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[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah, hi, 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>> Well, we saw, as we said, some strength in their end markets. And I think it's -- the first half, we were up overall, still low teens for the business. And maybe it's -- I would say the -- it was really more of a seasonality than a sequential dynamic. And as we get to the second half, the one other thing I would add, we're going to start to see some more challenging comps. We saw strong growth dynamics, not only in our home improvement and other areas in consumer also in the cleaning supplies business as we went through the pandemic. So that's the other dynamic to watch.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical 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>> Jon, you want to take it or you want me 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>> All right Jack, 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>> Good morning, Tom.[/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'll take that. It's a -- pricing in our business is difficult to assess because the only way you find out about it is sort of back channel through customers and they're hesitant to share because it removes their leverage in the negotiation. So, our competitors are in large part very rational competitors and pricing is rational in marketplace. That doesn't mean that we don't see some odd behaviors from time to time. But at the end of the day, we're going to be rational about our pricing and we're going to get paid for the value we're delivering and one of the Tennant's, one of the pillars of our enterprise strategy, it's just that and to make sure that we price to market and we price strategically to make sure that we're delivering value to our customers and getting paid for the value that we're delivering to our customers. So, yeah, competitive pricing is interesting and something we need to take mind of and our customers are ultimately the gauge, whether we are a commendable premium or not when we price them. So, we haven't seen anything crazy this year but we'll continue to keep an eye on 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>> 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, Sanjay, I think it's kind of all of the above. We're going to continue to grow dealers, not both the newer entrants as well as traditional dealers. I think we're not as concerned about dealer counts, but more quality of dealer relationships. So I think we have shared in the past, the vast majority of our dealers give us plus than kind of five contracts per month, and we're looking to continue to increase dealer engagement and contracts by dealer and then continuing to grow with those who are growing in the industry and some of that traditional kind of M&A led and some of that's just the growth of kind of the Carvanas and the new entrants. And so, you see a lot of opportunity, quite frankly, across the board on all measures.[/INST] Prediction (one of UP, DOWN, SAME): SAME

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

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> 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>> Yeah, Shannon. Yes, we did 42.5% during March, and we've guided to similar, slightly lower levels for June. So for March, we were up 270 basis points sequentially, really driven by three major factors. Cost savings, which has been good for us during the cycle. A really strong mix, a strong mix on iPhone, but in general, across all product categories, and that obviously was helpful. And foreign exchange sequentially, again, from December to March, was favorable 90 basis points. So that helped as well. So those are the three major factors there. As we transition into June, as you know, that we will expect some level of deleverage but that will be offset by cost savings. Foreign exchange doesn't have much of an impact as we go from March to June.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical 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. The part of the reason for the change in pace is going to -- we list out all the factors or a lot of factors that can influence that, and different ones come into play at different times. So we've, for example, disclosed, we were tied up with lots of non-public information, different parts of first six months of the year. And that affected our ability to do buybacks at all time. So that was a factor, for example. But there are different factors in different times, valuation matters as well. Outlook for leveraging liquidity matters as well. So things lined up in this quarter for us to be opportunistic, and move quickly without any constraints on really any front; so that's what you saw. We're going to continue to be opportunistic as we go forward. And it will depend on all those same kinds of factors. So the pace before the independent terminal proceeds commence could depend on same kinds of things. We'll be keeping an eye on leverage. We'll be keeping an eye on when those proceeds come in. But we don't necessarily have to wait for them to come in to execute on some of the new authorization. So it's just going to depend on all those factors, the same as it has before.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical 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. So Victory continues to integrate a number of acquisitions, maybe talk about your current top priorities on your list of things to accomplish still with regard to USAA and the other more recent deals that you've closed?[/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, John, I would say kind of that mix return to a more normal level. I think typically we start off interior and exterior maybe 4 to 1 in the out quarters, where the exterior in the Midwest and East are less prevalent. And then as you get to the two middle quarters, it trends to closer to 3 to 1 to 2.5 to 1. And I think we ended the quarter closer to 2.5 to 1 on volume.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical 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 very much. Apparel and apparel performance, we were curious about apparel in relation to frequency of purchase and any observations you've had about the back-to-school season? Have you noticed changes in consumer behavior? My second question is in relation to new active buyers and your additions this quarter. What do you think is the right level for new buyer numbers that we should think about going forward? Thank you very much.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

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

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> I'm sorry, could you repeat 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>> Yes. I will have a go at the -- both of those, actually. The staff vacancies, I don't have the latest number other than we were seeing higher than normal early part of the year, and that's coming back and being filled as we go. But definitely, we are not and I want to reinforce that significantly. We are not leaving staff vacancies in clinics, our operations open as a result of FME25. FME25, we'll get into in a bit more detail, but that is not just leaving open positions as a path to get savings and not part of our strategy. But we can follow up on what the latest number was. I know back in the summer, we had about 6,000 open positions. I don't have the current number right now on at hand. But we definitely are doing all we can with active campaigns to recruit and fill the positions. That's really important to us. And then on your question on the plastics, I would say I don't have the exact amount of the base of plastics, but we definitely are seeing a low double-digit million euro impact in 2021. So you can kind of maybe around the EUR10 million impact in 2021 on those inflationary measures. But I don't have the base number to hand, David. Hopefully, those are both helpful.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical 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 my question. My first question is on the third quarter. I noticed the material sales was kind of flattish, but licensing revenue was up quite a bit, up 30% quarter-over-quarter. So that will make the ratio of material sales and licensing revenue close to 1.2. Just trying to understand why is it so much lower than the 1.5% you expect for the full year? And how should we think about that ratio going forward in Q4? I have a follow-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>> Great. Thanks. Hey. David, I guess, piggyback on some of these questions. We are hearing better data points on just enterprise spending in general, I think your results would echo that. Just at a high-level, how are CIOs prioritizing enterprise spending? Post-COVID, the vaccine is obviously rolling out globally here, maybe at a slower pace, but what are those conversations like at this point of the cycle?[/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>> Yuri, I think you are quite right off in terms of looking at what we're trying to do in terms of the fee generating businesses because it definitely has a greater efficiency in terms of cost to income, and it's not a low capex model for scale. But a key feature that I would add to that vision, is that we are looking to increase the engagement and loyalty and offering some of these products in a high inflation context is very important for that purpose too.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical 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 -- well, we back up historically. So you'll remember that we generally have talked about 16% to 17% as a targeted adjusted type of range. And then we've run, in the last couple of years, closer to the top end of that range or somewhat above. And so we guided this year to the 16.5% to 17.5% in part because of what we were seeing and also because we had lower-than-typical SG&A as a percentage of revenue. Right now, with obviously the strength in revenue and ongoing savings in SG&A, we've guided to 17% to 18%. But I think as you look forward, I wouldn't -- I certainly wouldn't commit to 17% to 18% as a targeted profitability range in future years. So you might think about us coming back to some earlier level in part because, well, we'll just continue to make investments in delivery centers and in other capabilities so we can continue to grow the business at a high rate.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Good morning. I had a question about the new earnings base that you're putting out there. Historically external factors can change quickly and can have a big impact on your earnings. And I want to know, what do we have to believe about the external environment to feel comfort that the earnings base is credible that it can -- that you can achieve -- that the earnings base is achievable under a variety of different external environments.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> I'll start and then let Adam weigh in here. The way I think about that is on the core fitness business, I think, that margin Adam weigh in, but I think that margin will get back kind of pre-COVID consistent levels and we see -- the puts and takes of the supplier network, our gyms and virtual I know which is helpful in margin vis-a-vis giving our payers-what they need for good value. But as we think about the non-fitness revenue, I see there's areas to offset the margin compression with consistent or maybe slightly higher margin. Sum all that together will depend on how well that non-fitness revenue takes off and to what degree. But Adam, anything you want to add [Phonetic]?[/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'd like to thank everyone for their participation on the call today. Please reach out to me with any follow-up questions. Thank you.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah. So it's a great point. We definitely see the peak still out in front of us. And it's potentially moved to the right as a result of the reset, if you like, that occurred in 2020. And so, as we look out, we think that shop visits will, obviously, down in the short term, but still on a growth trajectory as the industry recovers. Relative to retirements, we've not seen the rate of what was feared perhaps in terms of a big spike. That I don't think has manifested itself. And so, in general, a lot of movement relative to green time engines within the industry, but at the same time, that bodes well, from our perspective, in terms of pent-up demand.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> OK. I guess, my question, you commented on sort of margin -- your margin targets for 2023. You're still sort of comfortable with that. At your analyst day, you also gave sort of revenue growth targets, I think, of 1.5% to sort of 2% by 2023. Just wondering how you're thinking about that, given the backlog and then some of the stimulus and infrastructure bill that we could have and how that impacts margins? Could there be potential upside to margins because of that? 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>> Hey, Rob, it's Mike. I'll take that one. I mean, it's a great point. I mean we did highlight the first-half, second-half story. Within the first half, there are two stories also. Obviously, if the ED comparison, especially from a consumer perspective in the first quarter as we expect, we're off to a strong. I'll start this year, as you would expect, as you can see from our consumption data in the U.S. primarily. We also knew we're lapping a really strong second quarter and.[/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, Janine, I'll grab this one. So, thinking about the 2% to 4%, go back in history a little bit, up 5%-ish in Q1, up 3%-ish in Q2, and so we're kind of right around that same range here in Q3. A couple of things happening here in Q3. We're hopeful and optimistic that Europe will slowly reopen. It's been slowly reopening. It's certainly has lagged what's happening here in the US. So optimistic [Indecipherable] vaccine rollout will continue and people will start to get out a little bit more. On the other side of it is inventory challenges and supply chain challenges that we have seen, so inventory is kind of dribbling in here as we go through the quarter and we expect to see a little bit of a hit there in Q3. Our in-stocks are not exactly where we want them to be. So we're doing everything in our power and a huge thanks to our transportation team to get our products here as quickly as possible. So, those things are kind of balancing in and it just keeps us right on track with where we've been for the first half.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes, I think what we're seeing is a little bit of noise just based on the prior year order activity. So if you think about last year remodel retrofit kind of tailed off as the early -- in the early stages of pandemic. And so a lot of the reason are, our growth rates in the segment is so high as our remodel retrofit sales were actually at 90% versus the prior year. If you kind of compare that to 2019 levels, our growth will be pretty similar what we saw in the first quarter and that's continuing. We're still seeing strong order activity, but now we're starting to compare against where orders grew in the third quarter of 2020. So the growth rate is coming down. It's more a reflection of the prior year levels, and it is a change in trajectory of market activity.[/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, I'll start and Cheryl can add on if she has something. So what I can tell you is, as we did this latest pricing route and since then as we've seen commodity costs grow, we are on a regular basis every 4 weeks or so, shopping our competitors and looking at their pricing and comparing it against a liked product on our menu. And up until now, so far, we haven't seen broad-scale price increases across entrees. So we're being very surgical about where we think our pricing power is and making sure that we stay, certainly on top of it and don't fall behind, particularly on proteins, if our competitive -- if what we see in the marketplace from our competitive set is that they're raising prices. So far, we have not seen that. I think the benefits are coming from checks build, more so than pricing power across the fine dining segment.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical 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 lost my [Indecipherable]. So, we are anticipating a significant increase in, joking aside. I appreciate you asking the question, it does give us the opportunity to put this out there. 2021s run rate on a quarterly basis is in the $19 million range or so and again I'll refer to my remarks, recall that we are benefiting this year from that $2 million forfeiture benefit upon Mac's departure. Next year's run rate probably going to be closer to the $21 million range on a quarterly basis. What we're capturing in that number is compensation increases together with filling open positions. Some of the benefit we've been occurring in '21 is we've been running a little bit lighter from a headcount plan perspective. Increases to T&E, as you mentioned, the entire company is -- we're starting to get back on the road and there's more conference is being held, businesses being conducted more in person than on Zoom going forward. And -- so we're planning for that to return to pre-pandemic levels. And then the last point I'd make is development overhead probably going to be in the flat range in '21 as we continue to build our pipelines. We have the development spend will look a lot in 2022, like it did in '21 and then we anticipate growing that ability to capitalize '23 and beyond.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes. I think that capex is really more a function of growth, incremental capex. And these acquisitions we do, oftentimes, there's a plan and there's development projects associated with those, which are great, those are more onetime in nature, right? And then you the benefit of the returns of those in the future years. And from a free cash flow conversion standpoint, yes, right? We think we've hit a new baseline, and we have plans to further expand that going into 2022 and beyond.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> 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>> Great. Thank you. Let me add my congratulations. So Henry, can you give us an example of something that you would like your platform to be able to do in the future that it can't do 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>> Sure. Thanks, Omar, and thanks for spending the time with us today. Let me start on the people side of things, and I'll ask Kristin Oliver, our Chief Human Resources Officer, to jump in, and then I'll handle inflation. So I am really excited about the team that we've built here at HBI in the last couple of months. It's a great combination of people who have been here a long time, like Cindy and Mike and Scott, who are bringing incredible knowledge and depth of understanding of this business, and then some new great people who have great experience. And the combination has been really powerful so far. The dynamics of the team is really good, and it's making a big difference. In terms of some of the reporting things, we flattened the organization a little bit and gotten people more focused. So as we mentioned earlier, have elevated Cindy to report to me to make sure that technology has a seat at the table. Mike's role is now incredibly focused on supply chain. He does such a good job on that, and we're prioritizing supply chain. So he's gotten incredibly focused on that. So in terms of work structure, I would say we flattened the organization a bit and we've elevated some key functions to report into the C-suite that are really making a difference for us. We've also done a lot of work on culture, as you mentioned, and on some incentive structure. So I'm going to kick it to Kristin to answer a little bit more about 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>> Shar, I'm not sure I'm following completely the question. Are you asking whether or not there are other projects, not our projects, but other projects that might be experiencing those or are you asking for us? Because I wasn't sure who the buyers were in that, in your question.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Well, we brought in new leadership in the last 18 months. And we reorganized to a regional and blended approach, where we have regional teams comprised of business development, consultant relations, relationship management people on regional teams. And that reorganization was completed late last year. And -- so I would expect a positive trajectory in gross and net flows. I doubt we'll hit our maximum stride this year, but certainly should next year. So I think what you should look for, just as you should look for in our EMEA wholesale or retail channel, the trajectory should be positive. I hesitate to give you absolute targets because there's so much we don't control. But in both of those channels, which are -- EMEA is relatively new -- new leadership there as well. You should expect to see improving net inflows in both.[/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, so the Bishop GUR plant won't start up until really early 2022. Obviously, we would like to get it up as soon as possible because that market is growing very robustly. To put it in perspective, that business grew 25% in 2020 versus 2019. So, we are anxious to get that plant up and expect to certainly fill it out within the first year or so of start-up.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Right. Thanks, Rudy, for the question. As you know, we are developing one of our PDE1 inhibitors, ITI-214 for Parkinson's disease. In our Phase 1/2 study, we saw that motor symptoms of Parkinson's disease improved on top of optimized Parkinson's therapy. Dyskinesia symptoms improved in patients with levodopa-induced dyskinesia at baseline. We'll share details of the design of the upcoming trial later this year. But the principal objective of the study is to study parameters of motor symptom improvement without worsening dyskinesia. The objective of our PDE1 program, NPD extends beyond motor symptoms, however, and encompasses the exploration of cognition and potential disease-modifying effects that result from the anti-inflammatory effects in the CNS, which we've demonstrated occur with this mechanism of action in our PDE1 inhibitors.[/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, Oli, it's Brian. First of all, let me say that transactions and average basket trends were both strongly up versus a year ago. Transactions are up. We're benefiting from larger baskets. And we also are benefiting from our partnership with our payment platform, Klarna, which went live earlier this week. And we continue to look for opportunities to expand our basket size. Relative to inflation, I'd tell you that we took pricing actions during the quarter, and we haven't seen any aggregate impact on volume, and we'll continue to look at vet pricing going 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, now we're can hear 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>> Sure, thanks, I will. The major impact was in the United States. In the US, we would estimate that we shipped roughly 50% of the volume of Specialist and 85% of the volume of our MUP product against our demand signals. Now those estimates are probably wrong and roughly right. But more important is that the end-user demand based on point of sale remains high. So the major impact is on the US market. In Asia Pacific, the impact was only in the marketing distributor markets and it was primarily due to our inability to ship because of shortage of containers. We don't have a supply chain issue in Asia-Pacific or in the MD markets, it's a container shortage issue and we haven't actually quantified that completely, but it was enough to ensure that we didn't grow as we wanted to in the quarter.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah, they are different processes. Obviously Kirby South is SAGD. And then Primrose where we're leveraging that technology is on the steam flood area.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> As we went in, obviously, we're aware of the challenges that coastal gas link was experiencing, we'd factored in that into the economics. We still believe the SEDAR LNG project, the benefit of a floating LNG project, our ability to have that built in a -- I'll call it a lump sum environment overseas to bring that here the uniqueness of the size and the great work done by the Haisla in securing that capacity. We take into account Patrick, some cost increase there. We are working closely with obviously LNG Canada, you know, as the major contractor on the coastal gas link pipeline, working -- there'll be many conversations with coastal gas link themselves. But we take that into account the economics and still believe SEDAR is economically advantage from a cost structure perspective of delivering LNG into the Asian markets on a go forward basis. So as you said, we've got lots of work to do. As we work through the feed engineering. There'll be many conversations over the next little while. I believe, those will be intense and accelerated as there's a lot of money on the ground already from many, many people. And so we're anxiously watching, but we do enjoy the benefit of the great work that the Haisla did in securing the capacity and the commercial arrangements on coastal gas link[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Sure. Thanks, Ben. So, on the margin question, yes, we're very pleased with that -- we've been able to hang on to a lot of the initiatives on the expense side that we put in place last year. So, I think when we finish up this year, we're going to set records for margins for the full year and as we go into 2022 that picture should remain and again if the macro stays -- the wind stay at our back 2022 I think will be the high watermark for margins in the history of the company. Yes, a vendor is now on board. What a great addition to the team on the IT side. So, we have been without a head of IT for give or take eight or nine months. So, we have been on this journey to replace our former head of IT, but Sukhvinder brings a different skill set to that role and I think it's more along the lines of making and aligning the technologies that we deploy a little more friendly on to all of the business units. At Lamar, we've never been bleeding edge when it comes to technology, but we've try to be pretty fast followers and Sukhvinder is going to help us do 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>> So Joanna, we've always been hesitant to comment on proposed rules until they get finalized in August. I think the macro comment is the ongoing recognition of the value of the hospice benefits baked into the proposed 2.3% price increase related to it. So we're encouraged to continue to see the stability there. As it relates to the evolution of how quality will continue to be defined and shared on a public level, there's a lot of detailed nuances inside of it. But all in all, of course, we are an advocate for the ongoing transparency and the desire to really figure out, both qualitatively and quantitatively, how hospice and quality and value to the overall system is going to be defined and reported on a go-forward basis. So it's a -- not an unanticipated continued step in the right direction. And we'll respond accordingly, like we always do, to the proposed comments.[/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>> Before we take the next question, if you all could keep it to one question from here on that. We've only got a couple of minutes left and several people to get through.[/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, sir.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical 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, the sale prices in mortgage were nice, were really strong in the fourth quarter. And so we just took advantage of the trade between put it on our balance sheet or the sale, we just thought the sale price was attractive enough to take advantage of.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes, we're not seeing anything right now.[/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 was de minimis in Q1 from de minimis Q2 year-over-year or sequentially.[/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 Jim. I don't think so.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical 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, our revenue in the March quarter is limited by our ability to supply. Certainly, our bookings right now are exceeding our ability to ship. We have secured capacity throughout the supply chain. They continue to support customers, but it's very tight right now. And I think that that's common throughout the industry. But the backend capacity, we've been able to secure sufficient back end capacity and really more now just limited on wafers and working through getting additional allocation to support the ramps of new products in the run rate of activity. So we're being very well supported by our foundry partners. But for instance, TSMC is 40% to 50% over booked for the year. And that just makes it very tight. And we're all working through it to support customers and prevent line down situations and things like that. But it's -- we're working at a very, very low inventory level right now. And we could certainly do more revenue this quarter, if we could ship it. John, any comments on that?[/INST] Prediction (one of UP, DOWN, SAME): SAME

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

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical 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 don't know whether we can put a specific number of quarters on it, because it will really depend on the blow-by-blow of the originations and repayments. But over the next period as the portfolio turns over and the demographics return to a more normalized level, we'll see if that happen. So it's anyone's guess as to whether it's two quarters or four quarters. But it's some period of time in the intermediate 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>> OK. I would address the cost issue, and I pass to the CFO the capital question that he can elaborate in more detail. On the cost issue, and particularly, you're referring specifically to the cost-cutting in Europe, we committed 1 billion nominal reduction in cost in the core business, Spain, U.K., Portugal, and Poland. We are progressing well in Spain and Portugal. In U.K., we are a bit behind, but I do think that we are at the running rate. This year, we're going to be at a running rate of 600 million nominal cost reduction. And for next year, well, I remain confident that we can reach the 1 billion cost-cutting. The lag in the U.K. is mainly due to some compliance investments that we are making, and this forces us to make these investments, but we remain committed to deliver the 1 billion that we told you in -- by 2022.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical 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 expect to fully cover raw material inflation during the course of the year primarily via price pass-throughs. And if we think about that by business, in Refinish, we typically schedule price increases and they've been able to pass on raw material increases fairly efficiently. I think our value proposition is not based on material costs, but rather the technology we offer and the associated efficiency gains at the body shop level. For Industrial, end businesses should be able to increase price. But really full realization is determined by individual markets and competitive factors. Only a small portion of the total end market there is based on index pricing. So we're fairly confident of our ability to price through on the Industrial side. In Mobility, roughly 25% of our business is covered by indexing, with the remainder under contractual language that allows us to discuss pricing. So we've generally been able to successfully over time pass through sustained inflation, albeit with some lag to the realized increases. And the price increases outside of the index will also be achieved with new colors and on leveraging our services.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical 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, Mark, thanks for the question. We do think quarter-over-quarter that the price increase is going to be about $7 million to $9 million better off in the fourth quarter versus the third 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>> Hi, thank you hearing us for taking my questions and congrats on the progress. I just had a quick one on Angelman. Could you tell us what the volume of the 2-milligram doses? And have you ruled out that injection volume was playing a role and we observed muscle weakness. And assuming it's not volume related, was this perhaps a sequel dependent effect based on the UBE3A sequence or just the result of any antisense oligo present in the CNS?[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical 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>> Why don't I start with that Saket and then I'll certainly have others add. I mean as we look at the Digital Media ARR accomplishment over the quarter, firstly, it was a record quarter as well as it was a record year. And when we think about what our Digital Media guide was, I mean, we certainly expected frame to close in the quarter and it closed pretty early in the quarter. And so what we do is we think about a range of outcomes and what that might do and certainly we wanted to focus on frame as well, but it was probably not explicitly factored into the quarter. When you consider it from different customer segments. The team business actually performed really well right through the quarter. And so the Teams offering and the strength in the small and medium business was great. Enterprise, we actually actively redirected and pivoted the team to think about video and frame and how we were continuously selling it, as I said it closed early in the quarter and so enterprise had the traditional Q4 strength as well that we normally expect. The individual demand was actually fairly strong right through the year, as Dan mentioned, maybe the one slight change is that, as you think about what's happening with online shopping, while we continues to see demand up into the right we perhaps did not see as much of the spike as you would have perhaps seen traditionally in either the Black Friday or the Cyber Monday weeks. But apart from that strength and demand continues to be strong and clearly we've factored that into our guidance for fiscal 2022, which is the strongest ARR guide that we've ever guided to. I think as it relates to the product and the differentiation, maybe I'll have Scott touch on that and then David can certainly speak to other issues of the business.[/INST] Prediction (one of UP, DOWN, SAME): DOWN

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah.[/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. So if you recall, we touched on in first-quarter earnings, our advantage we felt like going into the IDFA change was -- compared to our peers, is that we weren't going to fall back from a completely personalized solution to a completely contextual solution that lacked the personalization you get with data. Our advantage truly comes from very scaled first-party data. We've got 200 million users playing games every single month that we've got good engagement data on. We've got millions of customers having paid us over the history of our gaming business. All of that data remains intact and is in our models with or without IDFA. And so going into the quarter, we felt like we had advantages. We articulated it for you all in Q1. And then obviously, you've seen in the step-up in performance that 3x growth in the software business and up 40% quarter over quarter and the huge ramp-up in clients that we're able to outperform in the marketplace because of those investments we've made over the last couple of years.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Hi. Good morning. Maybe just as a follow-up to the -- one of the prior questions on leasing spreads and pricing. Jim, you talked in the beginning even about how high leasing spreads have historically been a differentiator for Brixmor, but it does look like that spread on like a trailing 12-month basis has come in somewhat on overall leasing and new leases. So I was just wondering if you could talk through that. To what extent have those mark-to-market has been impacted by the pandemic? Or do you expect the spreads to pick back up? Or is this how you are always expecting that the trend would play 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>> All right. 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>> Hi, Matt.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Very good question and very good data that you got. That's true. The two IDIQs for the LEPs and MEPs, about close to eight or $850 million, $900 million. They have not released all that. We got the biggest share. And there is more opportunity. As the years go by, they look at the products, they look at it. And we keep talking about CBP. There's DoD. There's state department. There are other areas in the government also who use the similar kind of equipment. So there is a lot more opportunity into it. And what I emphasize was that as these units get deployed, as they look at and they fine-tune it, and I'm sure they're going to ask for some changes and fine-tuning them. Ultimately, this just basically says that the companies who got these orders, they will continue to grow their installed base as they progress to what CBP and DoD and other people want. So there's more opportunity.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical 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 and thank you for taking my question. Could you please talk about the traction of the China A 50 Connect Index futures? How should investors think about the opportunity there? And then if there's any other potential partnership opportunities with the Hong Kong Stock Exchange to launch more new products, any more color 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>> Sure. Two or three of those things, we'll try to get them all. It's not unexpected in a category that's continuing to bring in new consumers that you have some seasonality effect. We certainly saw a greater seasonality effect over this recent period than we saw a year ago, as an example. Our view is that's likely because you have a significant higher percentage of either early or less consistent users. So it wasn't really a surprise. It still remains a growth sector within the beer industry. Our forecast is that it's going to continue to grow, and it's continuing to be a very important part, which is why we're more than doubling our capabilities against hard seltzer for this particular year coming that we're just starting. We believe this is going to be an important part, and it also provides an interesting entree for people into the overall beer category. Relative to the market share. As you know, as we expanded our capabilities, that allowed us to do additional SKUs. We did almost 10 million cases this past year with one SKU, which is kind of an outstanding launch if you will. But the expansion that we are putting in place is going to allow us to more than double that. We've already introduced SKU No. 2 and No. 2 Variety Pack, and we have Limonada coming online here this coming June. So our expectation is you'll see a significant increase in our share proposition, in part, because we'll have more available to the consumer, and we'll have more shelf space on the warm shelf and more cold box space in the cold box as well. So we're very optimistic about what our profile will look like as the year goes on.[/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>> Yup.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> We have additional eProbes machines, Gary. But it may be to replace some components on those eProbes machines for new applications that we're developing. So in that sense, it could have involved, but it is not just for specifically for the machine shift for the quarter, probably that machine had very little capex associated with that all.[/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 it's -- we've said in our previous calls in December when we announced this transaction -- we'll continue looking at the portfolio and finding opportunities to inorganically add higher margin, less cyclical higher growth parts of the business. And we'll look for other parts of the more cyclical part of our business to separate to finance that. So I would anticipate that some of our more commodity plastics could be separated at some juncture when we find the appropriate opportunity. But we don't have any specific timeline. And it's an important part of our portfolio now from a cash contribution standpoint, so no specific timeline. And the other thing I would point out is we do have significant opportunities to improve our base plastics business with additional investment and the harmonization of our systems. So again, no immediate plans, but longer term that's our goal.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical 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>> Oh, yes. So Snapchat is very exciting. I think for us, we think of ourselves technically in a super innovative sort of space and continue to invest in innovation across the board. If you go back all the way to when we started the company, we were the first people to bet 100% on iPhone and mobile back in 2010, 2011 when everyone thought you needed a website. So when you look at this new platform opening up with Snapchat and Posh winning on Snapchat, it's an exciting place. The way we've designed it is that you can shop natively in Snapchat on Poshmark. You can shop the closets, you can shop the inventory, but you can also shop the virtual Posh parties there and make the purchase directly there as well. So that's sort of how we see it. And it's -- the idea is to open up Poshmark to audiences and then bring them back into Poshmark as a broader platform of engagement. And the early results show that a significant number of engagement -- amount of engagement we are seeing, over 77% of what they call active daily users or active daily players are Gen Z. And so that just continues to broaden the appeal of Poshmark to different audiences overall. And we certainly see this approach as something that other platforms might take, and we'll be there to partner with them as we expand our footprint.[/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, it's going to be higher than market. That's the bottom 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>> You bet. Yes, I'll start, Joe. So the one thing I'd tell you is, and when we file our 10-K, we got a really good disclosure in the back where we break out what's truly originations on new business for particular profit share versus what is the change in estimate based on better-than-expected performance like we had in Q4. So I'd tell you, it's pretty linear as you go -- cert will grow with revenue. And you'll just need to kind of focus on that disclosure in the MD&A that kind of backs out the adjustments related to historical vintages. So I think you could think about that, they grow together with pretty linear 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>> Well, in general, we're moving from markets, as I said earlier, with superior growth, moving to markets with superior growth prospects and Florida would be no secret as an example. And we're selling properties in markets with lower expected growth and often with unpredictable rule of law. And so blue states like California, New York and Chicago are ones that we have to keep a weather eye on what our future prospects will be.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical 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>> We do. We do. And it has been reflected in our quarterly earnings, and it will be reflected in our fourth quarter earnings as well.[/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. Good morning, everybody. Mark, given kind of your view on the stickiness of the leisure traveler and some of these ADR trends, are you underwriting the current paradigm for these five acquisitions or what level of conservatism, I guess, are you assuming?[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical 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 can. Thanks, Jeff.[/INST] Prediction (one of UP, DOWN, SAME): UP

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

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical 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 make two points and then I'll turn it to Helen. One is we are also spending a lot on cash settlement of units that are presented to us, which are not in these numbers. So these are over and above what the Board authorizes us to respond to exchanges that are presented to us on a quarterly basis. So, a perfect example being this quarter, we're going to repurchase nearly 700,000 units for cash, which is effectively a share repurchase. We are mindful of the float. And as long as there is lot of supply available to us through exchanges that is going to be our preferred means. But to the extent those units that are presented to us reduce over time, then we're going to be more to the open market. So, I think that's really how we are thinking about this. And then, the $150 million versus $100 million is partially reflective of the fact that our share is trading at higher levels today. So, it's the -- you need more capital to retire a share today than we did two or three years ago. And also, we are obviously a larger company with stronger cash balances. So, we are very comfortable with what is now, I guess, $186 million of total authorization.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes. So as you heard, we talked about the freight as a percent of net sales at 11% for the quarter versus 7.8% last year. We do have freight inflation in the first half of about 10%. The way that it splits out in terms of the inflation versus the fill rate inefficiency, about 100 basis points comes from the inflation in the first half, and the balance of it is coming from the fill rate issues. So depending on the quarter, it's somewhere between 150 to 200 basis points of an impact.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical 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>> 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>> Well, you know, that represents -- so there are fundamentally five studies organized in four pillars, and those four pillars are prenatal, postnatal, hematologic malignancies, and solid tumors. The hematologic malignancies has a leukemia arm to it and a lymphoma arm, so that's your five. And our plan is to have 1,000 patients in each of those five areas spread across the multiple sites that are participating as Alka said, at least three per site -- per pillar.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Look, what did we start this year with? It was right around $3.25 billion, then we went up to $4.5 billion. And now, we are above $5 billion. And we want to come out with numbers that we are -- we have a very high level of certainty associated with it. And as we start to develop our pipeline and visibility, we expect that number to go up. But we don't want to come out with a number that we feel like is overly aggressive coming out of the gate. So this has been something that has been very important to us to be able to deliver to the market what we say we will deliver. And as such, you should consider this to be our initial guidance. And the hope is we can do better than that. And with time and as soon as we are in the next year, we hope to be able to get more precise around what the acquisition guidance will ultimately turn out to be.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yeah, I'm glad you're seeing the momentum because we're excited about the momentum with Taegis. And so, as we're continuing this journey of the transformation, we can have quarters where it will be a bit stronger and the Taegis growth is strong and it's just reflective of our continued momentum in our transformation. And overall, you'll see some decline as I've mentioned in my comments as we look out into the future, but that's as we restructure and the proof points in that is the gross margin improvement. So, we see this all consistent with our plan.[/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, so certainly the greenfield and brownfield capacity are a really big capacity for the region. We don't move product from one region to another region. So as we begin now to really, to accelerate our growth in any of the sides, our business today now is a lot bigger than it was three, four years ago, and that the growth rate that we would expect to plan for, is that we -- that we are really getting into this stage where, it is about having more of what we call the focus factory or a certain plant really dedicated to do certain type of products, so that we can have a more integrated network to serve our market a lot better.[/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>> Correct.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> That is what we are currently doing. We're pushing things more toward street rate today, and part of that has to do with the fact that sometimes you've had rate caps in place or state of emergencies that have been in place that have hindered our ability to raise rates for the past 12 to 18 months depending on the location. And so we have brought them up more significantly as well as the fact that many of these customers moved in very steep discounts that were unprecedented also.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> NPS score is up about 24%. So we're continuing to see that our residents are embracing and this is what they want and happy to do business with 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. That's a good question, Austin. And I think that is one way we can help satisfy the excess demand. We do have Funimation and Crunchyroll who we represent in the ad rep space. Crunchyroll had a good couple of weeks. And it's funny, they're supposed to merge. I guess most of you know that they're under investigation by the Antitrust Department as to whether that's a good merger. I didn't know that anime was a protected category from a competitive point of view, but apparently, it could be. So we do have a couple of good ones. We talked to a number others, but we need a certain size ad rep partner to make it worth the effort. And we don't -- the PlayStation Vue deal was a terrible deal from an economic point of view, and we just won't do one like that again with that kind of lower margin. So we have some pretty exacting requirements if we're going to have our sales force and our resellers go to work for somebody else. It has to be a certain scale and scope, and we need to know that there's going to be some longevity to the relationship. So it's hard to find ones that actually fit that bill unless you just go buy them. So my view is that might be the better approach to filling the need to the extent we need to fill it in nonorganic ways.[/INST] Prediction (one of UP, DOWN, SAME): UP

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical and skeptical as possible, and remember that the market may disproportionally react to small unexpected details. Respond with one of: UP, DOWN, SAME<</SYS>> Yes. I think as we get through the year, we will evaluate how to look on a quarter-by-quarter basis. But right now, you're right, it's a binary event, but at the same time that, that event will occur closer to the end of the second quarter. So I think that we'll make sure that that people are well informed on our thinking at that juncture.[/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>> Chris, I think we'd want to see reimbursement models develop because that's how change happens, right? I mean, it's both, the Hippocratic Oath and Adam Smith, if you like, that are required to move some areas of healthcare. We've seen that in digital health, where we had amazing solutions for over a decade in the field of liberating data to the cloud and driving up adherence, and so on. But it was when we started to see models in the U.S. and France and Japan and now Germany, where digital health started to be reimbursed because it is providing care that is of value and then reflecting that for the doctors and the providers and reimbursing in that. So I think reimbursement is a very important part of developing the home care market for high-flow therapy. So obviously, our research and partnerships with payers, providers, and IDNs will be along those lines.[/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>> Correct, but not necessarily.[/INST] Prediction (one of UP, DOWN, SAME): SAME

[INST] <<SYS>>You are a financial analyst, determining what effect an earnings call will have on the company's stock price, based on a summary of one. Be as critical 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, it's episodic. That's a hard question to answer, candidly. We do expect there to be more M&A activity in this sector and a lot of it does have to do with what occurred early last year in terms of depletion of capital across firms. And so you get to a point where firms can really be inefficient because operating expenses relative to what type of returns can be generated are just -- they're just not of scale and so I would expect there to be more activity in 2021. And again, to the extent it would work for Annaly, we would certainly look at it, but we're not out there chasing companies to buy. But yeah, you should expect more activity going forward.[/INST] Prediction (one of UP, DOWN, SAME): SAME