completion
stringlengths 232
2.25k
| label
stringclasses 2
values |
|---|---|
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
As we move forward, the all-in cost is in the $60 million to 70 million already [Technical Issues] we would still expect to be able to be cash flow positive second half of this year and for full year 2022. So this is an investment that is funded through free cash flow and we'll still be able to be positive and generate really good returns on the installed capacity.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. Yeah. I think overall, I mean, you know, there -- there can be slight changes if -- with regards to it. Normally, what comes from the clinical diagnostic, from the diagnostic segment -- segment pretty, you know, steady, meaning it is growing as a diagnostic business grows.
On the pharma side, you can, of course, see some variances. I mean, if you do a larger clinical program with a pharma partner, then of course the samples come in over a couple of months while that recruiting takes on. But those should be, you know, smaller changes quarter over quarter. I wouldn't get too much hung up on that.
I think overall, we expect the sample intake to continue and steadily grow. Now, we are, as we said, for the year, I think we had about 20% overall growth over the year and I would expect this to -- to accelerate during next year.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
That disruption we had, had two specific impacts on our business. The one you're referring to is the pause it placed in our utilization. Having 40% of our locations shut down the better part of a weekend and some of that extended impact certainly paused it. So to that part -- to that -- to your question, we've resumed.
We've recently run back up close to 68% utilization. So our trend on rent continuing to improve has resumed, and we're satisfied with that. The area it had an impact to us, not in Q2, but in Q1 that we can't really replace or resume on, was in our parts and service business. When you lose those man hours, they're just lost.
It's not pent-up demand. We've got adequate demand on the parts and service side of our business, but it had more of a specific impact to parts and service side. But on the rental side, we're in good shape. Our utilization is trending back to our expectations, approaching 68%, and we expect that trend to continue.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes, Scott. Thanks. We -- obviously, we've seen a number of deals across the electronics industry. I think it's an industry characterized by -- with a fairly fragmented supplier base across a number of core technologies.
We're obviously interested in continuing to build out our portfolio in places where the technology is adding value to help our customers solve problems, especially those that are aligned with leading-edge technology and semiconductor 5G materials. And even in our Industrial Solutions business, with some of the precision parts and medical silicones continuing to strengthen, those -- we believe that there will continue to be opportunities for us to continue to add and build on to that part of our portfolio.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Leo, can you repeat the second question, please?[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. The highest rate we're offering in the market is 50 basis points. And on average, those are going to be coming due off of rates that are right around the 105 to basis points 110 basis points space.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
So, Lucas, yes, regards to Leer South and bringing it up online in August, maybe to transition to an annual run rate basis, we have always envisioned Leer South being the sister operation to Leer essentially, similar longwall system, similar conditions, what have you to produce kind of in a similar format to layer over time as we get it ramped up and get it running. So Leer South, ultimately we envision producing up to 4 million tons of metallurgical coal. As we have indicated in previous discussions about bringing it online into our portfolio, we expect a step-up in our annual metallurgical production from 7 million tons on an annual basis prior to Leer South to 10 million tons, subsequent to Leer South. As a reminder for everyone, the Leer South operation was built out of an existing continuous miner operation called Sentinel. Sentinel operated in a different seam, the Clarion seam did produce High-Vol A volume but that mine essentially has been transforming from that smaller continuous miner operation at 1 million tons a year into what is now Leer South ultimately a 4 million ton a year operation. So that's kind of the difference in the step-up of 3 million tons while Leer South will be producing at a 4 million ton -- up to a 4 million ton annual run rate, if that makes sense.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah, obviously, it would -- the -- the more normal -- well -- well, I think actually the 2021 amount is probably the more normal amount. Because what we've done is we've just deferred some stuff out of 2020 into 2021. We're not necessarily doubling up a lot of stuff. There could be a little bit in there.
So you're -- you're probably in the low single-digits in terms of the -- the band of error there in terms of doubling up some -- some expense from -- into -- into 2021. I don't think it's got a material effect though.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
There were some additional rent deferred in January, February which Pam discussed on those numbers. So, it did relate to that operator, but we are also encouraged last -- in Q4 and that operator had paid back some of the deferred rent that they had taken. There is some lease-up assets in their portfolio and that's what was part of the cause. We've seen this in our portfolio buildings that had lease-up or value-add as far as trying to increase census. They stalled with the pandemic. So, this is what happened to this operator.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes, we are.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Good afternoon. Thanks for taking the question. Gary, can you please, you know, provide more color on the Intuitive telepresence, you know, feature that you mentioned on this call? You know, it's the first time I heard you talk about it, and that 45% of procedures was a pretty impressive number. You know, is that through your agreement with InTouch? How is it being used by customers? You know, what are the benefits? And how do you see that playing out post-COVID? And I had one follow-up.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Hey, thanks. It's been a while since we've seen a dividend increase, maybe even earlier than what we had modeled for. Was it the flurry of acquisitions and debt costs continued decline? Maybe what pulled this decision forward, if it was pulled forward?[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thank you.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. That's a fair question. I think to hit a long-term model -- and in our industry, I think some of the investments have to be front loaded. Historically, our company was very aggressive in terms of cost cutting, but everyone understands that there's a balance between sales and net margin.
So I think we're in a unique position to disrupt the space. But again, that's going to take some investments. Some of it is through the P&L. Some of it is through the balance sheet.
But at least for the next couple of years, I think it's safe to assume that we're going to be more aggressive with the investments. Now I think it's important to remember our personal investment philosophy, like, we only deploy capital when we see an opportunity to accelerate the growth and earn a return on investment. And we are going to look at every single project on a stand-alone basis, and it has to make economic sense. Otherwise, we're not going to do it.
So it's not investing for the sake of investing. It's -- the long-term target is our next checkpoint, what are the investments that we're going to make and when is really project by project.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah, our enthusiasm relative to the first quarter was that we had expected a slower start to the year and then we had always anticipated gradual improvement each quarter as the year progressed while we saw it was a stronger start out of the gate in Q1 than even we had expected, I would argue, back in February. And so to that end, we -- they up in guidance for the full year was a combination of the base in Q1 whereas some additional outlook for the full year in terms of the strength we've seen in some of our end markets, also would highlight the strength in the orders that we received in Q1. Our apps are true performance in the quarter was solid, but more importantly I think is the order strength that we've seen, which built up backlog as well with into some of our higher margin businesses.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah, good morning. I wanted to ask you a bit about where you think the network goes and what are -- from a terminal perspective and maybe it relates a little bit to the congestion. So are you complete with your terminal consolidation in Chicago? Are you still planning to do terminal consolidation in LA in intermodal? And then what should we think about in terms of metrics that would improve the most in 2021, you had great improvement in train lengths in 2020 and I don't know if that's it's kind of a nice line up to the right, does that continue with the same slope or are there other key PSR metrics that we should look at that, that may be improve more given your focus on the operating side in 2021. Thank you.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
You know, again, we were expecting that both Boeing and Airbus narrow rates could trend up and increase production rates toward the second half of this year. So, I do believe there will be some sales related to restocking as the rates go back up. Clearly, there is probably some in the supply chain that have cut inventory levels down to align with very low rates, and we'll get a kiss from that as the rates rebound. So, to your point, there will be some restocking in the supply chain and that will be led with the narrowbodies.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. I think cap rates -- I'm not sure conversions is the right term, they're both falling and especially QSR, it's very typical to see QSR restaurants with a four handle cap rate, some even below that if they're in California or Florida. And then it's very common now to see casual dining cap rates in the mid-5s.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
You want to go ahead and cover the margin aspect, Duffy?[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thank you, Dan.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. Good morning, Larry. Yeah -- no, that fire service number, we anticipated that. We had talked through the year that the fire service -- we had confidence in the fire service business holding up through the pandemic. Those products that firefighters are buying are necessary products for them to do their jobs. They're not nice-to-have items. So we anticipated that coming in. We did maybe a little better job than we anticipated from a delivery standpoint on the breathing apparatus. The operations team and sales team did a really good job in planning and knowing the orders that were coming in the door and getting those back out. So we -- I would characterize it as we finished up where we expected to be and expected to have a nice backlog going into the first part of the year. We expect to see a similar pattern as we go into 2021. The municipalities do have money to buy those necessary products and the products we sell to them for the fire service are required.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thank you.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. So, thanks for your question, Alex. So, recall that last quarter and we said, we finished the integration, we finished the conversion with Scotiabank, we -- as part of the acquisition we had some CDs are coming maturing this year, they're starting to mature. Some of those balance kind of moved through the savings and checking. So first, we -- what we decided was to take care of our customers and not tinker with additional stress above and beyond COVID, integration, conversion, etc. from our Scotiabank clients and we then want to move those deposit cost back then.
Now we're starting to see the CDs getting off the -- getting maturing and at the same time, some of them are moving mostly higher balances. See, these are moving to the savings. And as you alluded to, we have slight tick up in the cost of those deposits. And that's dry powder that we have. And we are actively working toward and this is kind of our strategy now, it's kind of take advantage of that. And that's kind of -- some of the benefit that we expect to generate in the -- probably, by the end of the year where we start to look at those accounts and reprice them. So, that's kind of how we see this. It's been a very -- 2020 was a really challenging year to do a conversion and integration and acquisition. And we just want to make sure that, given all the noise that that creates, we extracted all the value from the Scotia acquisition, which particularly is driven by our customers. And that's kind of how we think about it. But you're right, we do have an opportunity there and we are definitely looking at it.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
So, first half, second half, you're getting into details. I mean, our ability to take out working capital is obviously different in 2021 compared to 2020. We responded, as you would expect, very robustly, very disciplined way, and we took out appropriately a lot of working capital in 2020 in response to the downturn. Our inventory came down, obviously our receivables came down, offset by our payables. As the business stabilizes, as you would imagine, our working capital is going to kind of level off. Now we will be very disciplined. We will maintain sort of the days on hand or the days payable, days receivables as strongly as we can, and we will limit any growth as business grows back. So you would expect perhaps more pressure on working capital in the second half of the year than the first year. But we will continue to be very disciplined. That's what I would differentiate. But you're not going to see another 2020 working capital adjustment.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. We didn't give an official update in the script, but I would say that we're on track with kind of a normal Q1. So it's nothing extraordinary, but we're happy with the way and track for how we closed out January.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes, we are, Mark. I think we mentioned in earlier releases, we planned on closing 10 branches. We closed those branches earlier this month, as a matter of fact, I think, on April 9. And so I think that we need to continue to evaluate those opportunities. We continue to develop online products, which that technology and that progress has been moving along nicely. And I think that will be a catalyst for us to continue to trim the branch network around the region.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
There's nothing more I can say on that, Lee.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Good afternoo, Dave and Lev. Congrats on the transformation of the business, Q4 results and the trends here to start the year.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Good morning, Marco.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. It's about a five-year number.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. The classified portion of the portfolio is down about $300,000, nothing significant, very stable there. The overall watch list is down about $41 million, so all signs are really positive on the credit metrics side. I think, we have continued to maintain a significant number of loans that received second deferrals in the watch category, as we wait for our period post PPP of sustained performance under regular payment plan. So it's -- assuming that, that goes well, I would think you would see further reduction in the future.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Hi, Anthony, it's Christian. Good morning. The outsourcing business is continue to perform really well and frankly, medium-term, we expect that to benefit from the COVID environment, because it becomes very evident for corporates who haven't outsourced yet, that in this environment to really deliver the health and well-being of their employees. It is very hard to outperform that. So we see that outsourcing trend to increase.
And then, -- so on -- this is one of the businesses, which are -- which have performed really well in 2020, and they will continue to perform very strongly going forward.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Good afternoon, everyone. Thanks for taking my questions here I thought the Q2 guidance of -- congratulations there. Could you break out what is included in this estimate for one sales of RINs from inventory and to risk management gains and losses.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Hey, good morning. Thanks for the follow up. I just wanted to clarify, Mike, I think earlier in the call, you said you still expect retail to be up high teens versus 2019. I believe the comparable estimate a quarter ago was 20 to 25%.
Do you want to make sure those two numbers are apples-to-apples. And if so, is that basically an estimate of how much retail you feel like you've lost as a result of these supply chain issues versus where you -- versus where we were three months ago?[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. Thanks. I think the big opportunity is Intelisys. I mean, we've seen growth there and we believe in that model. I think that's our biggest opportunity that's sitting out in front of us.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thanks so much, and good morning. I was just hoping, could you bridge between the strong growth in revenues this quarter? I think excluding ShopKeep and Upserve, it was up 53% and then GTV, also on an organic basis. And is the faster growth of revenue, is it predominantly due to payments and perhaps additional software modules that's driving the stronger growth there?[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
So now I appreciate the comment and just the kind of reminder you can get, again caught up in the air so thanks for noting the need to take this into consideration. We would actually guide to the lower end of our typical range we've seen. So if you go back over the last several years that we've modeled, we've typically talked about a $10 million to $15 million range where we can see really kind of the mix between the domestic to the export views coming into play. But as we really look at this next ag cycle the export markets have firmed a bit here for standard and supplied. We also are seeing our fall fill pricing reset those levels here domestically and have reset roughly 40, higher than 3Q of 2020. So we would guide you to the lower end of that range or perhaps even slightly below.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Hi, Ben.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes, good afternoon. Thank you for the opportunity. I have question about automation, HR automation segment. Could you please update us what happened in 2020 to user base or like revenue trends of Skilaz and the user base of Talantix. I'm just wondering whether you saw any strategic benefits, like for instance, with group of specializing companies, like using more of the services, something like that? Or it's more like the services were pressured by the macro environment? And probably, what are your -- if you could voice it, what are your plans for 2021, for instance, Talantix, in terms of monetization? Thank you.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes, yeah.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Well, I think as we talk about our rollouts, whether it's been in Horizon 1 or 2, I think the product launches are really important. And when we look at what we believe is a strength of ours and industry-leading segmentation, we believe that will continue to be a strength of ours. And so we just -- we're finishing our 8.6 product or are in the midst of that, I should say. We rolled out on the auto side 8.7 in January, and that gives us greater segmentation, which is, again, the right rate for the right risk.
And so I think the product models have always been our strength. We feel the same way on the product side. We're rolling out our next-gen 4.0 product model. And it's always in flux.
So we never say, here's a product model. We'll roll it out and not try to make it better. We try to make it better. So there's a little -- we can have things along the way that will add into the product models once we see -- if it adds value to get more consumers that are profitable consumers.
So that product model period is really important. And it's one of our -- when we think about competitive prices, which, of course, this is such a price-sensitive industry, cost and segmentation are a big advantage for us and very important.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
You're welcome, Tom.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
But, it's still a fluid situation.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
So on the first, what gives us confidence, I think it's just what we're seeing with customer reaction to loyalty already. We have, as you referenced, a great drive-thru business. But consumers, and particularly younger consumers, increasingly are looking at the app as sort of the way that they want to be interacting with McDonald's. And so our ability to actually have the app connect through the drive-thru to be able to have loyalty be embedded in part of the drive-thru experience, I think all of these things are part of the vision of these different service channels, different ways of accessing McDonald's. They all have to work kind of seamlessly together on that. And we're seeing good uptick.
I mean we had targets around where we wanted to see digital guest counts in restaurants, not just in the U.S. but around the globe. And we are either meeting or exceeding the growth that we're looking for in our digital guest count. So the customer is responding. The customer is excited about having a digital relationship with McDonald's, and they see the power of what the app can do for personalizing their experience. So that's what gives me confidence. It's just the numbers that we're seeing as a part of this. As to the question around drive-thru, maybe I'll have that be something that Kevin answers on just purchase impulse and...[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. We -- every year we go into it targeting mid-single digits. But as Horacio and I said last quarter, it's going to take some time to crank up to that point. So, our commentary about first half build up into sort of hitting our stride in the second half is reflective of this build up. But we expect, as we go into every year, to improve on what we -- how we exited 2021 and we're targeting mid-single-digit.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah, clearly, we have lost some sales relative to fill rates. It's not unique to us. It's impacted many DIY categories. As people know, in our first quarter, we had organic growth in consumer of 34%.
We had organic growth in the second quarter in the mid-teens. We continue to see strong organic growth. And certainly, there is -- there were some opportunities for us for additional growth had we've been able to fill orders at a higher rate. As Rusty commented in our -- in that comment in our prepared remarks, we see catching up on a lot of the activity in the third quarter.
And I think we remained very bullish about both our position in the DIY market and where the DIY -- DIY market will continue in terms of pretty strong growth for the foreseeable period of time in calendar '21.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Hi. Congrats on great execution. The first question is on the BFSI. We have seen a very sharp recovery in North America financial services revenues compared to pre-COVID level, whereas Europe is still just about recover to the same level. So, is it fair to say that our entire market share gain is largely concentrated in North America why there is a dichotomy? Any color on that will be helpful.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Maybe one thing would be helpful, Andy, is we did give quite a bit of detail, if you will, for quarters two through four this year in terms of how it impacted our P&L. And if there's an expectation, we're going to see some of that impact us for the -- certainly, for the first half of this year. That's how I think about it. And then obviously, if COVID's not here and think about organic growth on top of that, that's how things should start unwinding, if you will, out of COVID.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. And then just keep in mind we're really just getting started implementing the VAPS in the GLOs. So if you think about the 3-year trajectory on that it will be fairly modest here in the next couple of quarters and then really begin to build.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</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]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah, Chuck that business is in the mid-single-digits penetration for our business. And we do think we have a big runway here. As Joe indicated in his prepared remarks, that business was something that really wasn't invested in historically and was something that we had a really, I'd say, poor service model historically and was not the best from an operating performance perspective financially. I think we've now turned that business around and have a really nice foundation as we think about growing it.
So, I'll ask Joe to give a couple of comments on it.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Go ahead. Go ahead.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. Hi, thank you. A bit of a follow-up, but I want to ask a little bit more a broader question coming off of such a strong quarter. How do you view the split between what sort of temporary as a result of the environment, maybe more what's permanent or lasting as a result of execution, and other tailwinds like fewer competitors? And how does that play into your decision to allow the upside to flow through versus reinvesting for the broader strategic outlook?[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thank you, Anthony.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
It's a $1 trillion question. We've got nobody who actually knows.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah, that's right, Jeff, and you said it well. I mean, you know, we feel really good that we're able to guide to revenue growth for FY '22 coming off such strong performance in '21. And as you mentioned, there will be some likely clients for the industry to go back to the sidelines, but we still haven't changed our outlook from a long-term perspective. And as Jeff mentioned, with things like financial products just launching at the kind of later end of FY '22, we know we still have upside from a revenue perspective.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Great. Thank you for the opportunity to ask questions. Two, if I may. I'll ask them one by one.
The first one is on the Fertilaqua acquisition, whether you can give us a little bit of color around sort of how it's going? Now, it's been part of the company for over a month and your, kind of, plans for the business this year as you get the opportunity to integrate that?[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. Thanks, Andy. And then -- you realize that dealers are not ubiquitous term here in our company, right.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Great. Thanks. I wanted to come back to the FCCs. I think as of the last call, roughly two-thirds were still outstanding. So curious if that kind of roughly held and what do you think it's going to take for more of those to start to convert? And then the next part of that is, I think you previously alluded to a mid-single-digit type of negative impact from the FCCs coming in on the pricing side and curious if that impact kind of has held and should continue to hold as more of those convert.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
At this point, we wanted to introduce these two metrics. As we think about our Investor Day, we'll provide more metrics and we feel like the trajectory of the business continues to be favorable we'll put more metrics and we'll likely have that metric that you mentioned as part of the full-year Investor Day. I just want to capture it in the whole. As we think about that presentation, our strategic outlook, a lot of the areas that we're going to invest as well as that will return to growth and put together a whole five-year model for our people so they can see the evolution not only of the revenue streams, but cash flow and profitability over that three to five-year period. So people can look at EPS growth over a three-year model.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. I mean the team has done a really good job. If you go back to the actions that we took in 2020, the vast majority of that was done under Dave Shirk in the Travel Solutions organization. We're fully integrated into that new structure. Part of it, probably, really more on the back half of the year was getting people in new seats and getting alignment. But what I would tell you right now is I think the teams are doing well. We got the savings that we were looking for. So job well done by the team.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Well, the Florida market is to come, I think it will be interesting to see ultimately, where it goes. I think we've told you already, we found that most of the renewals to date have been lukewarm to us at least. But I think Florida could be dislocated, we'll take a look at there. I think there will be some natural reductions in as much as a few of the clients that we've supported in the past, that have been acquired, were writing less.
There is -- I would take a look at Florida on its own merits, but it doesn't change the fact that when we look at our portfolio, we are being very careful about managing our volatility. The Southeast remains our largest zone. So we're not going to want to go crazy in terms of having a peak zone compared to the rest of our zones. I'm not looking for any massive increase in cat pricing if the relative trends stay the way they've been for the last six months.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
No, I understand what you're saying now. I apologize. Yes, we actually support about two-thirds of our cases. So our reps are on site in our peripheral cases about 65% to 70% of the time. And I should note that may be a sales rep or a clinical specialist.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Sorry, I couldn't hear you. What -- can you repeat?[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Well, just real quick aside to Robert's point about our current resetting portfolio, we had a request to increase our disclosure relative to how those bonds will reset in the coming year or so. So we added a sentence to that effect on the last page of the press release, and it's...[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Well, starting at the very highest level, Ralph, there's hundreds of billions of audio/video interactions going on every month, and there's hundreds of billions of minutes of media content in the cloud. And we strongly believe at Dolby that people want to have the best quality experiences, and that's what we're seeing from the developers that are engaging with us today. So we're confident that there's a very large addressable market. And so today, what we're focused on is continuing to evolve the platform based on what we're hearing and bringing on more developers and getting more usage. We've seen some really great use cases developing. And so the monetization model, as you know, is a usage basis, and that's -- we're seeing that now. So it's all about getting more adoption and more usage.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Great. Thank you, Leah. And thank you, everybody, for joining the call today. Have a great rest of your day.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. Thanks, Jake. I mean, given the results we saw in Q1, obviously, that's a great start to the year, right? And that certainly helps from a margin outlook perspective. I'll remind you that Q1 tends to be a higher margin percentage than the rest of the year. So, that could still -- that could be true for 2021. And I think a couple of things, I point out is that, one thing is the sales recovery we saw in March, probably the pace of staffing and labor did not keep up with that. So we would expect moving forward, we'll have some additional labor costs as we are staffing, and Jerry mentioned, the staffing initiatives and those things that we're doing would kind of cause me to think, we'll have some additional labor cost. That's what we want to see is that investment happening. So that's our expectation.
But when you think about it from a lot -- just over the course of the year, we've always said, the margin outlook, which depends on the mix of sales. And if those To-Go sales held and dining room sales were ramping up that kind of helped those lower margin To-Go sales be more neutral as far as their impact on margin.
So, that's beneficial to margin and that is where you could see us being on the higher end kind of, of that 15% to 17% range. Of course, a lot is going to depend on inflation, commodity inflation, you just we're seeing those costs increase. And a lot will depend on the mix of those sales and consumer behavior and to solve those things. So still really too early to speak with a lot of certainty on it, other than we're pleased with how the quarter started, and we're working on staffing and labor.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
To investing in the network. So I think it's a combination of both and the related, right. We develop products because we felt that the MSOs based on their feedback were going to shift they're spending and start building on the outside plant again, and indeed that's what we've seen happen. So it's a combination of share gains and shift in spend.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Sure. 2020, we started to realize some of the benefits of the EQT gathering deal and the capital efficiencies built into that arrangement. As we look at '21, most of it is well connects. I do want to mention also of the little over $300 million in gathering capex that we do have. We also have about $50 million of compression projects built into that. And those compression projects also bring with them incremental fees, even if it's not increasing the volumes. It's probably a little bit different than what we would consider to be sustaining capex because those projects do carry some additional revenue with them. But outside of that, you're right, it's mostly well connects for EQT and the other producers we work with.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thank you all for sitting through the call this morning. Appreciate all the questions. Pretty clear what people are focused on and we look forward to continuing the dialog as the year goes on and talking about clinical data and progress on the other programs. So appreciate it. Thank you very much. Everyone, have a great weekend.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Hi, guys, and congrats on a good quarter.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thank you, So -- OK. I mean, the guidance looks bad even against, I think, low expectations. And I understand the incremental cost for purchased water. So I'm just wondering if there are any credit implications that you might see this year on the back of those low earnings and the low cash flows that you expect?[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. But I think there were more than $100,000 already, right? And then the dollar value, the upsell was more than $500,000. So it was a $500,000-plus ACV deal to an existing customer that was already over $100,000.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
No. It's up with the growth there. Obviously, as I mentioned, we're seeing 19% growth in Sally. And BSG is positive as well even with all the disruptions, as is Europe amazingly. So it's growing as a percentage of our category. It has been historically in the high 20s at Sally. It's more like 30 -- above 30 now. And BSG has always been in the 40 range and it's growing as well. So again, it's our core recruitment vehicle. It will continue to grow as a share of our total. It also is higher margin, which is great. But it's just a very sticky category and it's where we have the greatest expertise.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
All right.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Hey, I'm sorry to interrupt. We missed the first part of your question. So I apologize for the interruption. Can you repeat it, please?[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
It's going to be directly related to what kind of challenges we have. So, I guess I'm kind of in very close conversation with our operating leaders and we're watching that ebb and flow every week basically about the tendency [Phonetic] in our facilities, the ability to hire and supply. We're very concerned about supply right now. I think as I said in my comments, that's as much of an issue today as it has been through this entire experience and maybe more. So, disappointment.
I think we're managing some moving dynamic situations. But yeah, our intent is to just get better and better at this. It was an interesting quarter for that. I mean, I'll give you kind of my observation. One of my takeaways is, this past quarter wasn't any easier than the previous two from an absentee and supply perspective and yet our plants have gotten significantly better at getting homes built. So, I'm pretty proud of that. And I think we'll be able to continue doing that. But if we have supply disruptions that even could potentially shut our plants down, I'll be disappointed in that but I won't be disappointed in our ability to operate.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
That was the half-quarter impact, so on a go-forward basis I would expect probably $2 million, round numbers of our share of EBITDA from the JV.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
For sure, yeah. [/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Thanks.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. The answer to that is, you're exactly right. The value proposition for long-term liabilities is dependent predominantly on interest rates. And we don't see in our forward-looking plans, interest rates rising so much that you'd see a significant change in the mix toward the 70-30 from the 90-10. But that's very dependent on mostly interest rates but other factors. We certainly wouldn't strategically want to go above the 30%, and I'll repeat, for the foreseeable future, somewhere between the 90-10 and sort of somewhat higher than that, but not significantly.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah, it -- yeah, Steve, it really wasn't South by Southwest, South by Southwest bought more of a kind of annual license. They didn't really buy just for the short period of the event because they launched that on Beacon, there's the follow-on content and follow-on access to that content. So that revenue didn't all take place in Q1. What you saw in the first quarter was continued growth in kind of those initial new deals, but also expansion with our current customers.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
I see what you mean. Yes. So, the performance fee that -- of the $20 million that you see, there was really only $5 million in Acadian and more -- about $15 million was from Campbell Global, which I guess we provide that breakup in our segment information, but you're right, that's performance, it doesn't get broken out. So, that's the breakup and of course, we have announced sale of Campbell Global and so what's included in the Quant and Solutions segment is only the $5 million performance fee, which as I mentioned earlier, is more sort of can think of it as an average run rate because 4Q would typically be higher. And there maybe times in earlier quarters, don't have performance fee.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Right now, there's a few things we are monitoring and it is hard to predict given the performance. So if you see some strategies producing historically some good performance and more recently with the value rally, you're starting to see some other strategies catch people's attention. And when you have those results, it's very nice. It's easy to attract a lot of attention to the franchise, and hopefully, that benefits all strategies in each of these franchises. So there is a couple of that we're monitoring and it really is going to be keeping an eye on the absolute performance and how we're compounding money.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Well, I think in terms of overall SiP business, last year, we had a 50% growth and so this year, I think the growth rate will start to -- will cut down a bit. But overall, I think the momentum is still there and we will continue to make the necessary investment to continue to grow our SiP business. In second quarter, I think the overall SiP business represents about 17% of our overall business from the Holding standpoint. And for EMS, about 40% and for assembly and test, is about 4% and all these ratios will grow in the second half.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Sure. We would like to give that and I think the decline is only a Family Heritage effect in the script I referenced the actuals growth...[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Well, Dave, what we've done is we have seen an increase in product constraints. And we factored that into our outlook. So it is having an impact. We're seeing higher than normal.
But what I would say is our teams have done an excellent job aggressively managing through this compared to other vendors that are out there. We've nurtured and developed a very strategic relationship with Broadcom. And they have been working with us to support the business. And so I think the level of product constraints that may be prevalent out there in the industry are probably a little less for us, given that -- given the relationship that we have on that key component, i.e., the Broadcom chips as well as our teams working very aggressively to manage around the constraints that we're seeing.
So we've got growth built into Q4. We're still showing solid double-digit year-over-year growth in that Q4 quarter. We think that product constraints will ease for us going into our fiscal first quarter. And I would say, Q4, we built it into our forecast and we would expect the product's constraints to be tightest in that quarter relative to quarters beyond that.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yes. I would say, rough estimate is 200,000 or 300,000 tons. So there was a pretty even split between the impact in our US market and our UK business.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Hi guys, good morning. In the 10-K you put out this morning, there's some discussion around Reg 213 in New York and it seems to be cited as, I guess, a material risk factor if New York doesn't revise it in terms of your dividend capacity going forward. So I guess was hoping to get a little bit more color on I guess how Reg 213 is different from the NAIC VA regime? And what options do you have to mitigate this risk?[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Hey, Ken.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Yeah. We haven't itemized that in terms of the dollar amount, but this is what I would offer you. Certainly, in the first half of the year, we expect unallowables to remain low, we expect a return to average. CARES Act is sunsetting, so we expect to be able to invoice for fee going forward. So there will be, over the course of the year, this sort of shift from the midst of COVID to sort of pre-COVID dynamics.
And then what I would say on the revenue side, I think you've heard it in Horacio's commentary, we're not demand constrained. I mean, this is all about us bringing on the talent to convert the strong backlog performance and just solid client execution. So, that's our top operational priority and we'll work through the choppiness that we spoke about this morning. But we remain very optimistic.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Hi, Laura. So we did give guidance for margins in Q2 and from that guidance, you can see that they contract a little bit from what we delivered over 30% margins in Q1. And we've been talking for most of 2020, and we talked about it again last quarter that we would expect some margin contraction because we think now is the time to be investing. In fact, the words we used on this call are we're leaving far too many things on the cutting room floor.
The thing that takes a bit of time to ramp is hiring people. And we are accelerating the hiring. We talked about hiring 100 people in Q1. Year-over-year, Q1 was 100 and was 18% growth in all of-sorry, it was 18% growth, not 118% growth in terms of headcount adds versus Q1 of last year. But that's up from 14% in all of 2020. So you can see the uptick in hiring. And as we get more people onboard, that ought to contract margins a bit. We would expect those to yield future top side gains in future quarters.
And then you just heard Josh talk about investment in brand marketing. We're going to continue to lean into brand marketing. And in fact, we're spending $15 million more in Q2 in brand marketing, most of which is in UK and Germany. And so those things also will yield. But with brand marketing, the payback curve is a little bit longer. And so those things taken together without giving you specific guidance on margins, we believe we have a wonderful healthy business model with low fixed costs and not capital intensive, but these are the years that we'd like to be investing for that long-term growth to get future margin expansion.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Well, I think even before now in the recent time, we've seen the pendulum on open plenum swing back away from no ceiling at all, because of the acoustical performance in those open plenum designs. So we've already seen -- and that's created a nice opportunity for us with our architectural specialty business to provide really open looking products like linears and some of the things that we have going in that provide an open look, but provide some acoustical solutions there. So we've already seen a change in the conversation on the popularity of open plenum. This will add additional I think scrutiny on energy efficiency, which is becoming more and more important in the sustainability equation. And number two again being able to treat 100% of the year or all of the year versus a portion of the year that doesn't get trapped in the plenum.
So, again, I'd say there's a lot of conversations. This will add some additional scrutiny to it, but it's too early to say that the category is -- what's going to happen to the category overall. In both cases, Stephen, I do believe this is an opportunity for ceilings to play a more important role in those open plenum designs. And we're encouraged by that.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Well, what I can tell you on PPP is, right now we have -- you obviously were earning the 1% on it. But there is on PPP one, there's roughly about $17 million or so that is still the fees that are accrued. So those will come to income in -- I would assume right now for our second quarter is what we have budgeted, and that's what our SBA Group is telling us, and that doesn't include PPP two. We don't have any idea where PPP two will be, but our modeling is estimating it could be what Matt said, half of what we did last time or soon.[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Hello, everyone. Thank you for taking my question. I would like to follow up on the 1P impact on your business, Pedro. We see the 6.3% impact on margins.
But obviously, we don't know the magnitude of that margin -- the level that the margin is running now. Do you think you're already running an optimal level? And what are the lessons learned from a profitability standpoint that you're seeing in the 1P business? I know you're using it tactically, but as you said, it will also grow and will become more sustainable in some of the categories. So if you could share some of your thoughts on the profitability of that business going forward. The second question is also on the gross margin.
When you talk about the excess capacity you have invested in logistics for the managed network, is there an expectation that you could see some cost dilution going forward or more pressure in the very short term on that excess capacity? And one last question if I may. On your Mercado credit business as you accelerate growth, what are the implications for your funding strategy? Anything that needs to be adjusted there?[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Are you talking about the data at the Ruby level, Matt?[/INST]
Direction (UP or DOWN): DOWN | DOWN |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
As for the third question about the IPTV MOD services, I think, with the recent Tokyo Olympic Games, I think we are pretty good. And our current MOD, for the second quarter, MOD services revenue, I think it's also pretty -- I think -- OK, I'm sorry. I talked about ICT business, OK. I think, we all look for ICT. I think it was of course, we mentioned the volume. The percentage ICT contribution, so this we already mentioned earlier, I think in the early quarter. We mentioned about this -- the percentage [Indecipherable] last year is a little bit lower. But for the next year, for the year after -- next year, we believe we would continue to increase for sure. Last year, because we had some big -- public government projects, so the number -- the revenue size is large. But for the next coming years, the ICT site -- the business, they will continue to build. So, the percentage accounted for our consolidated revenues should increase. I think this should be out of question. But the percentage of work, we do see -- accounted for double-digit for sure, yeah.[/INST]
Direction (UP or DOWN): UP | UP |
[INST] <<SYS>>You are a financial analyst, predicting which direction the stock price will go following this answer from the Q/A section of an earnings call. Respond with UP or DOWN<</SYS>>
Hey Jon, it's Matt. So on the first one, specifically referencing North Italia, and we did provide some context in that the mature margins there are pretty much right in line with The Cheesecake Factory margins, right? So the difference is just the timing of the buildup of the newer restaurants. So in totality, that brand has seen pretty much the equivalent margin. And that's what we would expect to see as as all of the stores ramp up overtime.
With respect to the investment, it's really specific to the back half of this year, right? There are some upfront costs that we have to incur to get the program going. But then on an ongoing basis, we would expect it to be accretive, right? It's going to provide the revenues, but that doesn't happen until we launch it. So it's really specific for the back half of this year.[/INST]
Direction (UP or DOWN): DOWN | DOWN |