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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Hi, Bill. Good morning. 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>> Sure. So I'll go ahead and start that Allison. If you're looking at the North American carloads, year-to-date carloads are down about 2.3%. Traffic is up 3.3%. And looking in those areas that have the price spots the chemical and agricultural are the best or the most accretive to us. We still have some headwinds with petro frac and the coal markets. The other thing though that's playing into this is attrition. I mentioned in the prepared remarks, there's been about 51,000 railcars that were scrapped last year. That's in the areas that have the older or the aged fleet that says the hoppers and the gondolas, covered hoppers and boxcars. Now the rate of scrapping increased as a year went on. And I think as long as the scrap prices remain high that you're going to continue to see a higher level of scrapping.[/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're welcome.[/INST] Prediction (one of UP, DOWN, SAME): SAME

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

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> So, if we look over the past several quarters, for the past eight quarters, we've delivered gross profit margins above 40% and six of those eight quarters have been above 42%. So you're right, this was a sequentially strong quarter at 43.4%, but as we mentioned, we continue to work on product and productivity improvements and some of those did yield results a bit faster than we expected, which really positions us well for what we see ahead. Given our current gross profit margin improvement, we think that we can achieve the gross profit of above 42% for the balance of the fiscal 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>> Yeah, well, within our plans we did this year include Quebec, of course, we're working hard on it. We would love to be in Quebec, but we want to be realistic with the timing of that. But you know, I think one of the drivers for Ontario was just the aggressive rollout now. They're really on a fast track or rolling out of the stores. We didn't see that much in the other provincial areas. So I think post lockdown, that those provincial areas will continue to add retail stores which will help. But I would say outside of Quebec, you know, Ontario is a big driver but so is British Columbia and so is Alberta. And keep in mind that our Delta 2 facility like our Delta 3 has 16 grow rooms. So as we brought -- bring on eight by the end of the year, you know, we could vary that down to seven, increase it to nine, to 12 until we get to full capacity. And that's something that we're doing, you know, every month as we rationalize the increase in capacity. Again, as I mentioned in my comments, we're not going to produce but we can't sell and have huge inventory levels, that just doesn't make sense. But we have complete flexibility and, as I said, Scott, last summer, we brought down production very low to align with what the market was and what our specific sales were. So I think that formula for managing that is is solid for us.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> I'll comment briefly, Shneur, and then I'll let certainly Bob weigh-in as well. But for sure, our focus in the short term is working with the Mountaineer team and with all the regulatory authority on the process for moving forward in West Virginia. Having said that, we certainly would look favorably on other potential opportunities to expand our utilities business in the future and way of a number of factors around the regulatory environment, etc. So we would continue in the future to certainly be open to that and more and more as we progress with the renewable solutions focus in the company, we'll look at how that impacts the utilities sector and opportunities for us to play a role in terms of the introduction and expansion of renewable natural gas solutions as part of our own utilities portfolio and others. Bob, anything you'd like to add in terms of the focus on gas LDCs.[/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, Michael.[/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 actually, Chris. Medical is like flat to slightly down in the fourth quarter and kind of looking at that market, but as we kind of move into the next year, we're going to start seeing some sequential growth and that really especially as we all expect as the pandemic starts to ease we are seeing some very good order rates at Bal Seal as well as GRW on the medical side.[/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>> Michelle, I think, that's a very good question, of course. I think we've outlined the spectrum of items that we think will be important. There will probably be others as well. Other than that, I don't think I'm going to speculate too much about the AdCom at this point, because we're very close to it. And yet, it's really up to the FDA about what kind of questions they're going to put to the committee. So we'll be ready for any and all questions that they might post.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes. It's across the business. There is, for sure, some retrofit work. There's some new construction. I think that accounts for about 10% or 12% of our revenues, but it's a business hit for us, it's hitting on a lot of cylinders and it's tough to tie it to a particular sector. I shared this earlier, we've got a fantastic leadership team in Commercial, great commercial technicians and you win in this business by great service and building a reputation for great service. And Brian, that's what the team is doing day in and day out, and we're being rewarded for it.[/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 think we're in a strong liquidity position. And we are very focused on our journey to get back to our pre-COVID balance sheet and unencumbered balance sheet. And those are the activities that you're seeing us do. And I think the other thing to keep in mind is our collections, right, in terms of customer deposits, are meaningfully increasing. And so that's kind of another kind of positive layer to our ability to be generating positive cash flow.[/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 my questions. And congrats on the continued progress across the pipeline. couple questions for me. Probably first for for Pamela. We're just a little over two months away from the Paducah date now. And of course, you've mentioned that your reps are on boarded and doing the appropriate outreach, as well as you know, the team at revere as well as your abuela assist. Seems like everything is in place. I'm wondering what is the focus between now and produce, as you know, the last few weeks in terms of know what still may need to get done for that day one readiness.[/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. It's not sort of -- it's Erik again, this is -- it's not based on sort of a mark or sort of the high water concept. It is a actual sale of the asset, the successful sale of the asset.[/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, Praveen.[/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 Q1 and Q2 are going to see -- just in terms of year-over-year numbers are going to see strong biases, the upside, just in terms of just comparative quarters. I think, we -- Q3 was super strong last year. And Q4 was, obviously, really strong, not just for us, but for everybody in the housing market. But I think that using that as the next backdrop then I think you're going to see some moderation in the growth in Q3 and Q4, just because the growth that you're measuring against was so strong in 2020. And so those -- so if I look at Q4 for us was, we were above Q3, normally, I think, in the last two years prior our Q4 was actually below our Q3 numbers. And that was because of the seasonality. And I think if we look at this year, nobody knows exactly what's going to go on, but I wouldn't be surprised if Q4 is again this year less than Q3. And Q3 will be somewhat tempered compared to Q3 last year, even though just based on our growth rate it should still be strong.[/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, Scott. Yeah, we're extremely pleased with what we're doing, not just in high net worth. But I think a key point here is we -- our strategy has always been an agency strategy. So I think we've got ourselves in a really good position with our agents. Historically, we were predominantly a middle market personal lines company. It's about $1 billion of our $1.5 billion. And over the last seven years through expertise, product, service, you name it, we've grown that high net worth to where it's $500 million plus today. And I think we are in a really good position. Sophisticated pricing tools that we have, the expertise that we've brought on board that we can -- as we've always wanted to be, just to be the most important partner for our agents across the entire personal lines segment. But as far as expanding territories for high net worth, we've pretty much done that over the last five years. We've gotten into the territories where that business is -- predominantly resides. And I think we've got ourselves in a good position with our agents. They've shown a lot of confidence in us. Obviously, with the growth, we've -- I think we've responded as we would expect with claims and our coverage forms and such. So just really feel good about the direction we're going with personal lines in general, both on pricing -- excuse me, on profitability and 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>> So, we made a lot of changes last year. I think you'll see in the press release, our fourth quarter cash cost came down by about $12 million compared to the prior -- the fourth quarter in the prior year. Is that right, Michelle?[/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>> Is that it? So, just to wrap things up. One, it's probably just Lear employees on the call at this time. I just want to say thank you. I couldn't be more proud of the team because we continue to focus on what we can control, and we do an outstanding job. The performance in the operations are just absolutely incredible. And I know there's things outside of our control, but the things we do control. We do a remarkable job and I want to thank the team around the world for your performance operationally. The work that purchasing is doing in both business segments. I tell you, I just can't believe what you've been doing to protect our customers and it's being recognized. Our customers if there is a silver lining, and we have an incredibly tight relationship with our customers because of the work that you're doing and the teams are doing. It will be recognized in some point I believe it. I believe if you do the right things that there will be a time when you're recognized and I believe that will be recognition through growth and we'll continue to grow this business. A special thank you to Mexico, you guys just continue to impress me the team down there. Thank you so much for the inoculation, the vaccination to shut the initiative to do the right thing. That's what we're about its outstanding and I appreciate all the work around the world. We are growing this business, we're staying focused on our strategy and good things are bound for Lear Corporation. So thank you for all your effort.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> No. Yes so important clarification there but not a meaningful FX impact. So when we think about the over performance in Q1 relative to the guide that we gave in Q1, there is that in a couple of few million dollars that we originally thought was going to close in Q -- that ultimately closed in Q1, everything else is just true upside to the quarter and no meaningful FX impact relative to the guide. So just a really solid quarter we were hitting on all cylinders.[/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 we're still, I would say, we're still in test mode. We believe we have great upside potentially with that business and again it's a great thing about owning our platform and the data that we have. If you think about it super -- its hyper-local data inside of the home-based on consumer actions and interactions with the system, so usage patterns. We have all of that collected inside of our data that we collect on a daily basis. We're not quite ready to start announcing volume or future projections, but we're trying to make sure that we have everything from a compliance perspective to a financial perspective and underwriting perspective dialed in before we will extend that business 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>> We're doing well. How about yourself?[/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, thanks for taking the question. So just the billings front, your normalized billings growth indicated with a 13% first half. So why, considering the tax rates and successes you've had with suites and ancillary products. Why would billings growth decelerate in second half? I understand, comp are bit easier in the first half but is there something that you're -- I guess seen, because everything it sounds like from a secondary metric standpoint seems like it would be accelerating. And so any kind of indication on seasonality or comps or anything that would kind of cause 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>> I mean, that's a good question. I think that we've gained a lot of efficiencies through our the owned -- our owned technology that we've developed to use internally. Some of that is based on internal communication, which had to strengthen in order to survive the work from home and the impacts of the virtual environment as we've moved to it. I believe we're still gaining efficiencies through the sales model as predominantly, most -- all of our sales are still done virtually, which does allow for better training on our side and allows our managers, specifically, to be able to set on more calls. I'm sure there's others that I would call out that -- those two for 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>> Yes. We'll talk about where we're at on the status of the program at that time. 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>> Yeah. No. That's a great question. Appreciate it. So let's take, I guess, two pieces. I want to go back and just kind of reiterate how we're thinking about ARR separate and distinct from revenue because I think there's separate dynamics there. As we think about ARR, again, we have the obvious benefit of understanding what the renewal base looks like going into the year. We clearly have historical net expansion rates and what that typically looks like and then, as I mentioned, the go-to-market changes that we think will be meaningfully accretive as we go through the year. I think as we continue to focus on driving ACV and annual value within our accounts, from a revenue perspective, if you think about the inputs and what drives revenue, one of the sensitive inputs ultimately is contract duration. As I mentioned in my prepared remarks, I think we'll probably continue to see contract duration pull in a bit, and that's -- that ultimately will drive lesser revenue. So I agree from a comp perspective, just looking at revenue in a vacuum, it probably is an easier comp in 2020 than it was 2019. But I think what you're going to find from a kind of a normalized underlying growth rate that the business is going to accelerate.[/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. Andrea, I'll get started and then I'll kick it over to John for kind of the assumptions built into the cost pressures. Your question on pricing, the pricing on 85% of the portfolio that has either been executed or is in advanced planning or execution is embedded in the guidance that we provided. Pricing on the remaining 15% as well as pricing -- additional pricing on the 85% has not been included. I would say we went after the largest margin pools and the largest geographies first. We also went after the areas that we're getting impacted the most in our pricing approach. But we'll continue to mine the rest of the portfolio on the 15% and then double back on the remaining portion to see if there's any additional pricing we can take. In the event that we do take pricing on that part of the portfolio, it would be in addition to what's provided in the outlook. And John, on the gross margin?[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Hi Shuky. Hi, Tamar. Hi, Matt. Great to hear from you. Thank you for taking my questions. So Shuky and Tamar, I really appreciated the mid quarter call, you're getting a lot of questions from clients, and there was some skepticism, that I appreciated you taking some time to answer some of those questions. One of the themes that sort of seemed to be up for question, when we did that last call was, the durability of your relationship with some big tier ones, particularly AT&T, at the heart of it. When I listened to your remarks today Shuky, it seems very, very clear, that not only is North America growing, but AT&T as a particular customer seems to be on very solid footing. So I'd love to hear, just your perspective on the durability and sustainability of the projects that you're working on. As you look at these type of projects, are they recurring revenue in nature and long-standing, that'll extend beyond just 2021? Tell us about the strategic nature of what you're doing there and getting tied into their future, as opposed to catch up projects and band aid fixes that might only be for, say, 2021? 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>> Hey, Betsy.[/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 Alfonso. The update of the mining operation, I mean the mining operation in Mexico are producing at full capacity. As you know, most of what do we produce of pellet goes to our own facility. Although we are exporting or selling to third parties some of the extra we have, but it's not a huge volume. We expect that this is continue working as it is. To be honest, I know your question about violence in Michoacan and other parts of the south of Mexico we are not seeing any of that in our region. Although one of our mining operations in Michoacan, it's very near the Colima border. So this is far away from the things you read in the news. South American operation and China I think the first benefit from this is -- remember China is the first importer for example in Brazil. I mean, as you know, the Brazilian market is importing some -- imports in Brazil are increasing and most of them are coming today from China. So I think the benefit of these new policy is changing as the industry saw the steel industry, there, it's got are going to ship more to the market and increase our market share because of these new policy of China. I don't see yet our business case -- to increase steel capacity in Brazil for example for exports to China. To be honest, I don't see -- today that case. I think that Brazil is going -- our steel mills our operations in Brazil, as have to be more focused on the Brazilian market and some export to some regional countries.[/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 3.31 is our current net...[/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, Adam, it's Steve, we'll be glad too. Most of the headwinds that we've talked about kind have rolled through in terms of the waterfall, the impacted volume mix because of the volume not necessarily being there. So that's where those headwinds showed up. We were very pleased with our overall productivity in the quarter and you're right. It was a pretty substantial number. Two primary drivers there, one, just very good core productivity in $30 million-$40 million range, that's kind of our expectations. And then, on a year-over-year basis, we had significantly less maintenance downtime. Year-over-year, we had quite a bit last year, much less this year and our teams executed against that exceptionally well. So that positive for us in the quarter. So those are the two big primary drivers of positive there. You'll see that returned back to more normalized in Q4 and as we look out over time, our $50 million to $70 million of core productivity is the right kind of range for the business. But now, it was a very strong performance relative to overall productivity in the 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>> 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>> Yes. Well, I like to ask Dr. Jeffrey Skolnik to address that broad 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>> Hi. Thank you. Just hopping between calls here. The first would be on breast neurotization, apologies we're hopping among calls. So if any of these are asked, I apologize. On breast neurotization question there, just on backlog, how substantial can that be in terms of a turnaround, once we sort of evolve into the vaccine cycle. So, the first question again will be breast neurotization backlog and then on the new key account focus and we think about a champion on the event side, sort of using most of the -- using events across the majority of their procedures and there being at least one surgeon in that site. When you think of an existing [Indecipherable] in that site, already, how easily scalable is that two additional surgeons within those sites. Thanks again.[/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, Frank.[/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'm sorry for that. Sorry, I was on mute. Congratulations on the quarter and, of course, Ainsworth. Understanding Ainsworth as one of the larger players, can we anticipate continued unique content, either tuck-ins or exclusives going forward as either an opportunistic or even a core strategy? And understanding you're not disclosing exact acquired right purchase amount, can you give us some color on structure, like, you know, upfront cash component with some ongoing split? Is that sort of what we should look at either with this deal or something going forward?[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Great. Thanks so much and assuming that everyone is doing well, despite the recent bad weather in Texas. If I can drill one more question on the ancillary revenues. Is there a significant margin differential between those revenues and core revenues?[/INST] Prediction (one of UP, DOWN, SAME): DOWN

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

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes. Let me just turn that question over to Andreas.[/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 typically raise prices once a year. And given the COVID disruption, we actually have calibrated to a January cycle. So that's when we're looking at our next increase. And so it's not to say that we couldn't do a midyear increase if there were some exogenous circumstance or change in what was going on. But we typically do it just at that time. So new families who are joining on the rate whenever they do, if they come in July, they pay that rate until the next cycle in January or when their child age is up.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes. I mean, I wouldn't want to forecast price looking forward. I talked about how we think about it at the moment, what we believe we're seeing. We're seeing a bit of a pullback in some of the markets. But our view at the moment is that things are more stable and there's no -- and you have to look at not only the underlying demand levels but at the transportation difficulties which are really, in effect, extending supply chains at this point. So you're right, full commodity product, but our view at the moment is this is a bit of a correction, not a complete turn.[/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 afternoon, Paul you Gilberto. Thanks for squeezing me in. Paul, I wanted to go back to one of your earlier comments. One was just on -- you talked about offloading the customers where -- with whom you have previously qualified for battery grade materials. Should we presume then that when Bessemer City is up and running that you would be immediately selling battery grade that you would be qualified already there or would there be a lag with that plant?[/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): 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 believe we did.[/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): 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. Kit Gray is just doing a spectacular job of taking PodcastOne which, as you know, required right in the hardcoded advertising was dramatically off at the time. He's done an amazing job of really turning that business now. And we've added, I think it's now like 43 new podcasts. And you're starting to see podcasts that are moving over with substantial traffic. If you watch the news last week and a half, we've announced two of them with over 50 million views already on them. So people are recognizing the brand and the 10-year history of it and understand that we give them a full 360 play, not only do we help them the production, we deliver revenues for them on the sales side, the marketing side of it, and overall performance from -- so I couldn't be more excited about where PodcastOne is going and what Kit and the team have done with that franchise.[/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, Dave.[/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, everybody. Hey, two for me if I could squeeze two in. First, just on Matco. Can you elaborate a little bit more of just kind of what you're seeing kind of underpinning the demand? Would you view it as just kind of a bit of a pent-up recovery? I would not suspect that maybe the shortage of new vehicles or anything is impacting aftermarket demand yet. But if you have any thoughts about that, that would be kind of an interesting footnote maybe to the main 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>> Well, we feel good about Concentra's return to even enhanced profitability just as employment and as the economy ramps up. And the expense management was mentioned and the testing, the only comment I would make, Frank, to your question was the testing was not so much drug testing, but it was COVID testing. So it is a testimony to the platform and the market share that Concentra has with its platform across the entire United States and being literally, I think, the only nationwide occupational medicine provider that we are able to accommodate some very large employers for services that they need uniformly across their business, that maybe involves testing for their employees. Like, as you recall during the pandemic, many employers who had essential workers were doing testing -- temperature testing and other testing at their workplace, and Concentra was able to accommodate many of those large employer clients that we have. So we think that some of that will not continue. But on the other hand, as the economy opens up, it will be a more return to the more traditional business that they have as we think that injuries will naturally go up. So we'll get a return of the volume on injuries even if testing may abate. Although at least as far as the I can see right now, testing is still going on and perhaps we may have some opportunities even of doing some vaccinations for some of our large employer clients.[/INST] Prediction (one of UP, DOWN, SAME): UP

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

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes. Great question Matt. We think that, businesses small to the mid-market that we serve they need this. They need financial operations in their back pocket. They need to automate the paper processes. They need to get it online. COVID was a wake-up call for them. And the opportunity is across all those businesses. We believe that, there is significant synergy for a business once they get their systems digitized. And so, we have done our own analysis to look at kind of which are the most likely customers to start and that's the cross-selling efforts that we're focused on right now is to start with those. But there's a good opportunity in front of us and we're excited about it.[/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, David. So you're right, these are exceptional times, so the positive pricing will -- may not be something that is going to carry on. There are a few buckets. The first one is the pricing that we traditionally give to our customers, and that's generally offset, I would say, by pricing that we get from our suppliers. That's how we think about it. That's our business equation. So that's got to be neutral in the grand scheme of things for 2022. And then the other element is essentially making sure that any inflation that is either temporary or will last longer gets us well recovered. So we are -- these are two different buckets, but we are negotiating going into '22 the overall equation with our customers. So a little bit early to say where we'll land, but that's how we are looking at it.[/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 Jackson. Sourced Group have over 150 top professionals, that understand the cloud environment extremely well, develop their own tools, landing zone, other capabilities. When you search in the market today for cloud capabilities, it's not easy to get talent. What we were able to get, really top notch talent with the Sourced Group, that actually -- we have obviously at the same time, we are reskilling our employees, we have thousands and thousands of employees, which are cloud certified, AWS, Azure and more, and this is a great addition, but more from the consultancy perspective that we added to our capabilities. So it complements our cloud native system implementation capabilities, operation capabilities. Now we have also a very strong consultancy, with topnotch experts.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah, I'll take the first part and then maybe, I'll pass it on to John for some comments on the store base. Yeah, we will set up a new segment starting first quarter. So that will be the first time we will issue it. We won't really have to restate the past because it didn't exist in the past. The three recent acquisitions will be in the segment, plus the organic healthcare development. So that's why we gave guidance for both separately, And then, TCM, we are really happy with the program. I'll just cover that for a second. We saved $800 million just in the past fiscal year, and we're looking for probably $500 million to $600 million in the one we're going into now. I know there was some doubt, certainly, investor market as to what is the funnel longer term on cost reduction? We don't see it going down and we see continued opportunity to optimize costs in the business over time. And one element of the guidance that's been completely factored into the guidance we provided this morning. We actually went out, because, and this is interesting. I actually -- I just want to make the point, I came from a pharmaceutical company. And pharma companies do 10-year and 15-year models. So actually, we started modeling out our healthcare business on a 10-year horizon. So there is a big shift even within the Company on how we think about financial forecasting, because in many case, its a three-year plan horizon. It doesn't even begin to show the returns in a healthcare investment. So with that, I'll pass it over to John.[/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, Nat, it's Bill. So there is, but it's not material. So, we haven't broken it out. It's relatively small, but it's just not material enough for us to breakout.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah, thanks for taking the questions. I just want to make sure I get my housekeeping right. Gary, I think you mentioned you're going to try to get opex for the coming quarter at around $9 million. Was that GAAP or non GAAP?[/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. As of now, Vikram, we've been very comfortable with the 5 to 5.5 range. We don't anticipate changing that materially. And we'll always kind of watch that and consider depending on what's going on in the market, whether that we should make some adjustments. But at this point, we don't have any expectations of adjusting our leverage targets.[/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 marketing perspective, I mentioned in my remarks that starting in Q2, the aggressive cost savings initiatives really kicked in, and the team really stepped on marketing expenses. So we expect marketing and that impact compared to the original plan in Q2 was $10 million. In addition, Mindy's mentioned that we expect to lean into our marketing campaign as consumer sentiment rebounds. Over the summer. And so at $55 million, that will be up in Q2. And I expect that to read-through on the full year, I expect back half levels to be fairly in line with 2020.[/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, Barry. Yes. It has this 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>> Hi. Good afternoon. Thank you for taking my question. Just a couple for me. So you guys have obviously had a very successful 2020, 2021 in terms of new program starts, programs under contract, and all the other key metrics. Can you talk a little bit about the vision for 2022 and what we should expect to see the same run rate in key metric growth or maybe a little like tapering as we move forward? And just a quick one. If you could provide some more context on what kind of ramp-up we can see you guys do upon the completion of the CMC and GMP manufacturing facilities.[/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've been purchasing kind of what we've have been in the past, which were mortgage-backed securities. We did purchase some corporates. Those are kind of the two major categories, but more biased toward the mortgage-backs. And the average rate that we got in the second quarter was about 1.5%. And then with the drop in the long-term rates, obviously, the current rates are lower. So we're trying to be a little bit more measured in terms of how we are investing the money this quarter, but we're still deploying a lot of the liquidity that we do have on the -- excuse me, on the balance sheet.[/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, yes. So if the question that Shaun Kelley asked about the vision for the Rockies, and you were to ask the same question about the vision for the Texan, remember, the Texan has evolved into the most -- the dominant group house in the state of Texas. There's not a hotel that operates at the same level of profitability in the markets of Austin, San Antonio. It is the best group hotel in Texas. We do have land there. We have the ability to expand, and it will be done purely as demand builds. Remember, the Texan -- I remember, Chris, someone asked me a question, an analyst asked me a question, and it was back in 2005 to 2006. It was about 1.5 years -- a year after we opened the hotel, and we were generating about $45 million a month in -- $45 million in EBITDA. And the view was, where does this go? We said we thought this hotel has tremendous potential. And we've done many expansion projects there, building the glass cactus area. We've expanded the pool complex two or three times. We built the room expansion, and that hotel was on a run rate in 2020 to accomplish about $110 million of EBITDA. So we believe that hotel has the DNA that we can continue to expand it over time as demand grows into that market. That's how I think about that project.[/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, good morning, everyone.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> It's a little of both. I mean, we're celebrating and spreading out to additional plants. But we're also seeing savings come in even higher than we originally estimated. It is a ramp up and we do have third parties in place this year helping us implement so that is offsetting some of the benefits falling directly to the bottom line. And we continue to implement this across our facilities and we have consultants and other folks that are supporting us exit will see even greater improvements in the out years from operating systems and 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>> Yes, Mike, a great question. Again, as you said, we are not typically a backlog business. But the order intake is very strong. And despite all the headwinds that we have seen in Q3 associated with the weak auto production and the headwinds that we have seen in China, our book-to-bill is very, very solid way north of 1 times. And frankly, we are just struggling to be able to keep up with the needs of our customers, taking into account how strong their performance is. And so our backlog has grown. We've talked about building backlog on the Q2 call. The backlog continues to grow through Q3. And we feel that the demand is very solid in the marketplace. And when you combine that with the initiatives that we have been executing on, the issue really for us is not the strength of the end market, it's our ability, frankly, to secure enough raw materials to be able to keep up with the demand that we see.[/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 are developing this in a collaboration with Qualcomm, and we will focus to work with the Qualcomm here. So it's a little bit of a mute question for the time being. We are starting off this collaboration and working very hard to make our software run on the Snapdragon platform and focusing all our efforts to get that up and running. We are doing that because we think this is a very, very competitive offer. It's a very compelling financially, cost-wise, performance-wise, scale-wise offer in this industry, and that gives superior value to customers and that's why we're focusing on Qualcomm.[/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>> Lloyd, in response to Seth, you mentioned cyber budgets or funding Obviously, those are growing, but it seems like there have been some pretty big numbers proposed, whether it is part of COVID relief or the latest TMF request, but it feels like those numbers have come in a lot lower. Why is that, is there a will but not a way to fund.[/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. Thank you. Maybe one for Ben and one for Todd. Ben, in the U.S. market and more mature European markets, how do you think about driving user growth over the next two years? Is it things like shopping that could attract a little bit different audience or categories like travel or autos that you think could really take off? Any signs there that encourage you? And then, Todd, could you revisit the expense guidance? I'm assuming it excludes the charitable contribution. Does that include cost of goods sold? Could you just revisit the quarter-over-quarter expense guidance?[/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>> You know Chris, this is Steve. Yes, there may be incidences where we've got pricing announced, the retailer may have put it on the shelf before it actually goes into effect. Our contracts have a variety of lead times in them, and those lead times are all in effect. The most exciting part for me is the fact that this is so different than what we've done on pricing in the past, right? If you remember when I arrived, there was a big pricing exercise on top of poor service and it started to tumble our business, right? We had a couple of years in a row of business losses. What's intriguing to me is we're actually gaining business during this period, right? We won pieces of business with large strategic retailers in some of the most hard-hit categories like salad dressings and pasta. So I think it's a tough time. The category -- the total private label category volumes are down, but we've actually gained share through this pricing exercise. So whenever this ends, we're going to come out with a stronger business. [Technical Issues][/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 everyone. Good morning. Happy to be on the call, Ed, first off, I'm not sure you meant by that comment about the logistics facility in Cleveland. Cleveland is probably the best city in the United States. So we're talking about...[/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, Elizabeth. Thanks for the question. Yes, what we're seeing for T&E going into the fourth quarter is along the lines of what we said in our prepared remarks, which is, we have great momentum. There is great demand for Primescan, great demand for Axeos and imaging in general. The timing of sales relative to DS World, most of those sales actually happened in the fourth quarter. We -- there was a lot of great excitement. And so in our guidance for the fourth quarter, we are including pretty substantial growth for CAD/CAM, for imaging in general. So the performance in that business -- that part of the business continues to be strong.[/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. So, no specific incentives and really the demands, and I think just desire to get on to some of these and adopting these more advanced capabilities faster. And suites would really call out as the main catalyst of those early renewals, where you'd have a customer who had -- would have ordinarily renewed in the second quarter, but given just kind of combination of, kind of being sold on the value of some of the products and capabilities they didn't yet have, and then a couple of cases, just really strong fee growth within those companies that they were an overage is what drove those customers to ultimately renew and upsize those contracts earlier in Q1, which is what drove that $5 million of movement from expected Q2 billings into Q1.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Hi. Good morning people. I just wanted to start off and maybe give us a little more color. You're saying, obviously, very positive things about how the quarter began, how October -- month of October went. I just wanted to make sure I understood a little more carefully the drivers there. I mean one seems to be on the gross margin side, Michael, if I understood you, lower transport costs and fewer manufacturing inefficiencies on the gross margin side. But on the sales side, I wasn't as clear about what's happening. Is it just mix? Is it the rollout of the next-gen COOLIEF? Just help us understand the moving pieces there.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> So we chose not to take a fair amount of business in the fourth quarter. We saw a fair amount of low priced selling of components, more so than systems. It's probably best illustrated by -- we have one competitor that was up over 60% in their Energetics and close to 30% in their systems. But their revenues for the quarter were only up 18%. And so our thoughts on that is that was clearly a selling through inventory and are trying to regain share at low prices. And what we felt were unacceptable profit margins. They don't serve our customers or the industry or ourselves well in those situations, particularly within the elastic demand. And so we saw a fair amount of discounting in the fourth quarter from already low prices, I mean DynaEnergetics which we're talking about here, the average selling price per gun is down significantly in 2020 from where it was in 2019. But we don't need practice making guns and so there is a limit to how far we will go to pursue business and we do not earn our business on price, we earn it on technology and we will support our partner customers so that they're competitive in difficult markets. And so it's kind of a long answer but we saw a fair amount of inventory coming out of the system in the fourth quarter, and we'd expect some of it in the first quarter of this year, but the majority of it should be out and our price increase is targeting the second quarter of 2021 when we're hoping that our -- the activity is stronger for our customer partners 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>> Yeah. So, I mean -- and so there's, I think, so kind of a U.S. versus Europe story, right? And co-product prices, as you know, have come down quite a bit recently. And so with lower co-product prices and with that staying kind of in the high-30s, it is the most economical feed as we sit here today for our U.S. assets. And so therefore, we're running -- we're running mostly ethane in the U.S. And then as we look forward, we think that butane, which has had quite a run, and propane will get more affordable kind of later in the year and as we move into the new year. And then in Europe, where historically we've maximized running a good bit of LPG and our European portfolio can run about 40% LPG, but LPGs have gotten very, very expensive. And so on a -- we're now running essentially all naphtha in Europe as we sit here today.[/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've always said, Geoff, when we think it's the proper time, we will seek special dividend approval. We think you're correct in assuming that we get the first Puerto Rico deal done as of year-end and then funded through January. Obviously, we didn't deal with the new bonds that we get within that settlement period. I think that puts us in very good shape to be able to go to the states and ask for special dividends. So I think we're just following the course of our strategy that we think espoused long ago. But as you clear up these conditions of what are uncertainties and make them certain, I think it allows us that opportunity and we're obviously if we want to keep our current pace of share repurchase, we would need a special dividend, as you all know. So our thinking is, let's get the PSA done for the general obligations and then let's move forward from 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>> Yes, great question. And its something that we toy with. I mean were in pretty competitive markets as it is. So our ability to go in and raise prices is challenged. Now its not to say that, in certain cases, we have been able to do that, passing on some of the very significant cost increases weve seen to our customers. But as Dean said, I think what has -- if theres any benefit in the supply crunch, its been this idea of prioritizing our most strategic customers and those that are giving us the highest value. So from a mix perspective, a mix within the mix, when we look at what we have available to ship, were obviously prioritizing the products and the customers that deliver the highest gross margin.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Thank you and good morning everyone. Melissa, I wanted to ask about market share. If you could just give us some context. Obviously, I think a big question has been, how much of the share gains Hershey has had over the last 12 to 18 months and how much of that will stick it looks like quite a bit of sticking. So can you just talk about where you see the most stickiness where things have retrenched and then obviously discussions are taking place now about 2022 shelf allocation, just wanted to get some of your early thoughts on how you think your progress there.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> So the work that we've done with our clients, I would not expect a significant cost creep. I think we kept it out of more of a kind of a litigation type discussion, and we're working with our clients to get to the right resolution around change in law in force majeure and mitigation strategies. So I would expect that any type of gap that we have relative to positions between the two parties will be relatively minimal.[/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. Take care, Barry.[/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. Jailendra, this is Tim. I'll make a quick comment and turn it over to Bob. I think Bill hit on the biggest thing with respect to the hiring and the ramp into production, I think on the operational front, we feel very well-positioned with some enhancements we've made to our process enrollment, notably, as well as other things that I think will drive a lot of quality and efficiency throughout AEP and OEP. Bob, do you want to comment just in general around plan design, general market environment as you see it?[/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, George. It's Ken Porpora here. I'll take that one if it's all right. As the guys mentioned, we're up 7% year-over-year in RMR growth. Again, last year with COVID impact, I actually look at it versus 2019 as well. Versus 2019, we're up about 17%. So good growth in the topline RMR added. What you are seeing there is yes, some of the payback you see at 2.1 times to 2 times to 2.3 times, lot of it is our dealer mix. Dealers are having a killer year and a killer quarter. Direct is up as well. But dealers, that mix is a little more expensive for us, but if you think about the economic returns, these are healthy returns and we're happy with all of that additional RMR added that we're getting that pushed the 2.2 times up to 2.3 times. This -- the average customer life extends over eight years, so good economic pieces. If you think about the future and where we can bring some of the efficiency and kind of where you're going with it, the revenue payback over time, especially with some of the bundling of products, the Google innovation that we have going, as well as thinking forward now with solar, it brings opportunities, just bring greater efficiencies and greater upsells from a revenue standpoint, as well as cost efficiencies. So again, we like where we're at right now, good, strong economic returns, but still have some legroom to improve as time passes.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> I think I'll take a stab at this. This is Rich and maybe Rob can answer as well. Certainly was we talked to our customers, the two things that we do hear are concerns about the supply chain and labor. So as we think about next year, providing those do not get worse, we still feel real optimistic. And so we haven't seen a lot of impact. But I'll let Rob talk about that.[/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.[/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 welcome.[/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 all for joining us. We look forward to speaking with you on our next earnings call. Have a great day.[/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>> Appreciate it. 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>> Erik, the -- let me handle that one. The guidance that I provided in the past and we'll stay with is that there are meaningful savings for Life and Retirement within AIG 200. That will be tailwinds to them. We had said around the $125 million. Life and Retirement achieved some of that. But there's a big number left for us in terms of earning through over the next 18 months, so think about roughly $100 million of AIG 200 benefits. Then there is allocations and the parent service fees that goes over to Life and Retirement today that will either dissipate or -- and we'll still have those services as we transition for Life and Retirement to become a public company. And so I think that's in the range of $75-plus million. So Kevin has a decent amount to invest toward building out the public company. And we think with other initiatives for expense savings through separation office that it should largely be neutral to Life and Retirement. And when we think of the synergies that exist within the remaining company, AIG, that it's neutral to beneficial. And we'll give more guidance as we get closer to the end of the year, when we've done more work in the separation office.[/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, Geoff. We'll go to Dan for the donanemab questions and then Mike Mason on tirzepatide.[/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 don't think anyone in this world can answer that question accurately.[/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 this is Doug Chambers. So they did a transition quite a bit in 2020. There is still more to go. Sprint comprises currently about 20% of the roaming traffic. We don't expect all that to go away. Some transitioning over to T-Mobile's network, other will be subject to roaming agreements we have with them as a carrier. So, we are projecting roaming revenue in total to go down from 2020 to 2021, and that is one of the larger components of that.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Sure. Brendan, do you want to jump in on that one?[/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>> Sure. Certainly, weather was a pretty significant factor in general this year, because of, I think, you all are aware of the significant weather pattern down in the southern part of the country, especially in Texas. So it occurred in the early part of February and it did affect us in the sense that we had to literally close all of our clinics in Texas, pretty much for the full week. It also affected our distribution center down in Dallas. In the same manner, we had to keep it shut for a whole week. But really hats off to our employees within the distribution centers, our clinics and our sales reps within SPS, that they were able to rally after the weather pattern did pass. And so, when it affected us pretty significantly in February, we don't believe there was a material impact for the 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>> Yes. We've previously mentioned iridium pricing and increase in development and material affects our gross margins. So -- and in terms of supply chain, we haven't seen any material issues with our supply chain.[/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. And, Bill, the biggest piece on this change is the labor -- second wage increase that we're taking in, in our labor -- in our facilities here in Bethlehem, which will be effective on 9/1. We did one in May. We're doing a second one here. That's the big cost increase that we're seeing.[/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. Was hoping to ask about kind of what you're seeing on the enterprise side of the business. I guess, leasing looks like it was down a little bit quarter-on-quarter. Just give us a little color kind of what you're seeing on the pricing front. And any verticals that are coming out better or worse and maybe a little bit on pipeline as we get to reentry that you expect to the office? Do you expect to see more new logos in that business? Thank you.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Thank you. Mark, on the '21 guidance, could you walk through the earnings bridge from '20 to '21, that would be helpful? 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>> Catherine, this is Wib. You're looking in the consumer direct space somewhere in the $175 million to $190 million range and on the retail for front you're looking, probably $320 million to $340 million.[/INST] Prediction (one of UP, DOWN, SAME): UP