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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'll take the last one first. No, we do not, not at this stage or this year are we looking at this way. And then in terms of domestic versus international, we don't really break that out, other than to say, just to give a little bit of color on the half year, I'll say, a little bit more growth on HOKA in the front half, again, as we lap bigger quarters in the back half, again, on percentage terms.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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. Good question, Randy. As previously discussed in the calls that we've had, the 2022 guidance that we gave in conjunction with the announcement of the Topgolf merger, we believe, was conservative. And I think we can even take that a step further now and say that we expect to be better than that guidance, better than the 360 million adjusted EBITDA in 2022. However, we're not providing any specific estimates at this point and we do hope to be able to restore at least annual guidance early next year per our previous practice.[/INST] Prediction (one of UP, DOWN, SAME): UP

[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. Thank you.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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, in certain words, we're going to stay tuned first, that gives us the quickest time market. Typically, resellers and distributors have a network of customers that can bring to the table, so we're going to stay committed to that. I have noticed, just to be transparent, this change happened this week, so still kind of working through and understanding where I need to lean in a bit more. One of the areas I think that we could, you know, drive more traction is from coming up with the comp plan that's more compelling for our reps, as well as our channel partners. We make sure they're properly incented. And so I'm looking to -- at things I can do there to make sure they have the proper motivation incentives to go sell as quick as possible. That's one thing. We're also looking at finalizing a value-added distributor that covers Europe and the Middle East. We're also having discussions with a top five distributor that has some 3,100 resellers in the network and are really close to signing them as well. So, there's several things we're doing to make sure that we get as many resellers as possible, getting Shield in front of their end-user customers.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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, Adam.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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

[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, Jared. This is Thomas here. So we do see a majority of our membership growth still coming from plan switchers. And so strategically we obviously target market across really all of the consumer segments in terms of agents as well as those who were switching plans. But one of the things that we think we play well at in terms of the competitive landscape is offering a value proposition of benefit package and overall product inclusive of the supplemental benefits that we think really stand above and beyond some of our competitors in certain markets and that we think attracts some of those plan switchers. So we really pursue a lot of the opportunity that we think could be potential movement from Plan A or Plan B to Alignment and that's kind of a core part of how we approach our growth both during AEP and outside of AEP such as the second quarter.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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 a good question. We have actually been seeing clients outside the office for many months now. So as things opened up in Europe and in the US, client engagement outside the office became a regular technique of our sales team. Virtual sales is also quite effective, particularly when you're launching things like automation, products that need demos, and sampling of data. And so, our salesforce has really stepped up -- and during the pandemic and throughout the last few months in selling virtually, and doing demos, things like portfolio trading demos and live market demos. And if you look at the numbers across our various products from muni bonds to EM to Eurobonds. Sizable growth year-over-year to what was a very difficult comp last year. So, we feel quite comfortable in the virtual arena. But we have actually started to see clients outside their offices -- and still not engaging clients in their offices and we expect that to continue throughout 2021.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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

[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 think that the level of activity that we're seeing is certainly not representing 90% flying right now. I think hopefully we will see that this summer and I fully expect that. There is a lot of pent-up demand. All of us want to get back on airplanes. All of us want to go hill station in Montreal. Minus 18, I want to go south. So I think it's --look, for us, it's going to be, when a board is going to open, are these quarantine rules going to be lifted. Again in Montreal, we have an 8 o'clock curfew. So, that basically it's -- for us, it's just -- as I mentioned before, we're highly correlated to the level of airplanes, by the level of flying activity. So yeah, lot of airplanes flying. You got to question how many flights per day, right. When that frequency starts increasing because there's more volume, you're going to see, obviously, and more pilots will be needed. So you're going to see more training activity, more utilization in our training centers. So with about 50% utilization of aircraft right now, you see about 50% average utilization in our commercial aviation training activity. So, I think that we're going to see, watch that metric. We're highly correlated to it.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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 from the standpoint of the channel, I spent a lot of time over the past 6 month meeting with various channel partners across the ecosystem to really understand how to be a better partner with those channel partners and what would create that momentum both Rodolpho and Jay have a long track record of leveraging the exponential power of the channel to drive growth to drive expansion, while we're sleeping across the planet right, that's the power of the channel. We targeted and looked at our product, our portfolios, our documentation over the last 4, 5 months. We're making changes to all of that additional capabilities and then we're working right now in concert with feedback from our channel partners on the right next set of incentives and it really drive that growth. You'll see that launch for 2Q. And then we will see us continue to build that out this year. It suffices to say that this is going to continue to be even more important driver of our growth as you see us move up that curve from a VCP Rule of 40 exit of 2020 at 15, at 2021 at the 20 range, and then in 2022 in the mid '20s. That is a key piece of it. So just spot on that and we'll look forward to giving you updates as we go forward.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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 much.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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 have to go through our budget process and that includes the capital budget. So I'd hate to kind of give 2022 guidance on this call.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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. Fair question...[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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, that's an annual impact Helane.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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, thank you very much. Sorry to come back to this, but I'm still trying to understand the positive offset to -- on the top line to the lower LVP outlook, in particular the improved sales mix. Can you just go back and explain once again, I guess what is playing out better than you expected a few months ago from sales mix point of view?[/INST] Prediction (one of UP, DOWN, SAME): UP

[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, basically, what we have to do is just continue to see the efficacy and build on the duration that we've seen, while continuing to also decrease on any of the safety concerns and so forth. But I think the data, as it stands right now, would be very supportive of an approval as long as we can confirm it in larger numbers. And importantly, build on the already very impressive duration with some responses exceeding the year timeframes. So, we're very excited about it. Obviously, there's always concerns and hurdles we have to get over. But assuming that we can get past them and we can resume enrollment and continue with the study, we hope that the data as it matures and accrues will continue to support that it's an important option that these patients could have.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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, right now, the focus obviously is on the U.K. and that is what we're seeing happening in the U.K. is that there is increasing demand for what they call green parts suite in the U.S. might call recycle parts or used parts. But we certainly are seeing the increase in demand there and that's really -- that's really solving that problem and how to focus on delivering that. So we're interested in, again, innovating with them in the U.K. to really see if we can drive even higher levels of performance. What happens beyond that remains to be seen if that model can be deployed in other markets.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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

[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. So, Matt, thanks for the question. We are happy with the progress in the data center business. I think 2020 was a strong year for us. We do see a significant growth into 2021. I think there are a number of drivers. First of all, I think we're seeing the cloud business strengthen for us. So going into the first half of the year, and as I said, that's both on the current generation Rome, as well as the next generation Milan. The reception to Milan is very strong. So we're -- we're pleased with the performance. We started shipments in Q4. That's continuing into Q1. You'll see -- we -- we expect to see sort of more customers, sort of new customers adopt Milan than perhaps some that had been on our previous generation. You'll also see a very strong enterprise portfolio. So I think we have a very strong time to market platforms with the key OEMs. And that's part of our launch plan later this quarter. So overall, I think we are optimistic about the data center in 2021. I think there's a lot of need across cloud and enterprise, and we think Milan is very well-positioned.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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, by and large you should assume mix going forward should be somewhat steady. We did see a little bit of mix headwinds in the third quarter, reversing from a significant amount of mix benefits in the second quarter. And quite frankly, it was just an easier comp versus the lows of the pandemic in 2020 that we saw such a staggering mix benefit come through, in particular, on the Refinish side of the business.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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>> Depends. I mean, it -- so, we are a supplier to them from on the untreated crossties side of things. And, I guess, if it comes down to a change in philosophy with a new owner that doesn't want to be in that business, then yeah, it could.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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, Cherilyn, it's Ann. Let me kick off, and then I'll turn it over to Sharon. So, the way to think about buyer fees, it hasn't really been a normal practice in Ritchie Bros. the way it actually is in most other companies around the world. So the way we think about all fees is the way that all companies think about pricing, where once a year, twice a year, you just take a look at the competitive landscape and you say, where are you with your offering, vis-a-vis where are others? And this is a practice we're going to engage in regularly as a company that operates in a competitive landscape. And whatever that tells us, we will react, right? So we saw an opportunity that, in fact, there were parts of our business where we were, as for sure, a premium service provider actually charging less than some of our competitors. We saw an opportunity to increase those prices to become more competitive than we did. We are going to be doing that analysis at a minimum annually. So whatever it tells us. And the reason I say that is, if it shows us the market is actually lowering prices, we'll react that way, increasing, we'll react the other way as we recently did. But this will be matter, of course. Sharon, would you add anything?[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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 problem.[/INST] Prediction (one of UP, DOWN, SAME): UP

[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, a pleasure.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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>> But as far as dollar values, we're obviously continuing to invest in the organization on future growth.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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, Tobey.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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, Michael.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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

[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

[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 typical for us, Michael, that the second half is typically higher weighted in terms of free cash flow. It is coming largely from working capital and EBITDA performance, particularly. You see it in Rail for sure, but across all three of the business units, we'll continue to see the trend that we've already experienced which is an improvement in our working capital metrics. So we'll see that be the primary driver for the free cash for the rest of the year, Michael.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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>> Jeff, I mean the good thing here is that despite some of the wage pressures, the efforts of our operators in terms of implementing and rolling out, some of the new technology around mobile web and our POS handheld has really helped us in a big way. Margo and her team has done a phenomenal job working through that. The top mitigate, some of that wage pressure that we're seeing, just in terms of how efficient the teams should become with that tool. And we're still...[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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. The issue around labor is it really varies market by market. We have seen the greatest level of staffing challenges in the markets where demand quickly returned, such as South Florida, Atlanta, Texas, and Phoenix. And we are in constant dialogue with our operators on the hiring process. And they are really keen on dedicating the resources that are necessary to ramp up hiring. We're seeing a slight increase in applicant flow over the last four weeks or so, four or five weeks. And we pinpoint that to we believe that that is due to the fact that the Supplemental Unemployment Benefits are -- have run out or will be running out in about 25 states. And come September 6, the Supplemental Unemployment Benefit expires across the nation. So hourly labor is tougher to find in the Sunbelt. But the management labor is the challenge in the more northern markets right now. So as we think about it, we're not really overly concerned about wage inflation. Sourav can share some numbers on where we are with respect to $15 wage across our portfolio. This is something we looked at. This is something we think about. And as you can see from what we've been able to accomplish to date, we have a keen focus on expense control and cost control. So I'll turn it over to Sourav to talk a little bit about the wage scale in our hotels.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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>> With the other projects, are you -- or with ore -- with on-site at Aurizona?[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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. Look, Dave, all indications right now is that this is going to be a long cycle. I mean, we have a pretty robust automotive market with EVs and ADAS. I think we have a pretty robust mobility market still with 5G computing with AI and crypto. But as we always said, there will be some seasonality to the industry. If we look back here over the last 10 years, actually, and Jeff already spoke to the fourth quarter seasonality, right? Typically, first quarter can be up or down a little bit relative to fourth quarter, but on average, flat. Second quarter is typically up around 10%, 15%, 20% sometimes. Third quarter then typically comes down a smidge, like low single-digit percentage. And fourth quarter, Jeff already said, kind of a -- around 10% drop. That's a typical seasonality. So I think the seasonality is going to stay there. But the industry cycle, the underlying current is pretty robust. We also look at our own revenue over the last 10 years. And what we see here on average is about a mid-teens percentage growth year-on-year every quarter. That's sort of the average on a year-on-year basis. And we think that's going to continue because of these elements I just described in the industry.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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. Yes, certainly not COVID related. In fact, usually, when we see spikes in COVID, we wouldn't normally expect managed care growth to slow a little bit. But that -- I think it speaks to kind of our long-term relationships that are continuing to flourish. And just on programs we put in place with them and strengthening positions in different markets, and we expect that to continue.[/INST] Prediction (one of UP, DOWN, SAME): UP

[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>> Hello?[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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 it's interesting, Rich. If you read the rule, CMS spent 15 pages talking about PDPM and the options, their calculation around it. And I'll contrast that to RUG-IV, which was just a different environment. It was much more accommodating in terms of how to think about what they're required to do, which is to make it revenue neutral. And so I feel pretty good about the options that they laid out in those 15 pages, which included the possibility of a deferral of rate changes for a year or possibly two and/or a phase-in or a combination. And so I think that opens the door for comments on the proposed regulation, and I'm sure you'll see the industry talk about a combination of deferral and a phase-in. And based on the language in the proposed rule, I would expect that we'll get something like that which should get us to where we need to be.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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. [Foreign Speech] Thank you for taking my question. So my question is, can you please share the ad spend outlook for the 2021? And what kind of your ad products and services will particularly gain traction and gain incremental budget allocations among your KA and SME clients across different industry sectors? Thank you.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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>> Look, obviously, integration between frac and wireline at the new Liberty we're early on in that. But yes, there are opportunities to make those two teams and systems work together better to drive efficiency and lower downtime? Absolutely. Clearly, Schlumberger has a number of those paired fleets working together. For us, if you do bundling sort of a price like a price discount, revenue is at about fast. It's about how do we deliver the safest, fastest, best, most suppression completion service. And that really is advance on the [Indecipherable] floor between frac and wireline. So we're proud of the teams we have in both sides and very excited about the opportunities about how to make those into one team, not two different teams.[/INST] Prediction (one of UP, DOWN, SAME): UP

[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>> There was, John. I mean, on AB assets, back in the fourth quarter of 2020, the gap was 310 basis points. And it's closed to about 70 basis points now, with both very strong at 14.7% and 15.4%. So it is -- it's really more a market differentiation on performance. than an asset class or urban/suburban, at this point. It has been very strong, consistently.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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 joining us on today's call. I hope within the next several quarters, we won't need to discuss supply constraints anymore, and I feel good that we're getting pretty positive data. That should be behind us pretty soon here. With that, thanks, everyone. And Mike will be sending out details about the investor conference in the October time frame, and we'll provide a lot of updates at that time. Thank you.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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 not seeing anything abnormal. And I think that's been a bit of surprise with all the COVID issues. But we're obviously seeing inflationary impacts in Turkey with the US to Lira ratio, but on the other hand, although the inflation is up in the country, the exchange rate counteracts that and we've seen that over the 20 years we've been in Turkey, other inflationary periods have come and the FX kind of washes it out. So, although it's been a horrible tough year on the planet, we haven't seen any unusual moves in inflationary wise so far.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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>> Margaret, our strategy number one is to make our team more productive and flexible and get better outcomes for the patients. So you can imagine in a COVID environment with restrictions, it's a pretty great tool when our clinical rep in the field all of a sudden gets a text, and it tells them that there is a patient on support at this hospital, they can click on the button, and they can see the console immediately and watch how the patient is doing. So, as they drive to the hospital or as they get a call from the physician, in real-time they're looking at what's happening. So that's the big part. AI is certainly gaining a lot of traction in the medical community. Really the only challenge is people that have cybersecurity concerns, and what we do is, we explain to them that the Impella Connect and our software is FDA approved, it's HIPAA-compliant. It's a one-way transmit out so that it's not hackable back in. And we just got to continue to work with them, and it allows us to really do a great job of connecting their outcomes with their questions. And on the same Impella Connect portal, we can look up a patient, meaning a physician. We can look up how they've done in the past, what type of patients. We can look up hospitals. It gives us a level of information that allows us to help them improve their outcomes and that's the key these tools and the software. It's really ease-of-use and better outcomes. But the level that we go down is to start with our benefit to our people, benefit to the physicians, and we just have to overcome a little bit of the IT fear at the hospital.[/INST] Prediction (one of UP, DOWN, SAME): UP

[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

[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 questions. I appreciate all the guidance. So my first question is on the guidance. I guess, you're a little more qualitative in nature, but clearly, your sector benefited to a certain extent. You capitalized well upon improved DIY demand early in 2020. So as you look to 2021, how are you thinking about just the sustainability of that, either from a new customer acquisition standpoint or looking to the other side, just a potential phase as consumers potentially get back to more normal habits once COVID-19 headwinds or disruptions begin to abate here?[/INST] Prediction (one of UP, DOWN, SAME): UP

[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>> He might be on mute.[/INST] Prediction (one of UP, DOWN, SAME): UP

[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, Jade, good morning. We don't give specific guidance. I can reiterate the comments I made before around our overall cost structure if that would be helpful and perhaps clarify something -- clarify a few things.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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>> Nothing significant. As I discussed, last year had a couple of significant leases. There's a couple in the 300,000 or 400,000 square foot range, but on 100 million square foot portfolio, just not that meaningful.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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. Good morning, Reuben. It's Robert. So yeah, I mean I think it's really our supply and demand, right. So as we look at the robust orders that the builders are experiencing and how we think that filters throughout the year, we definitely think it will be an inflationary environment. To John's points that he made earlier is that capacity coming back here and call it late Q1, Q2 with Owens Corning, and then some back half year capacity with Johns Manville and Knauf, which is more on the blowing wool side of the equation. I mean that's going to be needed just to help keep up with the demand. So I think there is a -- as long as that demand keeps coming then I think we'll see inflationary environment and I think we'll see the suppliers continue to look at their capacity but then also from a material cost increased perspective.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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 overall, fluid volume and fluid status is slightly different, but very related. What's important is fluid responsiveness and fluid responsiveness is about asking yourself, if you're an anesthesiologist, if you should give your patient fluid. And the reason that is, is because you can put your patient into some challenges around cardiac conditions. Today there are many organizations that are kind of focused on are they losing fluid or are they somewhat getting overloaded? We have to address that question as well. But one of the things that's most important is predictably figuring out if you need to give your patient fluid or not, because clinically, that's the most important -- that's most important for -- in a surgical setting because of you want to ensure stability from a hemodynamic standpoint.[/INST] Prediction (one of UP, DOWN, SAME): UP

[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 two comments, I'm sure Cottrill will jump in too, but we stepped up our capital spending. And you've noticed that. And that's both Infiltrator, which is a big nut, and it's ADS too. So, we're stepping up that, and we had a Board meeting yesterday, where we talked about this a lot. And they're encouraging us to go faster on the organic side, certainly. We've been working our process. There's a couple of things that we're working on there. They're not like an Infiltrator type of thing, but we are making some progress through that, but nothing I would say highly imminent or actionable.[/INST] Prediction (one of UP, DOWN, SAME): UP

[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 say we did some deals in the sixes in 2018, 2019 time frame. And cap rates are regularly in the low fours, occasionally sub four, depending on the market. But I'd say over 200 basis points.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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, Tyler.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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. Perfect.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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, Aravinda.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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. And what we have, what we have. We've actually -- we bought a new building a couple of years ago in China. We have a distribution center there. We actually bought a new building a couple of years ago that we're just getting occupancy in right now. We did a renovation of that building. What that building offers us up is a lot more storage for inventory for finished goods out of Zeeland into the China market. It also opens up the door for us to be able to do like final assembly there, to support customer demands, and to help with the tariff situation. So we have plans in place right now to continue to look and expand our ability to do local final assembly in that market.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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'm not going to name names.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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. Q2 combined of prepays and pay-offs was about $168 million. And so if you look back to Q1, it was kind of on a monthly basis, it was mid-$40 million range and then mid-$50 million range in Q2 and then Q3 got up over $60 million. I think it comes out about $62 million average per month. And a lot of that, Jeff, is the economic activity in the region. We're seeing more sales of buildings and businesses similar to what we were seeing pre-pandemic.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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. Joe, what I would say is that -- as Matt commented, we've taken out a tremendous amount of costs permanently in 2020. But to your point, there were some temporary cost actions that we took. And we expect those to flow back into the results of the company this year. And that's reflected in the guidance that we gave, including the strong margin improvements that we're expecting in both of the businesses. So we do have that fully baked in there. In terms of supply chain, with respect to COVID, we're still seeing a little bit of friction that's causing in the supply chain that we're working through principally in our MedTech business. And we expect that as COVID continues to clear that we'll be able to put that behind us.[/INST] Prediction (one of UP, DOWN, SAME): UP

[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 our thinking on that, Lukas, is we have an important partner who also has interest in things that they thinking about, and so we're going to work with them over the coming few months to see what makes sense for both parties, and then we'll either move forward with that and retain it or we'll choose to do something different but stay tuned on that one. Lukas, you still there.[/INST] Prediction (one of UP, DOWN, SAME): UP

[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 guys. So first question on Mathys and the international opportunity. Of the existing roughly $350 million of reconstructive revenues, how much of those -- is there an opportunity in the international market for all of that, just a subsegment of that? And then in that same vein, is there -- can you maybe talk about any incremental challenges of integrating masses relative to the previous string of bolt-ons you guys have done because this one is, I guess, one substantially larger then, obviously, very different from a geographic perspective?[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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 at any capacity level. But as I said, we think this is the beginning of an opening, not the end of an opening and very much are planning on a higher capacity by next November.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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>> The wage rate is tough to say. I think if you're looking at it I think it continues to hold a bit, we will be kind of lapping the bump we took when on -- when we were To-Go only and we were doing minimum wage for those tip employees. So we took a bit of a hit there in 2020. So we'll be lapping that kind of starting -- that kind of started in April. So you may get a little benefit there if you're just looking year-over-year, but I would expect that those wage pressures continue. And I think when you saw the stores on the scarcity thing, I think, initially as the sales started ramping up fast, you did have where it was tough to find people, because you were trying to do it really quickly. I think they've gotten much, much better at that. We've provided so many resources and really worked with them to make sure that we're taking care of that and getting them there. But it's both staffing finding folks and wage rate issue depending on what part of the country you're in.[/INST] Prediction (one of UP, DOWN, SAME): UP

[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 think clearly the margin issue which you saw, where we dipped below the 20% in PAT is completely due to the supply chain and logistics inflation and bit of availability I would say as well. So, the main items as you pointed out are the steel cost is one, but there's also resin costs because PAT uses resin. So, when you think about that in the rod lift, you get those guides that go on top of -- around these sucker rod. So, we use a lot of resins in that area. So, steel cost, resin cost, and logistics cost, it's been well published because of the cost increases and particularly availability of containers for sea freight and how that cost is. So, I think what you're seeing -- what you saw in the quarter was a bit the impact of that. But as Ken mentioned in his prepared remarks, as you look into Q4 and beyond, I think the actions we have taken, we feel good that this segment will return to 20% plus margin in the coming quarters. And again I want to reiterate that we have accounted for everything we know -- for everything we know today. I think this is the -- the segment should return to a 20% plus margin in Q4 and beyond.[/INST] Prediction (one of UP, DOWN, SAME): UP

[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, absolutely. So I would say, over the time, given that strong partnership we've had with retailers and particularly a lot of our category management expertise around analytics, we've always partnered with retailers in terms of how to think about the placement of confection in their store and ways to optimize category growth, whether that's looking at heat maps of how people travel through convenience stores or years back what we found underutilized space, under the checkout counter and convenience stores and we put category there. Recently, a lot of the focus from our retailers or there's been a big focus around, you know, the labor shortage and thus a push for even more presence of self checkout and so we've partnered really closely with those retailers to increase the present of the category at self checkout and to maximize the presence in those queuing lines, leading up to checkout and particularly self checkout. I mean it's a perfect fit with some of the struggles they are having around labor and a great opportunity to get the category out there and make sure that people don't miss that chance to have that last impulse purchase. So, I think our retailers are always focused on what's going on in the environment that they need to address in terms of their store layout and fortunately, we've been able to help them with some of that.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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 afternoon. Thanks for taking the question. Emil, maybe I will just touch on one more Angelman question. So recognizing you have three parallel paths with the ex-U.S. sites, as well as the U.S. I was wondering if you can comment on potential alignment between the three regulatory discussions. I mean do you see a lot of concordance between the three or do you see quite a bit of disparity in terms of what they are requesting? And then second question is more commercial, I was wondering perhaps it's for Eric. Given that U.S. has been easing up you in your prepared remarks talked about the irregular ordering patterns in LatAm. But now COVID also seems to be somewhat more rampant in the ex-U.S. site. So I was wondering what you guys are currently seeing on that development front? Thanks.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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. Just if you could slow down just a touch that would help.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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 there's always an opportunity. The question is, does it represent the terms and the financial returns that we're looking for? I think that the universe of opportunities would allow us to do more.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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, Wade.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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. Without getting into specifics, really, the terms are part of price increase adjustments, and so it's really an account-by-account situation. It's a function of when the price increase goes effective. It's a function of a customer saying, "Can we change terms here or there?" I don't know that, that means a lot for the biggest slug of our receivables because we have a program with MUFG on the payable side that's been favorable for us and favorable for both suppliers. And that's on the purchase side there, so that's an area where terms have benefited from us. You can see that in our payables. So it's really throughout the supply chain. And any time you're talking price increases, you're talking level of price increases initiation dates and as how it might affect terms as part of the negotiation. But I wouldn't provide any specifics for obvious reasons.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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 start with the first part of your question and then I'll let -- I'll start with the second part and I'll let Jim answer the first half. As far as the competition, no, actually its very synergistic. They [Indecipherable] approach, which generates antibody that needs to be humanized and so that goes directly to the Twist platform. There are some targets that don't have -- don't generate immune response even in the hyperimmune [Indecipherable] So that's perfect for the Twist approach [Indecipherable] that want to maximize their heat rate and so if we do both approaches in parallel, it really -- it really adds -- its very complementary and it will enable both platform to build on each other and be synergistic. Jim, you want to comment on the financial question.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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, as Matt said, we'll end the year, we think around $700 million of net debt. So if the net debt for the quarter to that, that's really almost all just driving the business with the working capital already paid for.[/INST] Prediction (one of UP, DOWN, SAME): UP

[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>> What I would say and as we -- so again, it's primarily going to be aerospace and defense, where we hear that. And I think there the supply chain as a whole has been challenged. Our customers are moving programs around. I'd say it's pretty dynamic, but they're moving program needs around to accommodate the situation, their supply chain and so far I think they're doing a pretty good job of that, Jim, to allow -- certainly allow the TTM and others to continue to ship. There is also I think part of this component, if you just think broadly about component shortages, part of that is probably impacted by the COVID situation as well. And so it's hard to separate the two. And I would say that overall, customers are adjusting to this. And they're allowing us to continue shipments on critical programs and adjusting needs as they look out over several quarters. But I think, again, they've done a really good job of handling what is a very complex supply chain situation.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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 it's entirely driven by market dynamics, but that wouldn't be -- certainly wouldn't be a crazy idea.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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 a great question, Alex. So, the $15 minimum wage. I'd first want to kind of point out a few things, right? It's kind of working its way through the system in DC. But there seems to be some consensus around how that may look, although there doesn't seem to be consensus yet that it's going to pass. But in terms of how it's going to look, it will be phased out over a five-year period. And with that, what we can say is that in 2021, so this year, there would be no impact to our personnel expense, if it goes through as contemplated. And as you roll into 2022, the impact on our business would be less than $1 million in terms of the increase to personnel expense. Beyond that, it just becomes much more difficult for us to kind of forecast, because there's a few moving parts, right? We are continuing to consolidate our stores. We're also continuing to invest in technology, which not only improves the customer experience, but it's also improving our efficiencies. So, again, while no impact this year, modest impact in 2021 and beyond that, difficult for us to forecast as our operations continue to evolve.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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. That's correct, Steve.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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 in the existing area, they look very much like what we showed you before. We drilled more wells. There really isn't enough difference to talk about. It's a little better and -- but it's about the same. But again, we have a repeatable model. So it's designed to do that. It's not designed for very -- for large swings. Outside of it, we continue to look for areas. Some of them are a little gassier. But the economics are the same, especially now with gas is reasonable prices...[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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, Ghansham. So I think when you look at that kind of five-point increase at the midpoint, roughly 40% to 50% of that came in the second quarter. With the second quarter volumes coming in a bit stronger, of course, as we already talked about. The rest of that comes in the back half. So the rest of that being kind of 2.5 points is, assuming some continued strength in volume and a little bit of incremental price from what we had assumed before. So probably a little bit more on the volume side versus price when I think about that raise in the back half, but it's a combination of both of those in the second half from a growth perspective.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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 you're -- I don't want to get too far ahead yet, but there's great conversations going on there and great planning going on. So once you start seeing -- we'll basically put out an announcement when we can -- when we start deploying at facilities, and we hope that will begin a couple of months.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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, smoked brisket will be one of our, I would call it seasonal specials. It doesn't -- it won't be a permanent item.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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>> Greg, [Speech Overlap][/INST] Prediction (one of UP, DOWN, SAME): SAME

[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. Thanks, Jeff.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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. It is Brian again, Matt, great question. It's something I'm sure that a lot of people are interested in. Today, we haven't seen any negative impact due to the high steel prices, and in theory, if you listen to all the great forecasters out there were probably near peak, at least, we hope near the peak cycle of the high steel prices. And so far, we really haven't seen any pullback at this stage.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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

[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 we've streamlined it a fair bit. I mean, the first time around, everything we were doing was sort of the old fashioned manual paper-based system. And we had some time in between the original application forgiveness to work with a technology company to get a portal and a website set up. And so, I think that part of it on the forgiveness side seems to be working fairly well, partly because the forgiveness process is just a lot more spread out right. We had over 1,000 applications within a few week period on the front end, whereas now the applications for forgiveness are coming in a few a week or what have you. So, it's just much easier to manage it.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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 all for joining us today. We look forward to sharing more about our long term growth strategy at our Investor Update on October 14. In closing, it's clear that we've built a portfolio and business for long term for success. And our team is operating in an incredibly complex business environment as they've been able to deliver record sales results by continuing to execute our long-term growth strategy. While we still have work to do I am incredibly grateful to and proud of all our team has accomplished in a difficult operating environment. Have a happy and safe Labor Day weekend.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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. Arun, that's something we'll always be contemplating, but right now we're really focused on 2021, and the second half of this year is really shaping up to be a quite strong second half. We're going to see great momentum going into 2022. As far as the capital plan, we've not started working that yet. That'll take place at later throughout the year, so I think it's a little bit early. I know that investors are really interested in that, but I think suffice to say for us right now, we're really focused on having great momentum into 2022. And with a keen focus, still to be on generating free cash flow and getting that back to shareholders. I think the second part of your question is around maybe some consolidation that's going on. You have seen quite a few transactions that have taken place over the last few months. I think we've been on record of saying we're we support that. I think some of the industry needs to do. But as far as Devon specifically, we've had a high bar that bar just continues to go up. When you start looking at the organic opportunities we have and Lea and Eddy County, New Mexico and Loving County and Reeves County, Texas, you can just see that just in Inter Delaware. We have just a phenomenal amount of running room and so we just have to be thoughtful about that. And on top of that, we have our or other assets that all are playing a very key role for us in the company and the go-forward plan. So that's kind of where we are today.[/INST] Prediction (one of UP, DOWN, SAME): UP

[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>> Can you talk a little bit about what you're seeing on the development side? Are you getting close to any development starts? Or could we see the pipeline essentially go to 0 when Asurion completes in the fourth quarter? How should we be thinking about that?[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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 think the summer guys have outlined a 2024 start date for shipments, if they can get there, there is some things that obviously we would want to try and accelerate, but that's kind of the goal. And I would say, starting in 2024 and obviously, continuing to build out as they bring on different geographics in the pipeline. In addition to that, we are working on three direct-inject sites that's Madison, Mount Vernon, and Obion, where we would realize all of the economics from the 45Q and the low carbon fuel standard credits if there are any, as well. So, we're excited about those as well, and we're just getting started there. We think, we're in great locations geographically for there as well. And so both of those are very exciting, but obviously, lots to do in each of those parts. What was the second question?[/INST] Prediction (one of UP, DOWN, SAME): UP

[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 -- we're evaluating that. So it's -- we have a great partner. We've been in that building a long time. So it's something that's definitely under consideration. There's a little bit of moving parts on the rent roll as well. So it's -- obviously, we exited the Kansas City market about five years ago. So it is a noncore asset. So it's under evaluation, along with several others.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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. Like in many mature markets, the Gulf of Mexico being a very mature market for subsea, there's a significant amount of infrastructure -- operator-owned infrastructure that is not operating at capacity today. Kind of globally -- a rough figure globally is most offshore infrastructure on average is only operating at about 60% of nameplate capacity. So therefore, there's an opportunity to bring additional hydrocarbon into that facility to be processed without any significant increase in capital costs in terms of infrastructure. So hence, brownfield, tieback opportunities. As I was talking to Amy, we're uniquely positioned. We've been working with many operators in the Gulf Coast, same idea. Let's look at your infrastructure, what assets you have around, what leases you have around your infrastructure, what other leases could potentially be tied back. We have new technologies out there including pipe and pipe electric, trace-heating pipe that allows us to significantly increase the tieback radius by up to four times greater. So the circle that you would have drawn just two years ago around the infrastructure is the radius is now four times larger. And so there's a lot of things that we're going to be able to do. It will drive our subsea processing business as well in terms of subsea boosting. So it's exciting opportunities for us. And yes, the Gulf of Mexico, there's lots of activity going on. I would not be surprised to also see potentially a greenfield project, a new greenfield hub being announced in the Gulf of Mexico this year as well.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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>> Oh, right, sorry, yeah. Right. So, we will partner ex-U.S. I think we are first focused on our approval in the U.S. for bipolar depression. But you will see us partnering in other parts of the world.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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 obviously keep an eye on that. We have not seen that hit us right now at our customers, again, with the healthy IT budgets in the IT market right now, it's been good. Those are some of the macros that we keep a close eye on. It has not impacted us right now. And most of our customers, if you remember, have gone from hardware to SaaS-based software customers. And I think if this was 10 years ago, where vendors, they're primarily part in TechTarget or selling servers, storage and network hardware equipment, we would see a great impact if that was the case. But because of this transformation to cloud and SaaS and software, it is really not -- we're not seeing that in the budgets.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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. Thanks. Good morning. How are you guys? So you got the MSR which note is essentially equivalent to being short lower coup TBAs which I think seems to make sense. And you are also long some lower coupon TBAs at quarter-end which I think you noted aren't really as attractive from a carry standpoint anymore. Can you may just discuss what your footprint looks like there now? And if you are still long with these coupons, why you are picking up by being long when you basically short the MSR? Go long the MSR, short the TBA.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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, OK...[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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'll start, and then maybe Stanley will want to add some comments. So the manufacturers that we're buying from in North America are generally different for traditional equipment than internationally. So the delays that we're seeing from the traditional manufacturers of chairs, delivery units, and lights are impacted in North America and not internationally because of that. You know, it's hard to tell, John, whether -- how long this will take to be rectified by the manufacturers. It's related to raw materials that they're buying. We did say that we expect it to continue for the second half of this year, but it's really hard to tell. Stanley, do you want to add any more color to that?[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[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 think the way that you've described it is fairly accurate. I think we've seen most of the E&P's in the Permian migrate from things like dug [Phonetic] backlogs and large undrilled -- uncompleted well inventories to more of a just-in-time -- more of a just-in-time operation. That said, we've had rigs slowly added throughout the last couple of months. Our view is that you will continue drilling rig adds into next year, probably through mid next year that will support activity adds in the ballpark of 20 to 30 frac fleets across North America. Next year, and we don't think it really takes that much or more than that to really tighten or tighten the completions market. So, I think you'll see the privates continue to lead the way, maybe the small publics and independents but the market as you can see through crude prices is continuing to call for more oil and the United States and North America cannot add more oil to the system without more rigs and more frac crews and we're confident that we're going to see that gradually build.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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 multi-part question there. So, I'll take the fibromyalgia question first and I'll turn it over to Nick, and then to Lori for the other questions on spend and payor discussions. With regards to fibromyalgia, we're looking forward to our FDA meeting, which is scheduled in the second quarter to discuss the development path forward for that product candidate. This will be our first meeting with the FDA. So we've gotten the data. So we'll have a lot more to tell you hopefully once we have that meeting. As a reminder, there are two studies, two efficacy trials with controlled [Phonetic] trials, which have been completed and which were positive. So that puts us in a very good position. In the theoretical -- under the theoretical scenario, where let's say there was absolutely nothing more that we had to do from a clinical perspective. We would still need to manufacture commercial supplies. And what I can tell you is that work is already under way to make sure that we can manufacture the product. This is a novel chemical entity and so therefore there's been a lot of work that our senior team has been doing in order to synthesize it. So that work is well under way and is progressing well. I will turn it over to Nick to answer your first question.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[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 think on -- there probably won't be any surprises in my opinion, in terms of the next phase. The question will be which demonstrations are awarded initially and I think there's probably an understanding at this stage that at least three regions will be included. We expect that to be Shanghai, Guangdong and Beijing, and those are the three regions where you're seeing a lot of support. In fact, Shanghai just recently issued another policy document supporting the deployment in scale of fuel cell vehicles. So I think that's a very attractive marketplace. And there are other policy frameworks that will be announced, I believe, in 2021 beyond this cluster demonstration that's being financed through the Ministry of Finance. I think you'll see other developments coming out of the Ministry of Science and Technology, for example, that will support deployment of fuel cell vehicles in a very substantive way.[/INST] Prediction (one of UP, DOWN, SAME): UP