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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Hi Andy.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. Simon, when your AirPods went out, Amit was on the same wavelength as you and asked the exact same question. So I'll give the same answer. It really is kind of two or three aspects that are driving it all related to supply chain.
Unit costs are up, and that's based on the work that our supply chain team has done to ensure that we can get supply in so that such that we can deliver for our customers the gear that they need to get from us. They've all got significant transformation under way as well within their shops to support the new hybrid work environment. And so we're working as hard as we can to make sure we can deliver a product to them. So unit costs are slightly higher, and that's semis, that's memory and it's certain other smaller commodities across the board.
The second is freight costs are higher. And as freight costs go up. Obviously, that hits gross margin and finally, expedite fees as we're getting product in the door. So it's all tied to various elements of supply chain.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Manny, let me jump in because we've talked about this multiple times. We can't come out with full guidance -- and I don't want to continue to repeat ourselves -- when we don't have tenants fully in the assets. So we don't -- we have a massive number that's variable around parking and after-hours HPAC and aspects around that, that we just can't -- it's such a huge number that you guys keep asking the same question, we keep giving the same answer. When the buildings are populated, it becomes a lot easier to come up with a number. There's no gaming here. It's a process of just why give you a number that we're just going to come back on in a month or two from now when people come in, in June, July, August or September? That's the reality of it. There's no gaming here.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Hey, Kevin.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes, we expect our packaging business to grow at GDP plus, which is what we've historically targeted.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. Well, so I think you heard it right. India was very consistent in Q4 to Q3. We did see purchasing from a different mix of customers, which I think was really good, and we're not projecting a snapback, certainly, in this quarter.
As I mentioned, the start of the fiscal year starts April 1 there. So as they kind of finalize their budget planning and we get into the summer months, we hope we start to see spending similar to the level that was in 2019. Overall, at the end of the year, kind of year to date at the end of 2020, I think the -- our business in India was down something like 44% versus 2019. So there's plenty of room for recovery, even getting partially back to where we were in 2019.
And that is certainly part of the expectation as we grow this year. That's certainly part of the story. Other regions, Europe was very strong in the fourth quarter, just across the board, across the entire business, and former Soviet Union was pretty solid. I think, overall, for the entire year, was essentially consistent with 2019.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Well, I think -- I think, we summarized pretty well in the script the dynamics in every one of the end markets, whether communications, industrial, semi comp, life sciences, 3D sensing, etc. I think all of those markets have a great opportunity to really make an impact on the year. Communications is obviously the largest. 3D sensing is ramping beautifully.
Silicon carbide is coming up the curve. So I think, really, they -- they really all can make a great contribution to the year, and I think the ones you want to think about are either the largest ones or the ones that are really starting to gain traction in the revenue.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
I think it's a little of both. Lemonade was a different company on the day we launched pet insurance then we were -- when we launched Lemonade, to be sure, an extraordinary level of progress in terms of the data we collect and our knowledge and our understanding of that data and our capabilities. Our people, our folks, our growth marketing teams, all of those are much more adept four years in. But on the other hand, pet is a tricky business.
There have been pet insurance companies around for a very long time. Some of them are very good. We brought a Lemonade approach to pet, and the way we talk about pets and the way we talk about the service we provide is dramatically different. Anybody who's been through the workflow of us versus our competitors has hopefully seen that as a distinct difference.
And that's why I think we've been able to succeed in that with both new customers as well as cross-selling customers. So I think for next products, for life and subsequent products, I think we'll see some of that benefit that we saw in pet, but not necessarily all. You get all of it when you design a product that's fundamentally different. And when Shai talks about optimizing life, what we're really saying is we want to guarantee that it's fundamentally different than other experiences in the market.
And launching a new product after life, that's the fundamental question. It worked with pet. And our expectation is that we'll bring new products when we're able to say that it's fundamentally different. And we'll see the marketing efficiency come with 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thank you very much.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Great. Thanks for taking my question. So I got two questions for you if you don't mind. One is do you have a sense, do you ask -- they want to actually see the weakness recapitulated in animal models for them and to show resolution for them to move forward or is that not one of the things because it's hard to recapitulate that? I am trying to get a sense what would get them comfortable?[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Brad, this is Tim. The PSA is a little different than the other products in the following sense. It's what I would call kind of a base platform product in as much as an MSP uses it to run their business, right? Ticketing, CRM some of their employee transactions, things like that. And so there's less share shift there.
We actually, in Q2, talked about PSA was one of the first areas to get hit in the pandemic in terms of some of the smaller MSPs dropping some seat count. It's a way to kind of tighten their belts. That seat count came back in Q3. And Q3, Q4 was a very good trend for us in PSA.
But I wouldn't think about that one as much as this massive displacement of competitors, as much as kind of net new demand. We've brought a lot of features there. We've added some documentation, which some people upsell, but we've sort of built it in, in a couple of other dimensions as well. So the focus is on stickiness and then winning net new MSPs.
And there's a few platforms out there for PSA. There are two big ones. We're one of the two. I think we feel quite a bit better about that today than, say, we would have a year ago.
That was the one that was more challenging. But it not only contributes to growth, but again it helps with stickiness. It helps kind of lock down the partners that are on that 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. Thanks, Kannan. So on the Consumer margins, I think, we've historically produced very good margins across the business there and I'd expect that to continue going forward. As you identified, there is always a number of puts and takes out there as we move forward, and certainly, Fios is performing very well and is contributing nicely to that. But as you also rightly pointed out, equipment volumes were up significantly year-over-year and obviously that increases the denominator in the margin calculation without really increasing the numerator. So, you've got a number of different puts and takes. You'll have the ongoing impacts of building out the network in there as well. But we feel very good about the margins that we'll have for the rest of the year within Consumer very much in line with what you would expect and then, certainly, the seasonality showing up in the fourth quarter with the seasonal volumes that you would expect to see over the course of the holiday period. So, it's certainly to continue to be on track to give the -- to meet the EPS guidance we have for the year, Consumer margins need to be a strong contributor to that and I expect them will be.
In terms of stimulus benefits, as I think I mentioned in the comment about working capital, we're seeing very good payment patterns from consumers at this point, and that's where I think we'll see the vast majority of any benefit show up. So, those payments were very strong in the first quarter, and I suspect the stimulus bills had something to do with that. But it means that our consumers are in very good shape as compared to where they otherwise might have been given the impacts of the pandemic going into the second quarter and we feel good about the outlook for the rest of the year ahead of us.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes, absolutely.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Well, we saw -- yeah, Michael, thanks for your question. We saw when, you know, things started normalizing in the middle of the year before the second wave that came through, we saw really great comps in stores. And the omnichannel benefit of stores and digital really came together in a positive way. You know, for us, in our forward planning that we provided for the three-year plan, we've actually shown -- we've actually factored in a very high digital rate into that, so that our financials remain stable.
But we see that the -- the driving digital piece really does come from an omnichannel environment. I think there's a number of great retailers that are exemplifying this at the moment. And a trip to the store, whether it be for BOPIS or for a true trip, both generate a sense of sort of in community as part of your network and part of your need lifestyle. So we look forward to a more normalized base.
We think our stores will be ready when they come through with new visual merchandising, new assortment, new planning and in 150 doors plus a completely new environment. And what we've seen in those new environments is that when we provide that, the differential to our control is very, very strong and that we see sales growth. So we are a firm believer in stores. We're investing in stores.
And then we think that our assortment, our presentation, and our -- our remodels will really help us even further 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. Be as critical and skeptical as possible. 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Hi. Thank you for taking my question. Exciting to hear all the different opportunities you have ahead of you on the purchase side. I just wanted to tie it back to maybe the data that we're looking at for 2020 would imply that there was a little bit of share loss in the purchase channel.
And I was wondering if that is a good example of last year being a year where the profitability was most attractive in the refi side. And a good example of where you can shift product mix and go after the more profitable part of the business. And then thinking about that, moving forward, if purchase is a more attractive area, that's where you can lean. So is that the right way to think about the fluctuation that you might see year-to-year versus smoothing that out over a multiple-year period?[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. So we believe that our reserves that we have booked right now are adequate. But we are carefully watching for any latent claims activity that might arise from the prior accident years as a result of the recession. That's a trend that we saw in the industry coming out of the Great Recession and we want to be prepared if that occurs again. So if that's what you're referring to, then yes, we are still taking that stance.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
This is Jasper Bibb on for Tobey. I wanted to follow-up on margin guidance and where the company is in the process of bringing back SG&A. Like, should we be looking for more SG&A in the fourth quarter or is 3Q guidance pretty close to what the cost base can look like there going 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
And that's dependent on us where we're forecasting right now four to five days of downtime for the quarter, which is normal for us. That's absent any issue. We're guiding at that 20% margin level if you listened to our prepared remarks. And as Mark said, we are bullish on the business. Base oil supply still has been restricted because the refineries are not yet back at full capacity. They are into the 80% range, probably 80% on utilization now versus mid-70s last quarter. So we are seeing more supply, but the demand is still strong and the prices are still good. We obviously worry about the other side of the equation as Mark mentioned in his prepared remarks, used motor oil, we're seeing a change on the street. We think we'll move to unfortunately a slight pay in the quarter. But we're still bullish.[/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. Be as critical and skeptical as possible. 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
I think our view is when it comes to things like, particularly around pricing, etc., and the trend, our view is we have to continually add value, right? So what that means is that it's not just thinking about storage as a widget or a storage as a battery. Right? It has to be an -- it is an integral part of a complete solution, an energy management solution that includes solar, that includes storage. How does the whole thing, the entire system integrate load management, generator integration? We have you have seen the announcement where we are working with a fuel cell company, etc. So for us, it's not about a specific widget and a specific widget's pricing.
That's really not how we think about it. We think about it in terms of how can we do the complete solution and add value for our installer partners and the homeowner.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. No, you're exactly right. There is going to be -- continue to be excess liquidity on the balance sheet from some time and we were trying to optimize that as best as we can without positioning ourselves negatively as we look going out. Certainly, we don't want the securities portfolio to get too large, certainly at these rates of putting on new securities.
The real trick is going to be when we see that net loan growth turn and be able to start effectively using that excess liquidity. But you're right, on that margin, there is a couple. We've got some callable debt, we've got the maturing debt. Certainly, looking at everything we can do on the margin. And that's been one of the key things that we had strong start in deposit growth in the year even with bringing down our lower deposit costs. We'll continue to bring that deposit cost down at the margin, we've got the flexibility to do 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
So the 15 million that we announced is somewhere in the ballpark, I believe, of 10% of the outstanding Class A shares. So that was kind of the ballpark in terms of size. In terms of the action that we will take in time line, no, we have not determined that. We view our stock at compelling value.
Obviously, we wouldn't do this otherwise. And so it remains to be seen. Look, markets also go through weaknesses and we want to make the best accretive purchase as possible on behalf of shareholders. But the short answer is no, we don't have a defined timeline.
It's open ended and we will assess it as we go along here.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Scott, this is Joe. I think Jim hit on it in his comments. We've done a little bit better job bringing trucks in the door, but we've done a really nice job of keeping those that are here. And I think a lot of that is environment. I think, we've done some things internally with how we've structured our retention efforts. We've done some things on how we've deployed tech to help them be more productive, right? And to run their businesses better. We've created field operation centers that are not yet fully deployed, but aim to make Landstar, which is a large organization, feel small when you're -- when you're an owner operator, right? So, just provide services differently.
So it's really, it's largely around the environment and the retention effort this year and just having a pretty good network of support, both from employees and our agent family. The van business strength and the drop and hook clearly helps. All those things are really coming together to help on the BCO side.
And then on the carrier side, again, I think there are -- the environment helps bring carriers and small carriers in particular, who maybe were on the sidelines, off the sidelines based on the strong rate from rate per load and that's I think going to continue to be seen as we move through 2021. I like the way our capacity offering has grown. And I think I don't see any reason that it wouldn't continue to grow as we move through the 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah, more than 20%, much more. I've been to both properties. The Home Depot is a state-of-the-art omnichannel facility with tons of automation, they have electric forklifts with liquid hydrogen tanks and it's a modern state-of-the-art building and just IT investment alone I'd say is 10%. So and then you have all the other automation. So around 40% it goes into the infrastructure, it's not racks and forklifts. This is robotics, highly automated and often the material handling infrastructure takes as long or longer than constructing the building itself and there is instances where it cost more than constructing the building, like our -- all the cosmetics e-commerce fulfillment center in Indianapolis.
And so I'd say both the Home Depot and FedEx substantial investments in the infrastructure and that's indicative for all the modern omnichannel facilities today and it's -- in our annual report we talk about how they call everything industrial, but there is digital buildings and analog buildings and they're worlds apart. If you're serving a home delivery part of the supply chain, it's got to be robotics, it's got to be automated, it's got to be a modern building with lots of land, big truck, lots of employees, peak season, these facilities have 550 employee vehicles and then another 1,000 truck parking lots.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Great. Thank you. All of my BetMGM questions have been answered already. Just one on Macau.
Obviously, you were cash flow positive in the fourth quarter. But I know from your comments and comments that others have made, it sounds like a lot of that was really in the month of October. So just wondering with the sort of dampened levels that you've talked about, has -- is the property cash flow positive now here in Q1 so far?[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Well our mattress business has been challenged with just capacity and suppliers. It is improved recently and we commented on that. The steel was an issue, I think there is still a drag there, but it's improved over what it was last quarter. So we feel -- we feel better about it, it's improving, but it is still a challenge to get the product in the right mix at the right 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Hi John.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. So, when you look at our results in 2020, obviously, we benefited from a few things that supported that cash flow, one was tax. Obviously, we were not a cash taxpayer in 2020. I do expect to be a cash taxpayer in 2021. We had some working capital tailwind. We took out working capital and that provided a benefit for us as well. And then, capex, our capex came in at about $24 million. Our guide is higher. It's in the $40 million to $50 million range. So, with that said, you're going to see a little bit of a pull back from that 158 number in light of those factors.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
So yeah, I agree with you, it was a little bit softer this quarter. When we think about warehouse lending, we have a couple of other business lines to get wrapped in there. Our MSR lending and our note financing should offset some of the weakness in warehouse lending overall or warehouse lending proper. But we think going forward as we begin to roll out our cross-sell activity, which will be toward the end of the year to be quite honest. We think we'll be able to gain or hold market share going forward.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes, I would say about 100%. So last year we had a really strong back -- last quarter back half. As we look at this year we've got a lot of large projects that we're delivering. We're using working capital in our Coperion business kind of in the back half. I would expect about 100% conversion.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah, good question, Duane. We have been ruthless over the last year about privatization across JetBlue. You can imagine an airline in many different priorities coming into 2020, and we have done a really great job at consolidating those. We've been really driven on some specific ones. For example, the A220 that has got game-changing economics to protect and grow our margins as we go forward. And so embedded in our sort of 2021 cost plan are obviously the training and transition costs of bringing both the A220 and the A321LD -- the new neo LD, low density and the LR into the fleet and our launch to London later this year.
So that's all incorporated into our numbers and the teams have worked tirelessly to make sure we do this both in the right way, but we do it with the right economics. So that's all sort of embedded in there. And so that's where we are with that. Not, obviously, going to get into the specifics of those items. But just to give you confidence, that's all embedded in there and we're looking forward to having both aircraft enter into service during this year.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Very well. Thanks.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
We have been. I mean, if things materially change from here, we may have to adjust our approach, but at this point in time, we're still completing projects. I think we're going into new projects with a little bit more of a sober view on what the costs are likely to be by the time we get there. On bare land that we're buying today, you're oftentimes a year out from actually building. So a lot can change between now and then. Cost could go up or if you believe folks may be, some of these are transitory, inflationary pressures. It's hard to say. We've built in, projected additional cost into our models. But if things were to trend up further from where they are today, then we'd have to figure that out at that point.[/INST]
Direction (UP or DOWN): UP
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Catherine, I think the big news we got out of a-when we talked to our relationship managers is they're not hearing anybody say they're not going to go for forgiveness. So I think most if not all of that $2.2 billion this hanging out there on our balance sheet. We'll likely find its way to forgiveness. And I would imagine it's going to be more sooner than later, because I do believe sometime in the near future the lows last year where they're going to get into principal pay down here soon.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Not at this point.[/INST]
Direction (UP or DOWN): UP
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thank you.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Well, I think we generally agree that the demand for office will be -- will fall off, let's call it, 10 to 15 because I think that seems to be sort of the common view. There's a lot of reasons for that. There was an abundance of office in the marketplace through operations, like WeWork and many others. So there's a lot of activity or a lot of space that has to be brought back to market. But fortunately, for Colliers, our office -- our leasing practice is spread among office. And I would say we're typically stronger in industrial and in other areas that have actually done very well over the past 12 months, you'll see it for sure in the quarter. Office is always the largest fee-paying portion of leasing.
So obviously, if offices are down, it does impact the overall number. But we've enjoyed some very strong performance in industrial office and a variety of other non CBD or high end office in suburban areas.[/INST]
Direction (UP or DOWN): UP
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Well, we do expect -- we think the $15.5 million was outlier. I mean, it was a -- we think it was a function of COVID-19 largely, and we do expect that number to improve in 2021. I don't know, Eva, you...[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
It is. So, I now understand. So, you're basically saying, look, stuff that people traditionally got from agriculture, whether trees, plants or for that matter, animal, is that driving the demand. And without question, I think people are looking at there's a lot of demand for certain products around the world, especially in personal care and beauty. And the constant pull from those ingredients, I think, vanillin is a perfect example, really stresses the whole supply chain. So, the idea is, it's OK to source some vanillin from farm because, frankly, you got -- we have to keep communities also sustainable. But to meet the world's growing demand, we need to turn to fermentation because fermentation is really the only way to make natural in a sustainable way and deliver high-purity, high-performing ingredients. And that is at the heart of what's driving a lot of our growth.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. I would say, as I've said since 2016 in our first earnings call, the only competition we have in this market is ourselves. There is a whole host of players trying to do a whole host of different things. We're pursuing a vision of helping companies optimize every dollar that they spend, helping them see the business spend management vision that we have aligned with it and get incredible value in working with us and we are incredibly proud of what we've been able achieve for now thousands of customers in that area and we think it's a green light ahead to push us hard as we can and as thoughtfully as we can into building our way into this huge TAM that we're embarking on. So, nothing has changed and nothing is really concerning us around the ecosystem that they talked about.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
So what are we seeing in aerospace?[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Oh, the margin. I think we said that -- on the last call, we restated our long-term margin target of 10% to 12%. We said we thought we would make some improvement as 2021 went on and as we implemented prices and that continues to be true. We're inside that range and feel good moving forward that we will stay inside that range.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes. No, great question. And as Will mentioned, certainly, my intent was not to focus on the CDC or Boston Children's Hospital. A lot of opportunities have come to us as a result of our work in testing and reputation in navigation.
What I would just say from a focus perspective is that we have been very heads down on the fact that we're in a market that is growing that has a hole in that market around, frankly, the high tech, high-touch side. So one of the reasons that we decided to do Boston Children and CDC was certainly, it aligns so closely with our mission but also seeing it from an economic perspective that it helps us on the questions that you're asking. So for that reason, we're trying to stay focused, but there is quite a bit of inbound to us, as you can imagine, for support around vaccines and otherwise, and we're evaluating those on a case-by-case 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thank you.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
I would expect both. I'm optimistic for both Alex. And I'm optimistic for both, not just in Ward Village but across our master plans. And we had incredible home sales in The Woodlands and in Summerlin and in Bridgeland, with some headwinds in the local economy as Vegas was challenged as the strip had much less travel and tourism. And Houston, which is typically correlated with energy, had its share of headwinds. And we more than offset that with out-of-state migration patterns coming into these master plans, and we were able to continue to see those trends as well as the recovery of those local economies both here in the Mainland as well as in Ward. We could be positioned for an incredible 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Sure. So we -- yes. I think for other GPU in general, we have definitely hit kind of our highest level ever. As described earlier, I do think that there are fundamental gains that we can continue to make in every line item of other GPU, and there are other opportunities for different products that we can add over time. So I think that that's exciting. I also do think that it's hard to size the kind of beneficial impacts that exist in this environment where, one, we're doing something that we have control over but is likely leading to slightly higher other GPU, which is running with tighter credit; and then, two, we benefited from very low interest rates.
So those are likely to unwind. I think the balance of those things is hard to precisely predict. But we're clearly in great shape versus the long-term model that we outlined a couple of years ago. And I think it's too early, and we're in too unique of an environment to update that model. So we think, in general, that's probably roughly the right way to continue to think about it. And obviously, we've done very well against that model over the last several quarters.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thanks, Dan.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thank you. Wanted to ask about verification. How quickly can you ramp up that business? I know you mentioned some wins already and the tiered launch in second half with your MX partnership. Can you just talk about your go-to-market strategy and the differentiation versus competition? And then in terms of records growth, I guess, have you added more records since that initial payroll provider? And what kind of pace do you expect to grow records going forward? I imagine it may be tougher after that sort of initial really large number that you got from that partnership. 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. Be as critical and skeptical as possible. 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thank you, Imtiaz.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Hey, guys, thanks for taking the questions. All of our questions have been answered. But, I guess, I just wanted to get your thoughts on Uranium Trading Corporation being the second private finance here to announce the purchase of uranium. And clearly, you guys already talked about Sprott, but just given we're seeing more of these transactions announced, wanted to get your thoughts on if we'll see more, and kind of how you guys see that impacting the broader dynamic?[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Well, it's definitely commercialized. It's already sitting in a few hospitals where people are looking at and testing it and have indicated that they're certainly interested in acquiring it. We have not put any of those numbers in the forecast for this year. We have so much growth in the pain management division alone that it wasn't necessary to put that in. So that buys us a little or puts some of the pressure -- take some of the pressure off in terms of certainly the public markets and the perception of how much revenue should come this year, but there might be a little that will trickle in before the end of the year. Most of the activity is obviously on getting more clinical data, but we do have some sales reps.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
In our case, it has been driven more because we have a very high-quality portfolio of family owned and operated businesses, and we've just seen too many of them decide to sell in a market where they are reaping a lot of money and they just pay us off. I can't tell you technically how much less line utilization. Do you know, Carl? But I don't think...[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Sure. So I think there was a DC Circuit Court that ruled the CDC eviction moratorium was unconstitutional. That ruling did not address the foreclosure moratoriums. There are different opinions among the circuit courts with respect to the eviction moratoriums. And it looks like it's going to go up on appeal.
We're working at Altisource on an assumption that the moratoriums end at the end of June, but that there'll be other measures put in place by the government that essentially are effectively prevent foreclosures from being started till the end of this year. But over those, that six-month period that loss mitigation work will continue, so that going into 2021 that foreclosure process could get back to a more normal operating environment.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
You know what, there was -- it's Scott -- I'll just let Scott handle that one. Scott, if you would.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Good morning.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Absolutely say that we are moving toward more and more ratable and recurring revenue as the cloud business in total grows at a very nice clip. And that will continue to be the case, we expect, for certainly '21 and beyond. And that gives us also some good headlights into the business. So that's exactly the route that's put in process, and that's what we expect to continue.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Somewhere between one and a half to two and a half turns.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thank you Helane.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Hello, Joe.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thanks so much, just a follow-up to the last question. We've obviously been reading and hearing about labor supply issues beyond just the wage inflation aspect of it. Are you finding it tougher to find people both in terms of external resources for your clients and also internally?[/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. Be as critical and skeptical as possible. 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
We love the deposit. It starts and ends in terms of geology for us. And the technical team really liked it. And so we were very happy to partner with the team at Roxgold there. And we're also very happy to see Fortuna now come into the picture. Bigger company, lots of potential. And we hope to maintain good contact and relations and would also be keen to do something bigger there if ever needed.[/INST]
Direction (UP or DOWN): UP
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Well, I don't know that it's materially earlier than when we would have done it previously. When we -- as you might expect, knowing when the precise time to hedge and lock in a forward margin, there's some science behind it, and there's some art behind it. And these markets have been very volatile, as you can imagine, with butane prices and gasoline prices not necessarily moving in tandem and RIN prices being extraordinarily volatile. And so I really don't have another answer for you other than taking all those things into consideration, we felt it was appropriate to lock in the margins. And as with any hedging program, you can second-guess it after the fact. You're always subject to that. Whether you don't hedge and you made the wrong decision or you do hedge and you make the wrong decision, you have to make a decision. And when we looked at everything going forward into the spring, we just made the decision to lock that in. So I don't have any more detail on it than that.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thank you. Good afternoon everyone. Couple of follow-ups. Jim, I wanted to follow up on your comment earlier that now throwing money is not going to solve the labor problem, which doesn't make sense, given some the structural issues. But in the near term, I think a lot of the other industries are throwing money at the problem, whether it's trucking or fast food or retail or whatever. So I mean, are you saying that you're not going to go down that route at all or at what point do you do that? And also, kind of, how do we think about revenue per employee in the back half of the year?[/INST]
Direction (UP or DOWN): UP
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Okay. I'm happy to do that, David. I think when we think about the back half of the year, we feel really confident in our ability to predict the Select service segment and in the trends that we're seeing for Select service. We still feel as if there is a great degree of variability in the full service and in the international markets. And they're quite temperamental.
So while we're really encouraged by what we're seeing in China, what we want to be, I would say, more confident in, is the ability to see a sustained recovery without further interruption. And so, that's something that we're certainly looking forward to. I think there's plenty of upside to the back half of the year, but nothing that we would be willing to commit to until we start seeing a little bit more consistency in the full service and international performance.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. It's hard to put a finger on the percentage calculation given the excess liquidity. So the way we look at it really is taking net interest income and looking at the components, what's driving that, right? And if you -- the other component on that, that we would -- I would back out as big PPP, right?
Then we identified there's $6.2 million of unamortized PPP fees that will come through our margin at some point depending on the forgiveness speed. But if you back out the $2.6 million, it'd be close to $44 million net interest income. And we look -- the loan growth returning, that will grow from here and out.
We still have some ways to go on deposit cost decreases, decreasing our interest expense. I think we can reduce that by two basis points on per quarter for the remainder of the year. So there is a benefit into that. As well as the investment portfolio, if you look at our yield there, certainly has been impacted by the lower rate environment to where our portfolio was. But with the backup in rates here, I think we can maintain that portfolio yield at the current levels as well. So from here and out, net interest income should grow, and then you layer on the timing of the PPP fee recognition.[/INST]
Direction (UP or DOWN): UP
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Manufacturing has always been a very well established, a very strong component of the company. We had plenty of drug product actually, who we manufactured some years ago. And we have no concerns about the manufacturing. There will be -- we have plenty of drug supply patients within the first year.
And then -- and as things -- first you have commercialization and if things progress, we'll start manufacturing additional drug.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes. I mean, again, Josh, I think we like the sector. We'll have to see if that transaction is still available. I mean, I think we know it hasn't transacted yet.
So it's something that could be available. We like the sector in the sense of our underwriting kind of proved how it kind of performed. And we think there's value there. And it's consistent with our strategy of becoming the most diversified experiential REIT for investors to have an alternate investing in it.
We feel like it's part of our strategy as we move forward, that people want exposure to experiential. They just don't want 1 category, and we're going to be able to give them a fully diversified option as we move forward. So I would expect us to aggressively look at gaming. We spend a lot of time on it beforehand.
And I don't see anything that would change that. But Greg, maybe you have some thoughts?[/INST]
Direction (UP or DOWN): UP
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
So we did do our annual price increase at the start of January. So historically, we had done that in July. And given the market conditions in 2020, we did hold off and put it into market effective January 1st. So we are expecting to see a bump in our research sales, given the price increase.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes, great question. I'm glad you asked that question. So I want to make -- I'll kind of clarify this. The U.S. postal service program funding is not subject to approval from Congress. So there is always some remote risk that Congress could exert some influence on the award, but that would be unprecedented and it would have really no basis because we provided the absolute best solution for the U.S. postal service. And it does what everybody in Congress wants, I think, which is electrifies and makes the fleet zero emission over the life of the contract.
And the discussion in Congress recently that you've heard has really not been about changing the contract. It's been about increasing the rate of introduction of electric vehicles. We can do 100% electric vehicles from Day one. If they said to us, the U.S. postal service came to us tomorrow and said, we've got the funding to do 100% electric from 2023, we can do it. So we're ready to go. Its -- we're going to work hard with the postal service. It's about how quickly they can get the infrastructure up and running to recharge electric vehicles, but that will not delay this program.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
I think payment rates is a spotlight. Right now, we're seeing that elevated payment rate and our forecast is that that will abate in the second half of the year, but we're still seeing it elevated. I think that to me is if I had to pick one reason, that's the reason. We're seeing strong sales growth. That sales growth is still outpacing -- is outpacing the payment rate moderation a bit, but it's still -- payment rates are still high.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Tough to call right now. We're certainly going to see that pressure out to next year, I mean, all indications as Tim touched on, absent government intervention here, we would expect that we'll continue to see elevated freight charges through the Chinese New Year. And so by then, we'll effectively receive all of our spring '22 inventory. So the first half of the year would be impacted by what we're currently seeing based on everything that we know today.
And obviously, there's a ton of volatility. The rates have skyrocketed in the last 60 days. And if we had this conversation 60 days ago, we wouldn't be having this. We saw a fourfold increase in ocean freight from June 1 through, call it, the middle part of July.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
So I'll try to take each of those questions in turn. First of all, as it relates to our multi-cancer test CancerSEEK, we're first focused on developing additional capabilities with that test by combining the best of Exact and Thrive. So the Exact methylation approach and the Thrive mutation approach, plus the protein elements, we believe will improve sensitivity while holding specificity relatively constant. That's important.
So that's what the team is focused on. Now, we'll be conducting additional studies in the second half to validate this approach. And then, we expect to launch the pivotal study to support FDA approval next year. That's the path.
And we'll let you know, as we are able to present that data in scientific forums that are most likely to occur next year. The second question around blood-based testing for colon cancer. The CMS is looking for a minimum of 74% sensitivity. The challenge, of course, with any blood-based test is to detect the rare event in stage one cancers.
We believe that we have equal to, or better than performance with our approach using methylation markers, and that will be part of our study. We would expect to be able to meet that overall sensitivity based on the data that we have internally today. But of course, the proof is in the prospective study. And there are no guarantees for anybody as you move into a prospective setting.
Was there a third question that was embedded there Vijay, or did I get both of those.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thank you, Steve. Let me ask Samit to address all three of your 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. Be as critical and skeptical as possible. 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thanks, Steve.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah, Matt. So as far as phasings go, obviously, our guidance range for revenues is expecting consolidated revenues, obviously, to ramp up in the second half of the year. CooperVision, I would expect, is going to be up sequentially quarter over quarter as we work through the year. CooperSurgical is going to be -- we had a really strong Q2.
Al talked about the strength from markets reopening, but also the sort of the one-time impact of some equipment sales in Q2. So we still expect really strong results for Surgical, maybe not quite as strong as Q2 but still improving. And then on a consolidated basis, up sequentially Q3 and Q4.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes. Hey, Bernard. First of all, thank you for all the help over the years we've worked together, and we really appreciate it and enjoy your retirement.
And then for my question, so everybody's talking about tightness in the auto industry. Hassane, you guys have plenty of capacity here, at least available to you. Is there any opportunity for you to be able to take some incremental share, or is that just not how things work in automotive given the long design cycles?[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Thank you.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Well, we exposed extremely broadly to many, many, many AI companies. And yes, it is true that maybe as a little bit of a caricature, every single one of them is designing the best-ever AI chip. And on one hand, you can say, well, you know that will consolidate over time. On the other hand, you can say, no, this is exactly the behavior that you see in a very high promise, early phase of a product or technology development. And there is no doubt that a number of the more successful AI companies have already been acquired by larger companies, And lo and behold, two years later, you've someone, the same people doing the next one. And so, I think, we're in an extremely active phase of invention, development, finding end market. And then, over time, we'll also see that the AI itself is going to become more and more specialized to the verticals.
So, yeah, there will be consolidation at some point in time. But, the number of designers remain -- is certainly not declining when that happens. And we have actually done very well through exactly these types of phases where there's a lot of activity.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Not that I would call out. I mean, we've got labor -- I think -- not, but I would call outside of those major line items that I talked to. I mean the only thing I would say is you, I guess, as you compare Q4 margin in particular, is that obviously, we have the benefit of the 53rd week, which, as I mentioned, helped other opex at some degree in occupancy due to that fixed nature.
We also had a $900,000 benefit in the fourth quarter from sort of year-end accounting adjustment to do with the termination of that Penn lease. So I think there are those two in mind as you look quarter-to-quarter. But other than that, I would just repeat those major trends in the line items that I've called out so far, labor, COGS, delivery commission is obviously a big one, and other opex, depending on how and where that continues to fluctuate. But outside of those, nothing else really to call out right now.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
It was largely opportunistic. We saw a real in-sourcing opportunity to take on the volume that we don't manufacture. And we've also talked about interest in expanding beyond plant-based milks and Dream especially has strong consumer brand equity and gives us optionality if we were to look to categories outside of plant-based milk that gives us some optionality as far as the brand platform to access some of those opportunities. But our priorities at the moment relative to these brands are very simple, which is in-sourcing the volume and standing up the internal capabilities to manage these brands.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Hey, John, it's Marion. I think you've covered a lot of it. We do see used vehicle prices being stronger throughout this supply shock. And so they're going to remain strong for quite some time, just as John said earlier.
And I think that's going to provide a lot of support for new vehicle pricing as well. The 100 billion you mentioned is about size of the U.S. balance sheet. The Ford Credit in total is bearing that 130 billion this year.
So, you know, we're down quite a bit. But it's all dealer floor plan, and so that's affecting -- that's a downside to our profitability, but on the other side of it, it's a strong used car prices.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Clynt, I agree with the earlier comment about the grades at Bellekeno. I think that was higher than any grades that you published when it was an operation earlier. Just a couple of housekeeping questions to start. Can you say what the approximate cash balance is today for 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes. I think you're bridging math, we did have a couple of cents from FX. I think stock comp was 6% from where we were. So that was about 8% of the 25% and the stock comp is the tax effect. I would note ezyVet is not something that we're -- in fact, that's a bit of a headwind for us as we integrate that acquisition. So the flow-through -- the flow-through is quite good in terms of the increase on the full year. It's not fundamentally different than the outlook that we had before. I think we're very pleased to be able to raise the revenue number operationally and the EPS number operationally. And just building on the strong trends that we have in the business, and that allows us to also continue to invest toward the future growth opportunities that we try to highlight. And I think we're -- we are very encouraged with the strong growth in our international business is reinforcing, that's a great place to invest and can really set us up to sustain the strong growth going forward.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah. I'll look for [Phonetic] times, but I'll -- you can always talk to Jamie, and he might be able to help you think through whatever model you're working 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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yeah, I think that there are a lot of great capabilities that are beyond the scope of what we offer today but represented by a thriving partner ecosystem that we enjoy at Olo. And we do, to your point, have a lot of great loyalty providers, CRM providers who help restaurants to really understand for the first time using the data that's generated through Olo and other technologies, who their customer is and how they can best develop a direct relationship with that consumer. It's not something that we offer directly. It is something that we're excited to have a thriving network of partners helping to do under the heading of how do you help restaurant brands really meet the needs of that on-demand consumer.
And I think about -- something that I remember from back in 2014 when Danny Meyer joined our board and became an investor, and he was talking and reflecting upon the open table platform and initial feelings about the open table platform and coming to understand that beyond just taking reservations, open table was really a CRM platform that enabled greater levels of hospitality in the fine-dining segment. And he made a comment then that, you know, I view what Olo is doing in the segment of the industry we were really exclusively playing in then in fast casual as enabling hospitality at fast food or fast casual speed and scale. And I think that's a great thing for our customers to do as they seek to build out their direct relationship with consumers and build out a thriving direct ordering channel. And we're thrilled to have a great partner ecosystem integrated tightly into Olo to help them to do that.[/INST]
Direction (UP or DOWN): DOWN
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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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Hi. Thanks for taking my questions. And thank you for taking time for this earnings call. I actually have two. One is Coastal GasLink. Can you remind us what is the lag in cash flow? So like the capex is going to go up on Coastal GasLink, do the tolls go up near reflective of what the capex level. So if capex, in a given year and the forecast is up $500 mill or a bill, will a toll in that year go up as well to reflect that change in that year's capex? Is there a lag in cash flow, and so it has an impact on kind of credit metrics, debt, etc.?[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
That's correct, yes.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Sure. It's our understanding that they have full flexibility to implement pricing changes into their schedules at any point and make it retroactive, if they choose to do so. And it's been clear in our interactions with Novitas. What they're interested in is making sure that their Medicare patients get served with the right technology at a fair price to the Medicare system. So to the extent that they think that they've arrived at a fair price, it would not be outside of what they have indicated to us that to make it sort of appropriate for the time period, but I have to stress that that's completely at their discretion. And while they have the capacity to do that, we have no way of knowing now whether they would choose to do that when they arrived at fine prices.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
No, I think that there will be opportunities for us to continue to execute the capital market realm. I -- as we move through the year, particularly in the second half of the year, I think that there'll be more activity and our borrowers will want to take advantage of the low rate environment. So it will lead to opportunities as we start to fund that. From a working capital perspective, we're not fixing branches of embedded working capital, we're focusing principally on term borrowing. So that doesn't really come into play frequently.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
So as resistance subside, we see potential growth opportunities really across all regions. On a two year basis, the Northeast has trailed the pace of recovery versus the rest of the country. I'd say our geographic results are choppy on multiple levels when you look at pandemic and helium history impacts, etc. So -- but we're not seeing anything in the current business that would lead to any outsized risk or opportunities with any of our regional performance.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
And the other point, this is Al and I would draw on -- just you mentioned the per unit. Some of the asset sales have impacted the business mix there as well like the LA terminals as an example that we divested here in 2020 in the fourth quarter, some of what we anticipate change that business mix a little bit on a per unit basis.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Yes. I'll take the last piece and then Hilla can give you some more on the FHA. We look at every community weekly. We have a robust approach to how we price our products, lots of competitive data, what are other builders are doing, not just based on how many buyers have got lining up outside the door that want to buy a home. So we have a robust community-by-community pricing meeting that our operators execute every single week to evaluate where they can move prices on the next release of homes and etc. And we're managing to stay competitive in the market where we think we need to be price based on our product, our location and etc. And then Hilla can talk to you a little bit about FHA?[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Potentially. Certainly, there is opportunity and an expectation that we will be able to source more domestically here in the U.S. in '21 than we did in '20. Now, that will, that's always helpful. So that's always helpful on the cost-front because of the dollars that will save and having to get it over here from Europe.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
Well, I mean, I think we're going to look at the operating environment. If the capacity restrictions are essentially lifted by the middle of this year because the vaccination, whatever all those drivers are, we're looking at sites right now to get there for 2022. We want to be prepared to get there in 2022. We'll probably wait to pull the trigger 100% until we see that, but we'll be ready to do it if the environment is appropriate.[/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. Be as critical and skeptical as possible. Respond with UP or DOWN<</SYS>>
That's correct.[/INST]
Direction (UP or DOWN): DOWN
| DOWN |