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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yes.[/INST]
Prediction (one of UP, DOWN, SAME): UP
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yeah. Your quality wasn't that clear. Are you asking about the loyalty cost trends?[/INST]
Prediction (one of UP, DOWN, SAME): UP
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Good morning guys.[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yeah, no, there is no deferred expenses with that. No. So all of that 5.3% will be coming in. Now, we are initially amortizing or accreting I guess those fees in over the 5-year maturity period and then obviously as they get forgiven, we'll bring those in.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yeah, I'd be guessing Laurence and I probably don't have a good guess. But I would agree with the assumptions there is pent-up demand.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
This is Steve on for Brian. On 518 and building off an earlier question, I'm curious, can you speak a bit more on what you might have to show for safety there? How long you might have to follow patients for potential accelerated approval? And if you looked at differences in transcriptome or protium, caused by 518 in preclinical models or clinical tissue comparing healthy and Huntington samples? And does that hinted any possible differences in safety?[/INST]
Prediction (one of UP, DOWN, SAME): UP
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
No. And I'd say in particular to Southern Power, it was more that we had earmarked capital in 2020 that was committed but not yet in place. We'll actually deploy that capital in 2021, which increases the expenditure. But if you look at it over a longer period of time, a three year, five year average, very close to the $500 million that you're marking that business.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
I think we need to continue to accelerate the vaccine delivery. The faster we can get campuses to normalize, hospitals to normalize, that pent-up demand of discretionary projects bodes back, I think it puts confidence into our channel, which is restocking and people will get back thinking about the management of their facilities long-term. So, it's -- we can see that. Actually, feel better about state and local budgets than I did a few months ago and we have done a lot of looking into the drivers of our business coming out of the last downturn, the financial crisis, overall macro economies are in better shape. The commercial will go through certainly a churn. What do we do with the retail space, not necessarily our sweet spot, but there will be opportunities as those spaces are reconfigured.[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yeah, I think that's, that's a reasonable understanding. But again, I want to make sure that the line is not very distinct, it could be blurred, because some of the retail customers when they continue to grow up, it becomes more, first of all, demanding. They have a lot of the customization needs. They can easily grow from the 5,000 racks to 10,000 racks, so it could basically grow from retail to wholesale, so that's possible. So it's not black and white. These two -- first of all, the way we define the wholesale versus retail, there are fundamental differences. The cost structure differences, the skillsets differences, the niches are different. So that's the reason, we have two sets of sales force to look after the two segments. So it's not purely either/or, it could be grow up from a retail to become the wholesale customers. And we're starting to see more, I would say, support or synergy between the two segments, just in case.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
I don't see us -- we've not found any life science space to my knowledge that we bought since we bought the tech center, I think that's what its called, Oyster Point Tech Center, next to our Oyster Point development project, which we bought, had some life science in it. And it was right next to our property, and we bought it with the idea we'd convert it to a higher and better use as a Phase 5. And other than that, correct me, Tyler or Elliot, I don't think we bought anything that we -- that was life science or to convert to life science in the past five, six years. Have we?[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Hey good morning everybody.[/INST]
Prediction (one of UP, DOWN, SAME): UP
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
My pleasure.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Thank you.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Operator, let's take one last question.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Good. Thanks, Erinn. Yes, we're still on track for a spring '22 launch. And just as a reminder and consistent with how we've shared it, it's a test and learn for us.
We're excited about it, excited about the opportunity and our unique position. But it's not required in the Power of Three growth commitments that we've shared and therefore, are taking a growth approach to this new initiative.[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Right. So on the -- if you just -- you really need to look at each of the underlying channels that make up our estimate, which you can see on Slide -- I think it's on Slide 11 -- no, on Slide 10. So on the retail business and the JV business, there's no overlap. So in our view, that's 100% accretive.
On the DTC business, it's the same. They are managing their servicing portfolio, and we are managing our service portfolio. And then you look at the third-party channels, based upon our analysis, there is very limited overlap. And actually, that was a -- significant pleasant surprises.
We looked at both of those third-party channels about the accretive nature of the business. So for example, Caliber is in direct-to-broker and NewRez is not. And then the overlap between both of the channels has been very limited. And also, on top of that, their focus and our focus, meaning NewRez is focused on the type of customers, in our view, is accretive.
So our view is from -- our current projection is really based upon our view of interest rate markets for the remaining five months of the year and our view of our pro forma of the overlap between the two companies, as I just described.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
I'll just give you my layman's perspective. And then I'll turn it over to Cam or Scott, who have a much deeper knowledge, but you know, if you look at the Kinder, I'll give you a real life example. I mean, the bid ask spread with Kinder, after it was close to a year of negotiating was really conquered by the seller taking our equity, that was I think $100 million give or take at that point. And that was the bid ask spread. So those are important dollars to retain between the buyer and the seller. And if you look back at all of our large acquisitions, they've been funded with Pembina equity. And if you look back, things went well for the people who took our equity. They generally got $0.100 on the dollar or maybe at a point of leakage, but often they actually held a little while and made money. Some of the happiest shareholders, I have the privilege of meeting are came in at providence, and they've really, really rung the bell and they have really low ACBs. And I would hazard to say, if we had a close enterprise, bunch of those shareholders would have been very happy as well as synergies unfolded. So it's an important part of value sharing between buyers and sellers. Cam or Scott, do you have anything to add to that?[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
It's OK, Paretosh. Next question?[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yeah, Scott. This is Jim Sandgren. There is no question that really everyone's back in the market now, so competitive pressures are certainly heating up. Again, we're staying very disciplined as we think about credit structure, but we're still getting a lot of at-bats. Our pipeline I think remains robust as we pointed out. So still feel good about the back half and there'll be deals that we're going to walk away from because there is certainly some structures out there that are getting stretched and that's OK. But overall, I think clients feel really good about their opportunities to be successful in the back half of the year and into '22. So it's always going to be competitive out there and I think we like our chances given our relationship banking model, so.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Thanks for taking my question. First one, just on gross margin. So good upside in the April quarter, but I think the outlook suggests some reversal of that. So I was just hoping for some color around what drove the upside in April and what will drive a different trend in July?[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yes. Thank you very much, and I'll add my congrats. So, Tom, I wanted to ask you about the Google Cloud relationship and just whether you're expecting that to appeal to a different type of customer because I think we're aware that the Google Cloud platform has a different architecture. There's more private cable.
They have larger pipes. They can absorb more traffic. There's more local points of presence. Just wondering if it fits a different need, maybe certain verticals or machine learning models, that are maybe a little more demanding in some ways.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yes, happy to. What we're -- so this is an unusual year in that normally, we peak around July. And so starting, say, end of July, we started to have a deceleration for six months. This is an unusual year in that we have this huge ramp-up. We went from this -- a big negative, I think, like negative 10% of market rent growth in Q1, and we peaked around -- it depends on which markets, but the Seattle and Northern California peaked around August. And Southern California is just peaking now, like as we speak. So it's very different from that perspective. Having said that, that natural seasonality does play itself out. And so the question is really a magnitude issue. And what you're going to -- what we're going to continue to do is focus on at this point, wherever we can push rents, but more likely as we head into November, December and now focusing on occupancy. And I think some people noted that in the third quarter, we allow occupancy to fall a bit, but I want to emphasize that was because of the strength of the market. And now we are going to preserve those rents and focus on occupancy if we see that deceleration continue to continue.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Sure. We actually did -- I didn't call it out in prepared remarks, but we actually did open up an office in this past quarter. We opened up a second Manhattan office there in New York City. As far as from sales, I think it's important to state that we are back in the office but we are selling virtually from our office.
And so, the change there is we were selling virtually from our homes. Now, we're back in the office selling virtually from the office. And so, we have the collaboration and it make -- just makes more sense for us to be there.[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yes, thank you.[/INST]
Prediction (one of UP, DOWN, SAME): UP
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Sure. So it's 30% of U.S. pumping. Markets where we have a higher percentage of residential would be in the Mountain region and the Texas region and Colorado.
But that kind of ebbs and flows. But it is a market that we're -- it's not new to us. It's something that's always been very important to us.[/INST]
Prediction (one of UP, DOWN, SAME): UP
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Sure. I'll ask you -- I'll take the second part of your question. We had some cutting out on the first part of your question, if you can ask that again after we go through this one. But as we begin with, as we look at the margin performance, we're really pleased with the year-over-year growth and the sequential growth that we experienced in gross margins. The teams are doing a good job on that. We think as the situation gets resolved in supply bases and gets ameliorated in the second half of the year, then we will see improvements in margin. We have build capacity and we think it will be just instruction for all of us to think that margins are improving in the second half.
And then if you could just help me back with the first part of your question?[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Sure. Thanks, Taylor for the question. As I noted, new business deals on average three years. We often do large deals that are even longer than that, right? And so when you look at RPO, if you do a three year deal, of course in billings, you get a one year, one year benefit in the numerator for the current period, but in RPO, you get a full three years benefit from that. Right.
So mathematically it's very strong. When you look at CRPO. As Rob mentioned in his remarks earlier, there is some near-term kind of friction or headwinds in the financial modeling perspective that pertain to some of the legacy agreements from LLamasoft and some of the other acquisitions we've done, which we are working through of course to benefit our stakeholders and our business in the coming quarters and years, you of course have the license migration that's going on and our push for professional services to continue to have our partners very strategically perform those professional services.
So some of the near-term noise in calculated billings, really you cut through some of that when you look at the current RPO numbers. And as I mentioned, we don't typically share those but this quarter, we felt like it was particularly important to give a clear picture of the underlying health of the business.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
And that -- and that opportunity is partially in 2021, we do believe there will be some opportunity in 2022 related to those vaccines. Thanks, Leigh.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Great. Thanks for squeezing in, and I'll keep it to one question. Just wanted to touch on agency partners. What kind of growth did you see here? And as you guys move deeper into enterprise, how are you thinking about the types of partners that you guys may need to attract to the platform?[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Hey Chris.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Tim will talk about the addressable markets and up beyond that, but just -- just to keep in mind is also the Sublime Radial Access platform. So it's really that in addition to the three you mentioned.[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Hi Tien-Tsin.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
You're talking about automotive, just to be clear.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Hey, good morning. I wanted to get your thoughts on inflation as it relates to increased build costs, curious what are you guys seeing right now in terms of costs? Are there any issues in sourcing materials or labor? And do you think you'll be able to pass on a lot of these higher costs to your tenants in the form of higher pricing?[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Hi, guys. Thanks for taking my question. What I had was, you know, we're seeing quite a core cold snap come down through the U.S., and I was wondering if there's been any negative impact to the Nevada Gold Mines operation to do that coal? there is it anything that you would expect to maybe drive a bit of a soft Q1 or something that would, you know, probably bounce back with the resumption of kind of normal temperatures?[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
So I think, you know, thinking about at least the hydrogen component of it, it's a proof of concept. The volume is pretty small, compared to our own system. So really, it's a minimis impact on pricing and such. And as far as looking ahead of the winter, what are we going to displace, there's not enough volume there to really make any impacts. And I think we're a few years off before we get to scale, where you see numbers, I think, where you're going and want to talk about is how this is impacting the overall supply chain for natural gas coming to the system. So I think it's too small right now to really predict or talk about the way that you're asking that question.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yes. Anita, just on the strategy there, the strategy is sort of be cash-neutral on that as we drill and get more information. What we think, based on what we've seen so far, is we think there's more at Doris, so that would extend Doris longer. As we said, we've stepped back at Madrid because we just don't like the location of the ramp, particularly at the type of rock it's in. So it's required us to sort of rethink that. But again, as we've said, we're not in a hurry -- we're in a hurry to drill it and to understand it, but we're not in a hurry to ramp up capex. We just see this thing as very, very long term. We're going to find more ounces there. So we're going to take our time in terms of next big steps. But in the meantime, if we can keep it sort of cash-neutral and keep those drills turning, that's a good objective for us.[/INST]
Prediction (one of UP, DOWN, SAME): UP
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Absolutely.[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
It is. And so if you look at the disclosure you're looking at Note 4 that has a slight loss on a net income basis and then you just refer back to the back of the Q where it shows the net income to adjusted EBITDA walk, you'll see a line on there for those entities. And you can see that we've got geographic entry costs for the new ones coming in. That basically bridged that gap.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yeah. I won't get into details, but you know our rough dynamic, about 4%, 5% of our customer base being the pro makes up 45% of our sales. So this is a number in the mid-millions of our core pros. Very strong number of those, percentage of those, are in the pro extra program.
And now, as I mentioned in my prepared remarks, we are building a B2B website, and all of our pro extra members now have been transferred over to that B2B experience. So with the combination of the benefits that you're getting with pro extra -- we've stood up a separate pro extra app that those pros are using -- and the ability to engage on the B2B website, which has all sorts of functionality built out specifically for the pro, so think of bills of material for jobs, tracking jobs, quotes, building quotes, reorder capability, tracking all receipts, preferred pricing in certain instances, all of that is coming together, as well as personalization and building relevance on that pro B2B website. So think of something like search results, if you or I would put in pliers, we have thousand suppliers that could be returned in that search result. We're getting to the point now that we know an electrician is performing that search.
So we're going to provide relevance and we're going to provide our electrical pliers as the first results in that search query. So this is just another great add to our pro ecosystem and just been tremendous engagement with the pro loyalty app, the pro extra program and now the B2B website.[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Thank you.[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
[Technical Issues] talk about the international business and you think about those two-year trends those materially inflected, how much of that was just a result of maybe the increased international lockdowns? You have any anecdotes as this -- is your underlying business trends just broadly strong or is it really just those lockdown markets are getting a benefit? And maybe, if you want to just highlight a few of the key drivers? I know you talked about development, but just on a comp perspective, what really contributed to that significant acceleration in the international markets?[/INST]
Prediction (one of UP, DOWN, SAME): UP
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
On capital allocation, I think the first and foremost priority is investing in the business, whether it's organic investments such as we've done in IT and land and other areas or acquisitions opportunistically like SYNETIQ that are going to be very complementary to our business. So we are going to take any and all of those internal growth opportunities. And then I think we've got the right strategy in terms of share repurchase. It's a great way for us to return capital to shareholders and still leave opportunity for those organic investments I mentioned.[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Thanks, Ken.[/INST]
Prediction (one of UP, DOWN, SAME): UP
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Sure.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
We're anticipating starting to contribute assets to the FDIC in the next few weeks. The first asset will probably go in, in the next two or three weeks. So we'll initially put equity to work. We're still waiting for approval on the leverage application, which is just a, you know, paperwork to get completed.
But once that occurs, you know, we'll be basically funding our first 40 million, and then we'll be drawing 20 million of capital, so a half tier. You have to ask for an examination by the FDIC just to review your books and records at that point, and then they release the additional $20 million. So, I'd say, we see that 80 million. And if you think about the way we'll allocate assets, we'll be putting essentially approximately 50% of an asset -- originated asset into our credit facility and 50% in the SBIC.
So, in terms of putting the capital to work over the entirety of the program, say six to nine months for the first 80 million, we probably anticipate it will be in the three to four years before we fully utilize the 175 million. And then, obviously, we'll be replenishing that as repayments come in over the 10-year life.[/INST]
Prediction (one of UP, DOWN, SAME): UP
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Hi. Good morning, guys.[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yes, we're still looking through the potential of the combined tax rate. We don't believe it's going to move dramatically from where we are. Maybe it will be a slight benefit when we put the two together based on state apportionment. If you look at the second quarter, the -- there's two reasons why it was higher. Our merger-related expenses are primarily nondeductible, given the type of expenses that they were, and also New York State increased the tax rate from 6.5% to 7.25%. So we did have a one time hit to revalue our deferred taxes for that tax increase. On a run rate basis, I would say we're just under 26% is a good run rate for us on a stand-alone perspective. We're still doing a lot of work on the combined basis. We don't expect it to be significantly different than that, though.[/INST]
Prediction (one of UP, DOWN, SAME): UP
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Well, I would say last year was a strong year for us as well and so in general, as you well know, the Chinese economy did actually grow in contrast to some of the western economies. The hope, of course, is that the west will start to grow as COVID gets hammered down more, but in general, there's no reason to believe that China will not continue to be a very live market for us and in general, I would say, overall, everything touching chips and around it right now is doing well because of the overwhelming demand of all the end markets and the specialized verticals.[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Well, I mean, given the fact that we report those things on a trailing 12 basis and knowing what we add in the Q -- fourth quarter a year ago and first quarter of this year, I think it's going to build, Rick, as we -- at least as we move into the middle of next year. Then we'll see what happens with lease up then because then we'll start to have some year-over-year comps that we're going to be working off some pretty good numbers for the back half of this year.[/INST]
Prediction (one of UP, DOWN, SAME): UP
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
We're looking to-this is Adam, again. We're looking to get into the negotiations over the next month or so. So, we're cautiously optimistic that it'll be by the end of the year.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Sorry, I was answering the other one, but I must have been on mute. Apologies.[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Thank you.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Our focus is on the non TMC parts of our business. That said, we're always asking questions about the utility of capital we have invested everywhere. But the depth of our analysis is non TMC. You'll remember that at the beginning of the year, we asked Lee to take responsibility for those businesses. And his review has been everything from operational to organizational to the strategic questions that are in the portfolio review.[/INST]
Prediction (one of UP, DOWN, SAME): UP
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Hey, Luke. Yeah, I followed the question. So, let's kind of reverse back to 2019 where the average channel per scaled customer was just a hair over one. Where we ended last year, and again, I, you know, credit the sales team to the focus we created between hunters and farmers, we grew that from a little over one to about one and a half.
Last quarter, we talked about how that expanded to one -- well, you know, we're in the kind of 1.7, approaching two now. Where it can go from here? A lot higher. It's something that is the focus of how we are going to market with our customers, how we're making them more successful. In terms of what's driving the ARPU expansion, it's still, to this point, the expansion of channels.
I think we're further ahead in that journey than we are in increasing number of use cases. So, for example, 95% of our scaled customers are still using their first use case of Zeta. There's nothing that precludes them on our platform from doing all three. So, I think we're a bit further along.
We could take this to 12 channels per theoretically. Frankly, probably even more. But that's going to be a journey, but it's something we're very focused on. I think we're pleased with where we are, but certainly not satisfied.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
And Doug, our goal at the end of the day is to put our underleveraged balance sheet to work for our shareholders, primarily through acquisitions that help us accelerate our growth.[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
I think what you'll see, we spent a little more last year because we had a couple of growth initiatives, so you will see that capital spending come down a bit this year, but we're continuing to invest in the business. So I think we're in the $25 million of maintenance type spending and you'll probably see us in the $30 million, $35 million on a full-year spend.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yes. I mean that's hard to estimate how much product was bought and is sitting on the shelf waiting for future use. Most of our portfolio kind of doesn't fit that case. We have a small portion in cough/cold, 78% of our total revenues that might fit that. So we're keeping an eye on it. It's really hard to predict the changing consumer habits here. But for the quarter, of the $15 million of sales increase above our outlook for the quarter, we think about maybe half of it was timing that came out of the second half into the second quarter.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Thank you, Linda.[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Hi guys, thanks for taking my question. I guess, maybe just follow-up on the AIM Act. I know the EPA published kind of initial quotas for next year. I was just wondering when you guys look at how that was allocated. Was there anything interesting to you guys better or worse than expected and impacts your view into next year or perhaps longer term based on that initial allocation?[/INST]
Prediction (one of UP, DOWN, SAME): UP
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Thank you.[/INST]
Prediction (one of UP, DOWN, SAME): UP
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Hi, this is Sherry Guo on Brad Sills. Thanks for taking my question. I wanted to ask about the international opportunity, particularly in Europe and APAC. Can you share any insights on the demand environment there or any notable activities in these geographies in the quarter? Thank you.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Hey guys, I was wondering if you could talk a little bit about integration planning and sort of what the early milestones we should be thinking about on the Alion deal to make sure that it's tracking to plan. So could you little -- could you outline what you're doing? What are you planning in terms of integration, sort of what the -- what you hope to have accomplished by the end of the year with that deal?[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Thanks.[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Sure. I need to look that up. So, it is -- maybe, I will have to get that to you after this call.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Well, we -- on a dollar sense, the balances should remain relatively flat for the rest half -- for the rest of the year. With regards to the actual volume of purchase stuff, I mean, inventories are low but as the house comes on the market it is sold and the purchase volume actually is increasing as the refinance volume is going down. So it's pretty robust, Jared.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yes. Thanks for the question. I think it is a really important dynamic that is still playing out in the marketplace. It hasn't been settled, and we haven't restabilized.
I mentioned in my opening comments that the commodity prices on gas and Petroleum are doubled over the just last year. And so we're now getting back into the territory kind of expensive for the energy that you buy. And so how that plays out at the pumps in different countries and what the differentials and prices are between petrol and natural gas or petrol and LPG or diesel and natural gas market by market does matter. And frankly, more than anything else, the changing prices causes people to pause a little bit in their purchase decisions.
And we're hearing some of that, and we're seeing some of that in our forward-looking order books and so forth. So that is a concern to us, and we'd like to see the prices stabilize. We're happy if it stabilizes at a high level because I think that will cause us all to conserve energy, but we need this price differential between gaseous fuels and liquid fuels that has persisted for a long period of time, and we expect it to persist for a long period of time going forward in markets like Europe, India and China.[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yes, there is a couple of important perspectives there, Chris. You know, a year ago, two years ago how much we were struggling with Rhodium in the Electronics business, and as the team got their arms around that, they completely changed their -- the cost management of the Rhodium, and more importantly, the pricing process. So, they used to have a lot of 12-month pricing agreements, they went to monthly pricing; all quotes were reviewed by management. So that really started last -- by last November, the last 12 months agreement had sunsetted, and you've seen the results have been very effective in managing the price. While we have been communicating that across all the businesses of Standex, and it's really involved into all of our businesses to be a little more bold I guess of our passing price through, whether it's from freight or material. So, we're seeing that margin play. It's never easy to have those discussions with customers; I don't want to say that it's easy, but we've really improved our practice in the last year about that.
The second thing on supply chain; you know, most of our businesses, the supply chain in the -- we source in a region for plants in a region, for customers in the region. We have a couple of businesses though that are dependent on the global supply chain; Scientific and Hydraulics. And you saw the Scientific results, they are doing a very nice job managing through those challenges, managing international freight. So I think it's limited to those two businesses, and that's why at a corporate level, you haven't seen a hit as much by those issues.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Hi, Sam.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Well, I talked about what I thought a realized price increase would be. We are definitely seeing some commodity inflation and how that's all going to play out, I'm not sure, unless in volume, I think our factories are going to perform. So I feel pretty good on the overall cost side despite the fact that we'll probably get some commodity pressure. And the other thing that I would point out is, is that historically when we see commodity pressure we have good -- years of good top line performance. That tends to get a lot of things go on that are in our wheelhouse. So while I'd love to have strong top line and commodity is getting weak, typically we don't see that and I think it's actually a positive sign.[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
By and large, it's across the gamut. I would tell you that maybe certain aspects ironically of property may have slowed a little bit, but the liability lines remain turbocharged.[/INST]
Prediction (one of UP, DOWN, SAME): UP
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Thanks.[/INST]
Prediction (one of UP, DOWN, SAME): UP
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Good morning. This is Ravi Vaidya on the line for Todd Thomas. Hope everyone's doing well. I was just wondering in terms of occupancy. Can you give any comments during the cadence of occupancy? When and where do you see a bottoming out and then and then rebounding? Given the comments, it it fair to say that, will the bottom be at the end of the second quarter and then come back up after that?[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Thank you. Good morning, and appreciate you taking the questions. Lot of great detail this morning, and appreciate the transparency or the added transparency, I should say, here as we go into the fiscal year-end. But, Todd, I guess, my first question is just simply on the guidance. Can you talk about your expectations there when we think about the surgical franchise versus high-risk PCI? Should we kind of -- are we looking for similar trends here in the fiscal 4Q where the growth is really being driven by these great outcomes you're achieving in the shock population, as well as now with the growth in the RP in conjunction with treatment of COVID-19? And I just got a quick follow-up.[/INST]
Prediction (one of UP, DOWN, SAME): UP
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Hey, guys. Good morning. It's actually Fred Wightman on for Greg. I'm wondering if you could just talk about pricing. It's still a relatively modest benefit in the quarter. I know you talked about that 2% pricing that took hold earlier this month. But can you talk about how you got to that 2% number, if there's been any push-back from dealers or customers so far, and just how you see pricing as a lever going forward?[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yeah, I think it's a good question Christian. So we are, for the time being, we're very focused on bringing the leverage down. We think that's why the highest impact item on our share price. So, we'll focus on that in the short term, as we start to have visibility on that 2.5 times. I think it's very fair to say that the broader capital allocation discussion will come on the table. And we'll, we'll address it at that time, but for the kind of immediate future. I think we're going to focus on delevering.[/INST]
Prediction (one of UP, DOWN, SAME): UP
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Thank you.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
That's on the [Inaudible] side, Joe, but these things change very rapidly, right? I mean, today, China will announce a 90-gigawatt capacity addition. You will see the prices form up because the supply and demand is fairly well balanced. It's like the oil market, right? I mean, Saudi will reduce -- although at 90 million barrels a day, they'll reduce 1 barrel -- 1 million barrels, and suddenly, you'll see the price shots up. So it's a little bit like that.
I suppose China reduces its requirement by 10 gigawatt or 15 gigawatts, it's possible that the prices will moderate very, very quickly. But at this point in time, as we talk to the larger suppliers, all of them are saying that they expect the pricing to remain firm until the end of this year.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Well, I'll comment on seasonality and then turn it over to Bryan Hughes for comments on some of Barletta's projected financial contributions as we've communicated previously. We are very excited about Barletta being on our portfolio. We closed on that business early in our fiscal '22 year. So, about seven or eight weeks ago, and the team is energized.
The business remains very healthy. Obviously, you'll get more information in December when we communicate our Q1 fiscal '22 results, but backlogs are strong, retail is strong. They continue to take share. The seasonality of their business, candidly, right now, probably looks a lot like RVs because of the demand that they're seeing and the rate of growth in this sort of hyper demand environment, especially where in wholesale shipments are needed to meet rising demand from dealers for both retail and inventory, the wholesale shipment line, the seasonality is really sort of depressed across all of our businesses because of the high wholesale demand.
But they'll look a lot like other significant marine, especially pontoon cycles in the future. But for the next probably a couple of years, their high wholesale demand will dampen any real seasonality effects. Bryan, your thoughts on financial expectations?[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
So Andrew, Mike talked about pricing being a local subject, reopening is a local subject as well. But for the most part, most businesses are back. Certainly Canada is been a little slower to come back, because of vaccination rates and government effects impacts there, but nevertheless, in general, most businesses are back. Now, are they back at the levels that we think they will be in the future? No. And we're committed to helping them with our valuable products and services to help them be prepared as their employees come back and their customers come back, so they can be -- they can compete in the marketplace. So hopefully that helps.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yes, Jeff, this is Tim. Great question. I'll turn it over to our COO, Bill Grant, to provide the outlook where we're at, Bill?[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Very similar.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Just to add to that, part of that has worked out well for us because were we play in the middle market, we will do the work to get close to and underwrite very thoroughly a business that's a bit on the smaller side and make a less substantial investment than what maybe some of the bigger BDCs would bother with. The benefit of that though is it allows us to get close to the company, do really thorough diligence, have real covenants in our structure. And then as those businesses grow, they can be a source of capital deployment for us and many of our debt best deals fall right into that category where we made a relatively small investment initially, and hopefully an equity co-investment. And then as the company's either acquisitive, or they need growth capital, we've been there to upsize our investment. And as we've grown our capacity to upsize our investment has also grown, which extends the duration of the debt, but also allows us to enjoy the lift in enterprise value, if we're co-investing in the equity. And that's something that we're intending to continue to do. And I think this quarter you can see some of the benefits of that, particularly in a handful of our portfolio companies that are performing quite well.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yeah. We see it that way. Yes.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yeah, sure. I can take that one. So a couple of things. One is to remember that this year, I would say we had a little bit of our capital shift to right, just trying to purposely map that up against the schedule.
So I think that's one thing to keep in mind. And then we're in that last year before launch. So the capital in '22, I would think of it as a quarterly rate of around $300 million. That is going to start to tee up on the back half.
That's probably a good range.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
I'd see that tick up as a relative outlier. It is a function of larger than normal cash balances being held in our correspondent bank that hopefully will not necessarily be the case as much going forward. Predominantly from the standpoint of deploying that liquidity into core loans or to a lesser extent securities both the cash in our core funding.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yeah. Well, when we looked at consensus, it was obviously hard for us to know whether or not a weakening dollar had been picked up. We thought it probably hadn't in most people's forecasts that we published a few weeks ago, but as I said, if you were to use average January exchange rates for last year, revenues would have been $1.6 billion higher and costs would have been $1.1 billion higher. So as you work your numbers, I think you definitely have to think about the impact of the weak dollar. It also impacts why we're sticking with a $31 billion cost target for '22, which we think is $1 billion harder than what it was previously. And among that $1.6 billion of revenue uplift, it's roughly half and half across noninterest income and net interest income.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Hi, good morning. Thanks for taking my question. Just a question, Tom, you hinted that from the second half you're going to stop talking about drop-through rates and start talking about a margin recovery. What would -- what signals that sort of change in language, that change in mentality? And I'm sure you're aware that your European counterparts kind of dropped the drop-through language in this year and have already turned to that kind of margin guidance profile. Anything we should think different about Aramark that they still seeing some drop-through months maybe compared to your European peers?[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
I Hope that helps.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Thank you.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
So from our Investor Day, we talked about the fact that we're going to see growth there. We think it's valuable to our customers. We are already seeing revenue. We're seeing a lot of interest in having a lot of discussions. It provides them data on. Where the car is? The health of that car and it can also provide them information to look at the cargo, that's there safety implications. So a lot of positives for them, those discussions are going well, but we expected modest growth during this three-year planning period.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yeah. So John, I'll start on the answer there. The way that we have optimized our capital allocation for the very first year has us spending dollars in the dry gas Utica and the Montage assets A, because of their economic benefit; and B, it's going to benefit the SWN legacy assets by us gaining that incremental operational and technical knowledge drilling those Utica wells. So that was a little bit of the added push there. So in '21, the Montage asset liquids volumes will decline some. But as we always talk about, we rack and stack based on highest economics and we will -- we will allocate capital to the Montage liquids-rich assets as we continue the development over time.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Sure. Vijit, maybe I can take that. Our market share is close to about 30% of the total market right now. And maybe I can just take this opportunity to clarify the earlier question on the comments from our side as well. In terms of flown traffic, how market flown passengers have been growing because we do keep a good track of those numbers as well. So as I see those numbers for the month of June, for example, the flown passengers market was about 23% recovery, about $95 million flown passengers. And July 1 to 4, for example, was about 36%. And then subsequently, in the subsequent weeks of July, it has only been increasing and has gone to about 50%, 55% as well in the last few days. And average daily departures has also been sort of increasing month-on-month from May onwards. May was 29%, June, 33%; and July 1 to 4 was about 44%. And our recovery on the flown passengers actually has been ahead of the market. The market was growing at -- recovery was at 36% on flown and we were at 41% like-for-like for the first 4 days of July. And similarly, for June, when -- while market was at 23%, and we were at 26%. So just to clarify that a little bit more. And this is more like an absolute like-to-like comparison, so that there is no confusion. And I've already shared the market share number broadly as well.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Sure. So I think there's maybe a couple of ways to approach that problem. So first of all, every car that we sell is certified. It's Carvana certified. And our certification process was patterned off of some of the luxury manufacturers' certification processes. And so the cars that we deliver to customers are of that kind of -- that quality. The specific brand certified preowned is generally reserved for the combination of kind of franchise dealers and oftentimes kind of the branded OEM warranty that gets associated with that sale, although that's not always necessarily a condition of the brand of certified preowned.
So I think that we do believe that we're breaking into that market by building a brand of delivering very high-quality cars and by building a logistics network and infrastructure of reconditioning centers that are able to certify cars to that same quality. So that's our goal. But the particular brand is generally protected by -- or for franchise dealers.[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Well, you know, I don't think we're prepared to quantify it today, but certainly, there will be an increase in expenses as we move forward, a portion of which is management-labor around shift supervisors, as well as some of our team members in the restaurant.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
You're welcome.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Yeah. So we took -- in my prepared remarks I mentioned that we did take a charge in the quarter, or we anticipate in the quarter -- in the fourth quarter taking a charge related to closing out a foreign pension plan, and so it's non-cash charge in the quarter. So that hits us. And then general professional fees that we're spending across a myriad of things that we're working primarily around M&A, due diligence and things of that nature. We would expect to come back down as we look at next year.[/INST]
Prediction (one of UP, DOWN, SAME): UP
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
Hey, Ryan.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
You got it.[/INST]
Prediction (one of UP, DOWN, SAME): DOWN
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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>>
That's part of the uncertainty here, but what we have referenced in the past is -- for North America anyway, Ducker is a third party we use, and last update they showed for '22 versus '21 on window shipments was low-single-digit growth, around the two-plus percent range.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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