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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Hey, guys. It's Adam on for Matt. Thanks for taking the questions. I wanted to start with a question on the guidance, kind of following up on Margaret's line of questioning. So, the guide implies a nice ramp in the back half of the year, so maybe just talk about your level of confidence in that guidance range? And then as you talked about rebounding to that average 3,000 sessions per day exiting Q2, if we pull that forward or extrapolate to the back half, it implies some pretty nice upside. So, how sustainable is that run-rate? How do we reconcile that with the guide? Are you expecting seasonality of vacations in Q3? And then I have a follow-up. 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>> Thank you mark. Next question please.[/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>> Oh, OK, good. So thank you for that clarification. So going back to the package that we put together for our [Inaudible] into our installed base, not our partner's installed base, the direct portion of our installed base. We've been marketing a package to them that moves them to what we think is the best offer, which is the Office 365 productivity suite plus advanced threat plus archive and encryption if they're compliance-oriented buyer. So we're stacking together at least -- on that cloud backup. So stacking together at least three services with that migration offer. And we've done more on hosted exchange or on-prem exchange to Office 365 migrations, probably than any company in North America. We're over 19,000 migrations. We're really good experts at that. And so that's a real strong capability that we have that these customers in migration value.[/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, Drew. The growth that we saw in Q2 came from both more centers implanting the device, as well as from utilization. We had provided guidance that we're expecting to increase the number of implanting centers to 148 in 2021. We continue to be on track to that, so making increase in the number of those centers that are implanting the device. With that said, the bulk of our growth is coming from, and we expect will continue to come from greater utilization within the centers that are implanting the NeuroPace system. And that's a combination of more physicians within those centers implanting and then also, over time, increasing the amount of utilization from each center, but overall, driving utilization growth within those centers. And that's the trend that we saw in Q2. So we did see an increase in the number of centers, but the bulk of the growth coming from utilization within the centers. And again, that's a trend that we expect to continue.[/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>> Those are all things that we're working through on the integration activities. There are some things that, obviously, we'll be looking at whether that's supply chain or other such agreements. As we're working through our positions for the future here we'll be addressing all of those and seeing, which makes sense for us, and which don't. And as we're working through the synergies for example as we make decisions over make-buy and that impacts those types of agreements we'll look at those as they come up Carter.[/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>> You ask about decentralized, right?[/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, guys. Do you have any sense of the 145 million Teams users out there? What percentage have begun to bundle voice with Teams? And kind of where do you expect it to go?[/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, most of it flows into the P&L. There may be some minor reinvesting, but most of it all flows and probably two-thirds of that is in operating expense and the rest is in COGS, with some of our services and things like that. But, vast majority though will flow through.[/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.[/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. Hi, Danielle, it's Rod. It's a good question. I think I'd answer that in two ways. One, we're probably modeling a slightly quicker recovery, U.S. versus international as we're looking out over the remainder of the year. But then secondly, what I'd say is our mix between U.S. and international while it might change a little bit from month-to-month or quarter-to-quarter, I think, in general, we're going to be at a similar sort of mix throughout the remainder of the year as what we've seen over the last couple of quarters.[/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 think -- so if we think about the Q3 and Q4 growth, so normally, the Q4 growth comes from the investment in Q3 because we need to take the repeat purchase rate into consideration. So normally, the new user we acquired in Q3 will come back during the Singles' Day promotion. So for Q3, the investments on our flagship brand like Perfect Diary and also the skincare brands will still be high. But somehow we see the trend, because of the optimized ROI and the lower sales and marketing percentage of revenue, so the bottom line improvement will continue.[/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. Alex, we can hear 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>> I'm not sure there's an easy rule of thumb and have rather we have touch later to walk you through various scenarios. But to take up through EBITDA you have, I think, you're right in highlighting capex of close to $60 million, our cash interest is going to be a little bit below that $36 million to $38 million that I mentioned. And then you need to put in a number for cash taxes. We're going to be a cash tax payer this year, but to a small amount next year to a larger amount. And then it's whatever assumption you want to put in for working capital where you see higher inflation of net working capital becomes a little bit of a drag. And I think that's what we're seeing here in 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>> Hi, thanks, good morning guys. First question, Dave, I really appreciate your comments earlier about, over time, lumber being no less important component of BFS' story as the value-add piece of the business grows. But for the -- I think for the time being, it's still a relatively important piece of the story. So my first question is on lumber. And just given the strength of demand that we've seen from homebuilders as you're writing fixed-price contracts with the builders, are you noticing the length of time, that you're fixing lumber prices compressing in the fourth quarter and so far in '21?[/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 mean as far as labor constraints in our own four walls, it's really -- we have seen some early in Q3. It subsided a bit as we moved through the quarter. We're planning for it. It's just a matter of how your training mechanism and hiring of new people. So that's happening. On a job site basis, we have seen jobs push out, to your point, because of job site labor constraints. It's not anything that I would spike out and say it's super alarming, but it's certainly there. And it's not just in North America. It's really on a global 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>> So, we're very fortunate that we do have visibility into our pipeline, especially with the domestic manufacturers, where those cars are spoken for up to 90 days to 120 days in advance, so that pipeline is full. In terms of the transition from a new vehicle to a used vehicle, or used vehicle to a new vehicle, again, as Chris said, that's an individual decision by individual consumer. When we look at it in Driveway, we do have those discussions with consumers, because obviously, a new vehicle has more margin in it, typically, which you can see from our -- GPUs. That does help you deal with finance-ability on a consumer. And ultimately, as Driveway reaches national scale by end of next year, and that type of framework, we will be converting consumers from used to new. But at the current time, our technology isn't able to do that but should be able to, by end of year or as early next year, as we've disclosed in the past.[/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, Mike. So the last guidance we gave was 71 million shares and the current guidance is 75.5 million shares. And again that's really -- the increase is really due to the result of the treatment of restricted shares as well as the issuance of some additional restricted share grants.[/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>> Alright, 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>> Thanks, Chris.[/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 mean, just a couple of thoughts on that. But if you look at our total collection percentages, forget write-offs, last year in 2020, I mean, we were collecting 200 plus basis points higher on our portfolio than we had if we look at historic years or five years prior to that, sort of a normalized range. While we believe that stimulus helps that, we think as the vaccine rolls out and as potentially we get more stimulus and there will be a normalizing of write-offs over time, so as we move into the year, we'll see more normalizing. If we get further stimulus, we should be supported in some way. That 200 basis points of improvement is not necessarily all stimulus. It also included the benefit of centralized decisioning, which Kelly mentioned. And so, as we look forward, if we have no stimulus, we would expect it to revert back to kind of our five-year averages, which is losing the 200%. And that obviously translates into both revenue reductions in the portfolio because revenue is our collected revenue, not our potential revenue, and it also translates into write-off performance, which we would see normalizing as well. So -- Kelly, I don't know if you have any additional comments to them?[/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. Great question. The inventory, although it's a little bit harder to find, but it is available out there. And the great news is, like I mentioned earlier, we do have a pretty good amount of sold orders coming our way. And the biggest stream of inventory for our used car department is coming from the trade. And then, we also have specific items that are only available to the body [Phonetic] first-come-first-serve, which will be your least earnings and also your -- some of the loaner cars as well. So, are consumers willing to wait for the vehicle of their choice? Yes, we're seeing a lot more patience from the consumer standpoint, waiting an additional few weeks for the car of their choice is definitely not an issue. And again, that goes back to what I said it earlier, it allows us to really have a very high turn rate when those new cars come in.[/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, Brian.[/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. I think the 0.2 -- I think those are two questions, one leverage. So we will be adding securitized leverage, which obviously doesn't move that 0.2 number. So the 0.2 will probably gravitate between 0.2 and 0.4, because we'll be rotating those loans that are being financed on those lines into securitization. And so we really see the portfolio growing from, $3.2 billion to $4 billion, to $4.5 billion largely from securitizations. And so we don't really see that portfolio point of 0.2 changing significantly, unless the market changes dramatically and where you have to -- where the case of strategy does look like it comes back into play where that offers an interesting opportunity for us on a risk adjusted basis. But we don't see that in the near future for us or certainly not for the next 12 to 18 months that would be the only place where I would say you can see grow substantially. But right now, I think it's going to be fairly stable between point 0.2 and max to 0.5.[/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, that is correct. On a policy basis, still roughly -- the shift has continued roughly 90% of our customers, on a customer count basis, are renters. And the balance, homeowner and pet policies.[/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>> John, that's a good question. And if you're asking me can we do positive 7% with next to no capital investments every quarter going forward, I think the answer is probably no. But I do think that over the last eight, 12 and even during the pandemic, the kind of releasing that we've been able to achieve without a bunch of capital investments is a testament to the quality of the portfolio that we have. But much more importantly, it's a testament to the asset management team under the tutelage of Janeen that we are able to generate these numbers. And so, I feel like if you look at the trend and you look at what we've been able to do over the last three, four years, we have generally achieved north of 100% releasing spreads. And this, by the way, includes not just clients who are renewing an option but also new clients that we are bringing in into either empty buildings or buildings that are about to go empty. So this is the complete picture of what we've been able to achieve. And that is one of the points that we've been trying to talk about that our business on a normalized basis is going to become a seven-year vault business. And a lot of value is either going to get created through this channel or not. And we've been anticipating this and building out our asset management team in anticipation of being able to generate the kind of results that we are posting on a quarter-by-quarter basis. So we feel very good that we -- and we usually target about 100% every quarter, and we've been able to do far better than that. And I'll leave it at 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>> Thanks! Good morning. Appreciate the comments on the RFP pipeline, Joe, during your prepared remarks. Just hoping you might be able to give us a little more color there in terms of what are some of the key RFPs we might be focused on over the next 12 to 18 months? And then anything on how you think California shapes up? I know that's probably a couple of years out from any kind of decision, but obviously, an important state.[/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>> Working in reverse with your question, I think with respect to Brooklyn, for those that know the site, at the time we got more active in the project the demolition hadn't yet taken place. So if anybody wants to drive by the site these days, you will now see that demolition is well under way. And then you're looking at a couple-of-years timeline to actually physically construct what is going to be constructed there, which will be approximately 600 multifamily units, a mix of market rate and affordable, and then there will be some street retail underneath the multifamily. But we're very happy with the partnership we formed on that transaction. Things are moving at a pace that is encouraging, and it's now just a construction deal. And we will continue to update on progress, but it's moving the way it needs to move. I think with respect to Miami, we formed the partnership I referred to fairly recently. I would say there's been fairly positive interest both from the market as well as prospective tenants. As things of a material nature occur on the leasing side we'll provide updates, as needed. And then, longer term, I think there's a bigger decision to be made vis-a-vis timing and participation, or not, in the redevelopment, but we'll provide updates on the leasing front as things become material.[/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. It's certainly -- the gold will be the quicker to improve. It's our faster leach times. So those inventory builds affect gold more than they affect the silver because of the long leach kinetics of the silver. So yes, it's definitely a timing thing. So it's quicker to be to build the inventory, and it's quicker to reduce the inventory than the silver. So that's what you're seeing there.[/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 evening. Thanks for taking the question. Maybe just a follow-up for you Shelley on the last commentary about where you can see the shipping moving on the network. Now in the past you said it's around $8 million [Phonetic] to $10 million, maybe as high as $11 million loads. Can you just talk about the progress you think you've made in getting some of that conversion? It sounds like you have started to see some in the East. And do you think the service challenges as they have appeared, does that really delay or impair the opportunity, you feel there is to convert some of the freight off the highway?[/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>> The project in Japan is not connected to ORIX, it's a different company. It's not a large project, Japan most of the project in Japan that we see are smaller ones. We've done a few in the past. The agreement with ORIX is still in effect. So we do have priority. But at this stage, we don't have any soon to go project. If they will have a project, so we will have priority, but hopefully we'll be able to do 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, we have our teams, this is what they do every day. And -- but, we're incumbent upon us every balance sheet date to look at the facts that exist at that point in time and make our ultimate determination. So, yes, as you remember, the first quarter of last year, one week to the next week was dramatic shifts in the macroeconomic environment. So you can't make a call until you get to the end of a quarter.[/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. No, I think you're right in that. I mean we will see -- we've taken additional pricing in Q4. We will see benefits from pricing that we've already taken earlier in the year incrementally in Q4. And then as we work through that backlog, we will -- early next year, we should be in that recovery piece. I think it's important to note as we look at where the business is today, the Q4 will look more like the first half of the year for SV than it did in Q3. And so we expect incremental sequential improvement there going into 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>> Thanks for taking my questions. One on Telxius and then one on domestic spectrum deployment. So first, how long does it take to typically get acquired carrier on sites or I guess, in the case of Telxius, quasi carrier sites kind of plugged into your systems and effectively marketed so that you really see the lease improvements from being independently owned flow-through? And will it happen faster than normal for Telxius since, again, they were kind of quasi independent before you picked them up? And then second, in the U.S., we oftentimes talk about urban markets seeing activity first with spectrum deployments, especially for like the upper mid-band spectrum that the carrier deployed today in force. Are you seeing that play out in practice across your portfolio? Or is it more even than we might suspect?[/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>> They haven't given us any bogeys or lines in the sand or anything of that nature. We keep a pretty regular dialogue with them, and we try never to surprise them. So we did let them know that the timing on MVP completion had changed. I suspect they'll be coming out with some comments or some of them will.[/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, Jeff. Yes, as you've seen, we've been able to increase and improve our gross profit margins quite significantly on the staffing side, and as such, we've been able to provide the value of our capabilities of finding the people to our clients and wage inflation has been strong, in particular, strong in the U.S., less so in Europe, although it is robust there as well. And we've been able to pass those wage inflation trends on to our customers. And as we've mentioned in prior calls, wage inflation generally for us is a good thing because we are able to price that in and to pass it on to our customers.[/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>> Hey, Mike.[/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, sure. Maybe I'll take a stab at that one. And maybe just a broad indictment on the industry over the last decade. And I think people have sort of talked about EBBS, as earnings before bad stuff. And I don't love all the adjustments that I think the industry has sort of tossed into the P&L. And the economic reality is whether it's non-GAAP earnings or GAAP earnings, eventually, all those adjustments ripple through cash, and it has an economic effect on the company. And so we're going to push really hard to be extremely sensitive to that and print high-quality earnings quarter after quarter after quarter. And you saw it over the last couple of quarters with restructuring costs, fortunately, offset by some one time gains. Maybe a comment on the restructuring outlook. You heard us give guidance here for 2022. We didn't make any comments on restructuring. What we're non GAAPing out is stock comp and intangibles. Our hope would be that as restructuring projects arise, perhaps there's one time offsets. So it doesn't sort of money the waters so much. That said, we're going to continue to focus on this multiyear margin expansion journey that we're on here, and that includes some investments in restructuring. So as the opportunities arise for high-return restructuring, we're certainly not going to hesitate.[/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. It's a great question, Steve. Good to hear from you. Remember that our virtual visits kind of came in two main buckets, right? One was our live, instructor-led visits that are done by our trainers. That was about roughly half of the virtual visits. And the other half came from our flex instructors, which are smaller, more community-based, more local. The significant reduction in virtual came from our flex instructors. Our live instructors have actually held very consistent in volume over the months and over the quarters. We haven't put any marketing against it at all really. We've been very quiet about it. And the drive back to physical took a lot of that volume out. To your point, what we'd like to have seen more in digital, for sure, and that's why we're going to invest in Q4 in that and believe that we're going to have a really strong start for Q1 moving on. The one thing we're still continuing to see is more first-time users. If you recall, a quarter or two ago, we were in the 35% to 36% range for new through that channel. And now we're tracking closer to 45%, 46%. And so we're going to invest behind more acquisition, which we know our health plans also appreciate. So we'll do that going into Q1.[/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. I mean, honestly, you can kind of take the entire company and say, in generally, it improved as we moved through that first quarter. I will remind us again, each month had its own chapter of externality, but I guess all of them were somewhat equal. So broad improvement, kind of marching through the quarter and as we're looking at April, I mean I don't see anything that would change the story here. Bill, anything you'd add?[/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, Erik. It's Ramy here. As we have discussed in John's remarks, the group results this quarter were primarily a frequency effect. So we saw the significant increase in the total number of population deaths and that was accompanied by a secondary effect, which is the severity effect whereby we did see an increase in the percentage of claims under 65 and those claims, which tend to be for working employees do have higher phased amount. So if you think about it and if you think about the outlook going forward, we're watching that composition very carefully, but I would say that the primary driver in the second quarter is still going to be the frequency, right. So, as you know, with the rollout of the vaccine, the COVID-related deaths in the population has been declining and if you do any comparison between say January average death number to in April, there has been a significant decline. So while we still have substantial number of coming through and therefore expect to see an elevated mortality ratio in the second quarter, we do expect the underwriting ratio to come down from its Q1 high.[/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. This is Roni G. We -- as you mentioned correctly, we completed five M&As in the last year. And obviously, this is -- takes a lot of attention in terms of integration, doing the right tools, keeping the employees, integrating the product, corporate staff and all of that. A lot of effort because we want to succeed. And of course, we are not holding companies, so the effort is much higher on integration. We are, right now, focusing on integration, but still looking for additional opportunities. If you ask us probably toward the second half of the year, we should expect to do M&A. The size of the M&As are typically what we are looking, midsized to medium-sized company. This is what we are good at, and we'd like to continue with that in order to minimize risk.[/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've seen that trend continue into '21, Hamzah. In fact, as Mary Anne talked about reopening activity in some of the COVID-impacted markets, Calgary and Montreal were two of those top three with New York City being number one in that recovery. And so despite the veracity of the lock-downs in Canada, we still see the business holding up very well. And as the lock-downs unwind, we'll see that rebound even further.[/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>> No. No change to the byproduct estimation, neither any of them. The only change was on the gold.[/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 other income and expense line.[/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, good morning. Just a question on the disposition to Savanna and Charlotte, just maybe cap rates there and I guess, why selling those properties? And what's your disposition to guess outlook for the next couple of years?[/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. We have not factored in share repurchase into the EPS, that's upside opportunity as we go into market over the course of the year. We think we'll be in market over the entire span of 2021 and we'll continue to pay back debt as well to meet year-end leverage below three turns, but anticipate absolutely driving share repurchase over the course of the year and if not in the EPS guide right now, Jason. Along with the segment guide, you're looking at capital markets having a difficult comp in Q1 and then seeing significant growth over the remainder of the year. We anticipate merchant revenue to be roughly flat for Q1 this year, with accelerating growth, heavy acceleration in Q2 and ongoing acceleration as we lap COVID pandemic comps.[/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. Thank you. When we --[/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 after the -- our spending on litigation.[/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's mostly for industrial, but I suppose it could apply to EVs where there are explosive gases around. So, a lot of the applications are in chemical plants and sometimes even food plants. We don't always think of food plants as being an explosive environment. But things like wheat dust can be explosive. So, there's actually a fairly large market that is concerned about what's typically called intrinsically safe. And you mentioned -- you're very well informed. You mentioned some of the acronyms that are used in the industry. So, that's an area where we have a very strong benefit proposition. It's a bit of a niche but our parts are excellent in that environment. And we actually are -- our engineers had a little bit of fun with this. We took some competitive parts and exposed them to the same conditions as our parts, and there was smoke involved, and our parts survived the extreme conditions extremely well. So, in those explosive environments, what you don't want is smoke or arcs or things that could ignite an explosion. And it highlights one more advantage of our parts, their reliability. And they are ideal for some of these really demanding applications.[/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 are seeing some signs of that. Of course, if you're speaking of Canada and that will continue. I also look at the U.S. and Israel are the markets which are farther down the line. So you see the impacts, a big impact of the vaccine, so I think that's a critical piece too. As you see the vaccines rollout in the U.S., the Northeast, for example, in California have been hit harder, had been more restrictive, more like Canada situation. But we're seeing the bricks and mortars open up, once the bricks and mortar's open up, people start coming back out. The weather is additive to that because obviously, the cold weather has an influence. All those factors coming together, probably the most important one as we move forward is vaccination, that is a key. And when the vaccination starts penetrating the market like it is in the Northeast now, where everyone can be vaccinated regardless of age now, there is no restrictions. And you're seeing that, you start to see sporting events open up, bricks and mortars open up, and you're starting to see things getting relatively back to normal and progressing. So still going to take a while but I am confident. Again, we track the vaccine rate is an important statistic for us and I think that's an important one as we go forward, particularly with Canada.[/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 tell you, the thing I'm really pleased about is how the teams have worked together. Everyone understands the mission. It's a common mission, and I'll tell you, during diligence and Kirk went and visited them, I think my -- I was on the job two months and three years ago -- I just passed my three -year anniversary. And I think two months in, I went and visited with him prior to their -- to this being actionable and both Kirk and I walked away really impressed with Scott and the team and what they had going on, the culture that they had, it felt very similar to what we have at Black Knight and we commented on that. And so I'm not surprised, but I'm pleased that it's exactly what we thought it would be, and the team is obviously off to a great start as part of Black Knight. They know they're equal members of the Black Knight family, like those who have been here like Joe, our President, who has been here over 33 years. We're all equals here, we're a family here and we're just excited with the amount of cross-sells that we've got going on between the OB teams and the legacy Black Knight team. And so, again, not a surprise, but just more about how pleased I am with how it's all coming together and working.[/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. No, absolutely. I think that kind of goes into everything is on the table. We're going to look to different ways to deploy that capital. Obviously, the reference that I made of the Board, approving the dividend from the bank up to the holding company is to give us that kind of optionality and make sure that we have plenty of liquidity there to be able to execute a few things. I think at this stage, doing deals, if we could find something that made sense for us in the specialty finance area, add to our -- I'll call it, our arsenal, our capabilities, we're absolutely actively looking at those right 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>> Yes. OK. Starting with China. No, we don't see any issue on China, potential in our industry, on luxury what you're saying. Actually, we see a lot of support to the trend and a lot of interest in our products as the middle class evolves. And we see also given, for example, all the government actions have been taken to support the development of Hainan and the duty-free in Hainan, there is obviously an interest in supporting internal consumption. And somehow, our industry is benefiting from the interest in being -- creation of internal consumption and also bringing the consumption in the past was outside more internally. So it's all of a positive trend. The other thing, when you speak about luxury, I just want to say we are really affordable luxury, in the sense that our products are luxury within the beauty category, but they are very affordable purchases in the context of total luxury. So we don't see any negative at this point in time on this front. On the contrary, a very strong support for the long term. Going to the internal online development in the U.S., I'll turn this to Tracey for your specific question on the percentages.[/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, good morning Bob, that's a great question and I think you know in theory, yes, but in practice probably not given the fact that the catastrophes that we're facing and everyone is facing are up. And I think when you just look at the costs of rebuilding and things like that that are coming into the overall exposures, while we're reducing exposure, the cat profile and what we're facing doesn't seem to be abating at the moment. So in order to counter that and except the fact that we are getting rate, but we do need some other things. We'll probably keep it in the range, it's been this year, it's actually because of exposures down, it's actually up in over what it was. So I think we'll continue to assess that and again how much we reposition the book will drive what that number ultimately is and will continue to talk about it, but --[/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 [Speech Overlap][/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>> So that will not amortize back into AFFO in the future. This is just the case where the accounting for the revenue is just different than the expense portion, so they don't naturally net out. So what you'll see is, just here there is -- the one-time back out of that amount and you won't see that back out or any reference to it in future periods.[/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 I think there's a lot of things we do there, Tim, day in and day out with our dealer partners. The first one, I think, really is the demand and leads, right? Proving to them that we can give them more leads they can currently handle and get pools in the ground is really the first part of what we do there and just showing them we can deliver. The second one then is the training that we provide with our business excellence coaches and specifically in the fiberglass world, getting them to train their crews up, spend time in the field. We will be in the backyard of the consumer for the first, second and third install with those new dealers and new crews help them through that scenario. And then I think there's -- the rebate program that we also offer and the rewards and incentive programs where as they grow, they can earn more rebates, they earn their way to our dealer conference where they can sit in on all the classroom training we provide. So it's kind of the whole package we provide. I don't think there's any incremental incentives we need to give on a dollar basis for doing that. It's more the coaching and just how we partner with all of our dealers as we move forward. And look, we have offered from time to time to buy a truck, a trailer, an incremental excavator because the ROI and some of those smaller investments are phenomenal. If a dealer was strapped from a working capital standpoint. So we just -- we bring everything to the arsenal we can.[/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>> Hey, Phil. This is Lane. So really, if you look at our guidance, it's somewhat consistent with where we're kind of running today. But there is -- we have turnarounds in some of the refineries. But the current track, there's a call on refining to run at reasonably high rates. It's just a matter of how you're going to posture yourself and look at your supply chain. And so we're sort of inching up as an industry, but certainly, where margins are today and our margins going forward are that you'll see increasing utilization 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>> Hey, John.[/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 think that's a pretty fair assumption.[/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. From a metrics perspective, not anything that we've shared or made available externally. But what I will say directionally is that one consistent theme that we're seeing, and we talked about this dating back to what we started to see at the tail end of Q2 last year, which was this realization by organizations that social is the future. This is an investment that they cannot kick the can on. And what that means is that we're starting to see more and more -- it's taken them some time to maybe figure out how to operationalize that internally, but more and more where additional use cases, additional departments, additional seats are being involved. And so when we think about the number of people involved in the organization, the amount of spend per customer, all of those are kind of apparent within the metrics that we do share. And those are the ones that I would point to is we're just seeing greater involvement across the organization, additional departments, additional use cases and more and more need for the premium offerings that we brought to market.[/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, Jack. Well, part of our participation in the CARES program and the -- receiving funds to support the passenger airlines, there's some limitations on what we can do with our capital in terms of buybacks and in terms of other things. And so we're -- right now, for the proceeds from the bond and the Amazon purchase of shares, we're looking to pay down our revolver and reduce our debt -- our cost of debt short term. And we're always looking for alternative things that we could invest in. But right now, we've got a full plate of investment in aircraft going forward, for which we have customers waiting. And so when looking at that and the growth that we've produced over the years and the returns that we've produced over the years in terms of acquiring, converting and leasing assets, we believe that's the strongest return that we could provide to our shareholders for the next year and a half, if you will, until we're able to have a little bit more flexibility with our capital plan. I don't know, Quint, if you have a comment or...[/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. Thank you. Just to be clear, on getting back to the S3 eligibility, you're required to pay -- make current on the preferreds, which I think you said was about $20 million, $30 million for Oaktree that brings you current, but you're not required to pay off Oaktree to the S3. Is that 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>> We are, Kartik. We are already starting to see some of the benefits of it as I said in my prepared remarks. We saw a 35% growth sequentially in the connection times and so we now have over 90,000 devices connected. Recall though that we have a small contract base that's north of 500,000 machines, so we're still relatively early in that journey. Yeah, that being said, for every device that we immediately start to see the benefits. So what you start to see is the improvements happened somewhat slowly just given that machine by machine but absolutely have starting to happen as well. We're seeing reduction in calls for each device connected and that's what gives us the confidence behind our earlier comments around longer-term expansion of our services margins is seeing that already.[/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 ended the quarter at $330. So that's a --[/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>> Both. So I think that we will start to see a onesie, twosie type of more meaningful carbon capture project into the order book in 2022. But it's more about that 2023, 2024, 2025, where I think it has meaningful impact to us. My commercial guys tell me that are working on this particular facet of Specialty, there's an enormous amount of activity happening and quoting happening. It's kind of staggered and maybe the best way to describe it is it's staggered on there's pre-FEED work, then there's engineering work and then there's the decision point that we're going to pull the trigger to full construction on a carbon capture project. Most of what we're in right now is bucket one or two. And so I think in 2022, you'll see a couple few of these go to bucket three in that -- in the order book, but more midterm.[/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 your comment I'd say, strategically, we have made an effort to change the profile of the company. As Bob talked about, we've increased operating leverage, we've increased capital leverage and we've diversified the sources of income that we have. I have, in my mind, not de-emphasize anything that we do, but simply added emphasis to doing more things well and doing more things at the same level that our cat reputation holds. So when I look at the portfolio that we have and I look at the quality of the underwriters and the books that we've built, I couldn't be happier with the portfolio. And for sure, it's been a strategic change to who we are and what we're doing. It's been driven by what our customers want. Going back five, six, seven years ago, our customers were saying, they really enjoyed trading with us from a property cat perspective, but they want to do more with quality companies, so we worked hard to build the capabilities and the platforms to be able to best meet their risk needs. I hope more of it's to come in the future. You mentioned acquisitions from that perspective, again, we feel great about who we are and what we're doing and nothing has changed. And then what we've historically said and still believe that, we see something that furthers our strategy and is economically viable, we'll take a look at it, but again, we feel great about who we are and what we're doing.[/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): 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. And I'd be careful about thinking headwind. In terms of year-over-year, there is less audit premium than there was last year. We haven't yet reached the point where in aggregate audit premiums have turned negative, they're just lower positive, so it impacts the growth rate year-over-year. And to your point, it will continue for a while because in many cases, you're doing audits 15 months after the policy terms were set in the first place. And so there is still a while to work through the COVID impact on policies that haven't yet reached that maturity level.[/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>> Yeah, I think our perspective right now is pretty acute to us. We're very focused on the platforms that we're supplying in the segments that we focus in on the heavy-vehicle market. So I would say that's our view. We haven't really reconciled it to the latest broader market view for HIS, but I would say our perspective is we're likely to be a bit lighter on the light vehicle side and maybe just a touch softer on the heavy vehicle side from Q3 to Q4. So it may be very specific way for us looking at it in the short term and the build patterns that we're seeing from the customers on our platforms.[/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>> Mike, certainly it's smaller than the gross number, but I don't want certainly smaller than the gross number. But like I said, I don't have that handy. We could follow up with you, but I think that's.[/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. Hang on one second, I will tell you if that is -- and by the way, Eric, the answer to Eric's earlier question of remaining deferred fees is about a little less than $27 million. Let me see if I can find for you the average here real quick. Hang on a second. Yes. Average PPP balance this quarter was about $1.17 billion [Phonetic].[/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>> Now thank you everybody for joining us today. And, I appreciate you taking the time to be with us. I hope everybody stays healthy and safe as we continue to see improvements in all this pandemic environment. 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>> 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>> We'll have a kickoff with lots of excitement and communications, so that all our customers and everyone knows what we stand for and who we are. And then we've got to get out and deliver on that brand promise every day. And certainly that's -- there's awareness around what we need to do and -- but great excitement around it also.[/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'm not sure I'd go there. Historically, we had been spending in the excess of $300 million as we were working on our whole recliner conversions. Don't anticipate being anywhere near that in the near-term here as we're working on rebuilding our balance sheet. I'd say the $100 or so million level that we're currently at is a bit depressed. Probably somewhere in between the two of those is more likely as we get going again over the coming years. There will be -- there still are some prior commitments on new builds that we'll be moving forward on. There will be opportunities. There ultimately will be some maintenance that's been on hold that we'll have to do, which will increase that, but a big chunk of what drove our levels in the past were opportunistic revenue-generating and ROI generating types of projects. And we'll do some of those, but those are more selective. Those are more things that we can choose. So I expect it will start to go up, but I don't believe that we're going to have like a massive catch up coming in '22 or '23. And a lot of that comes back to comments I made in the kind of opening remarks that we've been very proactive about preventative maintenance and things like that in the past. And now we're getting to reap the benefits of that in that we -- our circuit is in really good shape. So it just comes back to how much cash flow -- our cash flow is recovering and how opportunistic we're going to be in the future versus a big catch-up we have to do on any kind of maintenance or anything like 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>> Okay. So first, I do view this as a competitive advantage for us. I think there's a lot of misinformation out there of what of the emissions profile for U.S. LNG. And I think as we begin to discuss in international workshops what our methodology, and we try to make it more transparent, so we put everybody else on the same level playing field. I think we're going to find out that U.S. LNG can be very competitive and Cheniere's LNG extremely competitive worldwide in helping with some of these countries environmental aspirations. In regards to President Biden, we're -- we have a very strong relationship, Cheniere does in China already and in all of Asia, we have a great office. There we've sold quite a few cargoes, here recently on the spot market to China and we're hopeful that that relationship between the two countries can continue to improve and hopefully we will be back at the table for more long-term contracting capabilities. Do you have anything to add?[/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>> Steven, we're working on fine-tuning that right now, but the vast majority of our planned purchases for next year are already slated for not only quarters, but specific months. We're asking the manufacturers to verify their ability to make deliveries to our requirements. And they're telling us they're going to get us the equipment when we want it. We'll certainly be able to talk in more detail. As I just mentioned, we're going to move to give quarterly guidance on capex starting next quarter because we're going to have significant fleet growth next year, and we think it's important that we communicate that. We'll try to make sure when we give that guidance, we try to context the cadence. But today, as we sit here, our manufacturers have supplied us delivery dates that absolutely fit into what our planning calls for.[/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 and good afternoon. Two questions, if I could. First, just in terms of the guidance for adjusted EBITDA growth versus revenue growth. Is there a spread that you would suggest that EBITDA growth could grow faster than revenue in 2021? And then secondly, just curious how you're approaching the video business with respect to the pricing strategy and what impact that can have on subscriber and video revenue performance as you think about 2021. 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>> Good morning, Chris.[/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're at the very, very -- I would say no growth is attributed to RDOF at this point, right? The awards have just been made operators are thinking about how they're going to deploy their RDOF spending. So we're really just at the cusp of that level of investment. What's driving the growth in network cable and connectivity, as I think Chuck mentioned in his remarks, is really the push of fiber going deeper. So you're seeing an increase in spending for fiber all the way to the home. As the node business, as we're driving increased node splitting, that's pushing fiber and connectivity deeper. So that's really what's driving the current growth trends. And then we see accelerating growth trends from the RDOF spending. And by the way, it's probably worth mentioning the increased the infrastructure build that's being negotiated in Congress right now has about three times the level of investment in broadband spending that the original RDOF proposition has. So we see an additional surge in investment, which is behind the increased capital and capacity investments that Chuck described when he was pointing to the wins on CommScope NEXT.[/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>> So I'd say first off, it can't be strategic if it just shows you a doorstep in the form of a book. The BD process starts with me. It starts with our business team, and what do we need to do to continue to expand our solution to differentiate it, to offer more value to customers. Who's out there then that might be additive to our story? None of these things fall into our lap. And obviously in the case of Sizewise, for example, we were in discussions with them for the better part of three years, getting to know them, assessing the fit, making sure they would be the right company for us. In a similar vein, I knew the CEO and I followed the Northfield team for the better part of the last 5-plus, maybe six years. So it isn't about a BD team getting books and processing them. It's about this executive team having a strategy for the business, looking for things that will continue to augment the value that we have. Building those relationships, vetting them, and building a funnel because we'll easily look at more than 20 opportunities before we bring one as far along as it gets visible or gets closed. And we do have a good, healthy funnel as we sit here today. Again, that's part of my job to help ensure that that remains the case.[/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 can't necessarily point Walt that we're seeing it yet. I think there's still a lot of disruption in the supply chain. There could be pockets of it, but I can't say broadly that necessarily that has started to occur. But we made a strategic decision back in March of 2020 as we were starting to get more visibility into the challenges of COVID-19 and the pandemic. And globally back in March we told our teams to ensure that they made product, if we had individuals and the components there to be able to make our products and increase our inventory levels. And I continue to support that strategy. I think that helped us minimize issues for our customers. As Gabe said, yes, we're entering 2021 with a higher inventory per day level than what we have historically, but I think that's a good utilization of our balance sheet in the market right now. And as this demand moves back into the marketplace and if there are challenges with the supply chains, Lincoln Electric will be in a better position to be able to execute on our strategy and service to our 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>> Hi. Good evening. Great quarter. I'll jump to the question for the sake of time. Mitesh, if I look at the channel partner ARR, it actually, on a percentage of net added dollars, was the smallest contribution that it's had in several quarters, even looking back the last couple of years. I'm just curious, how should we think about maybe the percentage of channel ARR dollars as a percentage of total ARR added going forward? And just was there anything in the fourth quarter where Direct was particularly strong that might have driven that mix shift lower for the contribution from the channel?[/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. Yeah, it's a good question, Jim. So I would say the hotel and travel is probably stabilizing a little bit. I wouldn't say we're in the growth phase yet. You're starting to see some early signs. It's probably still a few quarters before we start to see that business return to a growth engine for us. On retail, it's still a mixed bag. You've got some that are doing well, some that aren't doing well. And just keep in mind that that's 20% of our -- your total business, 40% of your old legacy web business. But it's -- I'd say we're optimistic but still a ways to go before we declare victory there.[/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 Brett, this is Michael. So, really, as we look through the quarter, it doesn't include some of the recent Red Valley [Phonetic] asset the last couple of days. The $2 million to $4 million really framed before that -- obviously tenure has been pretty volatile here so we think that maybe there is some tailwinds behind this lower rate environment and so would not include that, but it's really just too early to tell how long that sticks and really if mortgages follow and then from a margin perspective -- on slide 6 if you look at Canada, of $2.4% [Phonetic] range, which is where our pipeline is that's really where margins have been coming down on a kind of a weighted average, if you look at the mix in our consumer direct and retail businesses. And so, it's been pretty consistent over the last couple of weeks, which is a nice thing, as we've seen them contracting for quarter over quarter here. So, seeing same some stabilization we'll see how that plays out among competition here in the next couple of weeks. But for now, we're pretty comfortable in that space.[/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>> Wonderful. Thank you, and congrats on the strong quarter. I heard in the prepared remarks that you established a new client and agency partnership team. I would just love to hear a little bit more about that. How they're going to be working with your largest accounts and maybe how that might change the revenue growth that's coming from your existing customers versus perhaps new accounts that are coming onboard.[/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 very much. It looks like base oil prices went up $0.40 a gallon this week, not at Motiva, but at everybody else. Is that incorporated in your guidance? Or how do you read the current movement in base of oil prices?[/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, I'd sort of say, first, as core Truist, I think the biggest opportunity is with Truist. I see the biggest opportunity to actualize and optimize the opportunity that came from this fantastic merger of equals. So let me sort of say that as it's primary where we're going. But then the bolt-on clearly on the insurance side, I mean, we've had a fantastic track record on the insurance side. It is a really good toggle between organic and inorganic growth and managed well and I would expect that -- I would expect that to continue. Maybe other things that look around and sort of bolt-on that are important to us strategically and add some scale. We've been adding a lot of talent. I view that as the equivalent of an acquisition. So we've been adding talent and you see the benefits of that, for example, in the investment banking side. But I think if you sort of think bolt-on and the places where we've -- where we are experienced or where we have opportunity and then primary emphasis on Truist and maximizing and optimizing this merger.[/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>> Mark?[/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 would think that generally, we're going to -- we feel comfortable investing in drivers of growth and kind of drivers of an improved business. And so we're really looking at it over a longer-term period what's the right thing for the overall business. We're not going to be the type of company that burn significant amounts of money in any way where there's concern over our financing position. But as you see, over the last year, we've been flat. We've had no burn rate now essentially for four quarters in a row. That's why we've been both growing the business and increasing our investments in operations. And so I think kind of we'll try to do something similar. I don't want kind of anyone to hold us to any specific quarter that we're always going to maintain exact breakeven because we're not managing the business in that way. If we find opportunities to invest more in something that's a positive ROI for the business, we'll do that. And if that leads to a quarter where we have a small burn, so be it. We'll keep managing things from a macro perspective, where Stereotaxis is in a very stable financial position and where all of these investments are prudent investments that actually have a meaningful impact on long-term 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>> OK. Thank you. E-commerce questions. So regarding the global expansion, I think as we mentioned, we may test waters from time to time. And I think it's still too early to focus on those markets, and there's not much for us to report on. If we open a new market, I'm sure people will hear about it in the market otherwise. So I think there's not much to report on at this point. Now If I understand correctly, you're asking whether we have been employing social media tools like Instagram to promote our e-commerce platform. Is that the 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>> Hi. What's the mix of debt reduction versus other investments, in other words, Jordan?[/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, much of our increase in gross margin is a function of the change in mix as our independent business continues to grow at a faster rate. We not only passed it on per case profit, but we did it in actual margin as well in spite of the heavy inflation. And I think that a lot of it is attributed to our salespeople and their ability to make sure that they've kind of got that ratio right with the customers to what value they're bringing versus what they charge. And then we've had great success at the higher end of our product line. So we've had increase in inflation because our business has grown faster in the higher case cost areas, which is even more significant when you consider that we were able to raise the margin as well. And then our chain business has just not been as robust.[/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, you can think of it this way. If you look at last year's home loan sales we did them and each quarter, not exactly the same amount, but we did some in each quarter. If you took that total, let's say and only put it in the, let's say, second and fourth quarters, right, you would have volatility between the first, and third, and second, and fourth.[/INST] Prediction (one of UP, DOWN, SAME): SAME