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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. So there were a number of hedge fund events in the quarter. You guys called out GameStop, I think, and the meme stocks early in the quarter, and then there was the impact on hedge funds from the Archegos family office later in the quarter. It looks like BAAM not only was unscathed, but performance was good, gross redemptions slowed materially. How is the perception of hedge funds changing following the good 2020 for the industry? And what are your thoughts on the potential for more consistent inflows looking forward for BAAM?[/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>>
Hey guys, good afternoon. Just a couple of quick ones for me. 2100 L was placed into service in the fourth quarter. Did that contribute any GAAP revenue in the fourth quarter?[/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 within the technologies you're referring to, the growth expectations for video security are to be up high-teens this year and command center software to return to 20% growth like measures that which you mentioned on some of the look-back into 2019 and 2018 as we get beyond the pandemic impact, and that LMR would be up mid single-digits. Those are the expectations for '21 from a technology standpoint.[/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, Nate.[/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, Scott. So as we've talked about, we want to be disciplined and have been opportunistic when it comes to M&A and any deal that we would look at would need to make strategic and financial sense and consistent with our guidelines. And I think the executive order will mean there will be additional attention for bank M&A. But we believe ultimately decisions will be driven by what's best for all stakeholders. And that's how we're thinking about it.[/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, I mean, obviously, we are already off to a really good start there and the legacy PolyOne color business as you know had EBITDA margins in excess of 20% and I view that as a really good long-term target for what this segment can ultimately do together. And we've talked a little bit about some differences between the two portfolios of legacy Clariant versus legacy PolyOne, but I don't see why we can't get back to that level of 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>>
So we have another $25 million of unrecognized revenues from PPP one and PPP two left. Again, the calendar of when we get to recognize this will depend on the forgiveness process. Obviously, we have about $10 million left on our PPP one, so that's probably coming through in calendar year 2021. At this point, it's too early to say about this PPP two. We did originate about $420 million as part of the PPP two program that you'll see on our balance sheet.[/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 and thanks for taking the question. This is probably for Sacker, but just in terms of the performance fees and carried interest, the historical levels are always helpful, but given what seems like a challenging year for real estate, generally, it seems like the overall level of performance fees and carried interest is strong. Just curious if the asset base has increased significantly, that could those levels or from like a portfolio standpoint, are we just in a more like season portfolio, I mean, than an average year and that's what's throwing off some of the -- the higher level of performance fees and carried interest?[/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, Ross. This is Dan. So first, on PIF, I think everything is in line with what we have talked about on prior calls. We are encouraged by the growth that we saw in the first quarter.
We're focused on executing our plan for the rest of the year. We're focused on moving into additional states later this year, as I mentioned earlier. And all of that will drive PIF growth and direct written premium growth in line with the guidance that we gave on prior calls. Similarly, our retention rates are in line with prior quarters as well.
As we've talked about, we are deploying multiple strategies focused on enhancing retention, and we expect that you'll see those strategies pay off and show up in the numbers. But it takes time, Ross, as you know, for that to happen. And at the same time, you're seeing -- you're going to see an influx of new writings associated with the growth that, as we have talked about, will impact our loss ratio. So you have these tailwinds and headwinds associated with the loss ratio that we continue to see playing out consistent with what we talked about on the Q4 call that, net-net, over the course of the year will show loss ratio improvement.[/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. And it's related to that, Robin. So we aren't giving formal guidance overall. But I think one of the things that I would reiterate is when you take a look at the growth of those key revenue segments, what I talked about in the prepared remarks is something that we are comfortable guiding to, which is the fact that that growth we expect to accelerate into 2021. So those revenue intense segments grew at about 1.8%. We expect to see a pickup in that in 2021.
Overall, the economy segment, you're seeing very similar trends across the industry and that's been the segment that has just a little bit more pressure from a termination perspective. That's just the nature of those contracts being less sticky and you expect to see those trends continue as well. But again just where we're focused as a company and just where our -- the vast majority of our revenue sits in that mid-scale, extended stay and upscale segment, we feel very comfortable about the fact that that unit growth is expected to accelerate 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>>
I think the driving force is that, actually managed services is evolving, the new name is cloud operation or cloud managed services operation, and that in all the new deals and T-Mobile is a good example, it's -- the deal many aspects, many pillars, one of them is the deployment of a new transformation to our new amdocsONE platform but to operate the new cloud environment in the cloud with the services operation. So I think that the same value that we are able to prove in the managed services, which was on premise, we can even have a bigger value in the cloud operation.
And I think giving the full accountability that we have, that's always was the main differentiator for us in the managed services, we see the same phenomenon or the same differentiation in the cloud managed service operation, and this is why we expect this to continue to grow.[/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, we can hear 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>>
This is Kitamura speaking. To deal with your first question first, top line is increasing, while total headcount is declining. For us, human resources is a very important asset. It's an important capital, but the rule of human capital is changing. Things that can only be done by human beings are declining. So with controlled headcount to a certain extent, it would be possible to grow the top line. Of course, there are business areas that are human capital intensive. And in such areas, we will be recruiting people. But on firmwide basis, we do not believe that -- I think more than quantity, the issue or key is quality.
And another point, business flow, how would the business flow trend as we think about the next accounting year? Since the beginning of this year, we have seen activation of client flow at high levels. And as I said, there are a few key factors as we try to think about next year's market. So, we are not necessarily optimistic, but there are expectations. We think that decent level of client flow will continue. We have a diverse clientele and each client faces particular challenges. So, to a certain extent, I think we will continue to be in demand by the clients. That concludes my client [Phonetic]. I hope I answered your question.[/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 let me put in first in context last year. So last year if we all remember, really all of March and particularly early in March, but continuing March into April, what we saw was a dramatic reduction in the number of times people are coming into the stores and very large baskets. So people coming in and buying whatever they could get, wherever they could get it. As we all knew there was silly things like you know shortages of yeast or pepperoni or cheese that people would go and look for it wherever they could find it.
So last year, we definitely saw a notable downtick in traffic, but a correspondingly big growth in basket. And as we worked through the year, our traffic trends got a little bit better, but they stayed negative through the year and basket fell off a little as we would expect after that big stock up.
But also going to stabilize Q3 into Q4, when we turned into Q1, those same trends really existed in January and February, which were all pre-COVID last year, so that made a great deal of sense. I think we saw the same volatility that others would see in the early part of March, where this was lapping the height of things from last year, and that would be it where we just fundamentally all we are readjusting to our businesses. What we saw as we got to the very end of March and into April was the recovery of traffic. So, on a two year stock, it is it's not a net positive yet, but it is headed in the right direction.
But I think the most encouraging part to us is not only is that number headed in the right direction. But the basket really held. And that tells us that things are resonating about what people are putting into their carts and what they've come to adopt and shopping at Sprouts. So hopefully that's just a bit of color that helps.[/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>>
That was sales employees, not total employees. 1773 which were just in the sales organization. So total employees was a higher number.[/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, sure. So, Q1 of 2020, we had about $300 million of safe harbor shipments. And in Q1 '21, this current quarter, it was about $100 million.[/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. I mean, the key thing, Tyler, is that this is an expensive business, and we're doing a good job. So we focus very closely on what market pricing is, and that's where we need to be, more so than maybe cost plus. That market, if we're exceeding the market and providing our sales team with that -- those sort of tools and that sort of service, we ought to be at market 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>>
Thank you. Good afternoon. I wanted to follow up, Michael, on your remarks about increased business opportunity with Roku now that SpotX is integrated. So in terms of how that nitty-gritty works, can you give us a little more detail why you're getting more, A, why you're getting more access to Roku inventory? Is it just because SpotX has relationships with more apps? And then the second one is, I'm sure you know that Roku is talking a lot and pushing to advertisers their OneView platform.
And I was wondering if that makes your life easier, harder, or makes no difference whatsoever? So if you could help us understand 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>>
The capex right now is literally across the board. We're seeing the test equipment. We're seeing the fan-out equipment. We're seeing the bumping equipment. We're seeing the wirebond equipment. The -- almost all kinds of equipment where we're issuing capex. Right now we are working with our suppliers, trying to prioritize delivery schedules.
In terms of the total equipment that we plan to order, we will stay at the up level -- the high level, if not exceeding last year. In terms of the actual delivery, that is what we need to do from an operational perspective.
Now, why are we placing order knowing that we have such a low lead time, because our customers' development and product cycle, as well as the long-term service agreement dictates that. We're working closely with our customer to understand the demand profile long term. And all of the capital equipment expansion we'll take that into consideration.[/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>>
That's what we're seeing. That's exactly right. I think it's given the overall environment -- what we're seeing is there's an ability for the companies to manage through the issues, but the real world is there are issues that they're having to address and find ways to improvise and deal with.[/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.[/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>>
[Foreign Speech]. First of all, the year-over-year growth of loan origination in the first quarter of 2021 was mainly because Q1 last year, China was heavily -- under heavily effect of the pandemic. So there was a significant increase in this quarter year-over-year. But as compared to the fourth quarter of 2020, when we -- during which we facilitated RMB2.7 billion and this quarter we recorded RMB2.8 billion. So considering that if we don't see huge market fluctuations and we are able to securing sufficient fund as we are doing now, I'm projecting, RMB3 billion loan origination every quarter. And that's the bottom-line.[/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>>
A little bit of both. I mean the -- it does us no good to -- first -- well, let me even back up a little bit. It goes against your nature to ever want to "manage" the sales. No one knows what's going to happen in an hour or tomorrow.
And we're -- but when we -- when the demand is so great in so many of our communities that our ability to deliver the homes timely, where we can protect our pricing, because we're having to build -- we're having to deliver them so far out, when that becomes at risk, it's in our best interest to control the number of sales or home sites that we offer for sale in a particular community.
Some of it is with pushing price, but some of it's just us recognizing that we can only deliver a quality home or so many quality homes six, seven months out in a particular community per month. And when we try to do many more than that, we run the risk of margin erosion or the inability to protect pricing.[/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>>
Catie, this is Chip. That's a great question. Thanks for asking that because I think it has good perspective as our strategy. First thing that we're still focused on through the rest of this year is out executing everybody relative to helping our partners recover. But in all candidness, we've been having those conversations even through the pandemic because we also thought that, that was a big part of how they could recover. There's certainly -- today is big demand for a regional lift. And we think as the economy post COVID continues to evolve, the smaller locations and midsized cities are going to have more travel demand. And so we're having a lot of conversations with the partners about this long-term aircraft orders. We're also having a lot of conversations with manufacturers about evolutionary ways that we can meet the needs of the environmental footprint that we're trying to achieve with our partners and all of those things. So in quick answer to your question, we're having a lot of dialogue with both partners and manufacturers, but it's secondary to making sure we continue to recover from the pandemic, but those conversations are alive and 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, everyone. I'm curious if you look out three years and would just give us a slight view of where you think your revenues and earnings will come from on a three-year basis, cable versus B2B, versus financial transactions, whatever it's going to be, but that would be a nice outlook for us.[/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>>
The market is still fairly slow. Now that things have opened up, I'm hopeful that people are going to start bringing things back to market as people get a little bit more certainty and optimistic on the overall market. But it's been abysmally slow in our markets, and there just hasn't been a lot. We're underwriting everything that's out there, but there hasn't been a lot that is super appealing.[/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>>
Well, honestly, they range all over the map. Just to give you a sense, when you go back to 2019, we basically were in a position where our full service hotels, about half of them were earning incentive fees. And overall, for the US, it was, call it, 56% when you take in our limited service. And there, you obviously had occupancies up into the 70s. But otherwise, I will say it's a big mishmash depending on the specifics. The counter to that is, as we described in Greater China, where we're at 77% earning in the year-to-date numbers for IMF. And back in '19, it was at 86%. So you can see that they behave much more in line with base fees. While in the US, you really have a ways to go before we back to earning meaningful incentive fees from the 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, well, on the first -- well, I will say that activity in seamless will -- in the seamless side will go back pretty close to that. And in 2022, we will perceive the strong, let's say, demand from the contracts in the Middle East and from a get back -- a coming back of the offshore because we perceive that the offshore projects are -- let's say, are moving on. And we will see this in 2022. What we are probably still missing are large pipeline in Brazil, for instance. There is some moment in the past that were supporting our sales of welded pipe in Brazil. We do not see this yet, but probably in 2022 we will see also the level of activity in Brazil picking up more strongly. So we are going in that direction. And in 2022, Tenaris will be able to deploy all this capacity and the capacities that is coming from acquisition and from the investments realized over the last four years. I mean we are going in that direction, but we will see these gradually.[/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>>
Yep. 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>>
Well, I think you heard one of the examples in Mark's prepared remarks talking about Uber and using WorkApps in their marketing group. We've got countless other examples of customers that are using us for marketing use cases. And as we have rolled out integrations with Brandfolder, improved integrations with 10,000 feet, we're seeing a lot of interest. And it's obviously a very top-of-mind space.
There's a lot of folks going after that segment, but we feel really good about our offering and the unique value that we can deliver combining Smartsheet and Brandfolder and 10,000 feet and then a lot of the capabilities we've added through proofing and content management and workflow.[/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, I mean reinvestment yields are in the call it 120 to 130 range and that's creating a, call it 50 basis points to 60 basis points front book, back book drag given what's running off the back book run off is call the 180 range, 185 range. So, that's been a phenomenon that's been occurring over the last couple of quarters.
We are watching OAS. OAS' were positive. Last quarter, even though yields are up all, OAS assets have tightened a little bit this quarter. And as I also mentioned earlier, we get about $800 million of cash flow a month and time to time we'll invest cash flows in advance of coming months and we did a little bit of that in June, but we're not going to put a lot of cash to work in this kind of rate environment unless and until yields begin to rise a bit more and OAS' look a bit more favorable.
So we're doing a little bit of investing there to get ahead of some things but not a lot.[/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>>
Okay, 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>>
Yeah. There's not a lot of color I can offer on that, except that we're delivering on the order book of today, which is, as you know, is more slanted to narrowbodies right now. Yeah. I don't have a lot of insight there as to whether one ship set is in a better inventory position or anything like that.
I just don't have that color.[/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, Mark.[/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 for joining us today. We look forward to connecting with you soon at upcoming conferences.[/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, New Mexico is a great asset of ours. We've talked in the past that we did have a plan on the shelf for accelerating in New Mexico. And we still do have that, and that certainly would be an option for us. We are seeing a loosening of the permitting. We're getting new permits. We're getting right of ways. We're getting sundries. We also scan competitor activity. And we know our peers are likewise seeing permits. So we're feeling pretty comfortable, confident, perhaps is a better word.
That New Mexico, we can just act prudently and not have to take any extraordinary action around a threat of permit restrictions. But that doesn't answer your question. Some of our best returns are in New Mexico. It's a very target-rich environment. And as we look at 2022, I don't think you should be surprised if we have a greater proportion of activity in New Mexico than we do now. But again, that's not a reaction to a permit issue that's just a program configuration. But we haven't made those decisions for 2022, and it will be driven by best returns on capital. It will be driven on midstream. I mean, a lot of factors drive that. But New Mexico is tremendous part of our portfolio, and we're delighted to have it.[/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'll start and then Brian can talk about the RSA. But look, I think one of the things that we have said for a while now is that we believe that we have a unique insight into the whole healthcare wellness space given our CareCredit platform. We've expanded that platform all through last year as we've expanded into hospital network through just our acquisition of Allegro Credit. We believe that consumers -- and by the way, it does sit in CareCredit. So I should clarify that. Does sit in CareCredit.
We believe that the everyday spend around wellness is an area where consumers are looking for rewards. We believe Walgreens is a great partner, because we were already in there accepting the Walgreen -- the CareCredit card. So, we believe this space is a real ripe opportunity because of our unique knowledge and experience in this space for over 30 years, and we really see Walgreens as a way for us to really continue to expand and differentiate ourselves in the healthcare business. I don't know, Brian, if you'd mention the RSA.[/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'll take a start on that, and then Aaron can come in and maybe some more details. It does have to do mostly with the mix. During the quarter, we had the opportunity to participate in some municipal deals that drove similar balances. Those are highly competitive RFPs. Our approach, our expertise in that space allowed us to win those deals. But those high-quality credits certainly come along at a lower coupon, and that skewed the number for the quarter. I think past that, we see more of a return to leveled out numbers and improving numbers. And Aaron, is there anything you'd like to add? I'd just add, Matt, the loan yields during the quarter, excluding PPP, was 4.26%, and that compares to 4.28% in the first quarter.[/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>>
Sure.[/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. So, Harps is, I believe, like 112 unit regional grocer that is well capitalized with a strong balance sheet. And the sites we purchased are well located sites with strong sales and strong profitability. I know it's a competitive the industry. But when you're doing a sale leaseback, you're buying sites that are existing and have long track records that we can underwrite. And that was the case with the sites we bought with Harps.[/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>>
A long answer, but I hope I answered the question.[/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. First, I just -- like the team, I mean, I think we really excelled during a very challenging year, not only did Aerie excelled, but we opened two new brands, one OFFLINE and then, the small brand unsubscribed which is a tiny concept, but certainly, we've seen great results on the OFFLINE -- in the OFFLINE business and I think that will remain a killer category for us. And we're going to continue to grow as I mentioned 30 stores this year. Various formats, we're still testing and learning. But really, we've seen just unbelievable results there.
I have to say it was pretty impressive throughout this year. All categories really fired. We're seeing nice results in intimates, and we continue to dominate in comfort intimates really what that generation wants today, but still pretty in feminine. And we're going to continue to innovate in that category and dominate every category. Apparel had great results, tops and fleece. I just really would like to consider at the intimates lifestyle destination. So we are going to continue to grow. Our customer continues to ask for more. And speaking of customers, we did grow that base 16%. So, really nice uptick there considering when stores were closed. We were still able to leverage direct and that business to entertain new customers to our brand.[/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>>
In fact, the transmission line was completed in 2019. 2020, we received the benefit of it. There was no capital associated with it in 2020, nor there will be in 2021. The quantum of the project was not particularly significant.
And I'm going by memory now, Heiko, so bear with me, but it was only in the order of one and a half to $2 million. The issue associated with the transmission line was more one of gaining access to the right of way for installation. And I know that the company took several years to pull together the right of way to enable them to construct the line. Once they were able to do so, the line was constructed very efficiently, very quickly, and the spin-off benefits to the local communities was really very remarkable.
If you think of 25,000 people who have never -- the 25,000 families who have never had electrical power before. That is something that the company is rightfully very proud of.[/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. We were ahead of where the quarterly average was. We'll certainly give you that total number for the September quarter when we get there. But we were north of the average.[/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. I think photonics is a segment where, at this point, it's really in a reinvestment phase. So we are focused on product development and rearchitecting that business to be more applicable to automotive LIDAR. As we've said in the past, our real metrics for this particular business will come down to product releases and customer engagements on -- in the automotive front.
Yes, we have small revenue. But our real revenue is going to come from, and our real focus is on the automotive LIDAR, which we expect to start progressing in terms of products and design wins 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. At ECS, so it's kind of a secondary impact for us on our spring components, right? We have plenty of capacity and can immediately respond in our foam production and our finished mattress production through ECS. There are -- we are constrained by the foam there. So we're basically making and selling everything we can 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>>
We would typically have some severance throughout the year. We would not expect to have any of that size going forward into the each of the quarters in 2021, so the normal recurring level would be reflected in that guidance, but -- but then not assuming any significant charges on top of 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>>
25.5%.[/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>>
Go ahead, Jesse.[/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>>
You want to take that, Dave? Or...[/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.[/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
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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>>
Yeah, Michael -- it was $83 million that's on page 18 I'm sure -- very -- at the bottom of the page there. I actually don't recall if that was in that basis. We took a writedown previously. I think it's a land -- a piece of land that we owned for some time so it had to come back to on the promoter of the structure on that front.[/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 think your first question, Rob, was new advisor. The number was 78. I think the more in-depth question is how do you think about the pricing of the unbundled products? I would say, generally, and I'm generalizing, the unbundled products all-in are less expensive and lower sources of revenue than the bundled products. And I think that's a reflection of investor and advisor needs. And I think, as we go out, to educate advisors as to what fits best for them, an unbundled pricing product is a little bit harder to explain, and it has more moving parts. Bundled is much simpler and straightforward. But you are correct, we are seeing more growth in the unbundled pricing model, and the revenue recognition rate is a little bit lower, to be direct with your question.[/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, Mike.[/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, thanks. We have a sophisticated supply chain group and they are looking at 5, 7 and 10 years for what our sales growth expectations are and from there making determinations as to what we need to do with capacity. So it's something that we talk about regularly here. As we talk about utilization right now, utilization is at a 100%. We are running all of the assets we have and getting every single linear foot of decking and railing out to the marketplace.[/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, why don't I -- I'm going to let Denis speak to what you're calling a shift in sentiment, which I'm not really sure there's been a shift, I think both recent U.S. administrations have been supportive in nuclear, but Denis can give you a little bit of color.
But just on timing of monetization, what I would say is this is a great company, super high-quality business, super high-quality management team, incredible market position and seldom do we find companies with all of those characteristics and highly, highly cash generative. So we're in no rush to sell this. Our intention -- our current intention for sure is to maintain control at least control of this company for a long period of time.
If we do decide to sell it will be -- probably be -- we'll look to sell a minority interest or something like that. But otherwise we're very, very pleased with the business and we think it has considerable upside from here from what we've already achieved.
But Denis maybe you can comment on -- seeing?[/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, Nate. Appreciate the questions.[/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. Well, we feel like we have a strong platform here. And as I mentioned in my remarks, we did expand the capabilities of our facilities very quickly, really within about two weeks, which I have to give credit to our IT department, working in collaboration with our facilities. But we also think there may be opportunity to expand telehealth. And as you mentioned, using our physician network and our capabilities that we have clinically, not only for patient follow-up that might occur as patients are discharged, but then also, we're looking at additional markets that we might not be in right now as well as partnerships that we might have with other telehealth providers or perhaps even trying to expand our capabilities here within Acadia.[/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, 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>>
Thank you.[/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>>
Sure. So let me let me speak to some of the key drivers here. Foundationally, after those, you need to look at the higher operating costs in this environment related to us securing additional capacity from external supply chain. And with that, the logistics costs associated with operating in that environment puts us in a position where we are securing more lanes for freight to support that external capacity at higher spot market rates, which we would note that we're seeing about mid-single digit inflation in freight in this environment. So, as we're exposed to the spot markets on those external supply chain lanes, the cost of delivering to customers and distribution centers is higher. So, those two factors, I would expect, to be largely linked to the demand environment. And as supply and demand come more into balance, as our inventory levels in the system come more into balance, I would expect those costs to abate. And obviously, we're lapping a tremendously strong Q4 where a fair amount of leverage was driven just in part because of the inventory in the system that both us and the retailers used to draw down to service the demand.[/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. Yes, sorry about the audio quality. But in fact, yes, DDR5 for server applications has pushed out a bit as the server chips themselves have been delayed. We've seen the impact of that in the demand for DDR5 testers. And similar things happened with LPDDR5 going into mobility applications. So despite all that, the share position for Teradyne, we think, is unchanged from our earlier estimates at around 40% of the market. And it's going to be a tailwind next year when the DDR5 and LPDDR5 ramp as was originally thought would happen toward the end of this year. So we're well positioned there, and I think that's a tailwind for us next 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>>
Yes, Geoff. I appreciate the question. So as we think about business development and how we think about that relative to the margin goals we have for the company. A couple of comments.
One, it's important to say we do believe, over time, as I said, we need to have a more balanced portfolio and we'd like to bring that diversification. I would make one clarification to your point. I see a difference in diversification away from KEYTRUDA versus diversification away from oncology. Obviously, oncology is a broad field and as I said it earlier, huge unmet need still rests there.
So that's an area where we can leverage the strength we have with KEYTRUDA, the foundational position we have, the data we have, the insights we get from basically being tested either combined with or against pretty much every agent out there. And so I see an expansion and diversification across broader oncology as an important goal for its future into the future. And then I do believe we also should look for other therapeutic areas, we have a strong position in vaccines. We're looking there.
We've mentioned the cardiometabolic is an area and in fact, Dean can make a comment on neuroscience. But we actually have several ongoing early stage programs in the neuroscience space. So we're excited about that. To your question on what do we prioritize, first and foremost, I prioritize long-term sustainable growth.
And that in our business is about innovation and investment in science. So we always will prioritize that, I believe we can both deliver that and bring operating margin expansion to the business, but it's a matter of driving cost reduction or investing in growth, I always will invest in growth.[/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, yeah. I think you pretty much got it right there, Rich. Essentially, last year, we drove fantastic working capital benefit, about $116 million, we squeezed inventory dramatically until the receivables reflected the change, the decline in sales offset by payables. This year our scope to squeeze that further, I think as we called out and you just mentioned, is much less. We don't expect to get a lot more out. We will manage it as timely as we can in terms of the relative days of inventory and controlling our days of receivables. Receivables will move a little bit depending on the mix of customers, the timing in a given quarter, etc. But we expect working capital to be relatively neutral, overall this year, is the way I would put it.[/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>>
Hey Pearce. Good morning and thanks for the question. This is Jeff. Yes, look, as I said in the prepared comments. Right? We really tried and when we put our production guidance, we try to rely on things that we have a real line of sight on. And so, there is a lot of serendipity that happens across our asset base and we certainly saw that in the first half of the year. Frankly, some of those mature plays that I mentioned that we expect to see declines from, like in the Gulf Coast and in the Bakken, just continue to outperform our expectations. That can't happen forever, but it's been pretty consistently happening here over recent quarters.
So, I think in general, we have a conservative bent when we give guidance, just because we try not to forecast a lot of things that we can't see, even though we tend to have some good things happen across our acreage every quarter. So, look, the hope would be that we are being a little conservative, but I think the good news here is that we put this $0.20 based distribution with an eye toward our revised guidance and what that means for production levels for the second half of the year and I think we should still be able to fund that distribution level and obviously, if we continue to see some things outperform that may give us further flexibility in terms of additional debt pay down or whatever. But, yes, we realize that it may look a little conservative given the outperformance in the first half of the year, but frankly we'd probably rather be on that side of things.[/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>>
You know Mark, we're still working through that because it, my only caution with you is let us get through a little closer today AR Packaging acquisition, the core without that isn't going to be materially different than kind of where we're at, maybe up very slightly, a little bit just because of Kalamazoo but we'll do a refresh for you inclusive of AR packaging obviously on an EPS basis, AR packaging, we believe will be accretive on an all-in basis, pre-synergies, but let us come back to you probably in the October timeframe with a little more definition on where we think that's heading but excluding that it should be up just modestly.[/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 Josh.[/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 mean -- I think it's the same drivers that I've mentioned earlier on the call and I'm happy to repeat them again. In high-performance computing the key segments for us today are cloud, federal and energy with oil and gas. I think -- and that's not exclusive, but those are the big three contributors for us in high-performance computing. In the embedded space, primarily federal plus, transportation and telecommunication. So for us the drivers continue our backlog is actually healthier going back -- going into Q3. And really the back half of the year looks very, very strong in that business, which is why we guided as such.
I think Ken referenced, and if he didn't reference, let me just clarify that, coming off a 30% sequential growth Q2 over Q1, we're continuing to forecast an increase in that business in the area of high-single digits, low double digits off of that quarter. So we remain very confident in the back half of the year in the top line growth for the intelligent solutions business.[/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'll address the general question. I'll let Paul address the more specific question. But I think we saw increased booking activities at the data center toward the end of the quarter, and we anticipate continued pickup in Q2. And from what we see in our forecast today, the second half is going to be quite strong in the data center. So, that's what we're gearing up for.[/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.[/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>>
Sure. And just as a reminder, those numbers to our collision numbers and collision still maintains 20% to 30% back from prior year. I'll tell you, the virus, while it's only been around for a year, it feels like it's been around longer and it was dramatic when it first hit, but then it kind of cooled off through the summer and business started bouncing coming back. In the fourth quarter, we went negative in parts and service in November and we came back positive in December. And we're starting January off a little bit more volatility. So I would tell you, these high positive rates that you're seeing across the country and the number of deaths a day over 4,000 are playing an impact on the parts and service business. It varies a little bit by market, but generally that's the theme.
So we feel confident as the vaccines rollout and things normalized parts and service not only comes back, it should have a nice tailwind. To your point on pent-up demand with service work that's our opinion. And they believe right now is somewhere between June and late July, early August is when we think that we should really start to get back in a groove of a normal look in parts and service. Could be sooner, it's hard to predict with what's going on to vaccine and it's very fluid, we're all reading about it every day. But that's the way we see it right now.[/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 feel like our history is that when we see it, we'll know it. And we don't go out and look for acquisition. We don't write these things down. We're opportunistic. And if -- I have three factors, and they're not going to change. I want something to make us more relevant and that we're in a lot of businesses. So when you think about wealth management, our institutional equity and fixed income, our European operations, Canada, all of those, anything that can make us more relevant, we will look at as long as it meets the financial hurdles. It needs to be accretive to our shareholders. And importantly, it needs -- we think it needs to be accretive to the people joining us. And if those meet, then we will we very -- we very well may execute to pick a specific area -- would sort of trump our historical practice, which is we want to be opportunistic as opportunities present themselves.[/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>>
Sure. So my first comment was specifically directed at commercial properties, not individual homeowners. So what I'm saying is we're seeing a slight tapering of the rate increases that we saw in the late part of the second quarter. The comment about California and Florida is personal lines, homeowners, and particularly certain segments of those personal lines markets. So they could be older homes, they could be lower-value homes, they could be frame construction homes. And in California's case, it could be anything in a brush fire area, all of those types of things.
So what I would say is when you see that range, Mark, there could be a slight wiggle in the range, be it either the bottom or the top end. Don't read too much into that in terms of we just kind of want you to know where the vast majority of those renewals are coming in and the point being is, as we got down toward the end of June, we started to see some renewals with slightly less rate pressure. Did not mean it wasn't up, but those are on commercial buildings. It could include a condo. I mean that's habitational but not a stand-alone home, like if we had a home in Fort Lauderdale or home in Miami or wherever.[/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>>
Great, happy belated New Year, hope everyone is doing well, and thanks for taking my questions.[/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>>
The main difference -- first of all, I'd like to say Healthcare used to have underlying sales of 3%, 4%, so pre-pandemic getting toward this underlying 5% plus is a good step up and you've seen the margins went up as well in a good way, which is all very encouraging for this business. Now the difference between the 5% and the 12% is solely driven by significant deals that we've made with some governments around the world during the pandemic to address obviously the infection risks in the U.K., in Germany, in Australia, in New Zealand in many countries around the world. This is COVID-19 related, so it's tapering off right now. So you start to compare as well against very high growth last year, and that business is going to be reduced, we knew that and then we will get back to the underlying growth of this 5% as you said.[/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. Two questions, one on the share gains, can you characterize by region or specialty versus commodity product lines where the share gains are most pronounced? And secondly, can you characterize the pipeline of bolt-on acquisitions currently?[/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. Good morning. I wanted to follow up on your comments about online sports betting and media content converging. So there is a situation developing, I'm sure you're very aware of that between Flood and Fox Broadcast Corporation, which could lead to all kinds of structural outcomes in the market.
So with FanDuel becoming a stand-alone publicly traded company in the U.S., maybe some combinations with PokerStars, FOX bet, and so on. So I was wondering if you are -- if you could share your thoughts with us on how that would impact your strategy and your market position?[/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, Andrew. Well, certainly, what we embarked on in the U.S. several years ago drew a lot on the learnings that we had seen in our European or IOM markets. And a key feature of that was the EOTF program. I think the fact that we've been able to get almost all of our restaurants to be remodeled and have that sort of big reinvestment cycle behind us, that's a huge positive. I think the fact that we're seeing now 2019 was a record cash flow year for franchisees. 2020 is a record cash flow year for franchisees and 2021 will be a record cash flow year for franchisees. I think that ability to have just franchisees with the firepower is something that we've seen in our European markets.
And then you're starting -- we're starting to see the brand in the U.S. really improve and move. And that has been through a lot of the hard work that Joe and the team have done, along with how our franchisees bring the brand to life every day in the restaurant. And I think when you see a stronger improving brand performance, that was the hallmark of our success in Europe, and we're seeing that now starting to gain some traction in the U.S.
So certainly, we're optimistic and hopeful that what we saw in that playbook in Europe will translate over in the U.S. And we've got a few years of momentum under our belt that gives us confidence in that.
Joe, I don't know if you have anything else to add?[/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 we are part of the Elbit [Inaudible], so we don't win the programs on our own, and this is the most mature system that we are part of. We have some incubation programs in other places of the world, but it is too early to talk about. It will take quite a while until they mature, maybe in more than three years until they mature to products and deliveries. We are now part of Elbit's APS, and we have the Eitan in Israel.
I think Netherlands was the program that was announced in the last six months, as you mentioned, the CV-90. These are the two awarded programs, and the pipeline is quite wide. Australia and Europe, there are quite a few initiatives, and once Elbit announces that we piggyback on that and announce ourselves.[/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, Laurie.[/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, that is a profit. It's related to profit, 15% to 20% of our total profit for the year we realize in Q1.[/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>>
Great, thanks. Good morning. Another nice print. Perry may be just first for you. You already tried to talk about this, you guys have a really great visibility to that, obviously, they're going to be pretty prominent public commentary just around retrans Part 4 and obviously there is some tougher comps from the MVPD in the back half of the year. So just kind of maybe, if you want to give your own perspective on the retrans cycle and how much there --- how much life there is still left on that? And then Tom, that fixed costs again down 4% year-over-year. You've done a great job, kind of keeping that down. I think it's hard for some of us to get sort of a handle on how much of the COVID savings are continuing, just maybe sort of how we should think about the expense growth over the balance of the year would be super helpful? Thanks, guys.[/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>>
Hi. Thanks for squeezing me in. I have two questions, one for Mary, one for Paul. For Mary, longer term, do you see EVs as an opportunity to enter -- reenter Europe with a clean slate, especially given governments have been more conducive to giving incentives to EVs? I believe EVs amounted for like 10% penetration in the fourth quarter of 2020.
What's your thoughts around 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>>
No. It hasn't changed at all since the end of January.[/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, Devin.[/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'm not sure that we've got a firm conclusion on this matter. I mean, as Tony indicated, Secretary Walsh's comments actually suggest an openness to engage with the private sector to figure this stuff out. So it's a little early to signal whether rideshare drivers will be grouped together with the broader gig economy or kept separate.
We'll come back if there's any update on this topic as our conversations progress.[/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 will not burn a hole in my pocket. So it'll be a good -- it'll be certainly be a good position to be in and you know historically that after a special year our board considers special dividend that's always a possibility. Joe just said that he is not quite ready to put a shovel on the ground yet, until we resolve some of these contingencies out there but move with all deliberate speed to continue our growth strategy has worked and hopefully -- I don't know about commodity prices and lumber and steel and what.[/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 that we -- 2021, we're going to grow significantly versus 2020. So in 2021, we are establishing this sharpening again. So if you will, maybe we can reset to that level to 2021, and we start from here. We have a rolling five-year plan, as you know, Ken, that we constantly update. And we constantly make it more robust, so we can deliver earnings growth year-over-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>>
I'm sorry, did you not hear my answer?[/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 did I answer your question?[/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>>
Nigel, you were breaking up a little, but I think your question was around Q2 seasonality, correct? Is that the question?[/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 don't think we have visibility to where it is in their supply chain, but we estimated about $25 million of build this quarter. Things that we shipped that were in some -- it didn't go into a produced vehicle.[/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.[/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, David, good question. If you look at Q1, I think a couple of things stand out. We had strong gross openings which were particularly driven by a few key markets in Asia, but general strength in openings across the board. You saw in the US fewer closures and in general in the Pizza Hut global system, fewer closures than we had last year, which, as we said in the prepared remarks, we think reflects a bit of a turn there, although there is still a lot of work to be done on the asset transformation and there still going to be choppiness from a unit standpoint in the Pizza Hut system. And -- so those are kind of what drove the shape of development in the quarter.
As we said, there is still a lot of uncertainty going forward. If you get outside of the US, the COVID situation in certain countries is still very dire and that leads to some unpredictability. That's why we're not yet ready to commit to exactly when we can get back to the 4% number. But we do have enough confidence as we look at the current pipeline to say that we think we'll be at the 3% number at least this year. But again, we've still got a fair bit of uncertainty out there given the global situation.[/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.[/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 that sounds like a question I addressed earlier. But certainly, in the short term, it's picked up. We've done a good job over time of maintaining stability. Some of what we see in the short term may not continue long term, but I think there is some opportunity to bring the margin level up from what it has been over the last couple of years, so that certainly will be an effort that we'll be focused on.[/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. My first question, I guess following up on something that Alex asked about. As I talked to investors today, I heard a lot about Apple pushing back their return to office and a lot about the Delta variant, maybe help us set the goalpost -- I heard this concern that post Labor Day, maybe it becomes a bust if everybody starts pushing back. I mean, maybe help us what's the expectation for physical occupancy post Labor Day, where you would say things are trending in the right direction versus what that number might be that could cause some concern. Kind of an expectation post Labor Day, what the office physical occupancy would look like.[/INST]
Direction (UP or DOWN): DOWN
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