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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>> Hopefully this help clarify everything has been said on this in the last week. So thank you for the question, Jason. Next question.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes. We haven't given any specific numbers there. But look, as we sit here today, we're really comfortable with the progress we're making on growing market share, when we take a look at the rates we're growing, the customer base and the size of our market, we remain really optimistic there. We've been growing, and we've always said that we saw opportunity to grow software ARPU at 10% a year or thereabouts. And as we sit here today and think about the reception of our customers to incremental modules, our value prop of being a largely one-stop shop for the core offerings. We feel very good that we're going to continue to see that play out. We've mentioned that about half of our customers use at least one Lightspeed module and half don't. So there's lots of white space there for us to continue to grow that software ARPU in our view. And then the rest of the ARPU comes from, of course, financial services, payments, Lightspeed capital, things of that nature. We're about 10% today. We see certainly the opportunity to get to 50% in the foreseeable future. And that all told, if we're successful doing that, we're going to see ARPU growth consistently at a healthy clip here, M&A notwithstanding[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Hey, good morning Michael, it's Micah. Thanks for the question. It's a good one I think. As we think about inflation with respect to originations could be marginally positive things cost a little bit more than the cost in the past. I think you hit on the other -- the other big piece of this which is potentially rising rates. I'll remind you, less than 5% of our debt is floating. So we feel like we're in a pretty good position with respect to that. We have a long maturity structure, we've been really opportunistically replacing a lot of our higher cost debt that's in our stack with lower-cost debt from the very recent really strong markets and base rates have been great, but I think the strength of our programs and our credit spreads have also been a contributor. We issue anywhere from $3 to $4 billion a year which is not a huge portion of our close to $18 billion of debt. So to the extent there is rate increases we think it will be -- it will be sort of ratable over time but hopefully offset with our continued strong credit spreads. I think those are the two biggest 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>> Good morning, Bill.[/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. 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>> Thanks, 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>> Thanks, Tammi.[/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, Jeff.[/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. The TALGlobin is currently being manufactured, but once we finish manufacturing, we have to go through all the requirements with the GMP material to start preparing the IND package, and this is something that will start probably next year once the product will be released, and it is all done internally. So it's something that's quite exciting. And I'm not giving any guidance for the IND filing today, but it is definitely a problem that will go into clinic.[/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>> Operator, next question?[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah. Hi. I was just wondering if you could talk a little about the international intermodal front with the issues that are out on the West Coast and some of the gating procedures in Chicago. Do you think that's -- is that or will that lead as we move toward peak season, retailers and others perhaps diverting more traffic to the ports on the East Coast and could that lead to additional opportunity for you, again, assuming your services could keep up. Thanks.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Hi, thanks for taking my questions. First one is for Chip. Chip, we've clearly seen some really strong demand in terms of application trends on the grad segment and enrollment. I am just curious as you talked to your university partners, what ability do they have to be able to fully service that demand today for the spring cohorts? And are we seeing any of that demand start to bleed into fall cohorts as we think about the second half of the year?[/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. Great question. I mean, typically, surgeons are used to doing both cemented and cementless knees through their training. They've grown up to do both. Some have preferences for one or the other. Some have more an approach around patient conditions, patient anatomy and other factors. So I think the training requirements typically will be limited. Certainly, physicians will be already familiar with the different features of both LEGION or JOURNEY, so they will be familiar with the implant, they will be familiar with the instrumentation. And so I would expect the training requirements to be very limited both because of the familiarity with the system, and familiarity with cementless surgery overall.[/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. Look, I think 2/3 of it will end up being maintenance driven and 1/3 of it will be project driven. Again, it's hard to know what's going to happen two years out, 1.5 years out. I think what we're seeing in the business today is an improving environment. There's no question that the financials of these companies have improved. They're doing -- the sentiment today is completely different than it was nine months ago, right? So does it mean that they're building projects today? No. Do I think they're talking about? Do I think they're looking at their capital plans and reassessing based on the strength of their financial condition? Absolutely, they are because we see it every day, right? So our hope over time is that the targets that we put out end up being really conservative, but I don't think we're ready to call that yet, right? And we're comfortable with the targets we put out. We're comfortable with our ability to continue to build on the maintenance side of the business that we have today. And we think that the levels that we're talking are very achievable.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Sure.[/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, thanks for taking the question. Just wanted to go back to some of the supply chain commentary it's good to see your build cost have remained in line right now. Have you seen any changes in the labor market in terms of either labor availability or labor cost and maybe you could just talk through how you're managing those items to to build on time and on budget?[/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 about the core. The good thing is that if you consider fixed and mobile, the core represents almost 90% of our revenues, OK? So that's the first point. Then if you go to the core fixed revenue, as you asked, there is a slight change, OK? That's a lot driven by B2B. That was the previous question. B2B has very seasonal revenue. Sometimes, we have a very big deal being closed in one quarter. There's a lot of equipment sales also related to this deal. It could change a little bit the evolution. The good thing I think here is to highlight is that data and ICT that is a B2B business is growing, is growing double-digit. When you see IPTV, IPTV is growing, is growing almost 30%. And if you focus in FTTH, that is the driver of the core fixed revenues, it's growing almost 50%. So when we see our revenues, considering that in a quarter, more than BRL1 billion of our revenue is already FTTH. If I add that to IPTV, we're talking almost BRL1.4 billion in FTTH plus IPTV. That's very unique and if you annualize this number, it puts us in a very strong position as the leading player in FTTH in the country and in Latin America. So just a small change. And of course now, we're going to have growth from a very important base of revenues already coming from fixed core revenues, what give us a positive trend for the future in the evolution of the total revenues of the fixed business.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Thanks, Ken.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> We're just not -- we're not privy to it, haven't really heard the criteria. Ourselves, we're -- right now, we are roughly -- our construction company is fully working. A lot of the clerical people are still working from home. Our accounting group is working from home. Our development group is working in the office. I mean, there is a lot of -- basically what we've done is a model that a lot of people are doing, which is basically giving you the option of working from home and following the rules when you're here in the office. And, of course, we -- our expectation is people are following the rules everywhere. But in terms of the social distancing, the masking, no gatherings, no big meetings and all that sort of thing, that still has to be prevalent. And so far, knock on wood, things that worked out pretty well.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Next 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>> Thank you. I was wondering on the cadence of continued paid promotional subscriber losses. Granted you said that you'd be on the path to maybe losing 1.5 million this year. But is there a path to that going to zero at some point? Or is that always going to be part of your range of the OEM relationships? And then secondly, related to the OEM payment impact that were lower in the first quarter, how much of that was timing and how much was related to the change in these contracts?[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> No. No. We have a different geographic split in 2019 than the one we have now. And we have different countries growing at different rates. What I'm saying is that our current tax rate and the one we are guiding, it's very closely related to the weighted average tax rate from the countries in which we operate and we should pay taxes locally. So we are giving this guidance for this year, but we're not giving any guidance so far further out.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Sure. So if we look at the last two quarters of the year, I would kind of think that system revenue should be relatively similar between the third quarter and fourth quarter and getting us to that $11 million guidance. And procedure disposable revenue, it is tough to estimate how that's going to go. Overall, we see the rebound, the gradual rebound back toward normality that you described. We have heard incrementally some pressure, particularly in a few southern states over the last few weeks with the rebounding delta. Generally, it seems like hospitals are well prepared and that, that shouldn't have a big disruptive impact. But there's definitely a little bit of disruption out there in the world. It probably shouldn't have a big impact on our overall recurring revenue. But it's very hard kind of to estimate exactly what to see. And so generally, I would kind of think of numbers that are similar to what we've reported just now as kind of fair for the back half of the year.[/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, Kimberly.[/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 will talk qualitatively about that, number one, certainly, are encouraged by the credit quality trends, which will bode well for where the credit mark may be compared to where it was in October. That's as of today, things could change between now and closing. So that movement is generally positive. From an EPS perspective, I know that we came out with EPS guidance in October of last year. I really don't see much movement there, based on just what we know as of today either. So I think the financial dynamics behind this, obviously, with a lower credit mark, we would come into it with higher capital. But I think that the financial dynamics are even more compelling than they were in October. So we expect good news there, but we shall see upon legal close where those things shake out.[/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. First, let's just step back and take a look at the market and the opportunity that we see. As we talked about, we're adding capacity. We're in a great position to start to drive new volume growth. And we're in a terrific position to be able to get after new growth opportunities. Relative to the modeling specifically, Pete can get into that specifically. We're gonna be lapping some additional pricing. So I think, the way to think of the guide roughly is about half price and we -- I think we've indicated high single digits moving forward. But fundamentally, the growth opportunity that we see is at or above our long-term guidance, which has historically been 8% to 10%.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Great. Thank you very much for the question. You made reference to a decision by CMS as far as the payment reimbursements for 2022 being quite imminent. Can you clarify if you're expecting any particular changes that would have an impact on how you would execute your commercial strategy? In particular, just in reviewing some of the proposals on, particularly for Medicare programs, I think within psychiatry and mental health, there is a subdivision between audio-only services versus ones that combine video, the point there being that obviously video would appear to be very important for INGREZZA. Can you just comment about what the scenarios that you're expecting are in the impact? 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>> Good morning.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> On the ESG front, you're saying about the cost of ESG?[/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 difficult to hypothesize here, Jeff. We -- the terms -- the actual terms of these agreements are confidential. But we also have commercial arrangements with these folks that are outside of the existing maybe terms of our ownership. So it's hard to hypothesize, particularly in a market that's this early stage and, frankly, this kind of exciting. But having said that, I understand that -- I think we all agree on the dynamic, that we're seeing a lot of activity in this space. And ultimately, we like our optionality, and we like our position being in these assets.[/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 sorry --[/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. Lawson, Steve here. We'll be mining there through at least 2024 into 2025 perhaps. But no, it's driven on the open pit and the open pits an economically constrained pit. There's some pretty steep rugged terrain to the west there that we just can't afford to strip anymore. So we're not really seeing a lot of upside on exploration there. There is a bit underground, but the underground is pretty small relative to that open pit. So I think mine-wise, we're moving into 2024, maybe a little more, but then the processing will continue on the leach -- the trickledown leaching will go on quite a while given that slow kinetics on the silver on that thing.[/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 snuck three questions in on one call, bubba. Justin, this is Bill. Let me start with kind of '22. We -- our intention was to provide some broad commentary, not really ready to go in a lot of details. But as we've mentioned throughout the course of the year, we know we've received some COVID support from the DRG add-on payments, a hurst of payments for uninsured COVID payments as well as a delay of sequestration cuts. These programs, they contribute about $625 million year to date. They could reach close to $750 million, $800 million for the full year. We don't have full line of sight now on what to expect for these programs going forward. We hope to have some clear assessments of these as we complete the planning process. But for now, we're not really expecting those to continue to benefit going into 2022. However, we also have some COVID-related costs this year that we don't expect to continue going forward: supply related costs, cost of screeners, and the like. So our broad thinking now is we should reasonably expect to be able to generate our historical growth rate of 5% to 6% after netting out these amounts. And that is what the result -- will result in some modest growth year over year on an as-reported basis. So that was kind of our broad thinking right now. We'll firm that up as we go through our planning cycle. But that was the intention of our commentary, to show that we still see some growth going forward in 2022.[/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, Carsten. So we'll move now to Myles at UBS.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes. I think it's incumbent upon us to make sure that the investment community and the analyst community do give us recognition. We recognize that value, and I think they will. But we got to make sure they understand it. And I think if they take a look at the quality of the life science that we have, they're going to see that we're a notch above most.[/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>> It came from mostly industrial properties, as well as multifamily and office properties occupied by credit tenants.[/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. So what we're seeing from a fresh frozen is you see hiring and you see higher frequency. So actually, when we look at JustFoodForDogs in particular, what we look at is not just the benefits of JustFoodForDogs. We look at the enterprisewide benefit, which is part of the financial analysis underneath why we're building out these pantries and these runs is because that frequency has lug on effect to the entire enterprise. So we like that a lot. It's significantly higher frequency of that channel. Being a pet parent that includes JustFoodForDogs and when I feed my guy, I know the frequency is higher. Just hitting on your prior question for a second, the multichannel by kind of age cohort, it's generally a bit higher with millennials and Gen Z-ers, which given we've acquired a bunch of them in the last years being swelled to kind of future prospects.[/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 to all. Thank you for taking my question.To stick on the digital theme, perhaps a 2-part question, Tom. A lot of the discussion so far today has been on the vast and probably underappreciated opportunity of mining your database and brand, but you also have a lot of other customer acquisition channels that were assembled over the last couple of years between you and the predecessor William Hill. Like ESPN, CBS agreements of daily fantasy stuff. I was wondering if you could talk a little bit about how those kind of fit into the strategy going forward? And as a tag along to that, if there's other media partnerships, channels, customer channels that you could look at to bolt on going forward? Or if you think you've got everything you need?[/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. Well, it's three years out. We're providing, as Dennis said, pretty precision guidance, we think, for 2021. But we've obviously started just expanding the ranges for 2022 and 2023. And I think that's pretty commonplace, frankly. We've got a lot of opportunity in front of us. And we'll keep updating that three-year guidance on an annual basis. Our intra-year guidance, of course, we'll update on a quarterly basis.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Well, this, again, flows to our customers in the mobile ecosystem from the standpoint of ones that use Android or iOS from the standpoint of -- that's where we're monetizing in the mobile market is through the handset, so any time that they upgrade. And I think there's been a lot of kind of market pressure to do that to get better haptics experiences because of what they've observed on other platforms. That's just going to help us both from a technology and just IT standpoint by up-levelling the experience and -- which requires up-levelled hardware and more advanced features.[/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. Thanks, Nehal.[/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 Gabriel, it's Manjit. So as we've mentioned before, we're not providing IFRS updates. At this time, we'll provide an update closer to the time of the adoption as guidelines get finalized. But what I can tell you is that we're very pleased with the strength and diversity of the businesses we've built. We think they have very strong fundamentals, including good opportunities for future growth. They were priceable over the short term, and they have lower interest rate sensitivity. And then as you know, we've added to that a stable of businesses with the addition of SLC and DentaQuest, which are also capital light and generate high cash flows. So overall, we feel very good about the ability of these businesses to generate good returns over the medium term.[/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're just time based payments. So they're just time based.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> So with attrition -- yeah, attrition in Q1, you know, for the entire quarter is still relatively low below 15%. It's actually somewhat lower than it was in Q1 of 2020. However, we are beginning to see some degree of elevation and attrition at the end of the quarter in March and here again in April. And so again, we are below 15% and again, I think, we're well within our expectations for the quarter as a whole but beginning to see some increase in attrition both at the end of Q1 and the beginning of Q2.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes. I'm going to let Duncan answer both of those questions.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Okay. So, yeah, I think last year we were -- we were definitely EBIT positive. This year, I think our expectations are right now that it would be EBIT positive. I think it's fairly nominal, but it's still positive on our expectations. So I think it's within the range of plus or minus. I think we'll see the seasonal upticks here that we expect here in the second and third quarter as far as activity goes, but that would be our expectation to be in the positive range.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Sure. Both in terms of -- of what we've experienced and what we've heard from our major customers, the confi -- the -- the basis confident DIY-er has expanded pretty significantly,  and certainly, in ways neither our big customers could have accomplished in -- in normal circumstances on our own. And a good example of that is our wood stains and finishes business had the same type of robust organic growth as our small project paint business, and that requires a -- some more craftsman skills and -- and there are larger projects. And -- and so I think we're all pretty confident that this larger base is here to stay and that we can grow from there. The one area that was meaningfully negatively impacted was the pro. And so what might be 20% to 25% of our Rust-Oleum small project paints and -- and cleaner categories, but closer to 40% or 50% of our DAP caulks and sealants, and patch and repair products, and our Zinsser primers. And pro contractors had been inhibited from getting access to -- to residences, to the interior of residences where most of our products are applied, as well as its impact on some kind of small project like commercial restoration. So we see that business coming back strongly once people have more confidence in putting the COVID pandemic behind us. And then the last comment I'll make are new categories that we've been testing. We have had three different opportunities which are still ongoing to test new programs in architectural paint. And -- and so put all that together and we're pretty bullish about our consumer business through this pandemic period.[/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 Sam, this is Burton. Thanks for the question. From my vantage point, the Main Street vertical has not recovered the loss that they had in both layoffs and furloughs like our other verticals, but it is coming back to almost even, as to what it was prior to the pandemic. I also believe there's a tremendous amount of pent-up demand in these verticals, and there's a lot of pent-up demand in mainstream. A scenario that may end up coming true is the hiring, as people become available will increase in mainstream. I don't believe it'll go in the direction that our technology and Financial Services is gone. But I do believe that you will see some change in existing, at a more normalized rate from Main Street. I also see a tremendous amount of new quotes to the select groups that we quote in Main Street. So I believe there is upside to Main Street that we have not seen yet, and could be upside that goes 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>> Happy to take that question. Thanks for asking. What we see, we're well-positioned, first off, on the e-commerce, and we do a fair amount of business with large, medium, and small e-commerce players. What we are seeing is that -- and why I feel that we're well suited for that, we see a lot of additional and new warehousing space for e-commerce. So that favors our network capabilities, our overall super-regional capabilities of Yellow. So we're well suited for that. We stay in touch, obviously, very closely with these e-commerce players, and they communicate very well with us in terms of their anticipated growth rates, their surge periods from a calendar standpoint. We've been able to help out quite a few of them, as a matter of fact, where they've not been able to gain capacity that they need for their pretty robust growth that they're seeing really, particularly since COVID. So there is a reflection of what's going on related to COVID and the pandemic with those e-commerce shippers, and they have increasing needs for capacity.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Sure.[/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.[/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.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Sure, Taylor. That's a great question. And on the M&A side, on the rig side, that's not something of interest. We've always got our eyes open on the technology side. I mean we've made some -- what I think are some very strong acquisitions over the last four years, coming up on four years. And there's not anything right now that comes to mind, but I'll say that we're obviously looking to be opportunistic. And if something comes up we're definitely going to look at that. But I think right now, I feel pretty good about where we are. Mark, do you have anything you want to...[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Hi, good morning, Jack. Good morning, Jason. I'm just interested in the ASP uplift you guys saw in North America. I guess, can we kind of talk about that in a little bit more detail about contribution to the ASP uplift we saw from pulling forward the annual price increase, but also higher value products?[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Hey, good morning. I just had two quick ones here. You made reference to logistics recovery costs. Can you just explain accounting-wise, how that works? And then what periods are you making the recoveries from? Is that 2Q flowing through to 3Q or is it within the same period?[/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. Thanks, Kevin.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Sure, Matt. Thanks for the question. The comment I was making pertained to new households. And what I said is that we generated more new households in the first half of this year than we have in any complete year in the last decade. So it was really focused exclusively on consumer and specifically new household growth.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Great. Thanks a lot. Thanks for taking my question. I want to dig into the next-gen restaurant platform that is coming in a few quarters and just talk about that opportunity there. It seems like a great new tool to give to the bars that would be attractive to them in terms of how they allocate their time in selling and recognizing that they have options. And then also, when we think about it as a way to attract new SMB restaurants, but also is there an opportunity for an upgrade within your existing base that might either be take rate supportive or take rate accretive in some manner?[/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 great question and your point about is really being difficult to predict is right on. When we end up looking at and kind of looking at forecast, etc., we do expect it's probably going to stay at these lower levels for a few quarters, and then it's going to start to normalize, probably doesn't get back there until what we would kind of define as normal, which is kind of 45 basis points to 50 basis points overall, until at least the end of 2022 and probably sometime in 2023. But it is very hard to predict.[/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. This is Karl. The only thing I'd add to what Dylan said about '22 is once we return to 2019 volumes, we're clearly going to be below our 2019 expense level. So yes, the vast majority of it, we're going to be able to carry forward.[/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 the other opportunity on the defense side of the business, of course is on the aftermarket with upgrade programs and the like. So that's always been a good positive for us.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah. So the CARES Act, we've got two major things going on. One is the reimbursement of carried cost for furloughed employees and government reimbursements internationally. Those are offsetting, so they don't -- they really don't -- they're not a help or hurt this year, they're just there to offset carrying cost. So it won't be a detriment next year. The NOL carryforward, the refund that we received for that through the CARES Act, was at cash flow benefit this quarter and this year, which we will not have next year, which is one of the reasons we do want to call that out.[/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. This is Adam Farley on for Nathan. Congrats on the quarter. Going back to Fluid Handling, what was the cadence of orders through the quarter? Did March strengthened better than normal seasonality? And how orders trended through April?[/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. Could you just talk about these new logos that you're adding. Where are they coming from? Are they on-prem? Are they cloud? And are you driving these ads through any kind of promotions through your agents and channel partners?[/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 Powers, are you on the line?[/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.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> All right. Thank you so much for joining our call today. I look forward to meeting many of you in the coming weeks in calls and at investor conferences as the opportunity allows. Thank you for your interest in New Relic, and we'll see you again soon. 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>> Actually, yes. So the $6 million is included in the $8 million to $12 million guidance, negative guidance. It is not all in R&D. Some of it is actually captured in cost to sales associated with the build-out of the advanced thermal battery fabrication facility. And so we need to hire people, fabricators. We have equipment that we need to run and operating expenses associated with that fabrication operation associated with that principal contract we have with the North American EV manufacturer.[/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.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Hi, good morning. Thank you for taking my question. I just wanted to ask about if there was any update on the potential sale or timing of the ready-to-eat cereal business.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> That's July of 2022.[/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, Brad, so it's a bit early, right, because they are just starting the planting, right. So, looking at the planting, it looks to be ahead of last year. But if you get into the, I guess, Northern Western Plains, there they have a water issue, right. So that's a -- that's kind of a two-sided coin. On the one side, it's bad for those farmers located in that area, but overall it squeezes the output, and that's one of the reasons you're seeing right now the corn price and the soybean price going up, especially in the Dakotas. You also have farms with draught in Brazil, right, in [indecipherable]. You have drought issues in Argentina. The Parana River, which is basically the shipping route for Argentinian grain is at very low level and they can't ship the grain. So this is dynamics. It's almost like a perfect storm for commodity prices. And the farmers who do have any old inventory are just holding onto it because they think the prices are going to go up. And there's not a lot of that and they are already starting to look at what do we get for next year's crop. So I think we're seeing a really uptick in the cycle. The only question mark you had is how much is China going to buy, right. And it looks to us -- it looks like we're ahead on the export market. So I don't know if that answers your question, Brad.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah, that's right, Mike, so five in the quarters are kind of long-term debt target obviously that's a conservative number. So there can be some flex around that, but that is the, in general, our long-term target.[/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>> It's a good question. We'll kind of start with maybe just a higher-level concept where at times joint ventures in the BDC space became the tail that wags the dog. And there is a point when if you're overly reliant on and effectively over-leveraging credit spread asset to generate a higher return to maintain an improper payout that just a strategy that is not one that makes sense to us. And so what we look at is every quarter, the opportunity set and whether or not investment can be retained, and we work very closely with our partner and determining that. You're right, there's been no dividend off that. That doesn't mean that it can't change. But our view is pretty simple that, over time, building NAV for BDCs can be a very difficult task and it seems in certain circumstances. And when you have the opportunity to retain cash and grow net asset value properly, you do so whenever possible if it's prudent. And it has been here given the earnings profile of the rest of the portfolio, and we're very thankful to our partners as we continue to reinvest those proceeds and grow net asset value in that venture.[/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 bet.[/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. Thank you. I think two things. One is the -- on the site-built side, we're just seeing recently site builders pause construction because of high material costs. We have not -- with our cost structure, we are not -- we're still very affordable and still producing. So I think that switch is yet to happen. I think it's too early in the stage to see much of that switch. As builders continue to pause production, in construction activity because of high costs, we're able to still produce and make margin even at these lower price point levels. So it's a more effective cost structure for us than most site builders have. So I think that, that transition will happen, but it's going to take a handful of months before people really start flowing from one side to the other in at least a significant number. On the Genesis side, there has definitely been a tremendous amount of interest and activity on that. The challenge for us is just to still increase output to meet the demands and make sure we have adequate supply for those site builders. So, adding capacity and adding allocations for builders is really the primary focus. It's not so much a demand issue as it is a supply issue to make sure we can get them acute supply in Genesis, but the product itself is -- has been very well received.[/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 one element I'd like to [Indecipherable] from an outlook standpoint, I mean the inflation that we have planned for is -- was materializing and we came into the year with a manageable view of it. We have pricing plan and we have productivity as I had mentioned. The one element that has been happening in Q1 and that is helping us is the fact that the procurement team, our procurement team has done an absolutely exceptional job at buying out the input materials and which has helped in Q1 and going into the rest of the year as well. So overall, we are seeing inflation, not to the same extent as many others. FX is helping us as well. And remember that we buy about 20% to 25% of our COGS, I mean in U.S. dollar. So at this stage, frankly too early to talk about 2022. But from what we see, we believe inflation continues to be manageable for us and we have the levers to manage it.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Well...[/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>> [Inaudible] balance for the year, and as I mentioned, we're seeing relatively similar inflation as you are reading and hearing about elsewhere. Do I think it will trail off, I think it's not sustainable at its current phase. At what point that trails off, and how that happens, what drives it. Now your guess is as good as mine, but I think certainly where we are right now in the current environment does not seem to be sustainable for 12 months.[/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 --[/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 and both Don and John, I echo the same sentiments. Congrats and good luck. Starting with volume. Obviously, the year-over-year compare is not as instructive as it would be in prior in other years. I'm wondering if you could talk a little bit, therefore, about the sequential cadence and how that compares to normal years in its cadence? In other words, how are you looking at April and into May? And how would you judge that performance relative to where you'd be in April and May in a typical year? Is it -- are you feeling like things are getting sequentially stronger, faster? Are we starting to slow with some of the things that you mentioned on the recovery front, but just curious on the cadence side.[/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 so much, A few clarifications and a question. I guess the first 300 construction starts in that -- this last week and that's going to ramp. So if you end up doing sort of 5,000 a quarter or so, I thought at some point, there was a mention that maybe about 17,000 sites would get you to where you need to be. And it seems like you might be running well ahead of that. So I'll just ask one by one. Any thoughts on that?[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Great. Thanks for taking the question. Congrats on the quarter. I just wanted to come back to the conversation around labor and the changes you guys have made to the employee, I guess, compensation. I think you guys mentioned there was a 30% reduction in – I think it's the GAAP versus headcount gap that you guys are expecting. Maybe can you elaborate there? And then just – have you seen any changes in your turnover rates? Have those come down as you've made changes to the compensation structure? 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>> You're right. We've got modest growth. I mean it's nice growth for that business in and of itself but the value that was being delivered was out of our Cemetery Products side of the business. We also saw a pretty good mix of products coming through on our Funeral Home Products side. So as a result, the real drivers were first Cemetery Products -- secondary mix on the funeral home products and third our cremation business.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Could you share how many MAX aircraft do you expect in 2021? And what your thinking might be in 2022 and 2023, at least kind of a high and low estimate? And around that, are you still thinking maybe roughly BRL two million for aircraft in kind of sale-leaseback gain from a cash contribution standpoint?[/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, the first part of the question in terms of margin progression, I think you're talking about the fact that the gross margins were about 1% down on game and creators -- the game and creators segment. I mean, that's down to two factors really. One is the fact that freight costs, you know, inbound freight start to go up significantly. We had to expedite because of the short supply. And the second thing is I think the -- the -- the products you can imagine that are in most shortage of the high-ASP, full-featured products with high-semiconductor content. And so, that naturally is going to have a slight adverse effects. But overall, looks like there was about a, you know, 1% change and 6% -- 6% growth over the year. So, we weren't too disappointed with that.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Sure. Thank you, Sunny. All right. Operator, let's move on to the next caller, 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>> Sure.[/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>> Trevor, thanks very much for the question and thanks for joining us. Yes. So certainly, a compression in primary secondary spread is baked into current MSR pricing. That's one reason why we've said in the past that while optically servicing prices might seem lower today than they did pre crisis, most of that reason is because the primary secondary is so wide and valuations are building in that compression. And so from -- if you look at yields or spreads or things of that nature that incorporate that mean reverting of that spread, you would find that the pricing is similar to what it was precrisis.[/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, Joey and Andy. My question is on the marketing side. Our Q3 record margin saw over 6% year-on-year decline. I understand that it has been negatively impacted by the COVID outbreak in the quarter. However, if we look at Q2 and Q3 last year, we had a similar or even higher same-store sales decline, but our margin trends were better back then. I'm just curious to get more color on the different dynamics behind, in particular, our labor costs reduced, but up 4% year-on-year, which was higher than the net [Indecipherable] of labor cost increase in Q1 last year, which was the worst time of the COVID outbreak. Apart from the wage inflation and sales deleverage, it actually deleveraged a bit more on other regions for us to better understand the reason or the dynamics behind labor cost increase. In addition, our occupancy and other cost ratio have also increased normally -- in normal times, it is always trending down and serves as a big driver to our [Indecipherable] margins. So do we still see further room of positivity line item in the future, barring extraordinary decreases, in like two or three years' time? 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 continue -- I mean, undoubtedly, we continue to benefit from local negotiated and regional travel, more mid-market and smaller accounts. That's not atypical for our portfolio generally. But certainly, as we've recovered those small and midsized accounts have outperformed. As we look at the different channels that can be booked and look at our mix overall, we are starting to see some improvement on larger corporate negotiated accounts, which we also benefit from as they still continue to return. So we do believe that part of the improvement that we're seeing, for example, in GDS bookings as we moved through the second and third quarter and into the fourth is through more larger corporate negotiated accounts. So we're starting to see improvement there even in the absence of everybody being back in office.[/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>> Mitra, this is Brad. With respect to Medicare Advantage and other value-based arrangements possibilities, we're certainly seeing increased discussion around it, and we're actively engaged in those discussions. We've got several projects out there that are implemented or at various stages of implementation. So I think long term, it's a nice tailwind for the industry. There's a lot more discussion on the federal level about a long-term benefit just recently. So I think there's lots of opportunities. I think the MA piece is still, as we said, a couple of years away from seeing any real meaningful numbers there. But I think in the near term, we're starting to see some pretty interesting projects that we're participating in that I think will further demonstrate the savings that our services can provide[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes. So with regard to Horizon and TEPEZZA, if we think back to what the CEO commented on at JPMorgan, they certainly did indicate they're working hard to get into the clinic with that collaboration. We've certainly done our kickoff meeting, and we can expect, I believe, a steady start for that in 2021. With regard our ability to add new collaboration partners, I think Elaine mentioned this in her prepared remarks. We do have a lean and leverageable business model where individuals at Halozyme can support multiple partners at different stages of development. And so I would -- we've said that we only need a modest expansion in people if we were to see a significant expansion of the number of products in the clinic or a significant expansion in the number of partners. So the current operating expense is a good estimate for the next several years unless we see a big expansion in the number of partners and targets.[/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>> Add one more opportunity, right? And on the SPP side, while they haven't been as outspoken and probably aren't as long as the process, as Ben mentioned earlier, that region of the country is renewables rich, has the opportunity to be an energy exporter to the country, and that's going to need transmission investment. So we think the MISO studies will provide some, I'll call it, no regrets projects early. But MISO and SPP also are going to have a lot more longer-dated capital projects to enable the resource-rich regions of this country to export to either the East or the West Coast. And we have a lot of ROFRs in place. So that's the other thing. We really -- we have right of first refusals, as you probably know, in some of our key states. So excited about it. Yes.[/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 bet.[/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>> Courtney, I would just say that, the fleet productivity driven by absorption was really more about the baseline, right? So we were just we had so much extra capacity coming out of COVID that the first, it was the obvious mathematically greatest opportunity. But the dynamics for driving all parts of fleet productivity to positive were there this year. It was just math. That's why you may be skewed toward one or the other. And I think that, that will remedy next year and the balance will be a little bit different. One of the reasons why we talk about it in a consolidated way is because it's an interplay of the three factors that really matter. And I think to categorize, there may be a shift from absorption to other opportunities next year is an appropriate way to look at.[/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 wouldn't go so far as to predict if there may or may not be charges. If we do, there was a charge, we would take it. But we are absolutely continuing to look at inventory. I think there continues to be opportunity, particularly -- we've looked at seasonal but as we go more into some of our core categories, there's opportunity to be more efficient with our inventory. And we're going through that process of analyzing it and figuring out what that might look like going forward. At the very least, without a doubt, we are committed to turning our inventory quicker, having more newness, and ensuring that we have what it is that she's looking for on our shelves, and it's easily shoppable.[/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 Jennifer, it's BJ. Likely not. I think day one CECL would have been around 110 basis points for us I think on a combined basis. So it's hard for me to think about it going much lower than that. It certainly could, but I don't think that we would get there for a while. But with that said, if you exclude PPP and loans to mortgage companies which carry very, very little, we've got 60 basis points or 70 basis points from where we're at today to get down to those levels. So again, we do believe that the macro environment will continue to improve. Credit quality is excellent. The way we've managed both portfolios, both legacy portfolios are really starting to shine now. So we do believe there is very healthy reserve releases to come over the next several quarters.[/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, 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>> Yeah. We'll be having people in the engineering team, in production areas, and support staff, and that's all of those areas in that 10 to 12 people per core.[/INST] Prediction (one of UP, DOWN, SAME): DOWN