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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 believe that will be the case Mitra. Particularly out here in California where we have the greatest penetration in capitation, I think more and more of our medical groups and related insurers are looking at not just capitation but potential new risk sharing models given our geographic access and aggressive services we offer are exciting proposition. So hopefully you'll be hearing more about that later this year with initiatives that may not be conventional in terms of what we have traditionally been doing in the way of capitation but expanding the potential reimbursement models that may move a little bit further away from the traditional fee-for-service. So again I think -- it's in a unique position to do those sort of a lot of the reasons that we've always talked about.[/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>>
It's early days yet, and we're not giving up on Petrobras. It's just up until 2019 collaboration was the word we heard often. Right now, they are not talking to us at all, and certainly not using the word collaborate. So we're starting to plan on life without Petrobras if it came to that, but I wouldn't rule out Petrobras stepping up and taking the vessels. I think they performed well, they've done exceedingly well with them and they have a need going forward. But beyond that I touched on some of it in my color comments and then Scott, you mentioned the amount of trenching work that's increasing and we could an alternative market. So number one, there's an awful lot of intervention work in West Africa, more than we thought. We have the Australian market that we believe is market capable of supporting vessel full time.
The North Sea, we're waiting of outcome of a significant award that could also absorb the vessel. Beyond that, you get into fall back positions which maybe one of the vessels is used as the additional trenching asset that we're going to be needing. So, instead of picking up one in the open market, we use it. And then the ultimate fallback would be a combination work. So, I think there are a number of places where we can find the utilization. It just depends on the rates that will determine the outcome financially.[/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 think, Joe, I'll start. As Joe said last year, and then the first part of this year given the semiconductor challenges or supply shortages creates a bit of a choppy environment and limits the amount of near-term visibility. However, everything that we see going through COVID in dealing with these challenges really underscores our view that you're going to see an acceleration of technology adoption, right, whether that's high-voltage electrification, whether that's ADAS solutions or connectivity that consumers want all those -- want those products, they want more of them, so it gives us a high level of confidence beyond 2022 in the 6 to 8 points of growth over market and that's what's reflected in our bookings, and quite frankly that's what's reflected in our long-term outlook from a revenue standpoint. So, management team is very confident in that level of outgrowth. Joe?[/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>>
Good morning, Jon.[/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>>
Good morning.[/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>>
It's Mark. Thanks for the question, Nick. Alec and his team look at everything. So we're certainly open to portfolio transactions. And indeed, the Austin deals were a portfolio deal effectively, were kind of bundled together. But again, when you start doing large-scale transactions, you can end up competing against different groups of people. Some of the deals we've done were off-market transactions. We located them on our own. So we are very open to portfolio transactions.
We're open, for example, to OP unit, operating partnership unit, deals, which often end up being larger deals as well. But we just haven't seen a lot of that offered, and a lot of the portfolios we do see have some assets we like and a lot of assets we don't. So buying them one at a time gives us an advantage. And M&A is just a totally different conversation. It requires a willing participant on the other side. Often, the payment of premiums and other things can make the deal less economically useful. But still, we underwrite that step, too, and think about it as well.[/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>>
Good morning. Good question. I don't know if there is a -- I'd love to say there's a magic number. We'll keep pulling Houston down, I think that in a low-double digits, probably would be for any market. I would love to keep runway, we're going to tell our guys in the field, you find the opportunity, and it's Brent and my job to kind of have that runway for Houston that we don't get oversized in any market. And the good news in a way, kind of managing that, it's much easier to sell a leased asset today than it is to find those opportunities.
So we can manage it, but we'll keep shrinking Houston. This year, we were down 80 basis points last year, it will fall in probably another 80 basis points, 100 basis points and that's without really dispositions dialed into this year's budget and we'll probably exit another Houston assets or two this year.
So I think if we stayed in that low double digit, that's probably -- we value diversity within our -- within our tenant base is well, -- and as well as geographically as well.[/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>>
Interestingly enough, Liam, I would say that we would have hoped to, but we're seeing reasonable, but not what I would call normalized spending in retail yet -- just yet. We were not disappointed with how our businesses are operating, they are better than they have been, but not at what I would expect a normal Christmas season and back-to-school season to be for in-store displays. That's pretty much the story with all of our retail side of the business, whether it be our private label packaging, point of sale display, whether in marketing, branding, things of that nature of their more retail in nature, they are still behind at which further buttresses the strength that we had out of SGK given the performance we have and what we call our core business which is packaging for CPGs.[/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>>
Sure. Sure. Yeah. So, I mean, as I mentioned before I mean, we -- we continued during the open-label to measure the all efficacy parameters including PANSS, PSP, CGI, and so on.
As -- I mean, so, technically, yes indeed. We will have this and I think we will be able to really to redemonstrate as we demonstrated already that the PSP improvement is very linked to the improvement of negative symptoms. So, if you remember, PSP total score was already significant into double-blind. But indeed, we will have all these data, we will have again the analysis of -- from whereas a functional improvement is coming.
Is it related to negative symptoms? And more specifically, you know, we will also have abolition there. So, all this will happen and will be presented definitely, yes.[/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, thanks, and good morning, everybody. I'll just state my two questions up front in the interest of time. So the first one is just to come back to I feel like people have been asking about already, but I was wondering if we could get just a little bit of a better sense for the impact of the bulk orders that you were calling out on Q4, specifically on U.S. with the U.S. Knees? And again, the reason I ask is that your Hip and Knee growth in the U.S. is so materially above what we're seeing from peers and the gap was just very, very wide this quarter.
So any sense as to the quantification on U.S. Hips and U.S. Knees from those bulk orders would be great. And then on the second question, which is on the spin announcement, Bryan. I don't think it's unfair to say that Spine and Dental are two relatively sub-scale businesses with not a lot of synergies between them, so I guess my question is, why not sell them to the folks with scale? It just seems like that would be a lot cleaner, so would love your take on that. 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>>
So the EPS is on the schedule, right? The $2.14.[/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>>
Yes. I think 70 is too aggressive, because remember we started sort of thinking of kind of base business around 50. Think of it as the high 50s. I think that's probably still for abundance of caution I would take as a number because [Indecipherable] quarter where a customer wants a big shipment early. So you may get north of 60. There may be quarters where they digest, you'll fall below 60. But I'd say on average, over say a fourth quarter run rate, I expect to see about I'd say high 50s average versus the high 40s, low 50 average. So I think I would just leave it at that. But we do expect --[/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 for joining us today. We plan to participate in two virtual conferences in the third quarter, Jefferies on August 3 next week and D.A. Davidson on September 22. Have a great day.[/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 mean, Brian, I think as you sort of think about the reserve levels, I think for anybody, given the way the accounting standard works, you're not necessarily reserved just for a base case, right? You reserved for a whole number of scenarios that could potentially play out that are far worse potentially than a base case scenario. And so that's kind of where we are today. As you sort of look forward, the -- I think as we sort of see the path of the recovery, I think we're hopeful that all the stimulus and support that the government has been putting in, in it's many different ways and the potential for more of that should help provide a good bridge to the other side. But as -- and as Charlie said, I think if that's the case, I think we are -- we feel that we're very conservatively accrued for that kind of positive outcome.
But I think -- and we'll see how it plays out over the next couple of quarters.[/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 was just saying that as we look at some of the models from some of our buy and sell-side analysts and when it doesn't really jive with from our perspective, the things that I think are missing are the understanding of the permanent reductions that will continue regardless of any increase in volume, number one. Number two, the assumption that new GPU goes back -- that the manufacturers go back to the 60-day supply, 65-day supply and the new GPU goes back to 2019. From our conversations, as Jeff mentioned, that's not going to happen.
Those will be elevated, continuing. The impact of California, at least specifically for us, and what is going to happen to the second half of '21 and into 2022. And again, EchoPark. EchoPark is that -- 2022 is our inflection point or tipping point where we are opening less stores than we have matured. And as we stated before, we believe that is when the profitability, even though we have it today, it starts going exponentially because you've got so many mature stores in place.[/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 again, it's a ramp. It's not like a switch we turn on and turn off. We've given an example of something that's in the market. That will get distributed more broadly, but that won't happen immediately across the universe of existing clients that we have. So we're basically giving ourselves time to ramp some of these new initiatives to more broadly distribute them, and we expect to really be seeing some more meaningful revenue toward the second half and into 2023.[/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>>
What I'm doing -- we sponsor a number of efforts around the organization nationally, and internationally, and we do it not only individually as a company, but we do it in coordination with the Can Manufacturers Institute as well.[/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>>
Operator? Hey, operator? There?[/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 I'll start with the last question. So with eCommerce, it's certainly advantageous for us to have a higher penetration of BOPIS and curbside. We're up 500% versus 2019 on those areas. The channel is benefiting from that. But also benefiting by the fact that we invested in technology many years ago and we've created a platform that now what we do get leverage as the sales come in. And then our gross margin, getting to your second question, which has been extremely strong for the last few quarters and including this past quarter.
Within categories for gross margin, we are finding across the board. We are not in a promotional environment nor are we certainly leading in any promotional way. And so across the board, the categories have been improving in gross margin. It's true of hardlines, it's true of footwear, it's true of apparel. So overall, it's a really, really good story. And we're very, very pleased with eCommerce profitability. The more BOPIS and curbside, the better. But even the ship from home business, everything is more profitable now as we scale.[/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, Shar, I appreciate the question. It's a conversation that we've had a lot over the last 90 plus days. Now, I will tell you that, I think as you think back over the last two or three years, you've seen us really focus on funding our utilities, right? So we've got a $32 billion five-year capital program. It's a very large capital project. Close to $29 billion of that is dedicated to our utilities. So, as we think about how we would use those proceeds, certainly, we want to make sure that we're funding growth in our utilities and there will be opportunities for us to look at paying down parent debt and continue to strengthen our balance sheet. We've made great progress also over the last three years of improving our equity layer.
So, what I would say is, when we get to our Analyst Conference, and right now we're targeting June 29, we'll look forward to reviewing our 2021 guidance by that time and to see if there's any adjustments that are needed. We will also, for the first time, Shar, issue our 2022 guidance. And in terms of our use of proceeds and expected average accretion over three or four years, we'll announce that related to Sempra Infrastructure, and that number will be included in the guidance that we provide at that time.[/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, this is Jed. I'll take that. The answer is yes. We thought when Toyota relocated their national headquarters to Plano a couple of years ago, we thought that was going to be the peak of in-migration. That has just turned out to be the first wave of in-migration. We're seeing companies from both coasts relocate here on a daily basis. And our buyer profile is significantly out of state, especially at the higher price points.[/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 think from a brand standpoint, it's -- all of them will benefit by the investments we're making on replatforming technology, data collection, data mining. Certainly, Saucony right now is top of mind for us with their growth and some of the catch up there. They're doing a fantastic job on their e-commerce growth and really prioritizing saucony.com and both performance and originals. So -- so there, for sure, Sperry, a lot of their rebound is coming by being able to tell their story directly through sperry.com and then have that cascade through through their other partners. So I would -- and then in the workout group, we're seeing huge growth there as well. So that's becoming a very viable channel. So I would really say, Erinn, it's pretty wide based, which is exciting. And we'll continue to make investments to fuel that, both customer-facing and kind of behind the scenes with some of the technology.[/INST]
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 again, the dynamic on cards revenues, branded cards, in particular, in North America, which were down 12%, is largely driven by what we're seeing in the way of loan balances. And if you look at average interest-earning balances, our average interest-earning balances for branded cards are down about 11%. Now the good news is, as we've said, purchase sale activity is up meaningfully year over year and relative to the prior quarter.
But it's really those payment rates are remaining quite high, quite elevated. The good news is that plays through in the form of a benefit as it relates to cost of credit, lower losses than expected and now lower reserves as we see releases. But it's really that dynamic of payment rates high, lower loan volumes, average interest earning, in particular, that is putting pressure on that top line.[/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>>
I think the main driver is the former. And really, it's driven by I guess, Robert, the constant look at the portfolio and whether or not we can monetize assets at a superior value, as you've seen. I mean, I think the bigger picture we're generally happy with our asset mix, certainly, the commercial structure that underpins them. We have very little G&P exposure now.
We see ample conventional runway in those businesses. And as I just went through, the businesses support our strategic actions to support the transition. We look at every possible opportunity to release value. I think we've proven that we'll take action.
I think over the last three years, it's been about $9 billion of assets and with this latest one Noverco as well. So we'd certainly consider looking at other things if we received full -- more than full value for them. So it's going to be opportunistic. As Colin pointed out, the balance sheet is in very good shape.
So it will be selective monetization to generate value where we can on a, I guess, a specific basis when we see those opportunities.[/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. Good morning. Maybe just to follow up on that comment, Mary Jane, in -- in terms of seasonality. What should we be thinking about in terms of the puts and takes with respect to the March quarter, you know, just in terms of the -- the -- the larger verticals?[/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. Yes. Take care.[/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>>
Perfect. So, congrats on the strong quarter. I guess, the first question is, if I look at your results compared to some others in the space, you seem to be -- you're executing above some of your competitors, and I'm wondering whether or not that seems to be market-related in terms of the exposure. Or, I guess, what do you attribute some of the stronger growth relative to competition or is that market share gains?[/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>>
Yeah. Happy to address that question. The XL092 single agent Phase I study has been ongoing for a little bit. It's a dose escalation study and as we escalate to higher doses and get toward identification of the MTD. We obviously have followed our patients for quite some time and we will be looking forward to presenting data at a scientific meeting to present both safety and efficacy across this study and across the dose ranging. But the data that we are seeing thus far, is consistent with how we set out, and in terms of constructing the molecule and the pharmacokinetic profile, has borne out as hoped for, as was mentioned earlier on in the call. And so, we see the program to a large degree, derisk, given that XL092 is very similar in its target profile as cabozantinib and we certainly have many-many years of experience with cabozantinib as a single agent and in combination. So that is the backdrop from which we are making the comment of hoping to initiate pivotal studies in 2021.[/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>>
Good morning. I was hoping you could just elaborate a little bit more on your expectations for polystyrene in 2021. And just in particular, how sustainable are the strong 2020 results?[/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>>
Thanks, Brian.[/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 mean there are so many. I mean, I -- it's hard to say that it's going to be stable, right. There're so many moving parts. Our costs have gone up so dramatically in the last short period of time. And when you look at those costs going up, if you look at -- you're right, there is a little bit of the detrimental margin impact when you've got a couple of hundred thousand units coming out of the industry. So, yeah, there is some headwind there, but there are so many moving parts. It's hard to say. I think we're going to -- we're just going to -- we're going to be chasing our cost a bit next year. As you said, the costs have gone up so dramatically that there's going to be at least in the first half of the year a little headwind on North American margins.[/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>>
No. We are committed to this range. There were some onetime items. Bob can talk about onetime writedown of an asset in quarter four or about $3 million. In addition, we had needed some temporary labor in the injectable business to backfill absenteeism from COVID. So, there was some onetime margin pressure in Q4. But generally, the 32% to 36% range is the right 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. I think we talked about your last question. How -- Will they switch from non-5G to 5G, of course, 90% of our customers -- 5G customers, it's from 4G to 5G, yes, that's the situation. cause we are the leading mobile operator in this market.[/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>>
I'm sorry for that. Sorry, I was on mute. Congratulations on the quarter and, of course, Ainsworth. Understanding Ainsworth as one of the larger players, can we anticipate continued unique content, either tuck-ins or exclusives going forward as either an opportunistic or even a core strategy? And understanding you're not disclosing exact acquired right purchase amount, can you give us some color on structure, like, you know, upfront cash component with some ongoing split? Is that sort of what we should look at either with this deal or something 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>>
So, this is a very good question, Carlo. Obviously, we enhanced the visibility of our fast-growing digital and betting activities since we launched the new organization back in Q3 of last year. And we have also dedicated more time to talk about our business activities in digital and betting over the last few earnings calls based on the success that we have been able to track across the verticals in iGaming, iLottery, and sports betting, which is driving as you mentioned a phenomenal revenue growth. The number we generated last year in digital betting revenue of $170 million is in front of everyone and the further growth experienced in Q1 is very -- speaks by itself.
Obviously, the business continues to expand at a rapid pace we expect at a certain point. It may make sense for us to consider breaking out as a stand-alone segment.[/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>>
We're leaving a little capital for growth, right? The -- if you think about what we're making per quarter, we are paying a dividend that's a little in excess of $5 million a quarter. This quarter it's a little higher because net income is a little higher because of the reversal of ACL. Right, so if you back that out with a $15 million repurchase plus $5 million of dividends, leaving a little capital for growth, it should kind of makes sense.[/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. And it's not just your typical investors that we've seen in years past. We're seeing a lot of buyers and bidders today that have historically been buying in other asset classes that they're just sick of getting priced out or getting the cap rates compressed so low that there's not enough spread, and they see the risk-adjusted return in our space.[/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>>
OK. I'll take those questions in order, I guess. First of all, the -- I would say the lion's share of the improvement, yes, is due to strength in North America compared to other places. I mean it is a tale of many stories, and different markets have come back at different rates.
But I would say in terms of any big drivers, North America has generally retained more willingness to move around, people engaging in more travel. Less -- we haven't had government shutdowns in the way that we have in other places. So yes, I would say North America is probably the bulk of the story over that month or so. The -- to your second question, no, we don't intend to break it out, not because we don't want to make all of your lives easier but because we believe it's one business.
Essentially, as I mentioned about piping Vrbo content through the OTAs, we view this as if another product that a traveler will want. It's not -- obviously, it's having a great moment. And we're glad that we own it, and we believe we can ride some of the success travelers being exposed to the product type in a new way. But we view it collectively, and we view it as one business that we're driving whatever the best outcome for the consumers and driving that outcome across all lines of business.
So we think this separation has been artificial effectively, and we're not planning to report it that way in the future.[/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, again, everybody. I'd like to thank everyone for your time today, and we look forward to seeing many of you over the next several months. 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>>
Well, obviously, it depends on the demand and the supply, but I certainly hope so. I mean, we've spent the last year ramping up the supply lines. And so certainly, I would expect so. I mean, based on what we're seeing on what demand looks like, yes, it should be OK. [/INST]
Direction (UP or DOWN): DOWN
| DOWN |