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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, we've always viewed interconnection as an enabler of our colocation business. And really what we're seeing now is what we've seen historically. It's a growth in cross-connects, as we're building these ecosystems within data centers and then customers -- enterprise customers particularly taking advantage of the SDN offerings with Megaport in particular. And that's what we expect to see going forward. The revenue this quarter was impacted. We had a prior period credit for a customer that impacted revenue. We had a little bit of churn. But again we're viewing interconnection as we always have as an enabler of our colocation business.[/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, good morning everyone. Hey Charles, I just wanted to follow up on the loan portfolio. Could you just give us a reminder what percent of loans are floating rate and what percent of the floating rate bucket is currently at floor levels?[/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>> Yes, I think you can definitely expect to see more of it. That's where I would expect the most to come in. I think the other place is even the acquisition expense is a lot steadier, right, harder to maneuver as we go into the fronting that can actually have an influence on the acquisition expense side of it. So there is the potential for some, call it, reduction on that side as well. But if I was to pick it, I would expect more of it to come from the other underwriting expenses. We do have still strong growth in other lines of business that do have higher acquisition expense, but I do expect the fronting over the next, call it, one year or two to help the acquisition expense ratio as that business grows.[/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. Sure. So these are going to be small allocations. But again, our focus on the wide frame of reference kind of benefits from Barings LLC's very, very wide and our parent's very, very wide investment frame of reference. So in certain segments, you'll find that there is unique access to consumer deal flow, certainly not in large amounts, and you can see that the Waccamaw joint venture itself is relatively small and also has attracted third-party capital. But our focus would be on certain categories where our frame of reference allows us to invest alongside a number of origination units that are accessing niche areas of the market. And in some cases, it can be tied to vocational school-style lending, right, as it relates to coding schools or there are areas where certainly there are very low loss rates and very attractive investments. And that can be driven just by the fact that our funnel, right, in Barings'  relationships with a number of originators, both commercial and consumer is very, very attractive given what we offer them and how they want to partner with us. So short answer, it's also a small investment, but our focus here is, again, making sure that we have a particularly wide frame because both consumer and commercial risk can work together provided that you don't over accentuate or overemphasize one or another.[/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. 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'm still pretty bullish on where operating margins are going to go. The reason that we haven't talked about that recently is because of myopia management. That's thrown, if you will, kind of a wrinkle into things. And that there's such a great long-term opportunity there for growth. And we're investing pretty heavily right now. So, that's obviously fairly dilutive to our operating margins. But I do believe that as we move forward in the coming years, and the myopia management business continues to grow, you're going to see the op margins on that part of our business really ramp themselves up. So, at some point, probably, I don't know, maybe the end of next year at some point, Kim asked me about that operating margin and putting it back in the presentations and stuff, we'll probably get there. It's just a matter of getting more comfortable where the myopia management is because right now, it's really growth, growth, growth. [/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, Alex.[/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, maybe I comment on volume and then we'll turn to cost. We were really pleased with the growth that we saw in our SMB customer in the second quarter. Last year, SMBs in the United States made up about 20% of our total revenue. This year, they make up more than 27% of our total revenue. So we think that the capabilities that we are investing to grow this very important customer segment, well they're working. Now if you look at the breakdown of SMB, 50% of the revenue was for commercial, 50% of the revenue was for residential delivery. So you can see a shift within SMBs, what you would expect as the economy start to reopen, and we were very pleased with the growth that we saw in our commercial business. Looking ahead, we would expect the volume trends to be about the same in the third quarter. And we're not getting into the process of giving you quarterly guidance, but we would expect the volume trends to be about the same in the third quarter and then volume up in the fourth quarter as we head into peak. Brian, comments on costs?[/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>> In the fourth quarter, both our Commercial and Medicare businesses in aggregate saw a total claim cost that were modestly above the seasonal baseline.[/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>> Yes, no, we really look -- price increases are really about our input cost and demand.[/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 afternoon.[/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, Alex.[/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 take the latter part of that. With respect to Malaysia, we're clearly well into that project making great progress. We have a building in place as we exit the year with plans in place to have a clean room up and ready for validation right at the turn of the year into the first quarter. Sorry, first quarter of next year. So the expectation is, we'll be producing product out of that in the first half of next year there in Malaysia. So very excited about what we're seeing there.[/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 a lot. Thank you all for your questions. And on behalf of Ofer, Nir, myself and the entire Global-e team, I would like to thank you all for joining today and for your continued interest in Global-e. I would also like to take this opportunity and thank our growing list of merchants around the globe for their ongoing trust and partnership. Finally, I would like to thank our super dedicated and passionate team of employees around the globe, who strive tirelessly every day to fulfill our vision and make the future of global e-commerce truly border-agnostic. Goodbye, all. Take care. And we very much look forward to speaking with you again on our future earnings 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>> Thank you. Good morning, everyone.[/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. I'm on for Rishi. So, could you talk to what's baked into your gross margin guide for 4Q? It seems like a pretty steep decline quarter over quarter. Is that just from the timing of hires? Or is there something else there to be aware of?[/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>> Kyle, this is Anthony, yes. So our strategy was, and I think I mentioned the last quarter was to remain at least net neutral. And the way we think about it this year is as we progress through the year, there's going to be opportunity to renegotiate leases. We might exit some leases and so forth. But our plan with a pretty strong pipeline is to continue to look for opportunistic new locations in the communities that we serve, recognizing the fact that at least net neutral is where we expect. And both from the opportunity, from a rate perspective, we're not looking to lower the store count. But equally, we still see that there's plenty of white space out there. And as I mentioned in the prepared remarks, I think Mitch commented just a minute ago, the opportunity to test a smaller footprint is really exciting, something that's more technology-focused, more of a fulfillment and a payment center for our customers. And at the same time, it allows us to remain embedded in the communities that we serve. We do a lot of business with unbanked and underbanked customers, cash-paying customers. So the ability to remain in those communities and serve those customers is really intriguing. So the short answer is, at least net neutral, good pipeline of opportunities for stores. And that's our go-forward plan.[/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 for taking my question. I was wondering if maybe you could talk a bit about -- more about SOREL in the quarter. How much of the decline was due to production issues and overall supply chain headwinds? And maybe could you talk about the outlook for securing additional production capacity for SOREL and also the broader footwear business? Thank you.[/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>> Hey. Good morning, guys. Thanks for the question. I was wondering if there's a way to think about kind of like a normalized or maybe like second half kind of exit margin rate for the business. Just trying to get a feel for once we get through some of this noise in the first half and you have the Liberty IT kind of a way to think of the ongoing profitability of the business.[/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... [Speech Overlap] Yes we did say in the script that the 18 terabyte qualifications have gone very well. To the earlier point I don't think from a mass capacity perspective, we're not in the industry anymore of just pull the bunch, and then try to ship them at the end of the quarter or something like that. You have to have real good relationships with the customers know exactly what they want. So we, over the last few quarters, we've been on a theme in communicating this with you that we know where 18 terabytes was going to be with the customers who are going to be asking us for. And so we were fairly clear that the ramp has begun though. And so, and it starts by going back to wafer which is many, many months ago and then making sure we're starting the right parts. We are making the transition to that product right now and we feel really good about it. We feel good about the quality levels, the yield levels, the ability to ramp all the components that we need, because it's a common platform. I think we've been signaling this pretty well. I can't really comment on what the rest of the industry is or isn't doing because I just don't know. But that's relative -- that's the way I look at our plans.[/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 at all, I think, as you can tell by the tone in the release and the tone on the call. But if you step back, even the way we guided Q2, we're back above where we were less unaffected -- COVID unaffected quarter was Q2 of 2019, we're looking at second quarter comparisons. And adjusted for acquisitions, we're back on a total revenue basis above where we were in Q2 of 2019, but with higher margins and that much more cash flow than was generated before. And so the business is, as we said before, kind of a totally different business, more profitable and higher cash flows as we exit the pandemic and you're seeing in the Q2 guide.[/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 good point. I mean, again, we mentioned in the comments, we do want to be judicious about how we deploy those funds. Don't want to overcommit to a single point in the market. My -- if I were a betting person, I would say that a couple of years from now, we might not like the securities we're buying today, and that's provided, everything starts to improve, but then again, at that point in time, hopefully, there is a better opportunity to deploy funds into a more active loan market. So, we want to be cautious in that. The tide can go out as quickly as it came in, so -- but at the same time, we're going to be looking to be, again, be careful about how we're deploying those funds, but make sure that we're making some money today to the extent we can and still manage the risk associated with all that excess liquidity. So yes, I would anticipate continued growth in the investment portfolio again to put higher earning assets on the book.[/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 good morning Paul[/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, good morning. Thanks for taking my question. I appreciate the commentary on some of the sales constraints that you mentioned. But I'm just curious. I know historically, you said these are two distinct occasions. But do you think as we're kind of normalizing from an operating environment perspective and trying to find an equilibrium or normal, do you think you're seeing more switching between carryout and delivery or do you continue to believe that that's really not the case even having this unique period here? Thanks.[/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>> Yes. So we've -- historically, we've handled all of the renewals direct without engaging brokers, but where we have just so much volume in 2022, we devised a plan. I think we're -- the ratio is about 40% we're handling direct and 60% we've engaged third-party brokers. So, we're working with three different groups. And it's really depending on the different -- the different parts is how we've broken it up. [Technical Issues][/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): 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. No. Look, it's a very competitive space out there right now, and we have our sites selected. Things are progressing very nicely. We have good data that drives our enrollment. And we also have an ongoing open-label extension study, which has been very, very useful in our recruitment activities because patients know that even though we have placebo-controlled trials that we are able to flip people into the open-label extension study where they will go on active treatment. So I think we've optimized all of our trial designs and our program to really facilitate enrollment into the program. So running these trials simultaneously, we don't believe is going to be any issue.[/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, guys. This is actually Erica Eiler on for Rupesh. Thanks for taking our question. So I'm going to just start with sales. So as you look at the sales acceleration here in Q3 and your expectations for Q4, has anything surprised you in terms of what you're seeing. And then your team has also called out supply disruptions. And I apologize if I missed this, but is there any way to quantify the impact on the top line during the quarter. And if maybe you could just dive a little bit deeper kind of on what you're seeing here and your expectations on these going forward. Just curious on when you think these could potentially get resolved?[/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>> Great. Thanks very much. Robynne, as we think about the renewal pool returning toward its normal growth cadence next year, is that linear over the course of the year? Or will that be somewhat more back-end loaded, understanding that 4Q always has seasonality, but just that year-over-year growth opportunity?[/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>> Operator, we don't have, Adam. Do we have any other questions?[/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>> Ryan, this is John. Your math is about right. And yes, we're very pleased with the rapid rollout of -- and expansion of that product.[/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'll give you my two cents and then let Peter add, but listen, at the end of the day, given our current size, the mix doesn't shift drastically in any given quarter or quite frankly, in any given year. I think we'll continue to be busy with new commercial real estate opportunities. I think we'll also continue to see some pay downs and payoffs in that category. So I think we'll probably have a similar year, although it might end-up being a little bit back-end weighted in terms of new production given the strong finish we had in Q4 of '20 and some payoffs we know that are coming in Q1. But I'm also optimistic that we'll have strong growth in C&I and owner occupied. So hopefully we'll see a little bit of maneuvering of the mix toward C&I and owner occupied but I don't know that it would be a huge difference. Certainly, the relationships and connections we've developed through PPP should help accelerate that a little bit. But it's also important to note that C&I tend to be smaller loans, tend to be lines of credit that aren't always fully drawn, so you're not going to see massive shifts in that portfolio overnight. But, Peter, why don't you jump in and add anything you think would be relevant here?[/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>> We have relationships with our suppliers. I mean, no matter what the contract says you're going to get what they're going to give you and they're going to deliver who they want to deliver it to. And so we worked very hard to be a good trade partner with our suppliers for both materials and labor and making sure they understand what our production plans are. And our commitment is to them and they've made the commitment to us.[/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 a number of things. We've been pretty aggressive on that front. And Rahul Jalali, our new CIO has really sparked that too. We've been what I'll call overzealous in terms of API development for our customers. We have a significant number of our customers that are utilizing APIs now. And the value of doing that is not just what we're pushing for is not just on our rail line, but also from an inner line basis. I talked a little bit earlier about the fact that even on our international intermodal side, that we work with the ports also so that we can see inside the terminals and what's coming to them, it's a key focus. The other part of that is customers want visibility, they also want to know what's going to happen if there is a disruption or something that is going to happen next. And we've been working with operating also make sure we have proactive feedback from a technology perspective there. So, we feel really good about the visibility that we've inserted, and that we're providing customers. And clearly, for the customers that are not as sophisticated, there's room for us to share that more with the receiver. We feel good about the work we've done with the larger 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>> Jonathan, there's been not a peep. We have nothing new to add, but we certainly would expect to hear shortly, with that one May time line out in front of us there. So I'm sure we're going to find out pretty shortly.[/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 front and center for all of our operators of what's happening. And does it go through the budgets for 2022? I mean[/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.[/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): 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. You've got it right, Mike. I don't know how you guys keep all this stuff straight because sometimes we have to -- we struggle to. But yes, we had to take a portion of that loan down by law initially, about $135 million, that remains outstanding. And then we have access to another $1.7 billion through May. I don't see really any scenario where we'll tap or access that $1.7 billion. But we have until May so we haven't formally made a decision on that quite yet.[/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, what I would sort of say to that is and consistent with previous remarks. Certainly, it's my objective and expectation that we will be able to close a transaction in 2021. I will certainly be driving toward that outcome. And without speaking for the Board of MIH, I see no reason why we wouldn't look to distribute the net proceeds on a similar basis to what we did with IMTT.[/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>> Great. Thank you for squeezing me in, and congrats on all the progress. I was just wondering, so Amy, you mentioned that -- and Sean you also mentioned, that basically, CD-166 is a novel target. So expectations, probably it is hard to understand at this point. But just looking across the board, ADC's as a monotherapy treatment have come a long way and the kind of responses we are seeing in the like of Trodelvy and other ADC's out there, they are getting even late lines of therapy, they're getting 30% plus kind of responses. So to that extent, do you think that could be an expectation as a monotherapy, you kind of had to get to that kind of mark to make a mark in these kind of tumors? And if -- to that extent, you may have to get that, can you [enrich] the patients with some way to make sure that you select the patients who benefit the most from these drugs?[/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. I think the simple answer is no, but I'll expand on it. I mean, we work extremely close with our customers all the time. And there's always a review of your continuity of supply and working with our customers. So there's nothing new that would happen. That's a normal course of business. I think I wouldn't say we're 100% unique, but the Southern portion of Malaysia was hit really hard with COVID cases. And so it was unique to a very few number of suppliers, whereas a lot of the suppliers you here that in Malaysia are out in the Penang area, which is in Northern Malaysia. So a bit unique to those of us that operate in the Southern portion.[/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, good morning, Adam.[/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, Q3 comp was 22 [Phonetic] right? So again, we actually feel good about the fourth quarter as it relates to comps. And if you stack the comps in Q3, Q4, I think that they'll come out very favorable. As Andrew talked about, we had a more normalized Q3, if you will, with August in a more traditional back-to-school sort of time frame. September down a bit based on back-to-school openings from a year ago and then momentum back in the low single digits -- low to mid-single digits in October. So again, there's not a significant step-change, John, in Q4. So our math on our end might look a little bit different than your modeled math, but we feel good about Q4. Obviously, launches, as I've talked about on the Q&A session and we talked through the call, continue to move around both quantities and dates. Where there's traditionally been a big Black Friday launch, that launch has been pushed back a little bit and will be early in December. The launch calendar, while strong, is always variable based on some of the supply chain that we've talked about and getting products in on the exact date of the launches. So again, we feel good about Q4. We think the strength of the inventory that we're coming into the quarter with and the flow that we see right now will certainly fuel us as we think about growth in the fourth 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>> I appreciate you taking the question guys. You've described a lot of use cases, Jason, which I think are great, and I'd like to touch on Bill.com in terms of how we should think about attach and what some of the marketing drivers and customer acquisition costs kind of looks like there. But I'm wondering sort of more broadly, when I think about perhaps more traditional consumer cards, both debit and credit, bank-issued cards. Can you talk a little bit about the opportunity there and the selling cycle and kind of how you see that perhaps emerging over the next several quarters perhaps or maybe it takes longer than 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>> 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>> That is correct. So yes, and that would be -- it's just the timing of the index. So you would add it to the revenue as well as the income base and then net it out. Yes. At some point, we anticipate recovering that. And again, it's going to be time-based.[/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. I guess just first around the guidance for the revenue outlook. I was wondering if you can break it down a little bit more for us in terms of fees versus NII and what your expectations are. I mean mortgage banking was very, very strong last year. How you're thinking about it? And on the NII side, Jamie, like when do you see core NII at least shaping out for Synovus on a quarterly basis?[/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, hey, Aga. It's Justin. That's a good question. So that's the total amount is kind of we've calculated it. And so really to your second part, so that would be in total, so that includes all three components. And then the second part of that is, I think there is probably some flexibility on whether theoretically that's a one-year or if that's a multi-year thing. If you recall in our rate case, when we had made our 2019 surcharge filing and the Commission kind of froze the surcharges at that time and moved things to the rate case. There was -- we had pending of $12 million increase to the surcharge. Well, ultimately, we moved that kind of rate case and we proposed to amortize that over three years. So again, I think there's a little bit of a precedent there where some people may look to in terms of whether that's one year or whether that's over three years and whether it's applying to one component or all three components. I mean that's part of the process that we'll be working with the Commission and the staff this summer as we look to get a decision hopefully by fall.[/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 can't comment on specific engagements, but we're talking to a number of other players in that market. We did announce our collaboration with StrikerVR, which is a company that makes accessory technology that's going to utilize our trigger technology. And we have those discussions ongoing with others in terms of what their shipment plans would be in terms of when they can -- whether they would intersect the holiday season, I can't comment on it, but the DualSense controller is certainly sparking a lot of interest among third-party peripheral manufacturers. I just don't have a comment on timing of when that might hit.[/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, Chad[/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, Folks. How are you? Thanks for taking the questions. Firstly, could you talk about the product revenue from Q2, it seems a little stronger than we estimated. Was there anything in particular to call out there?[/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 will be down approximately one manager.[/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 specific to share about future plans there. And one thing we are focused on is we have an enormous space for users, which represent a big opportunity. We will certainly continue to drive them to the standard Dropbox plans, but we're also creating a broader menu for new subscription options and entry points basically and optimizing pricing and packaging in general. So Dropbox Transfer is an example of the stand-alone SKU we launched in Q1, and we'll also continue to experiment and double down on what's working. So we certainly are looking at pricing that -- or we continue to look at pricing and packaging in general, and that's an important monetization lever for us.[/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. This is something that, obviously, people are talking about. Renewable generation remains very strong in the Pacific Northwest. I think you see across the west, as a result of the wildfires, there was not a reduction in interest in expanding renewable generation across the west. Even with the significant wildfires, there actually was an interest in accelerating the pace of renewable transformation in the energy sector. I -- my sense is that this may accelerate where we are going. We are clearly investing a lot in technologies, bidirectional grid capabilities. Much of the equipment that we're putting in place handling some of these additional renewables also adds to more resiliency and reliability of the underlying system and allows us to restore faster during regular storms and catastrophic storms like we have now.[/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>> Horacio, Lloyd and Rubun, good morning.[/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>> That's -- Yeah, that's correct.[/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. If you think about it, we have -- I guess you -- a majority of that would -- over 50%, would come from a personnel perspective. We're bringing together two businesses. We have a lot of the same client relationships. The other components will come from combining our platforms. and so, our ultimate goal is to combine platforms, take the best products and features from each platform. That's not a quick process. That's a long and -- it's a longer process. You have to be very careful. We don't want to disrupt any business along the way. But when you're running -- we have two data centers in each part of the world. We have a lot of duplication from a platform perspective, and so there's significant savings that come from that. and then, related to that, with our vendor relationships, with the size that we're growing to, we have a lot more clout for cloud computing and for other vendor relationships.[/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>> So Roger, maybe Chris, you talked about your attention to the top-line guidance a couple of times here so far, but there are a bunch of moving pieces. And I was wondering if we could size some of this. Would it be right to characterize the naval architecture business is around I don't know, $80 million, $90 million a 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>> Yes. We've been on both sides of that game also, Kevin. We certainly want to take advantage of opportunity when the opportunity presents itself. Our business is all about people. So it's how you treat people. It's how you take care of your folks. And if we keep doing what we need to do to take care of our people and keep them engaged and enrolled and feeling good about what we're doing, we certainly want to make sure that they feel needed. We want to make sure there's retention, incentives for our teams. And I think we're doing that today. And I think, again, as I've made the rounds, you heard me say a little while ago, as I've been able to make it around -- Chris actually jumped into Florida -- or jumped into Georgia for a little bit, I've been able to travel a couple of our other states, and we're traveling again later today. Everybody we're talking to seems to be really excited because we have just not a whole lot of direct overlap. So it's not as much stress on any of the teams because the lack of direct 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>> Yeah. I think we mentioned less than sort of 5% on average or sort of visiting one service [Inaudible]. It's part of our digital journey. It's part of our data journey. We're very early into it. Obviously, that overlap matters in terms of proximity from one store to another. So we think this is a multiyear journey. We're super excited about it. And I think we would hope to obviously grow that less than 5% to way more than 5% over a multiyear basis. So just an important opportunity for us that we're sort of leaning into now.[/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. Thanks, Joe. When it comes to EV, the story today is still very much in awards success story and the EV volumes are still very low. We are projecting though that our market share in EV to be substantially higher than our current market share in ICE in 2023. So, pretty early. Now, these will not necessarily be very meaningful because also in 2023 the EV vehicles will not be that big number. But, you can imagine, as EV adoption accelerates in the next eight years, nine years, from 2023 to 2030, we will benefit tremendously from already starting high market share in EV. So, I don't know if this helps you to frame 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>> Sure. Yeah. Great question. I think one -- and by the way, you're right about the tightness in supply and some of the challenges operationally. And I would say that the Skyworks team did an incredible job executing in the Q1 period. And I think we'll continue to see that opportunity extend into the full year. But I will say this, we have made the unique investments in capital and scale. We have our own 10-billion unit TC-SAW factory for customized filtering. We have bulk acoustic wave in-house. We have our own assembly and test and packaging capabilities that are unique and purpose-built for this market. So, we were able to avoid some of the real challenges in supply chain because we've built a lot of this in-house in our own factories. But there certainly have been some bumps on the execution side throughout the landscape, the technology landscape, and the connectivity landscape, but we're starting to see that clear. And fortunately, we're able to execute through that in the December quarter.[/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, you have to think about qualifications two different ways. Qualification but just by adding a new tool into the factory, but you're making the same product that you're already qualified to make for the customer, that is a very simple, very quick process. So that does not take two to three quarters, that takes within a quarter, within a few weeks. The qualifications that take a while are family components to the customer that hasn't used those components in the past and that's where you have to run a lot of lab tests and things like that, that we've started -- while we started -- we actually started that before the acquisition, because we were working with Ham-Let as a key supplier that we wanted to grow, so that started well over a year ago and that's going very well. At this point, if we can bring the capacity -- as fast as we can bring capacity out, we can sell the product. It's a race to expand.[/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>> Kurt, I'll weigh in on the production side of things. You've already indicated a couple that are important. In no particular order, it's hard to make the type of EWP we make unless you have the appropriate type of veneer, we call it stress rated veneer. So, producing more of that is critical to not only us, but other people that operate in this sector. We're focused on trying to do more of that and there is only a limited amount of our own internal veneer that can go into EWP, but we are working on trying to find ways and means to shift more of what we would normally call, plywood type veneer, into EWP but there is a limit to that. We are working on deep bottling at some machine centers that we have in some locations and that's sort of a long-term goal obviously. You touched on the labor issue, well that was more of an issue going back 6 months or so more or in the middle of the pandemic, if you want to call it that. We are still facing some labor shortages depending on the geography. If we could be fully staffed at all locations on all days that would certainly help, but at the end of the day, even if that was the case, raw material inputs certainly going to continue to be a big focus for us as we move forward, both internally and whether we can source more from the outside.[/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>> Hey, good morning or afternoon, everyone. Hope you're doing well. So I'd like to come back to EMEA actually. Two questions. So the first one is, despite entering new countries as you mentioned last quarter, you lowered by about $31 million, if I'm correct. I mean, our revenue in the fourth quarter. That's about, I mean, 30% lower than -- that's significant. So if you were to bucket the gap, what would be coming from the shelf set reset, packaging supply and potentially the quality issue you mentioned? So if you were to bucket that. And then in the shelf space reset, I mean, what are you losing? Is it you are not getting as many SKUs expansion as you expected or do you get more out of stock as your velocity you mentioned, I mean, is growing? So I'd like to understand what is the consequence of not as having as much natural space as you expected?[/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>> Hi good morning, Congratulations to Colin. Some of your peers have seen demand impacted by COVID lockdowns, maybe in some regions that you don't participate in as much like Southeast Asia. But I'm just wondering, it sounds like there's some restrictions in Russia, which is a big market for you, and maybe kind of a worsening of cases in Europe. I'm just wondering if you're seeing any impact from that or if there's sort of a holistic way to think about that risk. Or do you think your customers in the channel have maybe gotten better in terms of managing those kinds of restrictions, but still delivering product? Just kind of any thoughts there.[/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>> Hi. Yes, good morning.[/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>> Great.[/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>> Not really sure, I understand other than the backlog comments that I just made. It's hard for us to really gauge how much the top line would have been different if we had a perfect supply environment where we got everything in the door and we're able to ship it. I think we're that good at fine-tuning the math at this point. Safe to say, though, that results would have been a lot different and better have we been able to get everything that we needed and get them out at the time that we need them to.[/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 never comes up. Rob, let me go first, man.[/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 Fastly is not the only one that has had outages in the last -- of the last few months. Others have as well. And I think what that speaks to is that that's something everyone has to look at in terms of their resiliency planning. I think when you look at the resiliency planning that our customers want, they want to take advantage of the benefits, the unique benefits that the platform brings. And so when we're exploring resiliency with our customers, it's actually about exploring different ways to have resiliency on the Fastly platform. And there are a number of really innovative ideas and ways that we can do that. So imagine you could have your own copies of things in case we went down, and other ideas like that are being talked about a lot, so that we aren't -- you have the benefit of the technology, but you have multiple capabilities upon which to deliver and scale it. So I would say that's the thrust of the conversations that we're having. And because everyone has seen that all vendors are not immune to this, it sort of sparks a different conversation, which is if this risk lies everywhere, why would you go to the lowest common denominator where you actually don't bring the performance and the security that you want, are there other ways to achieve this. I think we're going to see some real novel and interesting ways. We already see this in our customers. As you know, we have a managed or private offering. Some of our customers use the managed or private offering in order to be redundant. So we're redundant with ourselves. And I think we're going to see a lot more 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>> Thank you very much for the question. Yeah. Karsten, could you speak to this?[/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>> Definitely seeing opportunities from two areas. Doug mentioned that 90% of the time we compete, we compete with smaller brokers. And the smaller brokers have the problem of just simply not having the capabilities that clients are starting to ask for. And these could be simple questions, like, how do I know? How do I know you just gave me the best deal? When I was out selling 30 years ago on a daily basis, that would be answered by saying, I went to three carriers, this is the best price. That does not float today. They want to know what you're doing with clients, what carriers are doing at, where the ranges are, what their loss ratio looks like compared to others. They want detail. They want data. Smaller people can't do that. So what you've got is, folks that are losing accounts to the likes of ourselves, and we're out telling them, why wouldn't you come to a place that's happy to pay you, for what you hunt and kill, and at the same time, you have all the support and the capabilities in the world. We can write any account of any size, no matter where it's located in the world, and that's very attractive. And then of course, there's always opportunities for larger competitors. We clearly believe we offer a cultural difference.[/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 mean, the feedback has been really positive on the profile. They see it as very differentiated. As I mentioned before, the lack of a black box warning is seen as -- is differentiating versus the other PI3Ks out there. And I think it just takes time for when they see a patient and when a patient presents himself, and these patients don't show up on an individual physicians basis that often throughout the year. So when we're able to get good frequency of interaction, patient shows up, that's when we're getting use. But the feedback on the product has been very, very positive. And then as far as the breakdown in the $1 billion, as I mentioned, we expect a small contribution from MS given that we are expecting a late in the year approval there. We expect to get some contribution from U2 given that we would have three quarters of use of approval and our ability to promote U2 and CLL starting in the second quarter is our expectation. And then the continued launch of marginal zone and follicular will continue to form the base of the revenue projections.[/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, Eric.[/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 as you will have read, there are several major force majeures in the mining space this year, and those are well publicized that are impacting ore availability as we close out the year. Our expectation, based on all of our current intelligence is that, that is being resolved, but probably won't be fully resolved until the end of the first half of next year. So this is something that we're watching closely, but it will impact our volumes, as we indicated in Q4 and at the beginning of next year.[/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>> And would just clarify, when you say costs, you're talking mainly about...[/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>> Because it's virtual, we can -- you can't point to someone in the room and tell them to answer the question. So apologize for that. Also, the Paramount news is we know as much about it as you do. So we're -- we need to -- we have a lot of questions, and we'll learn -- and obviously, we'll learn more as time goes on, but we don't know enough about it. We are -- in terms of streaming, we're in the big streaming packages, obviously. In terms of local news, it's just people can get local news on any device currently. It's obviously part of VUit as well as our local websites and our station apps. So we're there, whether we need our local news and other packages, and there's obviously no end to it. There's no shortage of streaming packages and streaming platforms at this point. It's a -- we're looking at some of them, and some will be a part of, and some, we won't. Some will be good to be a part of, and some we'll wish we were part of, and some we don't really need to be a part of. So it's a mixed bag. It's just -- we keep -- every day, I think if there's another streaming package, the whole world is obviously getting a lot more complicated. And we need to be in some of them, and we don't need to be in others. But where -- what exactly Paramount Plus means to us is that the news came out after the market closed last night, and we yet to have a conversation with the network, and I know all of its broadcasters are looking for more information from CBS on 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>> Well, we're certainly evaluating all of the various tax proposals, and there's -- as you very well know, there is -- no decision has been made and we're looking at all of those as it impacts our business as both here, and the US as well as international. And other than planning for and looking closely at what the proposals are, and of course, we have our own efforts on Capitol Hill to lobby on behalf of Principal, and our shareholders, and our customers, and as part of the trades, to get responsible tax policy that does not hamper our ability to help our customers reach financial security. So, any thoughts that we have would be pure speculation at this point. Deanna, anything you want to add to 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>> That's right, Brian. So yes, so we -- I'm only adjusting for the impact of sequestration, kind of sticking to our plan around waiting to get to Q2 to reassess guidance. So we're sticking with that and I would say from the buyback, you're not seeing anything from an EPS impact perspective. I think a full year impact of that is somewhere around $0.02. So it's minimal.[/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, Brad.[/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>> First, we're very happy with the first quarter's results. But looking forward, mainly due to the fact that gross margin is going to be lower, we don't think that this is sustainable to this year. And we do expect both revenue and EBITDA to grow this year and -- but revenue will grow faster than EBITDA and the profitability on the EBITDA will be lower due to the lower gross margin.[/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): 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 don't think so. Just because, frankly, the group that's been mostly getting it has been the older segment; a lot of the people in the nursing homes and senior living facilities and that --it's -- now the healthcare workers, for sure. But look at -- but I think there has been a -- and understandably, there's been a lot of messaging, hey, look at, don't go nuts once you get vaccinated, just because there's still a lot of virus in the market -- in the world. So I think you're seeing the same messaging we're all seeing, which is, yeah, like they're trying to sort of walk their way around it, what can you do. And I saw them talking about, well, now you can get together with friends who are all vaccinated and have dinner without masks on in your house. So there -- I think as that broadens, and I think we all know it's coming sooner than we all -- than everybody anticipated in a way that -- when they're talking about how much of their vaccine there is going to be. The bigger challenge, frankly, is going to be getting people to get vaccinated and the importance of that message. But I know people are focused on that as well. And -- but the short answer is, I don't think so, not yet.[/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 light commercial absolutely follows residential, and we feel very good about that business. But I will say we had some incredibly difficult comps from some very, very large projects in multiple geographies throughout the country. And that's why you're seeing that number.[/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): 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>> 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>> Well, in simple terms, China is growing well as a high-tech country and so there are many customers that are all doing more and more chips, that are doing more sophisticated chips and that rely on our tools to get there and so we see this essentially as a growing economy that will continue to do well for a number of years.[/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>> Yes, Sean. Thanks for the question. I appreciate that. You are correct, the way we do bookings as well. If we win a business, we won't count that as a booking until actual contracts are signed. So we do have a number of large wins in flight and that we expect to close by the end of third quarter and that's driving that in-year sales revenue that I referenced.[/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, we have -- as we've said, we have logistics issues we're dealing with for the merchandise that we've already sold for fall '21. And we have inventory available, and we believe that we'll -- we're obviously in a much lower inventory position than we were exiting the quarter last year. So to the extent, we can fulfill orders, we'll be there and provide that merchandise.[/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 evening, management. Thank you very much for taking my questions. And so just a follow-up on the previous comment. You mentioned that you are investing in content development, especially on the Xueersi online school side, to do more tailor-made content. It sounds like, you know, it is moving closer toward the product or content of Peiyou side of business. Is there any opportunity to build more synergy between the two business lines, maybe in terms of content and even in terms of tuck-in acquisitions? And my second question is that I recall you previously mentioned you still want to keep the level of investment and protect the No. 1 position of Xueersi online school. But I think you sounded more balanced on the comment on sales and marketing. So I just want to double check whether, you know, we still intend to invest enough to keep our No. 1 position? 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>> If you remember in last quarter, we actually reduced it last quarter and announced we were reducing it. Other than that, we have a few projects where we're watching, but we haven't concluded fully. We have to see how the market goes and determine what to do, but we're staying with the same numbers at this point.[/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>> Good Morning PJ, where are 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. So a great question. Historically, we've said, from a leverage perspective, four times on a gross basis, three times on a net basis. That's kind of where we're sitting now, but obviously, still have the $100 million of cash on the balance sheet, and then the strong free cash flow generation nature of the business. You add INTEGRA on to that, and it just further strengthens the cash flow generation of the business. So I think from a debt perspective, pretty happy with where we are right now. We think we have really optimized the balance sheet a little bit and the success that we had in terms of the refinance was good, just given the ability to bring some of the interest costs down and diversify our investor base on the debt side and improve the terms of the facility as well. And so I think from a leverage perspective, we're pretty happy with where we are. I would look at cash generation and other avenues to use for allocation going 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>> No, we are certainly not underwriting deflation. So I think the comment I made was net of price increases, so we're assuming lapping pricing increases by the end of fiscal -- the second fiscal quarter and that the rate of inflation will not dramatically accelerate. So that there is not a further lag effect on taking pricing. But we're certainly not baking in this inflation. [Speech Overlap] Where we do expect to see some cost improvement is on supply chain execution as we get better health in our labor situation, which is improving. So the controllable aspects of supply chain are improving, the non-controllable aspects of various forms of input, transportation inflation we are not, assuming will moderate, but that our pricing activities will lap the lag effect.[/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, we're gonna do it opportunistically. So we will do it. Ideally, we'll put together like we always have some auto pilot program and then on top of that some discretionary piece. And the discretionary piece will be the variable, obviously. That's what we've done in the past. That's what we'll continue to do so some more flexibility there obviously and we'll take advantage of 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>> Yes, I agree, Gregg.[/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, good afternoon. It's Bobby Friedner on for Peter. I wonder if you could discuss what you're seeing and how you're thinking about price inflation of pet food in 2021? And how should we think about retail pricing across the entire portfolio of products in an inflationary environment?[/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. We gave that out in November and we talked about it at the end of the year, and we're not going to be updating guidance at this point in time. What I can tell you is we liked the direction that we talked about in November of having 6% to 8% EPS growth over that five-year time period. And there's nothing that we see today, including the trajectory through 2022, that tells us that we're not going to be able to meet that.[/INST] Prediction (one of UP, DOWN, SAME): SAME