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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. So just a couple. So on the biosimilars, can you just talk about -- I know that this is a partnership model, but how should we think about your net economics, and how these three opportunities you've identified, what kind of margins they'll have relative to your overall Generic margins, given the shared economics? So that's number one.
Then number two is, you've talked about other programs, other biosimilar programs. When are you going to be in a position to identify those other opportunities? And do you expect those other opportunities to have better economics or similar economics to Avastin and the G-CSFs? And then lastly, is there anything that you can add on the Copaxone generic? And is this still part of your expectation that you expect that opportunity to bear fruit later this year? 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>>
Okay. Thanks for taking my questions. Obviously, phenomenal numbers in the second quarter and this conversion to a hybrid producer has obviously been very impressive. Clearly, record high prices also helping. So my question is, as far as your strategy in terms of the capital allocation commentary, $1 billion is nice. That's basically the free cash you generated this quarter. What specifically do you plan to do with what's probably going to be $4 billion of cash over the next 12 months? If you can be a little more specific? And if you could read in some commentary regarding where shareholder returns fits into the equation? Thanks.[/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 know, what -- maybe, Sean will take the first question. I'll take the second.[/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>>
Not really offset. So we think there's going to be some inflation that's already started to come in, as Dee mentioned. We think as she said that price cost is going to be neutral for the year. We think most of that's going to be noise. We're going to get a little better mix moving forward and then we get through the inventory writedowns. And where we're at now is similar to where we're likely to be moving forward. So it's not going to be a big shift due to cost increases that we foresee at this point.[/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, Mario, on the Consulting side, we've continued to have a relatively strong performance there. We're seeing obviously a lot of work with what are the major trends in technology, digital transformation, cloud optimization, cybersecurity, things of those nature. Those are really the big ones for us. As you know, we tend to focus our Consulting business on our largest, most complex clients, and they have those issues in earnest that a lot of our other size clients as well. But we've seen really good performance broadly geographically and spread nicely across those couple of areas. And I would throw in strategic sourcing and cost optimization into that Consulting mix as well that is a strong practice for us.[/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 you're going to, it might take longer than that, Michael, we started comping up pretty good in May and June, we kind of in the fall season we peaked I think August-September, Jack, 45, 47 or something like that in the core 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>>
You're welcome, Michael.[/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 the question.[/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. Thanks for letting me back in the queue. Just a follow-up. On the FMG, just going back to my 2017 notes, it looked like FMG was, we'll call it, 40 megs of capacity there, and that was around CAD20 million of EBITDA. So, is the expectation that at some point in 2021 this could come back, or could we see altered kind of agreements there?[/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, everyone.[/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. So let me talk about the EU market, and I'll also mention other markets. So we have undertaken commercial assessments in both Europe and other parts of the world, including Asia. We're encouraged by the opportunities.
There's certainly the great need for other potential graft sources, other cell therapies for allogeneic stem cell transplant patients in Europe and also in certain areas throughout the world, including Asia. So we're certainly very focused on launching omidubicel in the U.S., we feel very confident in our strategy and our execution plans to do it, and we're currently assessing what a potential path to launch could be in Europe and in Asia. The clinical study was designed as a head-to-head comparator. So we do recognize the applicability of that study in certain parts of the world, specifically in Europe.
Let me turn --[/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 morning.[/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>>
I think the thing to bear in mind there, not necessarily expenses, but the impact on our business. In the first quarter, I commented on the impact on our advisory businesses and some of the P&C program businesses, things like that, that were more severely impacted. Those had a relatively stronger first quarter before they were impacted late in the first quarter and through the balance of the year. So that's why we caution against the quarterly comparables. But that's where we felt the slowdown in those select businesses.[/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. Maybe -- this is Bob, David. And maybe I'll start, and I'll ask Ralph to add some comments. You know what, we've continue to see pressure here in Hawaii on pricing. We haven't seen it too much on structure. It's been much more active in the mainland, primarily the West Coast where we have relationships with some direct relationships and a lot of relationships with other banks. And it just seems to be quite active that people are doing transactions out there, that we've been able to participate in. I expect we'll see more volume here over time, but there will be some headwinds, as I mentioned earlier, with a couple of large projects here paying off in Q4 on the CRE construction site.
But, Ralph, anything you'd 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>>
Thanks. Good morning, everyone.[/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>>
Tom, this is Frank. We would agree with you on that statement. And I would say in the areas where we've seen quite effective vaccination programs. In Israel, the healthcare system brought us directly to patients and our patients as opposed to patients having to go to it. In Portugal, the distribution was directly to our clinics. And in Puerto Rico, it was a National Guard effort. It was sort of a public local use of sort of the National Guard to try to make sure there was broad distribution to the population.
So our -- the work that Bill Valle and the team has done and Cam Lynch in D.C. to try to get vaccine delivered directly to our clinics, both for our clinics and the rest of the renal community, has been one of the central efforts that's been going on. And we're still hopeful that we will get there. But it has been plagued by a lot of logistical and I think political changes.[/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, it's really -- I'll address the two examples I gave. So in the steerage one where we're moving work, it's really more quarterly, so it's a constant look at that. We have a formula for doing that, and then we are reimbursed more regularly. It's not a once-a-year catch-up and that's much better for us for a lot of reasons, and not just for more regular rev req, but also for accounting purposes and so on, for both of us, and that's a better approach.
On the M&A, obviously, that would be somewhat invisible to you because when we do a deal, what it just means is that we get paid more than we would have historically a little -- some of the premium over what our renegotiated rates would be for the volume that clearly has moved from that hospital to us, our hospital outreach business. So you're not going to really see that, and again, that's going to be a regular monthly, quarterly thing, not a catch-up.[/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, Josh.[/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>>
Great. Thanks for taking my quick [Phonetic] questions and welcome Ken as well. Maybe start off with the Cree business. I'm not trying to steal any thunder from your Analyst Day. But, Mark, can you talk about your general philosophy related to that business? What are your priorities there? Is that mostly the two technology transitions that you talked about in your prepared remarks? And, Ken, related to that, you talk about the gross margin goal in the near term, maybe a little longer term, but at the operating margin level, that line, the fiscal Q3 will be more like mid-single digit range, just based on numbers you gave. How are you thinking about that operating margin line over time?[/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>>
Hey Michael.[/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. It was predominantly Aerospace, but we did see shortages in the disruptions on both sides. We've all read about the electronics, and that's probably the predominant area that we're seeing shortages come from. But there is a variety of things. We've got plant shutdowns or at least slowdowns related to COVID and related to other issues. So there've just been a variety of things that I think with respect to getting things back up and running and with respect to the announced shortages that we're seeing impact us going forward. We do believe our supply chain, we stay very close to them. They have plans to alleviate the issues, but it's going to continue for a while here.[/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, so temanogrel both have Fast Track designation, and we're moving both into Phase 2. Just to recap, temanogrel, we're taking the microvascular obstruction, we'll be looking at a subset of patients, we'll be looking at patients, and we'll be looking at actual resistances as measured quantitatively, distal to the site of the occlusion and in those patients. And so, that's really design of the study. It will be an international cath lab. And then similarly, in the APD418 space, those will also be in an international cath lab, with this quantitative set of metrics as we can possibly develop in that setting.
Again, we're trying to look for real clear measures there of cardiac output and ejection fraction, and no change in hemodynamics. So we'll be able to do that again in a controlled setting. So both those studies are really designed as very important proof of concept studies, to begin to inform, and work with the agency on where to go next in terms of a registrational program. And both of those data readouts are in the '22 timeframe?[/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>>
Well, I guess, going after it is where it starts. So we see how we go.[/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>>
Yes, so we believe that we have a pretty attractive platform right now. We continue to see opportunities to hire great talent. And we now continue to sort of evaluate that. And so finding those great people who have experience in SBA primarily, we continue to think we've got great opportunity. In terms of new verticals, we continue to look at a few here and there, they'll be kind of tuck-in ones if from that perspective, no real major splash in the infrastructure space, in renewables, we still see adjacencies there. And then in the sponsor lending that we're doing, we're broadening that just like the generalist and SBA broaden that aperture of the industry who look at, so do the sponsor lending group as well. So we broaden out of the specific industries a bit as we go into some of those more horizontal businesses that we're into.[/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, Sean.[/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>>
Yes, I mean, for so all of the patients will likely be included for safety. Of course, I think your question is really at efficacy. And sort of two important points, I mean, that the thought would be that, the patients after going at the RP2D would be the ones that would be included. But of course, the FDA is going to look at every patient, and you're going to include every patient in an eventual filing.
The other thing, of course is, this will ultimately be a review issue, as it always is for FDA. So FDA is guiding us to ensure that those patients have the potential of being counted, or being, being included in the ultimate registrational cohort. But that's that, I don't want to misrepresent, that's ultimately going to be an FDA review issue. But it allows us, as we started rolling these Phase 1 expansion cohorts to move more quickly, more aggressively against that ultimate endpoint, which we're very focused on.[/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, sure. I think it's fair to say and we commented on it that the retention is at an all-time record for a Q1. So that's fantastic and better than we had expected. The expectation as we went into the year was to see, particularly in the smaller business segment, to see that slip back a little and indeed it has, but it hasn't slipped back nearly to the extent that we had anticipated. So we're even better there against what we had previously thought. Of course, then that means that we did have and continue to have good retention levels in the midmarket and the upmarket. So we expect that to continue.
However, as you know the cyclicality of our business and the seasonality of our business, we will need to get through the calendar year end, which is when we see most of the switching activity because of the drivers in the new starts to the year, etc. So we are positive and we did take our retention estimate up for the year and we'll see if it holds and perhaps is better than we expected.[/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>>
Bob's not a creative guy, so I can't do anything creative because he won't respond to it, Joel. He's just being a potato. So I -- we just have to make sure we're finding assets that have great synergies and good strong organic growth programs embedded in their businesses. And I think when you look at where we are in the construction products or in CFT or even in CIT and medical, there are businesses that have great products, that have good runways with strong organic growth and luckily in those markets we now -- even in medical, we've got basis that are big enough that we can make acquisitions and get synergies out of it. And so I think that's the only way we can make the model work is, we have to have good strong organic growth and leverage with those synergies.[/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>>
Yes, thank you. Good morning, everyone. First one for Craig. Trying to reconcile your fiscal Q1 net admin fees revenue of around $150 million and the guidance is $570 to $590 million for the full year.
Based on historical trends, fiscal Q1 is generally the seasonally weakest quarter for you guys from net admin fees point of view. So guidance seems to imply some moderation here. Can you help us reconcile that, that why the guidance is unchanged with that Q1 number?[/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>>
Let me try and break it down for you this way, Brian, and see if it helps. But as we compare to 2020 revenues at BTD to our current view, we're seeing about a $96 million increase in revenues. So that's 47%. But of that, $56 million is material pricing between our 2020 results in revenues and what we are forecasting this year. So then there's $40 million of, if you will, growth as it relates to the value-add that we're doing to our customers.[/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 Clarke Jeffries on for Brent. First question is, looking at some of the new and expansion customers highlighted over the past few quarters, I think we continue to stand out is the traction verticals outside of software and business services. The first part of the question is, how would you characterize the contribution from those customers in driving the acceleration in $100,000 deals? And then second part, is there a potential narrative here that some of the traditional industries maybe have overinvested in systems that improve the B2B process, whether that was workflow automation invoicing, but there maybe wasn't an awareness in sales intelligence and where there could be an opportunity to lift the total overall funnel of opportunities.
And what we're seeing today is really that market awareness being unlocked.[/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 mean I'll let Todd embellish as needed. But there is a significant factor associated with optimization and in particular feedstock costs.[/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 Paul, you're right. Q4 was better than we anticipated in PCR. So for the full-year, as Jason just mentioned, it was down about $300 million. We had signaled that it could be about $350 million, so a slight improvement. We do think it will continue to improve in 2021. And in fact, at this point, overall, I think our expectation is that it can grow. Now, it will be incrementally as these number of different key verticals like transportation, airline, hospitality, oil and gas as they improve, but 2020 was pretty draconian. I look at it as more or less a floor, and our expectation is for PCR to return to growth in 2021. Now having said that, we still have to operate and execute on that against the supply constraints and limitations that are in front of us, but as we've started out the year in 2021, it's a good start.[/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 thought that would be the easiest answer, Brent. I mean...[/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>>
Yes. Look, we're thrilled with -- I thought it was just a brilliant move on Wyndham Destinations, apart from a rebranding standpoint, it is a great brand. Our Blue Thread sales, if you were following, yesterday, essentially, when you look at sales, doubled year-on-year from 7% to 14%, we're incentivized on that -- on those new owner sales. And we're doing everything we possibly can to -- and there are so many new initiatives our two teams are working on to continue to drive new owner sales for travel and leisure. We think there's a lot more we could do together on the call center marketing front, on the CMP lobby marketing.
There's a lot of our franchisees that would love the opportunity to have T&L take over their front desk from a concierge standpoint and provide their guests with services. And the Blue Thread transactions increased. As Mike Braun said yesterday in his call, 200 basis points to 9% of their transactions. There's really no change to the timeshare sales strategy or the timeshare Wyndham branding that we use from a redemption standpoint, it offers us. Our Wyndham Rewards program just continues to strengthen with all of the great additions that come into the travel and leisure world. And so, we're very optimistic about the future, and our teams are working really well together. Michele, did you want to add anything 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>>
Well, four states have eliminated them. Many of the states that are on January one rating cycles have not yet declared whether they will continue them or not. The only one that actually is formally continued into next year is in Mississippi. So it's hard to say. As they're announced either to be eliminated or to persist and whether they persist for a full year or half year is just largely unknown at this time. So I think your point is a correct one. It -- whatever happens, we'll likely expect our quarter-to-quarter results next year. Whether it's back-ended or front-end loaded, I don't know yet, but the only corridor that actually has been announced that persists into 2022 because their state fiscal year straddles the calendar year is Mississippi.[/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): 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. Thanks, Matt. This is Tim. We are still seeing increased demand for capacity in this space as we continue to on-board new customers. Of the two new customers we did on-board last quarter, we publicly announced that one of those customer, Humanigen [Phonetic], which is obviously COVID-related and -- but also has some non-COVID-related indications for the program that we're working on there as well. But we will continue to work to on-board new customers quarter-over-quarter and year-over-year.[/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 just had a simple question on Slide 6. The disparity in organic growth between the U.S. and rest of the world, is the right way to interpret that, that the ICON disposition is underpinned in the U.S.? Or is there other [Indecipherable] approaching organic growth rate? Thanks.[/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 morning, John.[/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.[/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, Ronny.[/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 mean, if you go back, I mean, the analogy is, if you look at the 819 protocols that we have, where the 819 protocol has single dose and multi dosing, as well as the 576 protocol that has single dose and multi dosing, you essentially clear a single dose level of say, pick it 100 million cells. Once you clear that single dose level of 100 million cells, you can begin multi dosing with that cleared dose level. So you could do 2 100 million cell doses.[/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>>
Thanks, everyone, for taking the time and for your attention. Really appreciate the questions. Have a great one.[/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>>
Good morning, and congratulations on the quarter. Quite remarkable. Greg, you made a comment about the higher proportion of distress business in the market, and I just want to make sure I was interpreting the comment correctly. Are you talking about essentially more of the business going into excess and surplus lines or are you speaking more along the lines of just the businesses themselves are struggling with the economy?[/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 questions. I have two for Philipp. The first one, and I appreciate all the color on retail and commerce, the merchant community growing so strong the last year. I'd be curious to hear about your discussions now with merchants and sort of what the largest friction points that they are looking for you to solve and sort of continue to help them as the world reopens, the kind of the merchant discussions. And then secondly, a question on one of the earlier products on Discover Feed. Would love to hear about sort of early learnings on Discover Feed and how you think about hurdles you need to overcome to monetize that.[/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>>
Yes, it's again -- I mean I think what we have found, and we have found this again throughout the entire pandemic period, is that as COVID volumes rise and they peak that our volumes of elective and scheduled procedures and non-COVID business tends to decline and I think we certainly experience that in Q1. So in the January timeframe when COVID volumes were peaking, I would say that surgical and elective procedures were probably at 75% or 80% of pre-pandemic levels. I think by the end of the quarter as COVID volumes had declined pretty measurably, we were at 95%-plus of pre-pandemic elective and surgical volumes. And I think those trends have continued into April 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>>
Thanks and good morning. First question I wanted to ask was just on pipeline. Specifically within FLC, I realize you only have so much visibility there over the medium term. But just kind of thinking about the next couple of quarters, is there any way to really characterize that pipeline relative to last quarter or even in the second half of last 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>>
Good morning.[/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. I think OneWeb, we don't do any R&D specifically for OneWeb. OneWeb though work -- the development work that we are doing for OneWeb is being funded by the project itself. And so it doesn't represent -- will require no investment from us in terms of R&D. -- new R&D.[/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>>
It's more of a linear. These are fixed fees terminal contracts. So, they are not linked to any sort of arbitrage or product pricing. Now, any spot opportunity will have a different rate and potentially have a higher rate and the terminal can earn more.
But as you recall, 94% of the terminal capacity -- nameplate terminal capacity of 1 million tons is contracted at various rates. So, if the -- if what we can produce in addition to, which is potentially icing on the cake and you can derive more value depending on what the arbitrage is.[/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, if we take, yeah, travel and leisure for PeopleScout, that's right. About 28% of the business there, and it's, if we take the mix where it was four quarter a year ago, at 28%, and you know, we're seeing about a 50% decline there. So you could do some math and say, approximately 15 percentage points of the revenue decline for PeopleScout is related to those industries.[/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>>
Day one.[/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, Jayson. We don't want to focus a lot on that, but that's exactly right. So, we monitor our landscape very carefully and discuss every day with our customer-facing people, watching the shifts. So, we have seen during the month of September, a little bit of improvement, and we've seen some healthcare systems just recently started to do elective procedures again that were challenged during the last kind of part of the summer. So we're seeing slow tick back. It's not normal yet, but we're monitoring it closely.[/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. Thank you. I wanted to dig in a little bit on the Emerging segment. So can you provide some color on the underlying businesses that you saw there in 2Q and the outlook for that going forward. And aside from travel, I'm curious of you're largely past prior issues in some of those areas. And if so, does that allow you to grow Ops Management potentially at a higher pace going forward? And I'm really trying to understand in the context of that 6% to 8% Ops Management growth target given the first half performance on the second half comps.[/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 seeing overall check continue to be roughly the same as what we saw during the initial parts of the COVID pandemic, so certainly a little bit higher than expected or than what we had historically. Secondly, what we're super excited about is the fact that those digital sales continue to break records even as we recover 60% of the dine-in sales. So I think it will still be a while before we understand what the long-term check dynamics will be from the consumer, but what is encouraging is that we're seeing that that digital occasion has been very sticky.[/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>>
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>>
All right. Good morning. Thank you for that question. You're right. Our core business was -- did continue to be very solid into the quarter and I tried to call out a little bit for you in my remarks, what our growth was excluding COVID tests and PPE so that gives you some sense that we did continue to see solid momentum into our quarter. I talked about a few of the items and certainly Brian can elaborate on as well.
But if you think about our business it is across all settings of alternate site. And as we've talked about in prior calls, our product breadth is very large, private brand, lab solutions certainly the depth of capabilities that we have in extended care, patient home delivery. It's a very broad set of solutions, capabilities and customer set that we address and we've seen that really continue to grow at a very stable way over the last several quarters now.[/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.[/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, Matt.[/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, Tim.[/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, if we, if we sell what we have an inventory, right, which was produced, you know, at prior levels, right, our levels of people working in everything, so those cash calls from a turn, until after you bleed off all that inventory, then after that, you would start to see the lower cash costs, right on lower volumes. Again, like I say, codal will have some offsetting incremental costs associated with strike that we wouldn't normally have.[/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 didn't say 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>>
I think that any transition associated with expansion of the world economy will require, let's say, substantial investments in the fossil, oil and gas, especially in the coming years. So this is not a transition that could be done without substantial investment. There are companies that bet on this. There are companies that bet on reducing their exposure. We have to follow this. But in the end, in an aggregate view, I think that there will be recovery in 2022 and beyond. And if the growth in the emerging markets continues, this will need to be substantial.[/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. Thanks, Oliver. In terms of, you know, I mean, the quarter today, I mean, it's early in the quarter but we are seeing strengthened. You know, the stores are amazing, traffic is still under where it was in '19. And that just shows you how much more room there is as traffic really comes back.
I think that people feel even more comfortable shopping in our stores and, you know, e-commerce continues to be a strong driver. And you know, we are running a really regular price business. That said, we are running -- we will run markdowns where we have seasonal issues. But there's substantial upside with a margin throughout the back half of the yea,r as I said earlier, and it's an important change for us, it allows us to do a lot of other things that create that virtuous cycle where you can invest in other things that drive topline like the ad costs, which is very effective. So in terms of the guidance, Julie, do you want to talk a little bit about 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>>
Yeah, thanks, Danielle. And we've talked pretty consistently about the three growth drivers for the MACI-b business being the number of biopsying surgeons and the growth of those surgeons taking biopsies, the average number of biopsies per surgeon and then, the conversion rate. And certainly, as we talked about earlier for this year and probably over the next couple of years, the primary growth drivers are going to be adding the new biopsying surgeons and then, getting more biopsies per surgeon. And the first driver being the breadth of penetration into our target customer base; and then, the second being the depth of penetration into their practices.
And we expect the conversion rate to remain stable as that dynamic is unfolding. And that has a lot to do with the fact when we're adding a large number of new surgeons. They tend to convert at a lower rate as they first engage with the brand and then over time, work up toward the average. And so, once we saturate our target surgeon base of 5,000 surgeons over the next few years, then the number of biopsies per surgeon and the conversion rate will take the predominant role in terms of driving growth in the out-years.
So for this year, we expect the conversion rate to be stable and then increase over time.[/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, sure. And I'll add to that list some of the other COVID-related costs such as some of the policy -- leave policy dispensation we've given to our employees, obviously some of the security protocols and adjustments we've made in the early days. And I expect a good portion of those costs, as we work into a more normal environment, to sort of get back in line with normal trend. So I wouldn't build off of a base of this cost on a full go-forward basis, as you think about F22, and demand potentially for at-home consumption being lower than this year but even still elevated above pre-COVID levels. I'm not going to quantify at this point, but we'll talk more about that as we work our way into F22.[/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>>
OK. I will take the cost question and then thank you, Benjamin and Tanate will take the capital question. I think on costs, when you take out the special, this is actually the first quarter, it went down. The amount still being small.
We have made a number of announcements of actions that we're taking including branch reductions, restructuring of private banking in the Netherlands, branch increases in various other countries including Poland and Belgium. We announced last year already a curtailing of our footprint in wholesale banking in South America and Asia. We have come to an agreement with Bank99 or actually is -- it's actually passed on transferring Austria retail activities to Bank99. We have transferred already 50% of our clients and 60% of our activities to Raiffeisen in the Czech Republic.
And -- but what you will see is that these benefits will come in over time. As soon as you announce them, it still means that you do-you go through a period of restructuring, you have a discussion with the worst councils and unions. You have potential M&A discussions with buyers as we have now seen and then only gradually will -- we will see the benefits come in. So yes, I mean, with that VAT decision on one of our peer banks of course sometimes you have some headwinds, but I remain focused and confident on the target of bringing the cost further down.[/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 the core cluster market.[/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.[/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>>
OK. Well, we'll conclude the call then. Thank you very much for the questions you've asked, and we appreciate your attendance. And have a good evening.
Goodbye.[/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>>
Morning.[/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 completely within our control.[/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, if we take K-12 for example, we go to market with what we call customer centric solutions, so we are focused on those areas that are more strategic and important to our customer. K-12 for example this is classroom transformation think of school safety, think of networking augmentation.
So certainly stack starting with a consultative role in a design role and then bringing to bear implementation integration and management capabilities. But we -- K-12 really turns to CDW and state and local healthcare who are going to be beneficiaries of the stimulus for the holistic capabilities that we bring to bear. And at the end of the day, that actually helps them maximize the dollars they can use through stimulus because we know how to work those dollars through the needle.[/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. Most of them have been asked. Just curious, wildfires are kind of kicking up here in the West Coast. Maybe you can talk a little bit about what you've kind of been doing over the last couple of years to kind of manage your exposure to wildfires.[/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 on the upcoming readouts from your academic collaborators working in sickle cell disease. I'm wondering if the NIH readout will include results from the extension study or will it more likely focus on the core study period? And also, what can we reasonably expect in terms of the number of efficacy evaluable patients from the Utrecht study? And could you remind us of the main differences between the Utrecht and NIH trials in terms of study design? Thanks for taking the 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. So just a little context and I'll answer your question specifically, Ryan. Look, we're excited about Molina. It's a great team.
We've had it -- been there for now over 6 months in terms of doing work with them and have had a chance to prove out the value proposition that we have. And so we're really excited about it. We're excited about now being in three states, but probably most excited about kind of the proof case of going from the Tech Services Suite with our relationship into the full Performance Suite. And so that is a big deal.
We think given that we have 9 million tech services lives and that conversion is very interesting to us, and we think it's very attractive for our partners as well. So that's playing out like we hoped. The $75 million is a specific number that we'd be at on a run-rate basis next year, and we gave a little bit of timing guidance around that. So it's not a pie in the sky.
We hope we get there, but it's something we see direct line of sight too, based on the things that we're doing right now.[/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>>
Thank you. Good morning everyone.[/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>>
I know, and that's what worry about.[/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, thank you for your questions.[/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>>
Sorry, could you repeat that last part?[/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 morning.[/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 and good afternoon. Jim, I wanted to clarify the comment you made earlier on the progression of carload trip plan compliance going forward. Were you saying that getting back to the mid to high 80%s was possible by year-end? And then from a resource perspective, we've talked a lot about headcount, but can you talk about your plans for redeploying locomotives in the back half of the year 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>>
Yes. I mean, that's a fair question, Tracy, I think what I would tell you is we don't have not factored in a cat load. What I would direct you to is just with the experience that we just came out of it kind of on a steady-state basis. The losses from Ida and Nicholas equated to four points on an annualized or premium basis. So that might be something directionally you could look at. But our approach has been not to try to ratably spread a cat losses across 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>>
Yeah, so on the award side, we talked about it being less than 4% of our total backlog and on the award side it was less than 2%, I think on -- in quarter one. So not a big component. We haven't really talked about the actual COVID revenue. What we have said is that it's not material yet, and last year it was less than $25 million in total for us. And I would say as it ramps in quarter one is probably not far off of that full-year number of last year, but really starting to ramp in the second quarter and beyond.[/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>>
Did you forget. Well, I'm not going to discuss pricing, but having told you now that cost increase by more than we expected in the third quarter, but our margins went up. That should give you some indication that we've been successful. That's a smart answer, Chase.[/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.[/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>>
Great. Yeah. So [Technical Speech] what we'd be doing as we emerge from COVID, obviously the [Technical Speech] it is on pulling through our new strategy and also going to position [Technical Speech] redefined our targeting list based upon our new positioning, this [Technical Speech] effective May 1st a few days ago. So really making that a [Technical Speech] are really within our demographic.
We're also amplifying [Technical Speech] our medical science liaisons, we're rolling out a new scientific platform. We're [Technical Speech] education at two major meetings both ACC and [Technical Speech] and NEXLETOL. So really creating that surround sound and that awareness that [Technical Speech] was launched. And we're excited about these programs. I mentioned the real world [Technical Speech] Southwest with Dr. Eric Peterson formerly of DCR [Technical Speech] physicians will be involved in the study touching the product et cetera. So that's [Technical Speech][/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): 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>>
Yes. Perhaps I'll get started and then I'll ask Corey to provide further comment. Just at a high level, our strategy in our power business is we want to invest in more fuel diversification. So we like our co-gen business in Alberta. It's been doing well and operating extremely well under severe cold temperatures over the last few weeks. So we've been very pleased with the operating and financial performance of those. We do want to have more of a balance in terms of fuel diversity. Again, our goal is to be prosperous, as a company, irrespective of the pace and direction of energy transition over time so that speaks to having more diversity in our fuel mix. But having said that, perhaps I'll ask Corey to add some commentary on how he's thinking about the Alberta marketplace.[/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 think that's -- yes, absolutely. We would not unwind all of our conservatism in one year. It would drift down little by little over the years ahead.[/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>>
Yes. We've begun to see inflationary pressures begin to creep in, as Chris talked about. And we've been executing price increases. We continue to focus on cost reductions to address them. I think the important thing around inflation for us is that the magnitude of it is $15 million. You're hearing many other CPG companies talk about hundreds of millions of dollars of inflationary pressures that they're chasing. So we're all over it. We may have a little bit of a lapse to get ourselves ahead of it, which our second half outlook reflects. But for the most part, we're focused on it, Mitch.[/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, Guy -- actually, Mason, thanks for the question. Yes, the app that we got, we're really excited about. It absolutely gives us an opportunity to understand whether people are using the vibration technology, and it gives us just another way, combined with Byte that we're creating an interactive platform with all our unique visitors. We will be rolling that out as part of both Byte and SureSmile. Obviously, SureSmile is going to get that in Q4. In terms of -- I don't necessarily think we're going to look at that as kind of a separate app, but I think it's part of the ongoing -- again, we have a very interactive relationship with our Byte customers I mean we talk to them fairly frequently. So that will become part of that process. Ultimately, though, we believe that the vibration technology has application well beyond just SureSmile and Byte. We think it's something that we will continue. By the way, PROPEL had sold that beyond the U.S but we will continue offering that to orthodontists and general dentists as a separate product if they want to combine it with their clear aligners and the app would be available for that. But it's -- the app is pretty cool. It really helps people -- it helps us understand if we need to kind of give a nudge to a potential patient.
Hey, we noticed you haven't used your vibration technology in seven to 10 days, remember, of the wonderful benefits. And again, we think that's part of the kind of the customer experience. And we're really spending a lot of time not only on SureSmile but it as well as to make the post-purchase experience really differentiated the long-term.[/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. It's a good question, Ken. In the quarter our vitality index was 24%. So pretty healthy level for us. And as I mentioned last quarter, we increased our spending on R&D, and also on the sales and marketing initiatives that we have, and we have a lot of things that we're funding, and we're bullish and optimistic on them. So we're spending about 5.5% of sales, it's a healthy amount for an industrial business, but we think it gives us a couple of things, one is new product sales, but also it gives us the ability to raise price because we were investing for our customers and we're going to have the latest products that have the most value for our customers. So the investments that we make, we also linked to the pricing capability in our business. So that's an important factor 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>>
Under the condition of longer raw material and equipment lead times and also tight wafer supply, our customers could absorb the cost pressure so that we could have favorable pricing. As for the inventory question, considering the longer lead time, we have increased the inventory preparation level to roughly three months.[/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>>
You bet.[/INST]
Prediction (one of UP, DOWN, SAME): SAME
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