israel. Thank you for your question.
Actually, it's three different questions, and I'll try to address it one by one. Regarding the growth we see in the adoption of the Enterprise+, the one thing we see very, very impactful is the Distribution software packages' ability that we added to the platform a bit more than a year ago. Companies are not anymore satisfied with just CI/CD and security solution. They also want to make sure that software packages are reaching their destination.
And with JFrog Platform, they have an embedded solution from build to secure to release their software packages. This is what we call the circle of trust. That's one of the main drivers for customers to adopt the Enterprise+ solution. The second thing that you have asked about is security and SecOps and referring to SolarWinds, and this is a very good question because we expect all of our customers to understand that in a world of software automation and software acceleration where machines are building software and bringing software from the outside world, you should secure your repositories, especially software packages that comes in all shape and types from the public market and from the internal development team.
So with Xray, you can actually scan and secure your Artifactory, your repository. That's also a proxy software from the outside. It natively sits on Artifactory. Now back to the original question.
When you get all six products under one subscription, the Enterprise+ subscription, which represent the platform and the full access to all of our products, obviously, this drives a lot of attention to the market. And JFrog provides an end-to-end solution with a hybrid notion so you can have it in the cloud and on-prem. So we see more and more customers are using our platform not just on their self-hosted solution but also in the cloud and multi-cloud.[/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>>
Alrighty.[/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, Mig.[/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>>
Great. Thank you, guys, for your questions and your time. As I stated earlier, we are really excited about what we achieved as a team in 2020. I used the phrase that it was a transformative year, but among the Biodesix team, we are looking at 2021 to be equally as rewarding and promising.
And we'll look forward to giving you updates as we continue through the year. Thank you all for your 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>>
Thanks. Good evening, everybody. I guess first question I want to ask was around the decision to continue to allocate some of the excess cash flow to buybacks, I guess, just given the reduction in EBITDA guidance and some -- perhaps some of the pressure that will put on the balance sheet. Why not just use all your free cash flow to reduce leverage this year and wait for a bit of a rebound?[/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>>
You bet. 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>>
Yeah, sure. I mean we are very focused on sort of that corporate business in the seven to 29-day length of stay. That is our bread and butter. That is business that we're very good at accommodating. It's generally higher rated business and that is certainly part of the reason we are going after those customers with Premier Suites. Our sales force as I mentioned has been looking for a brand like this, something that is completely consistent, fresh and new to attract those corporate clients.
We spoke to a lot of B2B buyers throughout the research process and the feedback we got from them was not dissimilar to the feedback we got from direct consumers in terms of what they were looking for. So I think in terms of improving the productivity of our sales force I think this is going to be huge and I know that our marketing and our e-commerce and our distribution channel professionals are excited to be able to have more than one product to sell so that we can sell the right product to the right customer.[/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>>
Great thanks. I guess if we could start on labor. Just what did you need to do on the incenting on the benefit side as you were doing these hirings? And what do you think is a fair way to assess what your inflation is going to be in the back half of the year? And also, as we've seen the enhanced benefits roll off, have you seen any pockets of the country where you immediately saw influxes of applicants or ease and hiring start to pick up?[/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>>
John, no, it does not. So what we expect to do with the plan this year, as we talked about was for retail, when we look at the growth opportunities we've got in front of us, the plan is really predicated on stronger organic growth. But we've always looked at M&A opportunities, and we have a very good pipeline, as I mentioned, and we'll be able to do both. So if you think about where we're sitting, I think we finished the year last year with net debt to EBITDA, right in the middle of the zone where we'd like it to be around 2.6x. So, we have the financial capacity, we're going into a market of expanding margins. And we expect to generate very strong free cash flow in 2021. So we will prioritize and we'll look at the best returns longer term for shareholders. But you can expect it would be a mix. The buyback is certainly an important part of that, that the Board approved yesterday, but we do expect to allocate capital to grow the retail business in 2021.[/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>>
We think it will release step by step. It won't change overnight. But gradually, I think that the pressure will be released. The challenge here right now is the demand side is very, very hot right now.
So that's why the upper stream is always holding their expectations. It's -- the demand will support the price. So it will -- in short term, we are still expecting a volatile market up and down. But in the long run, like you said, the pressure will release step by step and follow the market principles.[/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, good morning. Thank you. Just wanted to start on the growth side. One of your key customers is highlighting a particularly challenged volume outlook. So maybe you could just give us a sense for -- and I know you've given us some ranges there, but to what extent is this end market guidance reflecting maybe some of the more draconian outlooks that have been cited? And also if you could just comment on the quarter, how much revenue growth did you get from maybe partially built vehicle, vehicles that may not be reflected in the production builds but that you shipped goods to?[/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 everybody is competing for the same talent. I mean, the reality is, not only is are we competing against other companies, but my personal opinion is I think that there, we're competing against some of the government subsidy programs that are out there and that will hopefully will free up here the summer timeframe. But I think the combination of those two is creating a challenging condition to recruit frontline workers.[/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>>
And Jeff, I believe you made a question regarding active base at the end of the year, right? [/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. Yeah. [Technical Speech] And I think there is a time in the place for DTC but now [Technical Speech] active DTC campaign currently ongoing or planned. We're really just focusing on [Technical Speech] to pull through our products.[/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>>
Tristan, this is Bob. I'm going to go first, and then I'm going to turn it over to Steve Dougherty, who's our chief accounting officer. As you know, we've been conducting that process for a while on behalf of ConEd, our partner. There have been several steps to the process.
And from a purely timing and sequencing standpoint, we just recently got really into the meat of the process with the various participants, many of which had been conducting relatively extended due diligence as you'd expect on that process. So a combination of the recent transactions like the NGPL deal and our own knowledge or feedback from that process what we were hearing from participants caused Dough to need to take a second look despite the fact that we had already just taken a look at that in our normal year-end asset evaluation. So, Dough, you want to go through the basics of how that works for people that aren't accountants?[/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. Again, Jon, it's really early on. I would say at this point, there is no material disruption. We're trying to look around the corner here and make sure we don't get any surprises. But it's -- at this point things are relatively stable, expensive in some respects, but so far so good.[/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, largely more of the same. It's one of the things where -- I know the market hates uncertainty. But just for anyone who is trading, this is not our uncertainty, its general uncertainty, which is that the market -- sorry, that the supply chain disruptions are still fairly consistent. So think of what's really happening. There are container shortages. There are some COVID outbreaks at certain ports. For example, there's a well documented one in Southeast China, it's nothing uniquely to do with us. So obviously, companies like ours are rerouting some of those shipments to go to some of the northern ports. So think of more of the Ningbo than the MTM as an example. And then when we bring them into United States, bringing them into the ports that have the least congestion and using those contracted rates to beat the spot market which is multiples of both our contracted rates and our historical rate. So the more of that we can do the better, and so far we've been doing fairly well as a batting average.
So remodeling through just like everyone else. I think we're doing better than most for a couple of reasons. One, we got ahead of it. The other is that we have the inventory and peak at the lower prices and the versus today. And then the last one is that we have the price increases in the market now and so far so good on that front. And so I think the mitigation plans are winners. We've come a very long way since April when we couldn't give guidance just because the situation was so every day evolving. Now we think we have not only clarity, but arms around it. And that said, I can't tell you that it's peaked or that it's over in three months or something like that because I don't think any loss.[/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>>
Great. Thanks. Hey Jose, on the transmission business some good tailwinds really behind that area and it looks like you're going to grow that business a lot in 2021. As you get kind of $600 plus million in that business, do you need to start looking at deals beyond that to keep the pace? Can you keep growing that organically?[/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>>
Miricorilant, relacorilant doesn't -- has never produced any of these that type particular issue. But I'll leave you to Andreas here to answer the question related to miricorilant.[/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, that is it, Myles. I think as you look at what we did here on the full year guidance and increasing the sales by $5 million in the Defense Electronics segment and $2 million of OI, we really had a much stronger pull from Q2 into Q1. So that's really half of what I would say you're seeing above consensus.
But the rest is just strength in orders and what we're seeing for that business for the remainder of the year. We're also -- we had some better restructuring savings in the Naval and Power segment, and that will translate to the full year. I think that was roughly $2 million as well. So you're right on.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. First of all, we know exactly where the problem is. We do talk to that supplier daily. Our supply chains are deeply integrated and have been deeply integrated for over 20 years.
So we're pretty intimate with it. There -- because of this -- we're not talking about servers here, we're not talking about commodity equipment. This is a specialized chipset for a very specialized item that only several of us in the world make. So there aren't lots of alternative suppliers.
And it's not like you can make this chip or -- in another foundry very quickly. So we are -- I mean, we are beating the bushes in all alternative methods. We are open to buying allocation, if it's possible, we're looking at gray market allocation, buying allocation from other vendors. I mean, we are grinding this one as hard as we can.
And I think in terms of putting experts on it, actually flying people to sit at the suppliers, we have people actually sitting in certain fabs and factories to see how we can help. So we're swimming up and down this one, I think in just about every way that is helpful. I think we understand this problem deeply and completely. This has been our wheelhouse for 20 years.
So this is one we really understand but I don't think it's a scenario where we could just buy the chip from someone else. This is one we have to work through the supply chain and, you know, I don't and I have not seen issues like this last longer than 6 to 12 months. And I do not believe this will last longer than 6 to 12 months, and I think it will resolve within this year.[/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, clear, nothing happened to us.[/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>>
Hi Ashley.[/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. Hey, Mike. It's Ben. Look, I think, from a Color Solutions perspective they've benefited from the Americas optimization initiatives, probably the most significant lease so far. Functional Coatings benefited in the last half of 2020 and will benefit again more in 2021. A lot of what you're seeing from a margin perspective is really the optimization. And then obviously as the volume comes back, we get better fixed cost absorption. So I would say those are the two biggest drivers.[/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>>
Hi, it's Paul. It's hard to tell right now; I don't anticipate any spike-up. I think we -- there's a steady process of working with customers and as things change, you know in terms of when they think revenues are going to start to return, hotels being a great example of that. Restaurants where the restrictions are eased, things like that. Then you know these guys are actually very cooperative and that's what we look for and they want to start paying us as quickly as they can, so most of our deferrals are actually just the principal type deferrals, very few P&I deferrals.
So you know I guess I would see this thing as pretty steady and some will be returned to payments and we'll probably have to defer some others. So it really gets down to what the individual business cycle is and what type of relief they need. But so far we have not seen any defaults and we have not really seen anything that we think is going to evolve into a charge off at this point. So we are encouraged by that, we are encouraged by the fact that we think unemployment is expected to improve over the next quarter or so, again, we'll take it month-to-month.[/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>>
The cash flow.[/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>>
Great, thanks. Good morning, guys. I appreciate you to taking the questions. Two from me around RUX cream. First, are you having to conduct and or share any new safety analyses for the product for the FDA ahead of the new PDUFA September? And then secondly, can you just speak to the anticipated timing of TRuE-AD3 evaluating RUX cream in children and maybe how you see this market opportunity for a topical relative to adults? 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>>
I appreciate the question. And while I don't want to get too specific at the segment level, what I will tell you is all of our segments are experiencing higher inflation. We are addressing in all of our segments with the mix of Holistic Margin Management in line with our historical levels and SRM, I mean, using the entirety of the SRM toolkit in all five of the segments.[/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.[/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 afternoon. With respect to the RFI, that you announced speaking 620 megawatts of wind power, recognize it might be early, but can you comment just so far and how the bidding process has gone? And based on what you see so far, do you think there'll be an opportunity for TRP to invest meaningful amount of capex in this build out or do you think it will be mostly handled by third-party renewable companies?[/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, I think Don, as it relates to consumer travel, which is the vast majority of our payment volume in the travel sector over the years, I do think we're going to see some openings, for sure. I think there's a lot of pent-up demand. I mean there's a lot of people who haven't seen families, parents who haven't seen grandchildren, children who haven't seen parents, and are going to want to jump on planes. I also think a lot of people are stir-crazy and want to get out.
And then, you've got people who are true global citizens who are knocking things off their to-do lists in terms of places they want to go and places they want to see. So I think consumer travel at the right time, but we need to see these restrictions be mitigated or lessened in a pretty big way. I think it's going to come back quite strongly. I think it's going to take more time to see business travel come back.
And frankly, it might take years for business travel to return to what it is. I mean we've all gotten accustomed to talking on video conferences, etc. I think we all probably realized that there are trips that we took or authorized in the past that when we look back on it today in the light of talking on video, we say, why did we send somebody to that meeting for a one and a half-hour presentation that they could have just as well done on video? So that's the way I think about it going forward, Don.[/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>>
You guys want to start with operations, and I'll follow-up on kind of what we're seeing on the synergy dollars.[/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>>
Go ahead Alex.[/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 afternoon, guys. My question for, I think, Mark, you know, just looking at Q1 ARR that was flat sequentially on a constant currency basis, I think that's comparable to what you did in Q1 last year, obviously, last year was a challenging year with COVID, but, you know, felt like you saw, kind of much stronger than normal activity in Q1. I mean, Steve referenced several customers moving to the cloud, it sounded like a lot of a lot of good momentum. So, I guess just curious, given all that momentum, and the strength that you did see in cloud ARR, sequentially, like what kind of drove just the sequentially flat ARR performance? Was it kind of mix shift away from hardware, just kind of customers, you know, procuring a software only product, just help me understand maybe why that didn't grow sequentially? And was kind of in-line with last year on a quarter where you seemingly saw a lot more activity.[/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 at some 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>>
Thanks Peter.[/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>>
From the supply side, we're still in the middle of it. We have things that we're buying. I mean we're sending trucks down. It's coming off their lines and we're picking it up and moving it to in the same day to try to keep the plants running. So I mean, the problems are still there. It affects anything that's the chemical from glues in one business to resins in another. And the indications are that it's getting better. What the hard part is, all the customers like us are ordering more so the capacities are constrained even though they're getting better. And it's difficult to tell whether you're going to get what percent of what you're going to get, when you're going to get is it? And we're just playing as that it goes and begin for everyone we can get.[/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, we expect to continue to drive strong performance. There are a lot of elements that Shelly highlighted in her prepared remarks talking about the incremental activities here in the back half, we're just up against now the fourth year of double-digit growth. And so whether the rate grows at the same pace as what we've been talking about to the first quarter – or excuse me, Q4, that trend had been up 12% then it went to 14% in Q1. You can see the acceleration, when we talk about it all the way back to the back half of 2018, it's now up 18%.
That was a pretty significant acceleration on a rate basis. But Q2 is one of the smaller dollar quarters and so on a percentage basis, it's different. So now Q3 is going to be one of our largest quarters in terms of dollars. So of course on a rate basis, it's going to be less.[/INST]
Direction (UP or DOWN): DOWN | DOWN |